Finance Ministry more than doubles international debt issuances target to USD 8 bn in new budget

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What We're Tracking Today

A joint Egyptian-Tunisian investment bank in the works?

Good morning, friends. It seems that everyone’s gearing up for the incoming national holidays by getting all their big announcements out of the way before we all take a well deserved break. In today’s plentiful issue, we’ve got big international debt issuance plans from the government, a look into the rise in remittances, another big-ticket real estate project in the works, and a whole lot more.

PSA-

Banks will also be off next Thursday in observance of Sinai Liberation Day, in addition to the two days bankers will be getting off on Sunday and Monday for Coptic Easter and Sham El Nessim.

But don’t worry, the rest of you will also be getting time off, with the public and private sectors getting Monday and Thursday off next week, in addition to Thursday, 1 May for Labor Day.

And that includes us too, here at EnterpriseAM Egypt HQ. Your go-to daily dose of local business news will be taking a break from your inbox on Sunday, Monday, and Thursday next week.

WEATHER- Cairo is in store for a sunny day today, with a high of 30°C and a low of 15°C, according to our favorite weather app.

It’s a few degrees cooler in Alexandria, with a high of 26°C and a low of 16°C.

And over the weekend, expect to see highs in the capital stay in the low 30s and for temperatures to remain around the same mark for our friends on the Mediterranean.

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

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WATCH THIS SPACE-

A joint Egyptian-Tunisian investment bank in the works? Investment Minister Hassan El Khatib and Tunisian Prime Minister Sara Zaafarani discussed putting into motion a proposal to establish a joint bank to facilitate investment and trade between the nations, according to a ministry statement covering the minister’s trip to the fellow North African nation. One of the first steps would be getting Egyptian state-owned banks to look into opening a branch or representative office in the country, according to the statement. The idea of a unified platform to promote cross-border investments was also floated during a separate meeting with Tunisian Economy Minister Samir Abdel Hafiz

Egyptian businesspeople could soon be able to more freely enter and exit Tunisia — and vice versa — under a visa whitelist initiative that more easily approves multi-entry visas with the aim of encouraging bross-border investment. Also among the initiatives to improve economic coordination between the two are efforts to reactivate the Egypt-Tunisia Business Council.

The two sides also floated reactivating a regular shipping line between the countries to boost trade, in addition to working on a road network via Libya. El Khaitb pushed for a tripartite committee of the three countries to be set up to develop the maritime and land link proposals.

HAPPENING TODAY-

There’s only one question on everyone’s mind today — Will the central bank finally cut interest rates? Later today, we will have the answer — and the consensus is for a cut, according to economists and analysts recently polled by EnterpriseAM. After having kept rates steady for the past seven Monetary Policy Committee meetings, most of the analysts we spoke to are pencilling in a 200 bps cut, with some saying the cut could be as large as 300 bps.

HAPPENING NEXT WEEK-

The IMF and World Bank’s spring meetup will get the ball rolling on Monday amid the global economy grappling with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The mood of the meetup is already starting to become clear, with World Bank President Ajay Banga telling reporters yesterday that “uncertainty and volatility are undoubtedly contributing to a more cautious economic and business environment,” according to AFP.

Tensions between the Trump administration and the World Bank are expected to come into focus over the week, with the White House so far yet to commit to the USD 4 bn pledged to the international financial institution by his predecessor in the last months of his presidency. Brushing off suggestions of bad blood, Banga described ongoing negotiations with its largest financial backer as “constructive” and told reports that “they’re asking the right questions, and we're trying to give them the right answers.”

We’re yet to hear who will be representing Egypt at the meetup, but we’re expecting some of the most senior members of the cabinet to soon be jetting off to Washington DC for the event — as was the case last year.

You can check out the full schedule on the event’s official website.

DATA POINT-

The Finance Ministry expects Suez Canal revenues from transit fees to almost double to USD 6.3 bn in the budget draft for FY 2025-26, compared to USD 3.7 bn estimated in the current fiscal year, according to data seen by EnterpriseAM. The ministry also expects the public treasury’s share of these revenues to nearly double to EGP 205 bn compared to EGP 109 bn in the prior year.

REMEMBER- Revenues from the global waterway dipped by roughly USD 7 bn in 2024, as attacks on passing vessels by Yemen’s Houthis in response to Israel’s war on Gaza pushed the world’s major shipping lines to reroute around the Cape of Good Hope. There was a brief reprieve in Red Sea disruptions after a January ceasefire, but Israel soon relaunched its assault on Gaza, which was followed by the resumption of Houthi attacks in the Red Sea in retaliation to the mounting casualties in the enclave that have now passed the depressing 60k milestone.

THE BIG STORY ABROAD-

US stocks had another tough day yesterday, with US Federal Reserve Chair Jerome Powell’s warnings about the impacts of tariffs on inflation prompting a broad-based sell-off that pushed the S&P 500 down more than 2%, and the Nasdaq down 3.1%. Powell hinted at higher inflation and slower growth on the back of the new tariffs in remarks for the Economic Club of Chicago, and signaled that the Fed will be in no rush to cut interest rates. (Reuters | Bloomberg | WSJ | FT)

The biggest losers from the sell-off so far? Tech stocks. We have more on this in Planet Finance, below.

Meanwhile, gold is soaring to record highs as investors pile into the safe haven, while another (usual) safe haven — the USD — is still losing value, with counterparts like the JPY and the CHF gaining ground as investors continue to shy away from US assets. (Reuters)

Easter in Somabay is a vibrant celebration filled with fun for all ages. Families can enjoy beachside egg coloring, kids’ activities, and water adventures. The stunning beaches offer relaxation and watersports by day, while lively nightlife with music and parties takes over after sunset. Add to that a delicious mix of gourmet dining and festive treats, and you’ve got the perfect Easter escape by the Red Sea.

Madbouly government boosts international debt program to USD 8 bn in new budget

The Finance Ministry has more than doubled its program for international debt issuances in the draft budget for the next fiscal year, coming in at a total of EGP 400 bn (USD 8 bn), up from EGP 150 bn (USD 3 bn) in the current fiscal year, according to official figures seen by EnterpriseAM. A government source confirmed to EnterpriseAM earlier this week that the draft budget priced the USD at EGP 50.

But "Egypt does not necessarily have to complete all of these debt issuances, as it will largely depend on global market conditions," a government source told EnterpriseAM. Instead, what this target does is provide a clear program with a diverse set of issuances that will attract more segments and put “the country on the global issuance map." Egypt’s return to international debt markets will also be helped by a decline in global interest rates, the source added.

The gov't expects to issue nearly half of the program's total: The Finance Ministry aims to issue nearly USD 4 bn in debt during the next fiscal year under the international debt issuance program, a government source told us. It also aims to lower the external debt held by public sector entities included in the budget by USD 1-2 bn in the 2025-2026 fiscal year.

With local issuances also in the mix, the total figure penciled in for next fiscal year comes to EGP 3.6 tn — a significant jump from the EGP 2.8 tn of debt issuances planned for the current fiscal year. Local borrowing will comprise EGP 2.2 tn in treasury bills and some EGP 928.9 bn in treasury bonds.

The ministry is also working to further extend the maturity of the government’s debts to after it recorded 1.8 years in December, up from 1.2 years in June 2024.

We could also be in line for some big debt issuances before the current fiscal year comes to a close, after the Finance Ministry secured the cabinet’s approval to issue between USD 3-4 bn worth of international bonds in the second half of FY 2024-25. Proceeds from the offering — which may include sukuk and long-term sustainability bonds — will go toward covering USD 3 bn in maturing external debt due during the same period.

ICYMI- Finance Minister Ahmed Kouchouk delivered his budget statement to the House on Tuesday, giving us the first proper look at the draft state and public government budgets for the next fiscal year. You can read our rundown of the budget here.

Remittances from Egyptians abroad rose 83.2% y-o-y to record January high of USD 2.9 bn

Remittances from Egyptians abroad continued their upward pace at the start of the year, rising 83.2% y-o-y to USD 2.9 bn in January — the highest figure ever recorded during the month — according to a statement from the Central Bank of Egypt. The numbers are similarly positive in the longer term, with the first seven months of the current fiscal year having seen an 81.0% y-o-y increase in remittances to some USD 20 bn.

Remittances are also expected to continue increasing throughout the year, with Morgan Stanley forecasting USD 32 bn in inflows by the end of the fiscal year. Economist Mona Bedair expressed a similar outlook in comments to EnterpriseAM, telling us that “remittance inflows are likely to remain strong throughout 2025, especially in the early months, supported by the solid recovery that began in the second half of 2024.

“The primary driver behind this resilience remains the restored confidence in Egypt’s official exchange rate channels, backed by the government’s continued commitment to a flexible exchange rate regime,” Bedair told us. “This policy anchor has proven critical in absorbing external shocks and re-aligning incentives for formal remittance flows,” she added.

The rise or fall of remittances is no small matter, with money sent from abroad expected to have made up around 8% of the country’s entire GDP in 2024, up from 5.0% in 2023 and 6.1% in 2022. Their contribution to current account inflows is also sizable, expected to account for 35% of inflows in 2024, up from the 25% recorded the year prior.

This could be the year remittance flows surpass their pre-FX crisis peak. Last fiscal year saw remittances hitting only USD 22.1 bn as the parallel market pushed remittance flows through unofficial channels, down from a USD 31.4 bn peak in FY 2020/21. The uptick in remittances through official channels only began in March 2024 with the float of the EGP, which effectively put an end to the parallel market.

But the trade war could spell trouble for our Egypt bound remittances, as falling oil prices take their toll on the GCC — our biggest source of remittances. “It seems that the trade war and oil price fluctuations may affect remittances from Egyptians working abroad, especially since most Egyptians work in the oil-rich Gulf countries,” economist Hany Abou El Fotouh told us. Bedair added that “This is especially relevant as Gulf countries reassess the pace and financing of their diversification efforts, which could impact both oil and non-oil sector employment.”

Although, not everyone is convinced, including EGBank board member Mohamed Abdelaal, who told us that the short- and medium-term outlook is positive, tariff war or not. Abdelaal argued that there’s little global appetite for a fall in oil prices, chief among which are OPEC and OPEC+ nations who are expected to “reduce daily production in proportion to overall demand, to maintain price stability.” China likewise has little desire for a recession that involves falling oil demand and the US is being pressured by domestic shale producers to keep prices at a reasonable level to cover high extraction costs, he added.

The demographic make-up of Egyptian workers in Gulf states should also give us reassurance, Abdelaal told us. Egyptian workers in Gulf states and more broadly are “distinguished by their diverse categories and income brackets,” with high-income workers expected to maintain high salaries and the larger segment of workers in lower paid work “whose incomes are already limited and difficult to reduce.”

And even with a potential shortfall in remittances, this will be offset by increased demand for Egyptian workers — especially in Gulf states with industrial development plans, Iraq, Libya, and some European nations, including Germany, Abdelaal said.

However, exchange rate fluctuations risk scaring off remittance flows, with an air of uncertainty about where the EGP will settle potentially leading some to be discouraged from sending money over in the fear that it could soon lose value after being converted into EGP, Abou El Fotouh said.

Lowering interest rates could likewise decrease remittances from Egyptians working abroad through official channels, Abou El Fotouh told us. He explained that when interest rates on local currency deposits decrease, Egyptian expats may have a lower incentive to convert their savings into EGP, and they might prefer to keep them in foreign currency or look for investment prospects with higher returns abroad or through unofficial channels.

Abou El Fotouh suggested a number of directives from the government that could ensure the continued flow of remittances, including “improving the confidence of Egyptians in the banking system by developing banking services, facilitating transfers through banks, and reducing transfer fees,” as well as working to strengthen incentives for workers abroad by offering attractive returns on remittances.

LMD eyes USD 4 bn Cairo project, North Coast expansion

Property developer Landmark for Real Estate Development (LMD) is in talks with the Egyptian government to develop a new USD 4 bn mixed-use project in Cairo, Managing Partner Hamad Al Abbar told Asharq Business (watch, runtime: 16:14). The development will be located in “one of Cairo’s newest urban areas” and could kick off construction before the end of 2025.

LMD is also planning to expand its footprint along Egypt’s Mediterranean coast, with a new hospitality project set to open in two months and potential agreements for two or more new North Coast ventures expected next summer, Abbar added. The company is also currently in talks with UAE-based Modon Holding — the lead developer for the USD 35 bn Ras El Hekma project — to develop a project in the new mega project.

The strength of Egypt’s real estate market lies in the prominence of local buyers, who make up over 95% of sales and make the sector “more resilient to external variables,” he noted. This, along with the sheer size of Egypt’s population, make Egypt’s real estate market “huge and structurally different” from other markets in the region.

Another reason why Egypt accounts for 80% of LMD’s USD 6 bn investment portfolio is the availability of land — something in short supply in places like Dubai. While eyeing a larger presence in the UAE to add to its three delivered and eight in-the-works projects and meet strong demand, land availability remains the biggest challenge, he said.

Oxford Economics gives its two cents on Egypt’s economy amid trade war, geopolitical tensions

US President Donald Trump’s tariff plan, coupled with lingering geopolitical tensions in the region, has contributed to a feeling of uncertainty over Egypt’s economic prospects, Oxford Economics wrote in a report seen by EnterpriseAM. The report assesses the impact of recent global developments on Egypt’s economy on the short and long terms and their implications on Egypt’s macroeconomic indicators for the year.

Trump’s tariffs could (indirectly) slow down Egypt’s economic growth. “Egypt escaped relatively unscathed, with only a 10% baseline tariff on goods exported to the US. However, Cairo should still feel the effect of harsher tariffs on other countries as it is expected to result in lower global economic growth,” the report reads. This will also push down investment from the private sector, which the report describes as “particularly concerning for Egypt given the government’s divestment drive.”

The global trade war and fears of lower global economic growth pushed Oxford Economics to cut its growth forecast for Egypt by 0.1 percentage point. Oxford Economics now sees real GDP growth coming in at 4.1% in 2025 — a 1.0 percentage point jump from 2024 — before accelerating further to 4.7% over the next two years.

Egypt should do comparatively better than much of the globe, as “the effect of the trade tariffs on the Egyptian economy will likely pale in comparison to the anticipated slowdown in global economic growth and a subdued investment climate,” the report reads. However, the impact of the trade war — as well as the spillover effects from regional tensions — will put a fiscal squeeze on the government as Suez Canal revenues continue to remain well below normal levels.

Oxford Economics is also ringing the bell for more budget cuts, describing the 18% rise in the public sector wage bill in the draft budget for the next fiscal year as “concerning,” given that inflation is forecast at 12% y-o-y over the same period. Despite the criticism, the advisory firm described the proposed budget as “sensible” and said that “the 18% increase in fiscal expenditure is not that significant.”

Forecasts of a significant downturn in inflation were also pushed back, with inflation expected to hover around 13.5% until the last quarter of the year on the back of a strengthening USD. Despite the expectation of sticky inflation over the months to come, the firm expects the central bank to cut rates by 300 bps this Thursday — putting their interest rate forecast at the upper-end of predictions we’ve heard from analysts.

Next fiscal year’s General Government Budget pencils in revenues rising to EGP 7.9 tn

The General Government Budget for the upcoming fiscal year is forecasting significant rises in both revenues, with total revenues jumping to some EGP 7.9 tn, up from the estimated EGP 7.2 tn penciled in for the current fiscal year. Revenues from economic authorities are set to total some EGP 4.8 tn, compared to EGP 4.3 in the previous fiscal year

Expenditures are also set to rise, with government spending in the budget coming in at EGP 9.1 tn, up from EGP 8.4 tn previously. Of the total amount, expenditures by economic authorities are set to contribute some EGP 4.5 tn.

REMEMBER- The government amended the Unified Budget Act last year to allow for the budgets of all 59 of the state’s economic bodies and the state budget to be presented in the General Government Budget — a consolidated budget to help improve the state’s financial indicators by accounting for the entirety of the state’s revenues. This year’s General Government Budget includes the budgets of 40 different entities, with the government planning to incorporate the budgets of other units into the budget over a five-year period.

Wages are set to rise to EGP 746 bn in the General Government Budget, while the purchase of goods and services will total some EGP 3.4 tn — EGP 3.2 tn of which will be for economic bodies, with the remaining EGP 217 bn for state budget agencies. Subsidies are also set to jump to EGP 801 bn.

Interest payment obligations are also on the rise, reaching EGP 2.6 tn — however, their contribution to total public expenditures will decrease to 28.5%, compared to the interest payments borne by state budget agencies alone, which make up around 50% of the public government budget’s spending. Meanwhile, the volume of borrowing and issuance of different debt instruments will reach EGP 3.9 tn, representing 19% of GDP.

But there’s positive signs on the budget deficit front, which is to come in at 6.9% of GDP, down from the 7.3% in the state budget. The General Government Budget will also be able to achieve a higher primary surplus of 5.8% in FY 2025-26, compared to only 4.0% targeted in the state budget.

ICYMI- Finance Minister Ahmed Kouchouk delivered his budget statement to the House on Tuesday, giving us the first proper look at the draft state and public government budgets for the next fiscal year. You can read our rundown of the budget here.

EGX closed 1Q in the green, with strong backing from local institutions fueling the gains

The benchmark EGX30 index gained 7.7% in 1Q 2025, buoyed by the banking and real estate sectors, according to the bourse’s quarterly report (pdf). The broader EGX70 gauge performed better, rising 11.1% by the end of last quarter, while the EGX33 shariah index — which was launched in June 2024 to track shariah-compliant stocks — rallied 7.8%.

Local institutions were the biggest net buyers in listed stocks last quarter, netting EGP 56.1 bn, while regional institutions held a net sell position worth EGP 841 mn and international institutions were net sellers at EGP 2.7 bn. Local retail investors were bearish with a net selling position worth EGP 53.1 bn, while retail regional and international investors were bullish.

Investors are bullish on stocks in the trade and distributors sector, which led the pack, rising 29.5% last quarter, followed by building materials (+25.1%), industrial goods, services and automobiles (+20.4%), basic resources (+18.1%), healthcare and pharma (+14.3%), NBFS (+8.6%), F&B (+8.0%), and real estate (+7.6%).

The rally wasn’t just about price action, as EGX-listed companies backed it with higher payouts, disbursing EGP 7.8 bn in quarterly banknote dividends in 1Q, up 47% y-o-y.

The IPO window remained narrow in 1Q. Bonyan for Development and Trade listed some 1.65 bn shares on the EGX in January, while Ezz Steel delisted in March.

EFG Hermes’ brokerage arms topped the bourse’s brokerage league tables, maintaining its top spot with 35.9% of all traded value, followed by CI Capital (9.4%), Thndr Securities Brokerage (7.3%), Mubasher for Securities and Bonds (6.7%), and Cairo Capital Securities (4.9%).

Concrete Fashion Group clocks strong earnings despite softer sales in 2024

Concrete Fashion Group’s (CFG) net income after discontinued operations rose 89.9% y-o-y to USD 16.1 mn in 2024, according to the company’s latest earnings release (pdf). The company attributed the improved profitability to the “effectiveness of the group’s strategies post-demerger.”

REFRESHER- CFG split from Arafa Holding during a demerger this year, which also produced GETEX Holding. The two firms started trading on the EGX in March 2024.

Despite bottom line growth, the company’s net sales dipped during the year, sliding 3.9% y-o-y to USD 144.8 mn. The drop came largely on the back of lower sales at CFG’s manufacturing segment, which accounted for 79% of the company’s top line. The segment’s sales fell 6.6% y-o-y to USD 114.2 mn during the year due to a slowdown in export orders in 1H 2024. Meanwhile, CFG’s retail segment delivered a 7.3% y-o-y sales increase to USD 30.7 mn.

An Emirati store is in the works, with CEO Alaa Arafa saying the company plans to inaugurate its first regional store in Abu Dhabi soon.

Looking ahead: “At home, we will continue to focus on ramping up our women’s wear product line with the launch of our first full-fledged collection in stores.” Arafa said. “Over the coming months, we will work to further grow our client portfolio, focusing particularly on securing contracts with new clients from different European and UK markets. As was the case throughout 2024, we will prioritize higher-margin clients as we look to offset rising production and transportation costs,” he added.

Redcon Properties taps Ahmed Touni as its new CEO

Redcon Properties tapped Ahmed Touni (LinkedIn) as its new CEO, according to a statement (pdf). Touni brings over 35 years of experience in architecture, construction, project and facilities management, and real estate development to the role. He previously held positions at La Vista Developments, City Edge Developments, and Smart Villages Development.

What they said: “We are confident that he will build on the success that we’ve achieved in recent years and elevate the company’s position as a leading real estate developer. His experience in managing large-scale projects and developing transformative strategies will be instrumental in driving sustainable development across our portfolio,” Chairman Tarek El Gamal said.

ALSO- Huawei Egypt appointed Benjamin Hou (LinkedIn) as its new CEO, according to a statement. The move comes in line with the company’s strategy to enhance its market leadership in Egypt by driving digital transformation, advancing ICT development, and fostering local talent for a sustainable digital economy.

MNT-Halan, Nahdet Misr CEO Dalia Ibrahim, Banque Misr, NBE rack up the awards

MNT-Halan was named the most innovative fintech company in Africa for a second consecutive year in 2025 by Global Finance, the New York-based financial magazine said in a statement. The company received the same title in Global Finance’s list for 2024.

PLUS- Nahdet Misr’s CEO Dalia Ibrahim received the 2025 PublisHer Excellence Award in the lifetime achievement category for her contributions to Arab publishing, according to a statement (pdf).

AND The National Bank of Egypt was named Egypt’s best financing agent and syndicated loans promoter during 1Q 2025, according to Bloomberg rankings, the lender said in a statement (pdf). Meanwhile, Banque Misr was named the region’s best mandated lead arranger and bookrunner for syndicated loans during the quarter, it said in a statement (pdf).

ALSO- Several local law firms went home with awards at the Chambers Middle EastAwards 2025, including:

Matouk Bassiouny & Hennawy was recognized as Egypt’s corporate and M&A law firm of the year;
Baker McKenzie (Helmy, Hamza & Partners) was named Egypt’s banking and finance law firm of the year;
Adsero Ragy Soliman & Partners took home the Egypt litigation law firm of the year award;
Youssef + Partners was named Egyptian arbitration law firm of the year.

Finance Minister Ahmed Kouchouk breaks down the new state budget on the airwaves

Finance Minister Ahmed Kouchouk made the rounds on the talk shows last night to shed light on the newly drafted FY 2024-25 state budget. He phoned in to Yahduth Fi Masr’s Sherif Amer (watch, runtime: 4:48 | 15:34) and Masaa DMC’s Osama Kamal (watch, runtime: 19:03), where he walked through headline figures and key fiscal assumptions.

“We hope this will be a budget that supports growth, stability, and rebuilding trust with the business community,” Kouchouk told Kamal. Kouchouk affirmed to both Kamal and Amer that “every year, we include contingency reserves and allocations to deal with unforeseen events,” referring to ongoing global economic uncertainty.

“The figures don’t always paint the full picture,” Kouchouk said in relation to concerns about increased debt servicing costs. The minister said that debt servicing is primarily driven by high interest rates — not increased borrowing — and also pointed to the impact of the exchange rate. “The situation is on track to improve significantly, thanks to continued primary budget surpluses and the anticipated decline in interest rates,” he said.

ICYMI- Finance Minister Ahmed Kouchouk delivered his budget statement to the House on Tuesday, giving us the first proper look at the draft state and public government budgets for the next fiscal year. You can read our rundown of the budget here.

Chevron reportedly exits Red Sea’s last active exploration block. PLUS: Somabay, Marakez + Azza Fahmy, Orascom Development

OIL AND GAS-

Is Chevron the latest to exit Egypt’s Red Sea? Chevron — the operator of the last active exploration block in the Red Sea — is reportedly on its way out of the block it operates, Asharq Business reported, citing an unnamed government source. We had reported last month that Shell and its partners exited Red Sea blocks 3 and 4, leaving Chevron’s Block 1 — held with Woodside and Tharwa — as the only concession still on the books.

The government is pushing back, citing strong fundamentals for a relaunch. A senior Oil Ministry source told EnterpriseAM that recent seismic surveys in the Red Sea have shown promising results, but that the terrain’s complexity and high drilling costs may have prompted the recent wave of exits. The government is now working on a more attractive economic model for upcoming offerings and is open to revisiting production-sharing terms to better align with investor expectations. The revised concessions would come alongside broader efforts to encourage reinvestment in exploration and boost Egypt’s domestic output, with Red Sea acreage still considered a strategic priority.

REAL ESTATE-

Somabay developer Abu Soma Development Company plans to invest EGP 3 bn in new hotel developments over the coming three years, a company representative told EnterpriseAM. The developer is also targeting EGP 12 bn in real estate sales this year. The developer plans to build four new hotels in Somabay, bringing its total properties there to ten, Group CEO Ibrahim El Missiri told Al Borsa.

Azza Fahmy is partnering with Marakez to head to Ras El Hekma, where the two will set up a beach club house at the mixed-use developer’s Ramla project, the two companies announced in a joint statement seen by EnterpriseAM. The space — slated to open in the summer of 2026 — will bring together coastal living and contemporary Egyptian design across 750 sqm of indoor and outdoor areas, according to the statement.

SPORTS-

Orascom Development is mulling setting up a sports subsidiary which would take over the ownership of El Gouna Sports Club, according to an EGX disclosure (pdf). The move is still subject to shareholders’ approval at the upcoming general assembly meeting scheduled for 11 May.

Western chipmakers face added costs, uncertainty amid tariffs

US President Donald Trump’s tariffs are coming at a steep cost for Western tech players, with policies intended to restrain China, instead, burdening Western players with bns in losses.

More restrictions: AI chimpmaker Nvidia is now required to obtain a license for exporting its high-performance H20 chip to China, The company said in a recent filing (pdf). The restriction — imposed due to concerns that the chips could be used in supercomputing applications — also includes AMD’s MI308 chip and its equivalents.

The restrictions also reportedly blindsided major Chinese cloud providers, who were expecting H20 chip deliveries by year-end. Nvidia could lose the USD 18 bn orders secured this year from China’s huge market, which generated USD 17 bn in revenues in the chipmaker’s FY that ended on 26 January.

Less money for chipmakers: The added restrictions and back-and-forth tariffs are estimated to charge Nvidia an additional USD 5.5 bn quarterly starting 2026, the company said. Nvidia’s shares fell some 7% yesterday on the news, bringing its YTD losses to over 24%, while AMD’s dropped 7%.

The impact extends beyond Nvidia and AMD: New export controls could also inflict over USD 1 bn a year in annual costs on US semiconductor equipment manufacturers, Reuters reported on Tuesday, citing two sources it said are in the know. Industry estimates peg annual revenue losses at USD 350 mn each for three of the largest US chip equipment firms — Applied Materials, Lam Research, and KLA — the newswire said.

Adding to older woes: To curb China’s chipmaking industry, the former US administration issued successive export controls on advanced semiconductor manufacturing equipment to China, which erased USD bns in revenues from US chipmakers. Despite the reciprocal tariff pause, the current administration started a probe into chipmakers’ imports, and is planning additional duties on the industry.

European players are feeling the heat as well: The Netherlands’ ASML fell short of market expectations by nearly EUR 1 bn in fresh orders, blaming growing uncertainty following the US tariff announcements.

Market reax: Shares of the Dutch tech multinational have lost 16% since January, with 6.2% alone in early trading on Wednesday. The “increased uncertainty in the macro environment” is likely to persist for some time, ASML’s CEO Christophe Fouquet told the Financial Times.

MARKETS THIS MORNING-

Asian markets are slightly inching up this morning. Hang Seng (Hong Kong) is up 1.2%, while Japan’s Nikkei is up 0.8% and Shanghai Composite is up 0.1%. Wall Street futures are also rising after yesterday’s tech selloff.

EGX30	31,031	-0.5% (YTD: +4.3%)
USD (CBE)	Buy 51.04	Sell 51.17
USD (CIB)	Buy 51.03	Sell 51.13
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,634	+0.2% (YTD: -3.3%)
ADX	9261	-0.3% (YTD: -1.7%)
DFM	5053	-0.5% (YTD: -2.0%)
S&P 500	5276	-2.2% (YTD: -10.3%)
FTSE 100	8276	+0.3% (YTD: +1.3%)
Euro Stoxx 50	4967	-0.1% (YTD: +1.4%)
Brent crude	USD 62.88	+0.7%
Natural gas (Nymex)	USD 3.25	+0.1%
Gold	USD 3,346.40	+3.3%
BTC	USD 84,531.10	+0.4% (YTD: -9.5%)

THE CLOSING BELL-

The EGX30 fell 0.5% at today’s close on turnover of EGP 3.4 bn (24.3% below the 90-day average). Regional investors were the sole net buyers. The index is up 4.3% YTD.

In the green: Sidi Kerir Petrochemicals (+1.9%), Madinet Masr (+1.3%), and Eastern Company (+0.9%).

In the red: Ibnsina Pharma (-3.4%), GB Corp (-2.8%), and Rameda (-2.5%).

CORPORATE ACTIONS-

Orascom Development will pay EGP 434.5 mn in dividends at EGP 0.384 per share for its 2024 earnings, it said in an EGX disclosure (pdf). The shareholders’ redemption date is still under wraps.

My Morning Routine: Ayman Elsawy, founder and CEO of Bokra

Ayman Elsawy, CEO and founder of Bokra: 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 Ayman Elsawy (LinkedIn), CEO and founder of Bokra.

I’m Ayman Elsawy, CEO and founder of Bokra Holding. I have spent over 25 years in the financial services industry, focusing on financial engineering, portfolio management, structure finance, and debt capital market products. Today, I’m focused on building Bokra, the MENA region’s first financial goal achievement platform. It aims to help people realize their financial goals through sharia-compliant, asset-backed investments.

This is my only responsibility now — crafting a strategic vision and making sure we have the right systems, teams, and partnerships in place. I am building a strong, stable foundation to support Bokra’s long-term growth.

In Egypt, most people don't trust where to put their money. The available financial tools are either too complex or inaccessible. There is a lack of trust in the financial institutions and the savings or investment options available on the market right now. While the banking sector encourages people to open accounts, it imposes minimum balance requirements that create barriers. And ins. companies offer savings products that fall short of what we need. They don’t speak in terms that connect with how everyday Egyptians think about saving and investing.

Meanwhile, people’s money is losing value over time due to the devaluation of the EGP. As a result, most Egyptians are trying to protect their savings and hedge against losses. They buy gold, store money at home, or invest in real estate — often getting into the huge commitment of buying properties without being able to fully repay.

Around two-thirds of the economy operates in the parallel market — outside the formal banking system. Egyptian culture requires a gradual transition period to build trust before people feel comfortable opening bank accounts.

There's no single right financial solution for everyone. Institutions should offer diverse products, ones that can be scaled effectively, while catering to Egyptians' financial habits and preferences.

These challenges inspired the creation of Bokra. The idea is to maximize returns for our users, while meeting their financial goals — like funding their children’s education, saving to travel, or planning for retirement. Our product is designed to meet future aspirations rather than immediate needs. In order to upgrade your lifestyle, you need to save today for future spending.

An industry trend that surprised me is the strong demand for sharia-compliant products, from both Muslims and Christians. It’s not about the label, it’s about the product’s fundamentals. Investment and savings products structured correctly tend to naturally align with shariah principles. People used to worry that sharia-compliant products are complex, but they’re actually quite simple.

AI is another major trend that we want to leverage, even though it’s too early to understand its full potential. I think that combining these two elements — AI and shariah compliance — within the right product could create something scalable in the near future.

I start my day with a cup of coffee. I then read EnterpriseAM to get the latest news and look at the overall market dynamics. This is actually my relaxing time. I get into the office at 8am and kick off the workday by going over my emails and the developments that unfolded a day earlier. I set the direction for the day, follow up on tasks with team members, and identify challenges that we need to start addressing.

The key to staying organized and focused is to prioritize. When faced with a long list of tasks, we have to zoom out and figure out what really matters right now so we don't get overwhelmed. Today’s priorities can be different from tomorrow’s. It’s a dynamic model — you set a roadmap knowing it might change over time.

Having a work-life balance while managing a startup is challenging. But you have to do it. I wouldn’t call it “work-life balance” necessarily — I think of it as creating moments to reset and recharge to sustain this dynamic lifestyle. The balance comes from learning to relax.

I enjoy traveling — it’s a reset for my life. I love going to El Gouna or travelling abroad with my family and kids, and I make sure I’m fully present with them too. In a way, it’s like I’m giving them a chance to get the work-life experience too.

Professionally, my goal right now is to grow Bokra, expanding it beyond what people hear about it now. My short-term goal is to set a strong foundation for the business. In the medium-term, I want to scale Bokra by growing our user-base, expanding into different channels, and creating strategic partnerships. In the long-term, I want to create value for people. We want every single product to offer something new and unique.

Why duplicate a product that others have already built? This is something that I learned from my previous bosses. It’s important to create something that adds value and positions you as a market leader.

I’ve encountered all sorts of challenges and problems in my 25 years of experience. So now life is easier, and so is Bokra. Learning never stops. I learned things from Bokra that were different from what I had expected to learn. And it’s ok to make mistakes. What’s important is to learn to adjust and move forward.

CALENDAR

APRIL

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.

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

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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