FinMin to complete sukuk issuance within a month

Monday, 24 Feb 2025

FinMin to complete sukuk issuance within a month

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Today at a glance

DEBT WATCH

Egypt to complete EGP 2-3 bn sukuk issuance within a month.

Energy

UAE’s AMEA to develop 1.5 GWh battery storage projects.

Capital markets

EGX is looking into revising its post-IPO lock-up period.

COMPETITION WATCH

Egypt’s competition watchdog targets 162 chick producers in price-fixing probe.

Diplomacy

Madbouly discusses potential investments during visit to Kuwait.

DEBT WATCH

Emirates NBD to provide over EGP 1 bn in financing to Juhayna.

Also on our Radar

Fawry acquires majority stake in Virtual CFO.

PLANET FINANCE

All eyes are on the Fed’s preferred inflation gauge, out this week.

BLACKBOARD

Int’l consortium to invest USD 100 mn in setting up five new schools across the country.

What We're Tracking Today

More industrial land up for grabs next week

Good morning, all. We have a brisk issue for you this morning to ring in one of the last work days before Ramadan comes along.

PSA-

A new round of industrial land offerings goes live on 1 March: The Industry Ministry is offering 2.2k industrial land plots covering a cumulative 13 mn sqm across 22 governorates through the Industrial Digital Platform from 1 to 7 March, according to a ministry statement.

This round is set to see some changes: The ministry is launching the second phase of the platform’s development, with three additional services — building permits, validity statements, and industrial registration — added to the platform’s menu of services. Interested investors can also now apply for one primary and one alternative land plot, which will give them a higher likelihood of receiving a plot, according to the statement.

REMEMBER- The government has been trying to address a lack of industrial land — as well as widespread land hoarding — by offering significant swathes of land to investors via a newly launched digital platform amid a wider regulatory reset to ensure that industrial land is being used effectively. The Industrial Development Authority most recently offered over 2.6k land plots in December.

WEATHER- The temps remain chilly in Cairo today, with partly cloudy skies and a high of 16°C and a low of 9°C, according to our favorite weather app.

It’s much the same in Alexandria, with a high of 16°C and a low of 10°C amid mostly cloudy skies.

** DID YOU KNOW that we now 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 manufacturers’ priorities ahead of planned reforms to the customs regulations.

FROM THE DEBT MARKETS-

The Central Bank of Egypt sold EGP 89.8 bn in t-bills between Thursday and yesterday at average yields between 25.5-29.2%, according to data on the central bank’s website. The CBE auctioned off EGP 20 bn worth of one-year t-bills at an average yield of 25.54%, EGP 30.4 bn worth of six-month t-bills at an average yield of 27.66%, EGP 32 bn worth of three-month t-bills, and EGP 7.4 bn worth of nine-month bills.

HAPPENING TOMORROW-

#1- The Oil Ministry's international tender for 12 oil and gas exploration blocks in the Mediterranean and Nile Delta closes tomorrow. The tender, which includes 10 offshore and 2 onshore blocks, has attracted significant interest from companies, a high-profile government source told EnterpriseAM. The selected bidders will be announced in 1H 2025, the source added.

#2- Dar Al Handasah’s venture arm Dar Ventures will host the DarE Investors and Founders Dinner on Tuesday, 25 February at Novikov Doha Restaurant & Beach Club in Doha. The event features a gathering of investors and founders from the DarE program, which operates in architecture, engineering, and construction sectors. Attendees will network, exchange insights, and discuss sector opportunities during an evening meeting.

FROM THE HOUSE-

The House will vote on the Criminal Procedures Law today, wrapping up extended discussions. MPs cleared 63 articles yesterday, leaving just 13 articles to be discussed and voted on today before the entire bill is up for a final vote.

A major sticking point was Article 523, which mandates state compensation for wrongful pretrial detention, provided that the person seeking compensation has not been detained pretrial in other cases. Al Wafd Party’s Mohamed Abdelalim called for its removal, saying it complicates payouts and contradicts the constitution. House Speaker Hanafi Gebaly countered that the provision is a progressive step in line with constitutional rights.

Article 522 was amended to impose harsher penalties for revealing protected witness identities, with prison sentences and fines starting at EGP 50k. MP Ayman Mehasseb — who proposed the amendment — called it a critical step in strengthening witness protections and ensuring justice, Youm7 reports.

RED SEA WATCH-

More ships are rerouting through Suez Canal, says Rabie: Forty-seven ships changed course this month to pass through the Suez Canal instead of sailing around the Cape of Good Hope, Suez Canal Authority head Osama Rabie said at the Marlog conference. This follows Rabie’s ongoing charm offensive to encourage shipping giants to return to the canal.

REMEMBER- The SCA head sees Suez Canal traffic gradually normalizing by late March and fully recovering by mid-year. The canal also has recently completed an EGP 9 bn expansion that is expected to improve navigation through the canal by 28%.

THE BIG STORY ABROAD-

Germany’s critical elections are in the spotlight this morning: Center-right Christian Democrats came on top after snapping up 29% of the vote, with leader Friedrich Merz promising “independence” from an indifferent United States.

The bloc still needs one more coalition partner for majority, as far-right Alternative for Germany came in a close second with 21%, its highest share ever. Investors will be watching closely for government negotiations, hoping for a “debt brake” reform soon that will ease restrictions on fiscal spending and spur growth.

MEANWHILE- Israel has sent tanks into West Bank for the first time since 2002, saying it will not allow any displaced Palestinians to return. (CNBC)

*** 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 the plans of a consortium of local, Emirati, US, and Canadian investors to funnel USD 100 mn into setting up five private schools in the country over the next five years.

Tags:

industry What We're Tracking Today

Somabay at ITB 2025: A Destination for Every Traveler

Somabay is making a splash at ITB 2025, bringing its diverse hotel offerings to the global stage. From serene wellness retreats and action-packed adventures to family-friendly escapes and refined seaside stays, our world-class resorts cater to every kind of traveler. Set against the breathtaking backdrop of the Red Sea, Somabay promises unforgettable experiences tailored to your journey. Visit our stand 317 at Hall 6.2 B to discover bespoke stays, exclusive experiences, and the essence of Somabay hospitality.

DEBT WATCH

Egypt to complete EGP 2-3 bn sukuk issuance within a month

FinMin to complete sukuk issuance of up to EGP 3 bn within a month: The Finance Ministry is gearing up to complete its first sovereign sukuk issuance of the year within the next month, with the issuance set to be around EGP 2-3 bn, a government official told EnterpriseAM. This will be Egypt’s second-ever sovereign sukuk issuance and its first to be denominated in EGP. The Finance Ministry is also looking to tap international debt markets with a USD 1.5 bn sukuk issuance during the final quarter of the current fiscal year.

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

REMEMBER- Egypt’s maiden sovereign sukuk issuance in 2023 raised USD 1.5 bn and was more than 4x oversubscribed. The issuance attracted interest from over 250 global investors from markets including the Gulf and East Asia, as well as the US and Europe.

The new issuance will be part of a larger EGP 10 bn sukuk issuance, which is set to be offered in an unknown number of tranches, our source said, adding that the tranches will all be issued before the end of the current fiscal year.

More to come: The ministry is also planning to issue between USD 1-1.5 bn worth of green bonds or eurobonds, according to our source. The ministry is also looking to issue its first social bonds in 4Q 2025.

ICYMI- Finance Minister Ahmed Kouchouk said late last year that the government was considering EGP 5-10 bn worth of green bond and sukuk issuances during the last two quarters of FY 2024-25. The upcoming issuance is set to be the first of the sukuk issuances Kouchouk was referring to at the time, the source told us.

IN CONTEXT- The new issuance comes as the government seeks lower domestic and international borrowing costs alongside financing for development projects at a time when the state has capped public investment at EGP 1 tn for the current fiscal year. Egypt returned to international debt markets with its first USD bond issuance in nearly two years last month, issuing USD 2 bn in five- and eight-year bonds. The absence from international debt markets came on the back of high global interest rates and domestic currency market instability, which had discouraged the issuance of USD-denominated debt on international markets.

Sukuk issuances offer several advantages for investors: “Investing in sukuk isn’t only beneficial for those who want to invest in debt instruments that are in line with Islamic shariah. They are also backed by assets, and these assets are usually connected to investments in infrastructure or public utilities. This makes them less volatile, but it also involves sharing both returns and risks, unlike in ordinary investments. For those reasons, they attract investors across the board,” economist Mona Bedair told EnterpriseAM. “They also provide Islamic banks with liquidity management tools that are more in line with Islamic shariah compared to conventional bonds and bills,” she added.

Tags:

debt debt watch Finance Ministry sukuk

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Energy

UAE’s AMEA to develop 1.5 GWh battery storage projects in Egypt

AMEA to set up 1.5 GWh energy storage in Benban, Zafarana: UAE’s AMEA Power has signed an agreement with the Egyptian Electricity Transmission Company to develop two battery energy storage systems (BESS) with a combined capacity of 1.5 GWh, according to a ministry statement. AMEA will set up a 500 MWh storage station in Benban and a 1 GWh facility in Zafarana, along with the necessary transformer stations and grid connections.

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

The price tag: While the statement doesn’t disclose the cost of the project, AMEA CTO Mahabir Sharma said last month that the project will cost USD 350 mn and is slated for completion by March 2027.

AMEA is no stranger to Benban: AMEA is setting up a 1 GW solar power plant with a 600 MWh battery storage system in Benban, which it got the golden license for late last year.

AMEA has been keeping busy: The company is currently working on a USD 600 mn, 5 GW wind power project in the Gulf of Suez, in collaboration with EETC and the New and Renewable Energy Authority. It recently inaugurated the 500 MW Abydos solar plant in Kom Ombo.

Sound smart- A stand-alone BESS operates independently of any single power plant or specific power generation sources, storing electricity from the grid and discharging when needed. This contrasts with an integrated BESS, which is directly linked to a specific renewable energy source — typically solar or wind farms — storing only the power it generates.

Tags:

AMEA Power energy renewables

Capital markets

EGX is looking into revising its post-IPO lock-up period

EGX looks to revise or eliminate post-IPO lock-up period: The EGX and the Financial Regulatory Authority (FRA) are mulling a regulatory update to either scrap or revise the duration of the lock-up period on the ownership of substantial shareholders post-IPO, especially for government-owned companies, EGX boss Ahmed El Sheikh told Al Borsa.

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

The rationale: This proposed change aims to facilitate government exits, particularly as the government plans to offer up stakes in ten state-owned companies via direct sales to strategic investors and/or through EGX listing as part of a broader privatization initiative. El Sheikh explained that the adjustments would encourage state-owned firms to initially list smaller stakes, establishing a market-driven price benchmark before further divestment.

The current regulation: Under the current rules, substantial shareholders must lock 51% of their shares in newly-listed government-owned companies for a minimum of two years from the first day of trading, during which they can’t offload any of their holding. It’s noteworthy that the lock-up period in Saudi Arabia and the UAE for all newly listed companies is typically 6 months and can go up to 12 months.

REMEMBER- The most recent IPO of a government-owned company was that of United Bank. Late last year, where the CBE initiated the sale of a 30% stake in the lender, marking the country's second IPO of the year.

ALSO FROM THE EGX-

Index tracking funds: The bourse is currently reviewing requests from asset managers to launch index tracking funds, including those for the EGX33 Sharia, EGX30 Capped, and the S&P/EGX ESG indices, he added.

Gold investment funds: The bourse is also working on a new mechanism for trading gold investment funds through its systems, El Sheikh said. This development aims to simplify the subscription and redemption process for gold fund certificates, which have gained significant popularity among investors, especially in 2024. The move is expected to increase liquidity in the gold funds market and provide a regulated alternative to traditional gold investments like coins and bars. The number of investors in gold funds increased to 166k investors, with investments totaling EGP 1.6 bn by the end of December 2024. There are currently three gold investment funds in Egypt.

Tags:

Ahmed El Sheikh capital markets EGX

COMPETITION WATCH

Egypt’s competition watchdog targets 162 chick producers in price-fixing probe

The Egyptian Competition Authority has filed a criminal lawsuit against 162 broiler chick producers, accusing them of forming agreements to fix daily prices in violation of the country’s competition law, according to a statement from the authority. The alleged coordination impacted chick and poultry prices nationwide.

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

So, what happened? The authority’s investigation found the accused companies colluding daily to fix broiler chick prices for poultry farmers and exchanging sensitive market data, including supply levels, raw material costs, and demand trends. This coordinated price-setting drove up chick prices well beyond their actual cost, which consumers ended up bearing.

How big of a price hike are we talking? The actual production cost of a day-old chick is no more than EGP 25, yet market prices have surged to EGP 60 per chick, according to an industry source.

The authority’s investigation confirmed the Poultry Producers Union was directly involved in the price-fixing scheme, allegedly facilitating, encouraging, and enforcing compliance with the agreed-upon pricing, the statement reads. This lent credibility to the collusion, allowing it to persist over an extended period and further driving up poultry prices.

This marks the first time the Poultry Producers Union has been directly accused in a monopoly case, Cairo Chamber of Commerce’s poultry division head Abdel Aziz El Sayed told EnterpriseAM.

A recurring issue: The authority refers criminal cases against poultry producers to public prosecutors almost annually. The most recent case, in September, was against 21 major table egg producers accused of colluding to raise prices.

However, such cases rarely lead to meaningful consequences, according to El Sayed, who said that they often end with modest fines or outright dismissal, allowing anti-competitive practices to persist. To deter future violations, he called for harsher penalties, including jail time and publicly naming offenders — a measure adopted in several other countries to discourage such practices, he added.

Union pushes back: Poultry Producers Union Chairman Mahmoud Al Anani denied that the union had any role in price-fixing, telling EnterpriseAM the union had no direct or indirect involvement in setting chick or poultry prices. The union is now in talks with the authority to obtain a list of the accused companies and review the case details.

Pointing the finger at the FX crunch: The price surge, Al Anani argued, stems from a supply crunch, worsened by foreign currency shortages that delayed imports of stock for broiler production. The market will need at least seven months to stabilize, he said. The union has called an emergency meeting this week to address the crisis, Al Mal reported.

The nature of the poultry business — live birds, fresh eggs, and hours-old chicks — makes hoarding impossible, said Tharwat El Zeiny, deputy head of the Poultry Producers Union.

The real culprit, he argued, isn’t price-fixing but soaring costs. A 500% spike in vaccine and serum prices, combined with FX shortages, has driven up chick prices. To keep the market stable, he urged authorities to enforce the law which bans live poultry trading and could help balance prices year-round.

Tags:

commodities competition watch food inflation

Diplomacy

Madbouly discusses potential investments during visit to Kuwait

Egypt, Kuwait discuss strengthening ties: Prime Minister Moustafa Madbouly met with Kuwait’s Prime Minister Sheikh Ahmed Al Sabah during his official visit to the Gulf nation, where the two leaders discussed boosting relations between the two countries across various sectors, according to a cabinet statement. The two sides also co-chaired discussions featuring a long list of Kuwaiti officials on enhancing trade and investment between the two nations.

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

Madbouly put forward a bunch of potential investments on the table, namely those in the agriculture and pharma sectors and in the North Coast and the Red Sea. He also pushed for the swift convening of the Egypt-Kuwait Business Council.

Madbouly also invited the Emir of Kuwait to attend the upcoming Arab League summit in Cairo, scheduled for 4 March — upon President Abdel Fattah El Sisi's request — which Al Sabah welcomed, according to a separate cabinet statement.

Tags:

DIPLOMACY Egypt-Kuwait relations

DEBT WATCH

Emirates NBD to provide over EGP 1 bn in financing to Juhayna

Juhayna secures EGP 1 bn in financing: Emirates NBD Egypt has signed a financing agreement worth more than EGP 1 bn with dairy giant Juhayna, according to a statement from the lender.

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

Where the money is going: The funding will help Juhayna boost operational capacity and productivity across its factories, “paving the way for expansion, creating valuable jobs that add value to the local community, supporting the national economy, and driving sustainable economic development.”

What they said: “We strongly believe in the importance of supporting the Egyptian economy and strengthening our competitiveness in global markets through expanding our investments, optimizing supply chains, and promoting local industries,” Juhayna CEO Seif Thabet said. “Our partnership with Emirates NBD Egypt marks a pivotal milestone in achieving these strategic goals.”

Tags:

debt watch Emirates NBD Juhayna

Moves

Abu Qir Fertilizers taps Hany Dahy as head of new steering committee

Abu Qir Fertilizers tapped board member and former transport minister Hany Dahy to head a new steering committee tasked with overseeing the company’s business operations, according to an EGX disclosure (pdf). The appointment of Dahy — who currently chairs state-owned shipping firm National Navigation Company and formerly served as head of the Egyptian Engineers Syndicate — comes just days after the passing (pdf) of chairman and CEO Abed Ezz El Regal.

Also on board: The committee will also include two other current board members — Egyptian General Petroleum Corporation Chairman Salaheldin Awad and the Holding Company for Chemical Industries Chairman Emad El Din Mostafa.

AND- EgyptAir Holding has a new chairman: Civil Aviation Minister Sameh Elhefny has appointed Ahmed Adel as chairman and managing director of EgyptAir Holding, according to a statement. Adel has been with EgyptAir since 1988, previously serving as head of air operations and deputy chairman. He succeeds Yehia Zakaria, who has held the role since 2022.

Tags:

Abu Qir Fertilizers moves

Also on our Radar

Fawry acquires majority stake in Virtual CFO

M&A WATCH-

Fintech giant Fawry has acquired a 56% stake in Virtual CFO, a financial services and accounting firm catering to SMEs and startups, Virtual CFO CEO Ahmed Farouk said during a presser. Fawry will not take over management despite its controlling stake, Farouk said.

(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 move is part of Fawry’s wider push to snap up stakes in startups that offer complementary services. Earlier this month, CEO Ashraf Sabry announced that the fintech player acquired a majority stake in local hospital and medical institutions manager Code Zone.

EDUCATION-

Twelve new national universities incoming: The Supreme Council of National Universities approved establishing 12 new national universities named Cairo, Kafr El Sheikh, Sohag, Damanhour, Suez, Damietta, Ain Shams, New Valley, Fayoum, Tanta, Luxor, and Sadat City National University, according to a statement. The new universities will open their doors for the 2025-2026 academic year.

TRANSPORT-

Uber eyes monorail integration: Uber Egypt is in talks with the government to integrate the monorail network into its platform to allow users to check and book monorail rides through the Uber app, General Manager of Uber Egypt Youssef Abouseif told Al Mal. The initiative aims to enhance public transportation options in the new capital and its surrounding areas.

Tags:

ALSO ON OUR RADAR Education Fawry Fintech transport

PLANET FINANCE

All eyes are on the Fed’s preferred inflation gauge, out this week

Investors are closely watching the Federal Reserve’s preferred inflation gauge — the personal consumption expenditures index — set to be released this week. The data could reinforce or challenge expectations for a rate cut later this year, the Financial Times writes. While the index is expected to tick up 0.3% m-o-m in January, slightly above December’s 0.2%, the annual rate is forecasted to dip to 2.6% from 2.8%, according to a Reuters poll.

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

The market is already jittery after January’s hotter-than-expected consumer price index, which saw core inflation rise to 3.3%, surpassing forecasts of 3.1%. The inflation surprise reshaped rate cut expectations, with futures traders now pricing in a quarter-point cut by September, and a 70% chance of another cut before year-end.

The risk: Inflation could prove stickier than expected. “Despite our expectation that inflation will slow solidly over the next couple of months, we feel the risks are skewed to the upside of our forecast over the next year or so — particularly from current and proposed administration policies,” UBS economist Alan Detmeister said.

Policymakers are also signaling caution: Atlanta Fed President Raphael Bostic flagged the complexity of trade, immigration, and regulatory shifts, calling them “crosscurrents” that complicate decision-making. Meanwhile, St. Louis Fed President Alberto Musalem warned that inflation could remain high even as economic growth slows, reinforcing concerns that the Fed’s “modestly restrictive” stance on interest rates could stick around longer than markets anticipate.

The real test: The Fed’s inflation target remains at 2%, but the path back to that level is uncertain. While investors are penciling in rate cuts by September, some economists argue the Fed could stay put if price pressures persist. “This is no time for complacency,” Bostic said.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — the Shanghai Composite is down 0.2% and the Kospi is down 0.8%, meanwhile the Hang Seng is looking at gains of 0.2%.

EGX30	31,010	+0.3% (YTD: +4.3%)
USD (CBE)	Buy 50.51	Sell 50.64
USD (CIB)	Buy 50.52	Sell 50.62
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,388	+0.6% (YTD: +2.9%)
ADX	9,618	0.0% (YTD: +2.1%)
DFM	5,359	-0.4% (YTD: +3.9%)
S&P 500	6,013	-1.7% (YTD: +2.2%)
FTSE 100	8,659	0.0% (YTD: +6.0%)
Euro Stoxx 50	5,475	+0.3% (YTD: +11.8%)
Brent crude	USD 74.43	-2.7%
Natural gas (Nymex)	USD 4.23	+2.0%
Gold	USD 2,953	-0.1%
BTC	USD 95,660	-1.0% (YTD: +2.2%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 3.4 bn (6.9% below the 90-day average). Local investors were the sole net buyers. The index is up 4.3% YTD.

In the green: Juhayna (+5.9%), GB Corp (+4.0%), and EgyptAlum (+3.4%).

In the red: Egypt Kuwait Holding (-2.6%), Palm Hills Development (-1.7%), and Oriental Weavers (-1.2%).

CORPORATE ACTIONS-

#1- Egypt Kuwait Holding’s board approved a dividend distribution of 19% of the company’s issued and paid-up capital for its 2024 earnings, amounting to some USD 53.5 mn, according to an EGX disclosure (pdf).

#2- QNB’s general assembly approved paying out a dividend of EGP 1.5 per share on its 2024 earnings, the bank said in a disclosure (pdf).

Tags:

Federal Reserve Financial Markets interest rates Planet Finance

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

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

Int’l consortium to invest USD 100 mn in setting up five new schools across the country

The private education sector is getting a USD 100 mn shot in the arm: A consortium of local, Emirati, US, and Canadian investors are stumping up some USD 100 mn to set up five St. Anthony International Schools in the country over the next five years. Announced in an event attended by EnterpriseAM last week, the schools will be established in East and West Cairo, as well as coastal cities. We sat down with St. Anthony International Schools Managing Director Marco Shenouda (LinkedIn) to discuss the project, the group’s investment plans, and the local education sector’s appeal to foreign investors.

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

Where things stand: A campus has already been established on the Suez Road and is on track to open in the 2025-2026 academic year, while a second school is currently being set up in the new capital, Shenouda said. The New Urban Communities Authority (NUCA) allocated a 10k sqm land plot for the first school and 12k sqm for the second, Shenouda added. Other locations under study include 6th of October and Hurghada.

The project has a holistic approach to education: St. Anthony International Schools aims to introduce a balanced education model that focuses equally on tech-driven academics and character-building. Curricula will incorporate technologies like AI, robotics, and programming, while emphasizing values such as tolerance, integrity, non-violence, and inclusivity. The rationale is to equip students not just with knowledge, but also the ability to tackle real-life challenges and become agents of change, Shenouda explained. The schools will also introduce entrepreneurship education for younger students through partnerships with specialized institutions, he added.

It takes a village to raise a child: St. Anthony International Schools inked strategic partnerships with a handful of players to bring in specialized expertise in several areas, it reaffirmed in a statement (pdf ) following the event. The school joined forces with the following institutions:

UAE-based Maplewood will help develop the school’s values-driven academic model. It will provide academic oversight whilst facilitating exposure to other cultures and nationalities, Shenouda told us.
Egypt’s Fahim Foundation will help provide mental health care for students.
RoboGarden Egypt will introduce programming and modern technology education with an emphasis on practical projects.
Local player Safe Kids will help implement programs that protect children from harassment and bullying, while also providing digital safety awareness for parents.
Beyond Egypt will help deliver programs that focus on personality development and self-confidence.

Social engagement is key: Connecting students with local and international communities is a key focus of the project, Shenouda told us. The school’s partnership with Maplewood, which serves 53 nationalities, will allow Egyptian students to meet international peers. The school will also organize community-based initiatives in Upper Egypt to help bridge social gaps and enable students to contribute to societal development, he added.

Why Egypt? The local education sector is promising thanks to robust population growth and rising demand, Shenouda said. While some investors remain cautious about entering the sector, it has proven to be one of the most resilient to economic challenges. Even during periods of inflation, Egyptian families have continued to prioritize education, with the majority raising education spending, he explained, encouraging investors to enter the sector. Additionally, the government is actively working to eliminate investment obstacles, he said, citing the consortium’s own experience in licensing and startup procedures. Shenouda also pointed to NUCA’s support in providing the needed land when asked about how the group has been affected by the land shortages facing the sector.

Tapping into the PPP education program: The group is currently reviewing proposals from the government’s public-private partnership (PPP) unit to participate in the country’s school development program, Shenouda told us. “We have several plans under study for this project … and we will announce them in due course,” he said.

Regional expansion is on the cards: The group is eyeing regional expansion into Saudi Arabia, the UAE, and Bahrain, Shenouda said.

Is an EGX listing on the agenda? In response to the question, Shenouda indicated the school would first focus on implementing its educational model and gauging the local market’s response before considering horizontal or vertical expansion.

Your top education stories for the week:

Toyota school in the works? Japan-based Toyota Group’s trading arm Toyota Tsusho is in talks with the Education Ministry to set up an applied technology school in the country. (Statement)
Cairo University to foray into the Gulf: The Supreme Council of Universities approved the establishment of Cairo University branches in the Qatari capital Doha and Saudi Arabia’s Riyadh. (Statement)

Tags:

Blackboard Education public-private partnership

CALENDAR

FEBRUARY

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

MARCH

3 March (Monday): Central bank to publish foreign reserve data for February.

4 March (Tuesday): Egypt will host emergency Arab League summit on Gaza.

4 March (Tuesday): S&P Global to release Egypt’s PMI figures for March.

10 March (Monday): Capmas expected to release inflation data for February.

Arla Foods’ deadline for Domty acquisition offer.

Operation of phase one of the Amotope wind farm.

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

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

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.

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.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

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

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

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

MAY

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

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

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

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.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

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

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

December: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

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

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

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

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

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.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

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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