Good morning — but more importantly, kul sana wento taybeen. Kicking off today’s issue is news that the Finance Ministry is readying a 49-reform tax package aimed at boosting the tax-to-GDP ratio to 16%.
Also catching our attention this morning is banks officially beginning carbon mapping under CBE orders to tie future lending to climate compliance, a move essential for exporters to survive the EU’s looming carbon barriers. Meanwhile, the state is successfully de-risking infrastructure debt by tapping China Exim Bank for a CNY-denominated loan for the LRT and DPI, and Alameda finalized the sector’s largest-ever private equity transaction, providing the war chest for a regional expansion into the Gulf.
Our first issue this Ramadan also features the first in a special series of holy-month-themed My Morning Routines. We’re catching up with Red Bull Egypt General Manager Hesham Sewilam to see how the man behind the energy drink keeps his own wings flapping during the fast.
So, when do we eat? Maghrib prayers are at 5:47pm in the capital, and you’ll have until 5:03am tomorrow to hydrate and caffeinate ahead of fajr.
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ENERGY — This year will see the largest gas well-drilling program ever conducted in the Mediterranean, executed in partnership with international oil companies, according to a statement from the Oil Ministry. Record drilling is already underway across multiple production areas to test new gas reservoirs, according to the statement, including Shell’s West Mina gas field, which produces 160 mmcf/d.
Why this matters: Upstream activity is now the fastest lever the state has to stabilize supply, reduce the import bill, and lock in medium-term production. Against the backdrop of international energy players warning that old contracts don’t add up, the Oil Ministry started tightening the screws on upstream timelines, with a new use-it-or-lose-it contracting framework set to streamline approvals and push domestic output.
PORTS — Egypt’s ports and customs outlets will operate all year round, including on official holidays, as part of efforts to reduce total customs clearance time to just two days, according to a statement from the Finance and Investment Ministries. The move aims to significantly lower storage costs and increase inventory turnover for manufacturers. Ports and customs outlets will only take breaks on a total of four days, coinciding with Eid El Fitr and Eid El Adha.
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Happening today
Prime Minister Moustafa Madbouly and Foreign Minister Badr Abdelatty are in Washington for the inaugural meeting of the Board of Peace today, according to a cabinet statement. The meeting is set to push for the implementation of the second phase of the Gaza ceasefire agreement and to raise money for reconstruction efforts.
PSA-
About to jump on a flight in or out of Egypt? You’ll still need to remember to bring a pen to fill out a landing card. Despite Civil Aviation Minister Sameh Elhefny announcing early last month that the paper cards would be replaced by a digital system starting 1 February, several travelers have confirmed to EnterpriseAM that the old system is still in place.
WEATHER- It’s another coolish day in Cairo today, with a high of 21°C and a low of 12°C, according to our favorite weather app.
It’s a tad cooler still in Alexandria, with a high of 20°C and a low of 11°C.
And over the weekend, expect to see temperatures staying around the low twenties and sunny skies.
The big story abroad
Don’t hold your breath waiting for the Fed to continue its easing policy. Minutes from the Federal Reserve’s January meeting showed that policymakers anticipated “slower and more uneven than generally expected” progress toward its inflation target of 2%. That said, Fed members indicated that keeping rates steady would “likely be appropriate […] for some time as the committee carefully assesses incoming data.”
The greenback was slightly elevated by the news in early trading, maintaining earlier gains against the JPY and the EUR.
ALSO- Social media giant Meta is in hot water after its CEO Mark Zuckerberg testified incourt that the company no longer seeks to maximize the time spent by users on its platforms and bars kids under 13 from logging on. The CEO’s claims ran counter to internal emails and documents indicating otherwise.






