Language
العربية

Sections

About

Privacy & Support

Get EnterpriseAM daily

Available in your choice of English or Arabic

Monday, 21 Jul 2025

What We’re Tracking Today
Ipo
Economy
A Message From Sekem
Expansion
Also On Our Radar
Planet Finance
Blackboard
Calendar

EGX30 hits record high days before Bonyan’s market debut

An independent publication supported by

Opening up a world of opportunity

Realize More

Live More

Powering with nature

Driving growth

Today at a glance

1

WHAT WE’RE TRACKING TODAY

EGX30 hits record high.
2

IPO

Bonyan shares make their EGX debut tomorrow.
3

ECONOMY

Split views: Goldman vs. Deutsche Bank on monetary easing path.
4

EXPANSION

Tetra Pak Egypt launches EUR 14 mn packaging hub in Libya.
5

ALSO ON OUR RADAR

Gas supplies to fertilizer players are back at normal levels.
6

PLANET FINANCE

Hedge fund inflows rise to decade-high in 2Q 2025.
7

BLACKBOARD

A look at Japan’s Kosen program in Egypt.

Monday, 21 Jul 2025

What We’re Tracking Today
Ipo
Economy
A Message From Sekem
Expansion
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

WHAT WE’RE TRACKING TODAY

EGX30 hits record high

Good morning, wonderful people. It’s Monday, and for a change that means we punch the clock just twice more this week before sliding into a long weekend. We’re approaching peak summer, and you can feel it in the newsflow today, where it’s largely crickets out there.

What news we do have for you this morning is either good or neutral. On the good news front, the benchmark EGX30 hit a new high yesterday. Investor sentiment is positive heading into real estate operator Bonyan’s market debut tomorrow morning. We also have a look at what Goldman Sachs and and Deutsche Bank expect the Central Bank of Egypt to do with interest rates in the back half of the year.

REMEMBER- Industry insiders are watching Bonyan’s IPO closely. The introduction of a REIT-like model could provide fresh liquidity to real estate developers, allowing them to sell income-generating assets for faster cash, reducing their debt and letting them focus on building rather than financing. For investors, more Bonyan-like companies could offer ways to access a diversified property portfolio. Looking down the road: REIT-like operators could help professionalize our fragmented rental market by introducing corporate landlords, bringing more structure and predictability for tenants.

Oh, and speaking of stock markets: Anyone else at that stage in life — some of us are there in our 20s, others in our 50s — where you just don’t want to have to be plugged in 24/7/365? Yeah? Join us in bemoaning the news that the London Stock Exchange is mulling the launch of 24-hour trading. The Financial Times has the report.

MORNING MUST-READS-

#1- The fall consumer and business tech launch window is opening a lot earlier than usual — just what you’d expect from a year in which everything feels really, really accelerated:

  • Everything is computer: OpenAI’s ChatGPT announced a new feature (an “agent” in industry-speak) that can control an entire computer for you and carry out tasks. Its reliability is so far spotty and you have to check its work
  • Google will launch its Pixel 10 on 20 August, weeks earlier than usual.
  • Samsung’s latest foldable, the Galaxy Z Fold 7, is getting really good reviews. It’s thinner, lighter, hits just the right notes proportion-wise when closed — and costs a bloody fortune, The Verge warns.
  • Apple will be out with a foldable next fall, hoping to have the last word on the category and take it mainstream, Bloomberg ’s Mark Gurman writes in his weekly newsletter.

#2- There’s lots of concern about what deep interactions with AI can do to folks with mental health issues. The New York Times’ inimitable Kashmir Hill got the train rolling last month with They asked an AI chatbot questions. The answers sent them spiraling. Stepping into the breach this morning, the Wall Street Journal offers us He had dangerous delusions. ChatGPT admitted it made them worse.

EGX WATCH-

The EGX30 rose 0.74% on Sunday to close at a record high of 34,071 points as most sectors advanced and investor optimism mounted over the IMF loan program. The rally came on the back of bullish sentiment after Finance Minister Ahmed Kouchouk expressed confidence that Egypt would complete the delayed fifth and sixth reviews of its USD 8 bn IMF agreement by September or October. Sentiment is riding high heading into the debut of Bonyan, whose blockbuster IPO was more than 33x oversubscribed.

CIB led the rally: The benchmark index broke through the 34k level — a ceiling it had struggled to clear in previous sessions — thanks to gains by CIB, which closed at EGP 90, its highest level in over a year. Investors expect strong 2Q earnings from CIB and are riding comfortably as the EGP holds its position against the greenback.

**AN APOLOGY FROM ENTERPRISEAM- Many readers yesterday accidentally received EnterpriseAM Egypt in Arabic despite not having signed up for that edition. One of us made a mistake during the dispatch process — you have our apologies. When you sign up for EnterpriseAM (whether the UAE edition, Egypt, Saudi, or Logistics or all of the foregoing) our promise is to send you emails relevant only to that vertical — in the language of your choice.

CABINET WATCH-

That’s a wrap on Yasmine Fouad’s time in cabinet: Prime Minister Moustafa Madbouly accepted the resignation of Environment Minister Yasmine Fouad, who is leaving her post to lead the United Nation’s top body on desertification. Local Development Minister Manal Awad will manage the portfolio until a new environment minister is appointed.

BACKGROUND- Fouad has been Environment Minister since 2018 — she has over 25 years of experience in environmental governance and sustainable development. She was appointed as the next Executive Secretary of the UN Convention to Combat Desertification back in May to take over the three-year post from Mauritania’s Ibrahim Thiaw.

WATCH THIS SPACE-

#1- Cabinet wants to see more inbound investment from the United States. Prime Minister Moustafa Madbouly chaired a meeting of ministers yesterday as part of a drive to attract more foreign direct investment. A readout from the meeting highlighted potential investments in ports, maritime transport, and industrial zones.

The action plan: Madbouly ordered the relevant government bodies to work together to “prepare a set of promising investments and follow up on their presentation to US companies as part of efforts to boost American investment in Egypt.”

#2- We want more investment from Germany, too: Egypt and Germany are looking to ramp up private-sector investment, Planning Minister Rania Al Mashat said during a joint presser with Foreign Minister Badr Abdelaty and German Economic Cooperation and Development Minister Svenja Schulze, who is visiting Egypt for the first time since taking office.

Germany is one of Egypt’s largest European economic partners, with some 1.6k German companies operating in the country — including Siemens, Mercedes-Benz Egypt, and Bosch — with total investments here of some EUR 6 bn. Bilateral trade now stands at EUR 6.8 bn.

New debt swap tranches incoming: Germany and Egypt’s ongoing debt swap program, valued at EUR 340 mn, has funded a wide range of development projects in education, healthcare, climate, and vocational training, according to Al Mashat. The next EUR 100 mn in debt swap tranches will be active at the end of 2025 and mid-2026. The two countries will also hold a new round of negotiations by the end of the year to agree on future priorities for economic cooperation.

SPEAKING OF GERMANY- We bid farewell this morning to Alexis Below, a good friend of EnterpriseAM and head of the economic section at the German embassy in Cairo. Alexis is rotating back to Berlin to take up a particularly interesting post. His successor, Miguel Haubrich, has arrived and will be introduced to members of our community at an event this evening.

#3- Oil Ministry, IFC to work together on mining? Oil Minister Karim Badawi met with Cheick-Oumar Sylla, regional director for North Africa and the Horn of Africa at the International Finance Corporation (IFC), to talk about how Egyptian mining projects are financed, according to a statement. Teams from the IFC and the ministry will draw up a list of priority projects.

What the IFC is willing to do: Sylla said the IFC is ready to offer financial and technical support for projects that are focused on local value chains and sustainable development.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterpriseadvisory.com to explore sponsorship opportunities.

DATA POINT-

China’s Belt and Road Initiative (BRI) funnelled investment worth USD 4.8 bn into Egypt in 1H 2025, making the country the third-biggest BRI investment destination globally — coming behind Kazakhstan and Thailand, according to a new report (pdf) by Griffith University and Beijing-based Green Finance & Development Center.

Chinese capital has been flowing into Egypt: It has been a busy year for Chinese investment in Egypt. Among the more prominent projects (not all of them related to the BRI) announced so far are Wu’an Xin Feng’s USD 1.7 bn metal industries complex, Sunrev Solar’s USD 200 mn solar power components hub, and a USD 200 mn plant belonging to Deli Group that will make both stationary and sports equipment. The SCZone alone has pulled in over USD 4 bn from China in the past three years, as Egypt targets USD 16 bn in total Chinese investment by 2029

SECURITY WATCH-

Two alleged Hasm militants killed in Giza gun battle: Two people suspected of being members of Hasm — the armed wing of the outlawed Muslim Brotherhood — were killed in a shootout with security forces in Giza yesterday, the Interior Ministry said in a statement. The men, identified as fugitives convicted in multiple terrorism cases, were allegedly preparing to carry out attacks against “security and economic targets” in Egypt. A civilian was killed and an officer injured in the exchange of fire. The story got ink from Bloomberg.

PSA-

Banks are taking Thursday off: The Central Bank of Egypt confirmed that all banks will be closed on Thursday in observance of the 23 July Revolution. Normal hours are back in place on Sunday, 27 July.

WEATHER- Cairo is in for another sunny day, with a high of 37°C and a low of 26°C, according to our favorite weather app.

It’s going to be a little cooler in Alexandria, with a high of 33°C and a low of 23°C.

** 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.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how the local assembly push has been helping automotive prices cool down. Check out the story here.

THE BIG STORY ABROAD-

Two stories — one close to home and one further east — are getting plenty of attention in the international press this morning:

#1- Israel killed around 67 people waiting for UN aid trucks in Gaza yesterday as starvation cases rise and more people die of hunger. Hundreds of thousands of displaced Gazans were also told to evacuate Deir al Balah in central Gaza, as ceasefire talks seem to have stalled despite claims from the US that the two sides were close to agreeing a temporary 60-day truce. Talks are still ongoing in Doha between Israel and Hamas. (Reuters | Guardian | Bloomberg)

#2- Japan’s ruling coalition is projected to have lost control of the Upper House in an election yesterday, deepening political instability in the country amid rising economic concerns, according to public broadcaster NHK. The loss marks yet another blow to the Shigera Ishibu-led government, which had already lost the lower house last year. Ishibu vowed to stay on as prime minister despite the results, and said the country needs to now prioritize trade talks with the US. The country faces a 25% tariff by 1 August if it does not reach a trade agreement. (Reuters | AP | Financial Times | Wall Street Journal)

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

In today’s issue: We dive into Japan’s Kosen model as it gears up to make its Egypt debut.

Tags:

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

2

IPO

Bonyan will ring the bell tomorrow on the EGX with an opening price of EGP 4.96 per share

Bonyan shares make their EGX debut tomorrow, with the REIT-like company’s stock opening at EGP 4.96, according to a notice from the exchange — confirming EnterpriseAM’s earlier report.

Bonyan priced its IPO at the lower end of its range suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52.

The company’s entrance onto the EGX marks the only proper IPO of the year — and it’s the first pure-play real estate operating company to list on the exchange.

Expanded trading band for its debut: The stock will be allowed to move up or down by 40% on its first day of trading, twice the market’s standard limit, with no circuitbreakers in place to stop its rise or fall. From the second session onward, Bonyan stock will be subject to the same trading rules as any other share.

The issuer debuted a total of 363 mn shares: Bonyan raised EGP 1.8 bn by offering 344.8 mn shares in a private placement to institutional investors, in addition to 18.1 mn shares in a public offering to retail investors. Both offerings were heavily oversubscribed.

ADVISORS- CI Capital and Arqaam Capital are quarterbacking the transaction, while Mubasher is the offering agent. Matouk Bassiouny & Hennawy is serving as counsel, Baker Tilly is independent financial advisor, and PwC is auditor.

Tags:

This publication is proudly sponsored by

3

ECONOMY

Split views: Goldman vs. Deutsche Bank on monetary easing path

Goldman, Deutsche Bank split on our rate cut pace: Goldman Sachs sees no interest rate cuts in Egypt before October, while Deutsche Bank is pencilling-in a 200 bps cut in August, but highlights inflation risks that could influence the Central Bank of Egypt’s decision at the time, according to recent research notes from both banks seen by EnterpriseAM.

What changed? Goldman Sachs now expects the CBE to cut interest rates by 400 bps in 4Q this year, up from its prior estimate of a 300 bps cut. This puts its year-end policy rate forecast to 20% from a previous estimate of 18%.

Before we dive deeper:The CBE decided earlier this month to leave interest rates unchanged in its fourth meeting of the year. 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. 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 culprit is inflation: Goldman Sachs still anticipates the country’s inflation to dip to around 13% y-o-y by the end of the year, but it sees a spike in the headline inflation rate to reach about 16% y-o-y within the next couple of months, citing two main factors: a rise in cigarette prices this month and an increase in energy rates “planned in the coming weeks,” according to the global investment bank. Our annual headline urban inflation fell to 14.9% in June, from 16.8% in May, ending an upward trend that extended over three consecutive months.

ICYMI- President Abdel Fattah El Sisi ratified on Thursday amendments to the VAT Law, which will impact the prices of several key goods and services, including crude oil and cigarettes.

Speaking of energy prices, the government hiked fuel prices at the pumps in April for the first time in 2025, raising fuel prices by 11.8-14.8%. Meanwhile, two government sources told us in May that the government could push back the electricity price hike planned for this summer.

Deutsche Bank sticks to rate cuts outlook, but cautions on inflation: Deutsche Bank still maintains its forecast of a 200 bps rate cut for the MPC’s upcoming meeting on 28 August. However, it noted that July’s inflation reading is crucial in determining the “extent to which the CBE will have room for such a substantial cut.”

Deutsche Bank echoes Goldman’s year-end policy rate forecast: Deutsche Bank expects the CBE to continue its cautious approach to monetary policy throughout the rest of the year, anticipating “a cumulative 725 bps of rate cuts in 2025, taking the policy rate to 20% by year-end.” This outlook is set against an average projected inflation rate of 15-16% y-o-y, Deutsche Bank noted.

Looking at the risk landscape, Deutsche Bank highlighted some upside risks, mainly through exchange rate pass-through. This could happen if global and geopolitical uncertainty — such as the recent emerging markets sell-off or a possible drop in Suez Canal revenues — adds more pressure on the EGP. On the flip side, the bank identified some downside risks that could come from prolonged food deflation, similar to what happened in June. However, this is unlikely to occur without substantial government subsidies and price caps, according to the research note.

Higher for longer rates could recharge the EGP carry trade inflows: The CBE’s stance to keep interest rates higher for longer is expected to strengthen market dynamics and boost portfolio inflows in the EGP carry trade in the coming months, Goldman Sachs noted. This assumes no significant escalation in regional risks. The CBE's policy, combined with a disinflationary environment, should keep real interest rates in Egypt high until at least the 4Q of this year.

EGP carry trade gets green light from Goldman: “We expect the high-real-rates/high-carry backdrop to be sustained until October, at least, and therefore think there is currently an attractive level for investors to re-enter the long EGP carry trade,” Goldman Sachs noted.

Goldman estimates that Egypt’s ex-ante real overnight interbank rate stands currently at around 12%, which is considered one of the highest in the frontier and emerging market high-yield space. This strong position is also reflected in the 12-month nominal FX carry trade, which exceeds 15% currently, again ranking among the highest frontier and emerging market high-yield currencies, the bank noted.

Strong inflows + robust reserves to bolster EGP: Goldman Sachs believes the EGP spot rate will be supported by anticipated strong portfolio inflows. This outlook is also underpinned by strengthened international reserves, which provide an additional layer of support for the EGP’s stability. Another aspect is that our local currency remains significantly undervalued.

Let's dive more into this: The EGP is currently the second most undervalued currency among frontier FX Goldman Sachs covers, at about 30%. The investment bank estimates that the EGP is likely to remain undervalued at 25% over the next 12 months, if the current exchange rate stabilizes near its current level. The EGP is currently trading at EGP 49.3 against the greenback for buying, and at EGP 49.4 for selling.

It is not all negative: With these factors, Goldman Sachs is once again recommending the long EGP trade recommendation. “We had previously recommended long EGP between March and October 2024, and think the current setup looks attractive again. We thus initiate a trade recommendation to go short USD/EGP, with a total return target of 5% and a stop-loss of -2.5%,” the bank wrote in its research note.

Tags:
4

A MESSAGE FROM SEKEM

Driving sustainable growth: Boosting livelihoods with economy of love standard and carbon credits

Egypt’s growing biodynamic agriculture transition was in the spotlight at the latest Social Initiative Forum hosted by Heliopolis University in collaboration with the Egyptian Biodynamic Association (EBDA).

The event brought together high-level government officials, including Dr. Yasmin Fouad, the Minister of Environment; Dr. Khaled Abdel Halim, Governor of Qena; and Dr. Amr Lashin, Deputy Governor of Aswan, along with sustainability experts to discuss the social impact of the Economy of Love (EoL) and carbon credits on the livelihoods of Egyptian farmers.

Farmers transitioning to sustainable practices with SEKEM are not only boosting their livelihoods but also becoming “Climate Heroes.” These dedicated individuals are actively earning carbon credits through their vital role in carbon sequestration, a direct benefit of their commitment to a healthier planet.

The recent third Climate Heroes Celebration put a spotlight on the innovative Economy of Love (EoL) Standard. Developed by the Egyptian Biodynamic Association (EBDA) and drawing inspiration from SEKEM's comprehensive, holistic approach, the EoL Standard uniquely connects biodynamic farming with significant social, economic, cultural, and environmental impacts. This framework underscores a powerful synergy between sustainable agriculture and community well-being.

In his opening remarks, Mr. Helmy Abouleish, SEKEM CEO, articulated an ambitious vision: to transition all 7 mn Egyptian farmers to biodynamic farming practices. He proudly added, “Over 30,000 farmers are already on board and benefiting from carbon credit income.”

To learn more about SEKEM’s Economy of Love, tap or click here.

Tags:
5

EXPANSION

Tetra Pak Egypt launches EUR 14 mn packaging hub in Libya

Tetra Pak to set up EUR 14 mn integrated packaging hub in Libya: Global packaging solutions giant Tetra Pak Egypt is making its debut in Libya with a EUR 14 mn greenfield investment in their first integrated packaging and processing project in the country, the company said in a press release(pdf). The project is part of Tetra Pak Egypt’s broader strategy to expand into high-potential markets.

The details: The facility — a joint venture with Zulfa, a subsidiary of Alushibe Holding — will be located on a 140k sqm plot in Benghazi and is expected to begin operations in early 2026, starting with milk cartons and juice boxes. The project will offer advanced packaging solutions to the Libyan market for the first time, initially serving dairy and juice producers, and “is poised to

become one of the region’s most advanced industrial sites,” the statement reads. The facility will feature three production and filling lines in its first phase.

What they said: “This investment reflects our commitment to contributing to economic and industrial development,” Tetra Managing Director Wael Khoury said. He added that the partnership with Zulfa “combines Tetra Pak’s global expertise with Zulfa’s deep local knowledge.”

Building for long-term growth: Tetra Pak Egypt’s sales and business development heads, Walid Shahata and Hesham Rizk emphasized the company’s goal of becoming a long-term strategic partner to Libyan food producers by offering tailored, end-to-end solutions.

Tetra Pak’s entry into the Libyan market comes as more Egyptian firms ramp up activity across the border. Egyptian companies are expected to double the value of their projects in Libya to USD 10 bn by 2028, with many participating in reconstruction efforts backed by the USD 12.7 bn Libyan state fund. Egypt is also moving forward with two planned industrial zones in the country worth a combined USD 250 mn, with at least 22 local players already on board.

Tags:

6

ALSO ON OUR RADAR

Gas supplies to fertilizer players are back at normal levels

ENERGY-

The Madbouly government has fully resumed gas supplies to fertilizer players as of yesterday, a government official told Asharq Business. The move comes shortly after we boosted our regasification capacity with two new floating storage regasification units (FSRUs) beginning operations.

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

REMEMBER- Authorities earlier this summer temporarily reduced gas supplies to several energy-intensive sectors — including iron, fertilizers, petrochemicals, and aluminum — to prioritize power generation, following the dip in Israeli natural gas imports.

EDUCATION-

FAB’s Lime launches in Egypt: First Abu Dhabi Bank (FAB) launched its education-focused fintech Lime in the local market with an initial investment of USD 9.4 mn, the lender announced in a press release(pdf). The FRA-licensed platform offers 6-12-month installment plans for amounts of up to EGP 1 mn, with digital onboarding and approvals provided within minutes. At the moment, Lime is all about the education sector — partnering with nurseries, schools, and universities — but plans to expand into other essential sectors.

DIPLOMACY-

Military talks with the US: President Abdel Fattah El Sisi yesterday met with US Centcom Chief Michael Kurilla and discussed ways to develop Egyptian-US cooperation across fields — namely military and security, according to an Ittihadiya statement. Talks also touched on Gaza, Syria, Libya, Sudan and the Horn of Africa, as well as concerns over Nile water security.

REGULATION-

The Financial Regulatory Authority (FRA) has approved five companies’ requests across various fintech and outsourcing-related activities in the NBFS sector, it said in a statement yesterday. The approvals cover license renewals, fintech expansions, and new company formations.

Who got the nod? Fintech startup Digified was cleared to expand its scope to include e-contracting for non-banking financial products and digital record-keeping, allowing it to operate across all fintech domains. Insurtech startup Nice Deer, microfinance startup Dayrah, and pharma distribution startup iSupply were granted approval to launch as fintech-enabled startups. Meanwhile, outsourcing services firm VLens had its registration renewed in the FRA’s outsourcing providers registry.

TRANSPORT-

Cool comfort coming to high-speed rail: Johnson Controls-Hitachi Air Conditioning and Elsewedy Machinery will supply over 3k cooling units for our 660 km high-speed rail project, according to a press release. The consortium secured the heating, ventilation, and air conditioning contract for the project.

DEBT-

Canal Sugar is looking to secure a USD 150 mn loan from a National Bank of Egypt-led consortium, unnamed sources told AsharqBusiness. The loan would support plans to triple daily beet production at the company’s Minya facility to 36k tons by 2026. The loan, set to be signed this month, would help fund equipment purchases needed to reach that target.

Tags:
7

PLANET FINANCE

Hedge funds see their best net inflows since 2014 in 2Q 2025

Global hedge funds attracted USD 24.8 bn in net inflows in 2Q 2025, the highest quarterly figure since 2Q 2014, according to the HFR Global Hedge Fund Industry Report. Hedge funds weathered early-quarter volatility, supported by an improving market risk climate amid US budget progress, stronger economic signals, trade talk developments, and easing geopolitical tensions, HFR said. Reuters also had the story.

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

AUM hit another record: Total hedge fund capital climbed to USD 4.7 tn in 2Q, up by USD 212.7 bn from the previous quarter, making the seventh consecutive quarterly record high. This came on the back of risk-seeking investors who targeted the largest firms.

Big is getting bigger: The majority of the new capital was directed to the industry's largest firms, as managers with over USD 5 bn in assets attracted USD 22.9 bn in inflows, while those below that mark pulled in less than USD 2 bn.

How were the returns? The HFRI Fund Weighted Composite Index gained 4.3% during the second quarter, led by gains of Equity Hedge-managed assets, up 7.6%, and Event-Driven assets, up 5.3%. Meanwhile, assets managed by Macro strategies fell by 1.4%.

For the first half of the year, hedge funds saw their strongest inflows since 2015, attracting USD 37.3 bn, significantly up from USD 7.2 bn in the same period last year. Gains for the half averaged 3.9%, trailing behind the S&P 500’s 5.5% rise.

More inflows are on the way: “Institutions are likely to continue expanding allocations to funds which have demonstrated their strategy’s ability to deliver strong, uncorrelated performance gains through the dislocation and disruptive market cycles of the first half of 2025,” said HFR President Kenneth Heinz.

MARKETS THIS MORNING-

Asian markets are trading mixed this morning, after China kept interest rates unchanged. Shanghai Composite is up 0.5%, while Japan’s Nikkei is inching down by 0.2%. Meanwhile, Wall Street futures are keeping steady as investors await for more earnings, especially from big tech.

EGX30

34,071

+0.7% (YTD: +14.6%)

USD (CBE)

Buy 49.29

Sell 49.42

USD (CIB)

Buy 49.32

Sell 49.42

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

10,965

-0.4% (YTD: -8.9%)

ADX

10,262

+0.2% (YTD: +9.0%)

DFM

6,094

-0.2% (YTD: +18.1%)

S&P 500

6,297

0.0% (YTD: +7.1%)

FTSE 100

8,992

+0.2% (YTD: +10.0%)

Euro Stoxx 50

5,359

-0.3% (YTD: +9.5%)

Brent crude

USD 69.28

-0.4%

Natural gas (Nymex)

USD 3.57

+0.7%

Gold

USD 3,358

+0.4%

BTC

USD 118,022

+0.3% (YTD: +26.1%)

S&P Egypt Sovereign Bond Index

881.36

+0.1% (YTD: +13.4%)

S&P MENA Bond & Sukuk

145.72

0.0% (YTD: +4.1%)

VIX (Volatility Index)

16.41

-0.7% (YTD: -5.4%)

THE CLOSING BELL-

The EGX30 rose 0.7% at yesterday’s close on turnover of EGP 4.5 bn (9.6% below the 90-day average). Regional investors were the sole net sellers. The index is up 14.6% YTD.

In the green: Orascom Development (+4.5%), Beltone Holding (+4.2%), and Ibnsina Pharma (+3.4%).

In the red: Emaar Misr (-1.1%), Eipico (-0.8%), and Palm Hills Development (-0.7%).

CORPORATE ACTIONS-

Qalaa Holdings shareholders approve capital increase: Qalaa Holdings’ extraordinary general assembly approved raising the company’s authorized capital to EGP 50 bn, up from EGP 10 bn, and its issued capital to EGP 23.1 bn, up from EGP 9.1 bn, according to an EGX disclosure (pdf). The EGP 14 bn increase will be split across 2.8 bn new shares — including 2.2 bn ordinary shares and 618 mn preferred shares — offered to existing shareholders at a value of EGP 5 per share.

Tags:

Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
8

BLACKBOARD

A look at Japan’s Kosen program in Egypt

Japan’s Kosen model is coming to Egypt: The Education Ministry will launch the first Japanese Kosen technical institute this fall, with backing from the Japan International Cooperation Agency (JICA), secretary-general of the Supreme Council for Technological Education Ahmed El Gioushi told EnterpriseAM. The program will bring Japan’s “education for employment” model to Egypt, aiming to address the country’s shortage of skilled technical labor and support its industrial ambitions.

(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: Our first Kosen institute, developed in cooperation between the Egyptian and Japanese governments, will open its doors at the Tenth of Ramadan’s Productivity and Vocational Training Department. The project is being coordinated by the Education Ministry, the Higher Education Ministry, and the cabinet’s Education Development Fund.

About the program: It is “a five-year higher education institution where students can enroll from the age of 15 after graduating from junior high school, in order to foster engineers in high demand by society,” according to its official website. The program trains students in robotics, mechatronics, AI, green energy, solar panels, and microchips. The first three years focus on math, physics, and applied sciences, while the final two years involve hands-on training at industrial facilities.

Who’s eligible? Students who pass preparatory schools in the 2024-2025 academic year can apply for the Kosen program. The first cohort will include 320 students, with those selected to be announced in August.

A fully integrated approach: The Kosen institute is part of a broader plan to upgrade Egypt’s engineering and industrial training ecosystem. It will also help prepare Egypt’s workforce for new global compliance rules, including the EU’s Carbon Border Adjustment Mechanism (CBAM), which requires cleaner industrial production for export by 2027.

A launchpad for university: Students who complete the program will be eligible to transfer directly to Egypt’s technological universities at the third-year level or apply to engineering and computer science faculties, giving them a pathway to a bachelor’s degree. According to the Education Ministry, this is expected to boost long-term employment outcomes.

Private sector partnerships are essential: The Education Ministry has signed 40 agreements with major private-sector companies to help manage and operate vocational training centers and hire graduates — ensuring alignment with labor market needs.

Demand is already strong: Over 50% of students who completed their preparatory education in 2024 have expressed interest in technical education tracks, a government source told EnterpriseAM. That’s a sign of shifting attitudes toward vocational education, traditionally viewed as a second-choice option.

Inspired by Don Bosco — with a Japanese twist: Education Minister Mohamed Abdel Latif said the Kosen project is comparable to Egypt’s Don Bosco model in collaboration with Italy — both are designed to offer advanced, hands-on vocational training that meets international standards. The Kosen institute represents Japan’s first foray into exporting this education model to the Middle East.

More global partnerships in the pipeline: The Education Ministry is planning future collaborations with Germany to launch dual-education programs that combine classroom learning with factory training. The goal is to make Egypt a regional hub for high-quality technical education that supports both economic growth and foreign investment.

Part of a bigger plan: The Education Ministry wants to grow the number of applied technology schools to 420 by 2030, serving up to 130K students — compared to around 40K students last academic year. The government’s investment plan includes the construction of 536 new technical classrooms, the renovation of 902 others, and the development of 10 new applied technology schools — with strong incentives for private-sector participation.

What’s next? Depending on how the first Konsen institute performs, we could see more pop up across Egypt. The program’s tuition and curriculum structures are still being finalized. While it will initially attract a limited number of students, demand is expected to grow once the model proves successful, as it has in Japan, El Gioushi noted. If successful, it could serve as a blueprint for scaling up the model nationwide and become a key pillar of Egypt’s strategy to boost employment, industrial capacity, and compliance with global trade standards.

Your top education stories for the week:

  • CIRA to up its stake in CAED: CIRA Education submitted an MTO earlier this month to up its stake in EGX-listed subsidiary Cairo for Educational Services (CAED) to up to 90% from the current 69.4%.
  • EPP has two schools in the pipeline: The Egypt Education Platform (EEP) plans to open the doors to the GEMS International School in Somabay by September 2026 and the UK’s Batford school in Alexandria the following year.
Tags:

CALENDAR

JULY

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

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

End-July 2025: Egypt and Jordan to connect fifth FSRU ‘Energos Force’ to Arab Gas Pipeline via Aqaba port.

Also happening this month:

  • The first operational trial of Egypt-KSA electricity interconnection line
  • Etihad Airways to launch twice-weekly flights to Alamein
  • China’s State Grid aims to finalize contracts for two solar projects.

AUGUST

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

28 August (Thursday): Monetary Policy Committee’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.

15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt’s USD 8 bn EFF arrangement.

24-27 September (Wednesday-Saturday): Cityscape Egypt 2025, Egypt International Exhibition Center

The Egyptian-Moroccan Business Council to send a delegation of 23 local companies to Rabat.

The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.

Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay.

Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026.

OCTOBER

2 October (Thursday): Monetary Policy Committee’s sixth meeting.

7 October (Tuesday): The 2025 EnterpriseAM Egypt Forum.

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

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee’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 Center.

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.

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

2026

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

May 2026: End of extension for developers on 15% interest rates for land installment payments

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

Now Playing
Now Playing
00:00
00:00