Fifth review delayed?

Wednesday, 2 Jul 2025

Fifth review delayed?

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Today at a glance

LEGISLATION WATCH

House postpones debate on Old Rent Law amendments a day due to missing data.

What We're Tracking Today

At least four dead as drillship capsizes in Gulf of Suez.

What We're Tracking Today

IMF likely to delay our fifth review -report.

Healthcare

Egypt restructures its healthcare investment landscape.

Capital markets

EGX30 ends 1H 2025 up 10.5%, lags behind regional peers in June with modest 0.5% gains.

Also on our Radar

Philip Morris raises cigarette prices by up to 11%.

PLANET FINANCE

Rising US job openings + Senate passing “big beautiful bill” help buoy USD.

HARDHAT

Real estate prices expected to fall after construction tax amendment.

What We're Tracking Today

IMF likely to delay Egypt’s fifth review

Good morning, all. We end this shorter-than-usual work week with a brisk issue, led by the latest on the fifth review of our IMF program and the long-awaited amendments to the Old Rent Law.

** A QUICK PROGRAMING NOTE- EnterpriseAM Egypt will be joining the rest of you in taking tomorrow off instead of Monday — which marked the 12th anniversary of the 30 June. Revolution. We’ll be back in your inboxes bright and early on Sunday with the most important business updates from over the long weekend.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 36°C and a low of 26°C, according to our favorite weather app. The Egyptian Meteorological Authority is warning of chances of light to moderate rain today in Suez and Sinai. Strong downward winds are also expected, stirring up sand and dust in some areas.

It’s a little cooler in Alexandria, with a high of 31°C and a low of 22°C.

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 [email protected] to explore sponsorship opportunities

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WATCH THIS SPACE-

#1- Osoco drillship, Adam Marine 12, capsized in the Gulf of Suez late last night near Gabal El Zeit, some 300 km south of the Suez Canal. Of those who were onboard, at least four were confirmed dead, six are missing, and the remaining 21 have been rescued, according to Reuters’ sources. The Oil and Health Ministries are expected to issue a joint statement in the coming hours, Oil Ministry spokesperson Moataz Atef told Extra News.

#2- Fifth review postponed? The IMF is considering merging its fifth and sixth reviews for our USD 8 bn loan program due to slow progress on structural reforms, potentially delaying the next USD 1.2 bn disbursement by up to six months, Reuters reports, citing three sources it says are familiar with discussions.

Why the delay? While financial reforms are progressing “relatively smoothly,” Egypt has struggled to meet structural benchmarks under the Extended Fund Facility, namely disinvestment targets. Egypt didn’t reach half of its structural targets in the last two reviews, according to sources. The IMF approved its fourth review in March, unlocking a USD 1.2 bn tranche. However, the Fund has yet to publish the fourth review’s staff report, as authorities requested a delay to finalize measures to widen the tax base.

What’s next? The IMF team which visited Cairo in May for the fifth review “has yet to signal its approval.” If the next two reviews are merged, the next board meeting could be pushed to December at the earliest, effectively stalling the program for the rest of the summer, according to the sources.

THE BIG STORY ABROAD-

Most foreign outlets are leading with US President Donald Trump’s “big, beautiful bill” this morning, which narrowly passed the Senate following an all-nighter vote-a-rama. The sweeping legislation — which introduces a trove of tax cuts and reductions to spending on social safety net programs, and boosts immigration enforcement spending — will now head to the House for final approval ahead of Trump’s 4 July deadline.

It’s not going to be easy: Division within the Republican party over some aspects of the bill could make it difficult for the bill to pass, with some hardliners demanding steeper spending cuts, other affected states objecting to changes to Medicaid financing mechanisms, and still some concerned about the USD 5 tn increase in the debt ceiling that the bill is expected bring. (Reuters | Bloomberg | Guardian | Wall Street Journal | Financial Times | New York Times)

ALSO- Trump said Israel has agreed to a proposal for a 60-day ceasefire in Gaza which will now be delivered by mediators in Qatar and Egypt to Hamas. The ceasefire will be used as a period during which “we will work with all parties to end the war,” Trump said, while urging Hamas to accept the agreement, warning that “things will only get worse” if it does not. This comes ahead of Israeli Prime Minister Benjamin Netanyahu’s upcoming visit to Washington on Monday, and following an escalation of violence that has killed hundreds in the past day alone. (Bloomberg | Reuters | Guardian | CNBC)

AND- Another Trump deadline is looming: The 90-day pause on reciprocal tariffs is set to end on 9 July, and Trump has confirmed it will resume with the tariffs with countries with which it has yet to reach trade agreements, including Japan, which is set to see a 24% tariff on all of its imports. Trump has threatened to hike the levies for Japan further as trade talks falter. (FT)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at how real estate prices will react to the construction tax amendment.

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IMF What We're Tracking Today

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

LEGISLATION WATCH

Egypt’s House of Representatives postpones debate on Old Rent Law amendments a day due to missing data

The House of Representatives has postponed its debate on the long-awaited amendments to the Old Rent Law after MPs criticized the government for failing to provide crucial data during yesterday’s session. House Speaker Hanafi Gebali said the government appeared “unprepared” to present the legislation in its current form.

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

Gebali calls out lack of readiness and consultation: Gebali told MPs that it was clear from discussions that the government lacked “important data and statistics” needed to finalize the legislation. “This is not the first time,” he added, noting that the government had previously submitted draft laws without adequate community dialogue or thorough study. “I will not dwell on this — I hope the message has reached the government,” he concluded.

Session adjourned, debate to continue today: The House decided to resume discussions on the draft amendments in today’s session. Gebali urged all MPs, regardless of party affiliation, as well as independent members to attend the session due to the bill’s significance.

Key missing data: How many tenants are there? During the session, Gebali highlighted that the data submitted by the government did not include the number of original tenants or first-generation inheritors residing in units subject to the Old Rent Law — figures he described as “extremely important.” He questioned whether the government, state statistics agency Capmas, and the cabinet’s Information and Decision Support Center were unable to provide this information.

Capmas responds with estimates: In response, Capmas head Khairat Barakat explained that the agency defines original tenants as those aged over 60 as of 2017, while tenants below that age are classified as the first generation. Barakat said that around 409k units out of a total 1.6 mn under the old rent law are home to original tenants.

REMEMBER- The government submitted the final draft of the bill to overhaul Egypt’s decades-old rent law to the House last month. The proposed amendments would see all residential old rent contracts scrapped seven years after the law comes into effect — unless landlords and tenants agree to terminate the contract earlier.

ALSO FROM THE HOUSE-

#1- Legalizing the status of squatters on state-owned land: The House also gave its final nod to a bill setting out rules and procedures for handling any encroachments on state-owned lands.

REMEMBER-The cabinet approved the draft law back in October with the aim of encouraging investments in state-owned land — the recent wave of foreign investments we’ve seen in Ras El Hekma make it necessary to introduce the legislative amendments needed to ensure squatters legalize their stay on state-owned land so that it can attract investors.

#2- MPs gave their initial approval yesterday to draft amendments to the law regulating medical professions, expanding its scope to include applied health sciences technologists. The amendments guarantee them the same financial and professional benefits as other medical workers.

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Healthcare

Egypt restructures its healthcare investment landscape

Egypt’s healthcare sector is undergoing a major shift, with policymakers and investors working to reshape it into a more attractive investment destination. Government officials and private players are in talks about how regulatory changes and new legislation are unlocking potential across the sector, from ins. and pharma to infrastructure and digital health, as discussed at a Thebes Consultancy workshop attended by EnterpriseAM.

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

Egypt is redrawing the investment map for healthcare, backed by updated legislation like the Universal Health Ins. Law and new regulations for medical professions and institutions, we were told. The government is also working through regulatory bodies to boost investment. The local market offers major investment options in hospitals, medical supplies, and pharma, supported by skilled labor and rising demand, according to Presidential Health Advisor and former Health Minister Mohamed Awad Tag El Din.

But there’s still work to be done. While the private sector already delivers 75% of healthcare services in Egypt, the lack of a clear investment roadmap and practical incentives continues to be a hurdle, healthcare policy expert Hossam Badrawi said.

Pharma and medical supplies are among the most ready sectors for investment, Tag El Din said. Egypt’s local industry already meets about 90% of domestic needs, and the government aims to localize medical device production through land allocation and incentives. The goal is to boost self-sufficiency, reduce pressure on FX, and grow exports to Africa and the Middle East.

Ins. market reforms are already taking shape: Recent legislative amendments brought major changes to the medical ins. landscape, including the reclassification of medical ins. as a specialized category and setting new rules for ins. and third-party administration companies (TPAs), Financial Regulatory Authority (FRA) Vice Chairman Islam Azzam said. Capital requirements have been significantly raised to strengthen companies’ financial stability, while regulations now in the works aim to clarify market roles and reduce conflicts of interest, he added.

Alexandria is next in line: The government is considering launching universal health ins. in Alexandria in partnership with the private sector this year or next, Tag El Din said. This will require a strong network of primary care units and infrastructure, as well as private-sector involvement in operating medical centers and radiology clinics.

Mandatory health ins. is underway: The law also introduces mandatory medical liability ins., Azzam said. Two committees – one at the Health Ministry and another at the FRA – are developing the framework for a new fund, with bylaws expected in the coming weeks.

The gov’t is also aiming to reduce costs: The government wants to reduce out-of-pocket health spending from 60% to 22% by expanding the universal ins. system, which blends public and private funding, House Health Committee head and former health minister Ashraf Hatem said.

Still, private investment in public hospitals faces hurdles: Converting public hospitals to meet new codes could cost more than EGP 1 bn, Cleopatra Hospitals CEO Ahmed Ezz El Din said, adding that uncompetitive pricing and long contract terms are limiting investor appetite. “There may be an appetite to invest, but the returns don’t match the risks,” he said.

Primary care could be the reform gateway: Establishing one primary care unit for every 500k citizens could ease pressure on hospitals and improve cost-efficiency, Badrawi said. He added that these centers would act as mandatory entry points before patients can access hospital services.

Home care and health tech offer untapped potential: Digital health, home-based care, and ins. management services remain untapped and could attract capital, especially with the right investment map and incentives for underserved areas, Badrawi said.

Will the Medical Liability Act balance doctor-patient relations? The draft law introduces a mechanism to resolve disputes outside the courts through a three-member technical committee, whose advisory report would help guide court decisions, Hatem said. The law is designed not as a punitive measure, but as a way to regulate the profession and safeguard the rights of both patients and healthcare providers, Universal Health Ins. Authority CEO Mai Farid said.

TPAs will see tighter oversight: The FRA is drafting new regulations to separate the roles of brokers and TPAs, which administer care programs on behalf of ins. firms. Temporary licenses are being offered, provided firms meet tech and capital requirements, Azzam said.

Turning around state-run hospitals: State-run hospitals have become a drain on public finances, Hatem said, adding that a solution lies in turning them into joint-stock companies or outsourcing their management to professional operators to improve efficiency.

Tags:

Health Ministry healthcare investment watch

Capital markets

EGX30 ends 1H 2025 up 10.5%, lags behind regional peers in June with modest 0.5% gains

The EGX30 closed 1H 2025 up 10.5%, ending June at 32.9k points — a 0.5% monthly gain, according to the EGX's monthly report (pdf). The benchmark index recorded a high of 33.4k points and a low of 29.7k. While total market cap rose 2.3% last month, the EGX30 recorded a 1.4% increase. Meanwhile, the EGX33 Shariah Index outperformed the benchmark index, rising 3.1%.

The EGX30 posted the smallest gain among regional and global market indices. Regionally, the Abu Dhabi Securities Exchange (ADX) rose 3.2%, the Dubai Financial Market (DFM) advanced 4%, and Saudi Arabia’s Tadawul All Share Index (TASI) added 3.1%. Globally, the S&P 500 climbed 4.5%, while the FTSE 100 edged down 0.16% and the EURO STOXX 50 slipped 0.1%.

Trading activity on the EGX increased 33% last month, reaching EGP 1.45 tn across 2.1 mn transactions. Total equity trading accounted for 6.55% of the total value traded on the main market, while the remaining 93.45% was captured by bonds and bills.

Local retail investors were bearish on listed stocks with net sales of EGP 1.5 bn (excluding transactions). In contrast, regional retail investors were net buyers with EGP 1.3 bn in net purchases, along with foreign retail investors with EGP 24.4 mn in net purchases.

Local institutions were bullish with net purchases of EGP 2.2 bn, while regional institutions recorded net sales of EGP 335 mn and foreign institutions logged net sales of EGP 1.8 bn.

Building materials emerged as the top-performing sector on the EGX in June, rising 23.6%. The trade and distributors sector followed with a 15% gain, while the textiles and durable goods index posted a 13% increase, rounding out the month's strongest performers.

What the pundits think: The EGX30 is expected to gain ground in 2H, driven primarily by strength in the banking sector — particularly CIB and ADIB — as well as the real estate and pharma sectors, Sameh Gharib, head of high-net-worth clients at Arabeya Online for Securities Trading, told EnterpriseAM.

Gharib noted that several real estate stocks, including Palm Hills and Talaat Moustafa Group, seem to be undervalued, presenting room for a potential rebound. Meanwhile, the pharma sector is forecast to rise on the back of strong export performance, among other factors.

While the real estate sector recorded the second-highest trading value in June at EGP 16.5 bn, its index fell by 1.3%. This decline was due to trading activity being heavily concentrated in a limited number of outperforming stocks, while the majority of listed real estate shares declined, ultimately dragging down the overall sector index, Gharib explained.

Worst-performing sectors in June: The food, beverages, and tobacco index saw the steepest decline, falling 1.8%, followed by the real estate sector, which slipped 1.3%. All other sectors ended the month in the green.

EFG Hermes’ brokerage arms led the EGX brokerage league table (pdf) in June, with a combined market share of 17.5%, followed by Mubasher (8.3%), Thndr (7.5%), and CI Capital (6%).

EFG Hermes also led the table in 1H 2025, with its brokerage arms holding a combined market share of 24.5%, according to a separate league table (pdf). CI Capital came in second with a 6.8% share, followed by Thndr with 6.6%, and Mubasher with 6.5%.

Tags:

capital markets EGX

Also on our Radar

Philip Morris raises cigarette prices by up to 11%

RETAIL-

US tobacco giant Philip Morris hiked prices by up to 10.5% for its cigarettes and heated tobacco products, effective 1 July, the company said in a statement to distributors seen by EnterpriseAM. The price of a pack of its higher-end Merit cigarettes was hiked 10.5% to EGP 105, Marlboro prices increased 9.0% for the standard pack to EGP 97, and the cheaper L&M brand will now go for EGP 76, up 10.1%. Its Terea heated tobacco products are up 10.1% at EGP 76 a pack.

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

REMEMBER- The news comes days after the House greenlit a government-drafted bill amending the VAT Law, which will raise the tax on local and imported cigarettes.

TOURISM-

Egypt earmarks EGP 2 bn for charter flight incentive: The Madbouly government is set to invest EGP 2 bn (USD 40 mn) in its charter flight incentive program this fiscal year, with the figure going toward subsidizing vacant seats on charter flights in a bid to boost tourism, Al Arab iya reports, citing a government document. The initiative is backed by the Tourism Ministry, which is looking to increase non-scheduled, or charter, flights to bolster inbound traffic to the country. The program covers most Red Sea airports, as well as those in Luxor, Aswan, Borg El Arab, and El Alamein.

Over 85% of tourists arriving to Egypt travel via charter flights, former tourism minister Hisham Zaazou told the news outlet, underscoring the value of incentivizing charter flights.

SOUND SMART- Charter flights are operated based on demand from clients, such as tour operators or hotel chains. The seats on chartered flights are usually sold as part of an all-inclusive holiday to passengers.

DATA POINT- The country’s air traffic is forecast to increase to register over 190 aircraft per week in July, which is estimated to boost hotel occupancy rates during the month by 5 percentage points m-o-m to 90%.

ENERGY-

State-led JV Alexandria for Supply Chain Company is set to welcome another state entity to the liquefied ethane gas import initiative, with the Transport Ministry’s Holding Company for Maritime and Land Transport (HCMLT) bid to acquire 10% of the company approved by shareholders, Al Arabiya reports, citing an unnamed government official. The Egyptian Ethylene and Derivatives Company (Ethydco) will also join the company’s shareholders at a later date, acquiring a part of Egyptian Petrochemicals Holding’s (Echem) 37.5% stake, according to the source.

REMEMBER- The Alexandria for Supply Chain Company is a USD 660 mn joint venture aimed at setting up a permanent offshore facility at the Dekheila Port in Alexandria that was launched in August last year. The company aims to import 1.1 mn tons of liquefied ethane gas a year, ensuring a steady supply of raw materials for the petrochemical industry in the region.

What’s next? A general assembly will be held in the coming days to give the final green light, according to the source.

Who owns what? Assuming HCMLT gets the go-ahead, Echem will hold a 37.5% stake, Sidi Kerir Petrochemicals will own 22.5%, the lone private sector partner Gamma Construction will have 20%, and each of the Egyptian Natural Gas Company and HCMLT will have 10%.

MINING-

Elsewedy Capital inked an MoU with the Egyptian Mineral Resources Authority (EMRA) to explore and produce phosphate ore at the Sebaeya mines in the Nile Valley, according to a statement. The agreement also allows for the possibility of Elsewedy Capital or its affiliated companies to enter future negotiations to set up joint ventures for exploration and production. The move is part of the government’s push to raise the mining sector’s share of GDP to 5-6% from less than 1% currently.

A phosphate fertilizer plant could also be in the works, as the agreement includes a feasibility study for the facility.

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ALSO ON OUR RADAR energy mining oil and gas Oil Ministry Philip Morris tobacco

PLANET FINANCE

Rising US job openings + Senate passing “big beautiful bill” help buoy USD

Higher-than-expected job openings in the US and the Senate passing President Donald Trump’s “Big, Beautiful Bill” overnight helped the USD trim its losses against other major currencies like the JPY and CHF, Reuters reports. The USD’s losses against the JPY narrowed by 0.17 percentage points and by 0.12 percentage points against the CHF compared to before the jobs data was released.

That being said, the USD is still down: The USD had fallen earlier in the day by 0.6% against the CHF to a 10-year low of CHF 0.79, and 0.8% against the JPY to 142.9. Meanwhile, the EUR climbed to a near four-year high at USD 1.2, while GBP inched up by 0.2% to USD 1.4. As a result, the USD index — one that measures the greenback against six peers — slipped by over 10% this year to its lowest since February 2022, marking its worst 1H performance in over half a century. The USD index is now at 96.68.

Labor market data may be somewhat positive, but it’s not enough yet to stimulate positive sentiment: The US labor market showed job openings rising to 7.769 mn at the end of May — coming in higher than economist forecasts and showing “1.07 jobs for every unemployed person,” Reuters reports. Despite the increase in available jobs, hiring declined by the end of the month to 3.4%, particularly in healthcare and social assistance, manufacturing, and professional and business services. The hiring slowdown comes in part due to “lack of clarity” on the outlook for businesses once Trump’s 90-day pause on reciprocal tariffs sunsets, which economists say has “left businesses unable to make long-term plans.”

Investors are watching and waiting: US Federal Reserve Chair Jerome Powell signaled yesterday that a move to cut interest rates at the end of this month would depend on more economic data. Speaking at the European Central Bank Forum in Portugal yesterday, Powell confirmed that the central bank would have pushed ahead with further rate cuts this year, but put its easing cycle on hold because “the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” according to CNBC. Powell’s comments come amid growing fears over the Fed’s credibility as Trump continues his campaign for drastically lower interest rates. They will also have their eyes on Thursday’s nonfarm payrolls report, which measures the health of the US labor market.

MARKETS THIS MORNING-

It’s another mixed morning for Asian markets this morning, although most are leaning towards the red on the back of Jerome Powell saying that the US Fed could have already pushed through with interest rate cuts this year had it not been for President Donald Trump’s trade tariffs. Japan’s Nikkei and South Korea’s Kospi are each down more than 1% in early trading, while the Hang Seng Index is trading up. Futures suggest that Wall Street will open in the green later today.

EGX30	32,707	-0.5% (YTD: +10.0%)
USD (CBE)	Buy 49.38	Sell 49.52
USD (CIB)	Buy 49.41	Sell 49.51
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,122	-0.4% (YTD: -7.6%)
ADX	9,929	-0.3% (YTD: +5.4%)
DFM	5,693	-0.2% (YTD: +10.4%)
S&P 500	6,198	-0.1% (YTD: +5.4%)
FTSE 100	8,785	+0.3% (YTD: +7.5%)
Euro Stoxx 50	5,282	-0.4% (YTD: +7.9%)
Brent crude	USD 67.11	+0.6%
Natural gas (Nymex)	USD 3.42	-1.2%
Gold	USD 3,350	+1.3%
BTC	USD 105,762	-1.3% (YTD: +13.0%)
S&P Egypt Sovereign Bond Index	877.5	-0.1% (YTD: +12.9%)
S&P MENA Bond & Sukuk	145.5	+0.2% (YTD: +4.0%)
VIX (Volatility Index)	16.83	+0.6% (YTD: -3.0%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 5.2 bn (6.0% above the 90-day average). International investors were the sole net sellers. The index is up 10.0% YTD.

In the green: Eastern Company (+3.3%), Orascom Construction (+2.7%), and Eipico (+0.9%).

In the red: Beltone Holding (-6.7%), GB Corp (-5.9%), and Edita (-3.5%).

Tags:

capital markets Donald Trump economy Financial Markets Planet Finance US US Federal Reserve

HARDHAT

Real estate prices expected to fall after construction tax amendment

The real estate market is anticipating the effects of the new VAT amendment for contracting and construction services, which industry insiders told EnterpriseAM should lead to a fall in real estate prices. The amendment removes contracting services from the 5% schedule rate, making them subject to the standard 14% VAT rate instead, while allowing companies to deduct input tax.

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

ICYMI- The House gave its final approval to the government-drafted bill amending the VAT Law this week, which included the new amendment for construction and contracting services.

The move is expected to stabilize real estate pricing as construction accounts for a big chunk of real estate development costs, a senior government official told EnterpriseAM. More than 70% of those costs are made up of materials and inputs that are subject to VAT, so allowing contractors to deduct this input tax will lower their effective VAT bill, which cuts project costs and gives developers room to adjust pricing.

The reform could pull informal contractors into the formal economy, our source said. As players seek invoices to claim tax deductions, more suppliers will be brought into the tax system, as they will have to register and pay taxes. That should improve tax collection while also bringing more price stability and boosting demand.

The move could also help companies invest more and grow their operations, with contractors now able to get VAT refunds for machinery and equipment purchases — a lot of which can be very pricey.

The Finance Ministry sees tax revenues from construction services tripling to EGP 6 bn in the fiscal year 2025-2026, despite lower effective tax payments by individual contractors. This is because contractors will now seek invoices from suppliers to claim deductions, broadening the tax base and pulling more suppliers into the formal system.

But what will become of SMEs? Small- and medium-sized contractors may struggle with the transition. Unlike large firms, which have formal bookkeeping systems and contract with registered suppliers, SMEs often work in the informal economy and lack access to input invoices, putting them at a disadvantage.

The changes also come amid a steep drop in public investment spending, which has already squeezed work volumes and liquidity in the sector, EFCBC member Shams Youssef told EnterpriseAM. While some companies will benefit from tax fairness due to their formal operations, smaller competitors operating informally will continue offering lower bids, Youssef said, adding that the union is responsible for protecting SMEs, which make up more than 50% of the market.

Contractors are calling on the government to limit the application of the new VAT system to new projects only and to give the industry time to adjust, Egyptian Federation for Construction and Building Contractors (EFCBC) member Mohamed Abdel Raouf told EnterpriseAM. The biggest concern is applying the changes to existing contracts, as it would hurt liquidity, especially for smaller firms.

What’s next? The EFCBC is set to meet with the head of the ETA next Tuesday to formally present their demands, Abdel Raouf said.

Your top infrastructure stories for the week:

Egypt is looking to launch ro-ro shipping lines with Saudi Arabia and Turkey before the end of 2025. This comes after the ro-ro line connecting Damietta Port with Italy’s Port of Trieste started operating in late 2024, reducing the time to send goods between the two ports to two and a half days, down from a previous six.
Egypt is in talks with a Chinese consortium to build the USD 440 mn fourth phase of the new capital’s light rail transit line. The Chinese state-owned companies — AVIC International and China Railway Major Bridge Engineering — will handle electromechanical works and train manufacturing, while local firms will take on civil works.
Suez Canal activity fell by 23.1% y-o-y in 3Q FY 2024-2025, as Red Sea disruptions continued to push traffic away from the waterway, according to data from the Planning and International Cooperation Ministry.

Tags:

construction Hardhat real estate tax VAT

CALENDAR

JULY

6 July (Sunday): S&P Global to release Egypt’s Purchasing Managers Index report for June

6-7 July (Sunday-Monday): Brics Summit, Rio de Janeiro

10 July (Thursday): Monetary Policy Committee’s fourth meeting

10 July (Thursday): Capmas to release inflation data for June

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

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

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

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

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

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

OCTOBER

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

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

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

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

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee’s seventh meeting.

November: Egypt to join the EU’s Horizon Europe research and innovation program.

DECEMBER

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

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

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

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

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

2027

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

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

EVENTS WITH NO SET DATE

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

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

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

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