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Fitch trims our growth outlook

1

What We're Tracking Today

5G services are days away

Good morning, friends. We lead today’s issue with news that the long-awaited 5G service is launching next week and Fitch cutting the country’s growth outlook for the fiscal year 2025-26.

PSA-

WEATHER- It’s another spring day in Cairo, with the capital in for a high of 31°C and a low of 20°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 26°C and a low of 18°C.

And over the weekend, expect to see a high of 32°C and a low of 21°C in the capital.

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

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WATCH THIS SPACE-

#1- The Madbouly government has earmarked EGP 7 bn to boost tech localization as part of its wider export subsidy program, Investment Minister Hassan El Khatib said during a meeting with Samsung officials. Samsung’s Beni Suef factory exports 85% of its output to over 55 countries worldwide.

REMEMBER- The government is gearing up to unveil a revamped export subsidy program. The program is set to roughly double support rates across all sectors, introduce new incentives for branded exports, and prioritize higher value-added sectors, two sources with knowledge of the matter told EnterpriseAM earlier this month. The framework — with a significantly larger allocation of EGP 44.5 bn — is expected to be formally announced soon, come into effect at the start of the new fiscal year on 1 July, and run through 2028.


#2- 5G services are days away: Mobile service providers will start rolling out 5G services officially next week, now that they’ve completed final trials, a government source told EnterpriseAM. The National Telecommunications Regulatory Authority (NTRA) is preparing to issue a formal decision greenlighting the launch, alongside the accompanying regulatory guidelines.

ICYMI- Vodafone Egypt, Orange Egypt, e& Egypt, and Telecom Egypt secured the USD 150 mn 5G service license from NTRA last year.

Who gets it first? The rollout will follow a phased geographic plan starting with major cities, economic zones, and strategic areas with industrial and commercial density; the new administrative capital and key business districts are among the first areas to receive the service.

No added cost for users: The service won’t come with additional charges, the source said, adding that performance will depend on the quality of existing infrastructure.

SPEAKING OF- Orange Egypt has landed a USD 80 mn syndicated medium-term loan to support its 5G rollout, according to a statement (pdf). The facility is evenly split between state-owned Banque Misr and the European Bank for Reconstruction and Development.


#3- Gov’t to roll out national investment map: The Madbouly government is planning to launch a comprehensive 10-year national investment map within three months, Investment Minister Hassan El Khatib said.

The details: The map will outline fully licensed and approved projects and potential investments across key sectors including energy, industry, tourism, healthcare, and ICT. Each ministry will be required to submit a detailed portfolio of investment opportunities.


#4- More newcomers to the EGX? The bourse plans to see three new companies listed following the Eid Al Adha break, EGX boss Ahmed El Sheikh told Al Borsa. Two of the companies will debut on the main market and one on the SMEs market — the companies include a SPAC, a company in the healthcare sector, and another in the renewables sector.

THE BIG STORY ABROAD-

It’s all about the Trump administration in the global front pages this morning.

Trump tariffs blocked: A US trade court blocked US President Donal Trump’s Liberation Day tariffs, invalidating them in a move that is expected to destabilize the president’s economic policies. “The court does not pass upon the wisdom or likely effectiveness of the President's use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,” the judge panel said. (Reuters | AP | Bloomberg | FT)

Imposing tariffs is a move that usually requires congressional approval. Congress has the sole authority to regulate trade with other countries, the court said.

We’ll keep our eyes peeled over the weekend for how markets react to the decision and here at home for how the exchange rate reacts.

And that’s a wrap on Musk’s time in government: Elon Musk will be bidding farewell to the Trump administration, leaving his post as head of the Department of Government Efficiency. The bn’iare made the announcement on X, saying “as my scheduled time as a Special Government Employee comes to an end, I would like to thank President realDonaldTrump for the opportunity to reduce wasteful spending.” (Reuters | AP | Bloomberg)

The Somabay Endurance Festival returns for its 7th edition from Thursday, May 29 to Saturday, May 31, 2025, at the Red Sea. Organised by The TriFactory, the event features Super Sprint, Sprint, Olympic, Youth, 1K Kids, and 10K races—uniting athletes of all ages for a weekend of competition, fitness, and fun at Somabay.

2

Economy

Fitch trims Egypt’s growth outlook for FY 2025-26

Fitch Solutions’ research unit BMI now expects the Egyptian economy to grow 4.7% in the fiscal year 2025-2026, down 0.3 percentage points from its previous 5% projection, it said in its latestcountry risk report for Egypt. The research unit cited the indirect impact of US tariffs, which triggered market uncertainty, weaker global trade, and external demand from key export markets.

We’re still growing: Despite the forecast being revised down, growth is still expected to pick up from the 3.9% projected for the current fiscal year. Private consumption will be the key driver of growth in the next fiscal year, strengthening sharply on the back of salary hikes in both the public and private sectors, lower borrowing costs, and the most recent social protection package. Investment activity is also expected to continue its recovery, boosting economic growth, BMI added.

The forecast is more optimistic than most: The Madbouly government sees the economy growing 4.5% in FY 2025-2026, before rising further to 5.0% in FY 2026-2027. Meanwhile, the International Monetary Fund has recently upgraded Egypt’s growth forecast for the next fiscal year to 4.3%, and the European Bank for Reconstruction and Development sees growth coming in at 4.4% in the next fiscal year.

US tariffs are expected to have “limited impact” on Egypt, seeing as exports from Egypt to the US made up just 0.8% of the country’s GDP in 2024 and the average effective tariff rate on local goods is 10.7%, lower than the tariffs imposed on most emerging markets, BMI said. “The present tariff scheme will probably boost the competitiveness of Egyptian apparel and clothing (which make up half of the country’s exports to the US) given the much higher duties imposed on goods from Mainland China and South East Asia.”

We still have reason to worry: Swings in investor sentiment are the most significant indirect impact from the US tariffs on Egypt, “given that foreigners hold about USD 35 bn of EGP-denominated T-bills with about USD 22 bn at high flight risk in the event of a surge in risk perception,” according to BMI. The research unit added that risk-off sentiment triggered about USD 2 bn in portfolio investment existing Egypt in the week after the 2 April tariff announcement. Consequently, the EGP weakened against the greenback.

What does the temporary tariff truce mean for us? “The 90-day tariff pause helped calm markets, reverse the capital inflows into Egypt and allowed the EGP to recoup its losses,” BMI said.

Speaking of the exchange rate: The EGP’s short-lived drop in response to the capital flight “signalled the authorities’ commitment to a more flexible exchange rate,” BMI says, predicting that the authorities will allow the exchange rate to weaken slightly in case of acute shocks, “absorbing some the shock rather than deplete foreign reserves as they have done in previous crises.” BMI expects the EGP to trade between 50-55 to the USD in 2025, before ending the year at 52.50.

ICYMI- The EGP hit a post-float low of 51.72-51.75 against the greenback last month shortly after the tariff announcement. It has since strengthened, with the USD currently changing hands below the EGP 50 mark.

Good news, bad news: While BMI expects Suez Canal navigation to start normalizing in the next fiscal year, the research unit warns that “weaker global trade will slow the recovery in traffic” in the waterway. Disruptions in the Red Sea have cut the number of ships transiting the canal by half since 3Q 2023, trimming its contribution to GDP from 2.2% to 1.1%, with monthly FX losses amounting to some USD 500 mn.

Other notable predictions: BMI sees Egypt’s current account deficit narrowing to 5.2% of GDP in FY 2025-2026, down from an estimated 7.1% this year, thanks to “ballooning” imports. “This would still entail a deficit of about USD 18.5 bn in FY 2025-2026 … based on strong import growth of about 7.0%, driven by consumer goods, raw materials and capital goods.” The deficit would narrow further to 4.3% of GDP (USD 15.5 bn) if import growth is weaker than the current expectations.

Don’t celebrate the dip in oil prices just yet: BMI believes that “lower oil prices will have limited impact on Egypt's import bill, as we expect energy imports in volume terms to rise to meet domestic demand in light of declining local hydrocarbon production.”

On the monetary policy front, BMI revised down its previous forecast of 900 bps worth of rate cuts throughout 2025 to 500 bps, with the key driver being “the IMF calling on Egyptian policymakers to be cautious in their monetary policy easing cycle due to the potential inflationary impact of the US tariffs.”

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3

Energy

Four projects got the all clear to sell renewable energy directly to industrial players

Electricity market liberalization gets serious: The Electricity Ministry issued qualification certificates to four renewable energy projects under the country’s peer-to-peer (P2P) system, clearing the way for companies to directly generate and sell power to industrial consumers, according to a statement. The four 100 MW certified wind and solar projects have a total investment of USD 388 mn.

We had an idea this was coming: A government source told us earlier this month that the Egyptian Electricity Transmission Company (EETC) approved five private renewable energy players for electricity sale licenses.

How it works: Under the P2P model, each company will develop and operate its own power station, selling electricity directly to clients while paying a wheeling fee to the EETC for grid usage. The state will not provide any guarantees or cover costs.

The four projects: Neptune will power the Suez Steel plant with solar energy; AMEA Power will supply solar power to both the Suez Canal Container Terminal and chemical manufacturer Befar Group; TAQA PV for Solar Energy will deliver electricity from a hybrid solar-wind plant to Ezz Steel; and Enara Group will provide Helwan Fertilizer Company and the Alamein Silicon Products Complex with power from its hybrid plant.

Private players have been waiting for this move: Some 20 private sector energy players — including Infinity, KarmSolar, and Norway’s Scatec — voiced their interest last year in supplying electricity to other private sector companies through renewable energy projects under the P2P system.

REFRESHER- The EETC separated from the Egyptian Electricity Holding Company (EEHC) last month as part of a broader plan to liberalize the electricity market by turning the state’s electricity companies into market regulators and opening the door for the private sector to both produce and buy electricity from each other.

4

PHARMA

Egypt’s HoldiPharma, US’ Dawah Pharma launch export-focused pharma JV

HoldiPharma and Dawah Pharma form export-focused JV: State-owned pharma manufacturer HoldiPharma inked an agreement with US-based Dawah Pharma to establish a joint venture aimed at producing and exporting meds and supplements to international markets, with a focus on North America and Europe, according to a cabinet statement. Dawah Pharma will hold a 60% stake in the new entity, and HoldiPharma will hold the remaining 40%.

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

The game plan: The first phase will see the JV manufacturing six nutritional supplements and exporting them to the US, marking HoldiPharma’s entry into the country. The company plans to produce a range of products including syrups, tablets, ampoules, dietary supplements, pre-filled syringes, sterile injectables, ophthalmic meds, and over-the-counter meds.

These products will be developed in line with the standards of top global regulators, including the US Food and Drug Administration and the European Medicines Agency. This will boost their competitiveness across different markets in North America, Europe, Africa, and Asia.

This comes hot on the heels of the US-Egypt Policy Leaders Forum, where senior officials signaled a new phase in bilateral economic cooperation, including a customs agreement that’s in its final stages.

The pharma sector is on a tear — and the new JV is riding the wave: Egypt’s pharma market expanded 41% y-o-y in value last year, driven largely by price hikes. With more increases on the way and a revamped pricing framework in the works, analysts are penciling in another 25% market growth in 2025.

5

INVESTMENT WATCH

SEKEM to invest EGP 500 mn over the coming period

SEKEM unveils medium-term investment plan: Our friends at Egyptian agribusiness SEKEM plan to invest EGP 500 mn over the coming three years to expand operation, CEO Helmy Abouleish told EnterpriseAM. The funds will be funneled into agriculture, land reclamation, supporting farmers, and increasing production capacity, he added.

Already underway: “We have already started deploying some of the investment amount this year — we plan to invest EGP 70 mn this year and deploy the rest over the coming three years,” Abouleish said.

A change in appetite: “We didn’t make any major investments over the past five years due to economic instability in the local market,” the CEO said, adding that this year marked a turning point due to market stability and a dip in inflation.

Expanding its regional footprint: SEKEM is working to set up shop in Saudi Arabia and Algeria — “the Saudi market is a promising market that is growing quickly, making it perfect as SEKEM’s gateway to the Gulf,” he said. As for the Algerian market, the company found an appetite for organic products there.

More expansion plans in the pipeline: The company is also eyeing expansion into markets including Slovakia, China, Indonesia, and Argentina. “Every market is different — we are currently studying each market on its own in cooperation with their respective trade ministries and conducting market research. Based on the outcome of our research, we will decide how we’ll enter these new markets,” Abouleish told us.

African expansion is also part of the plan: SEKEM is mulling entry into more African markets over the coming period, the CEO told us, adding that the continent has great investment opportunities. “We are in contact with commercial players in Kenya, Nigeria, and South Africa — we are trying to reach a protocol to apply SEKEM’s model, the Economy of Love, and organic farming there,” Abouleish said. “Most African markets rely on agriculture as their main source of income.”

6

EARNINGS WATCH

Orascom Construction reports rise in revenues in 1Q 2025

Strong first quarter for Orascom Construction: Our friends at Orascom Construction saw their revenues inch up 10.6% y-o-y to record USD 847.6 mn during 1Q 2025, according to its latest earnings release (pdf). MEA operations made up 61% of total revenues, bringing in USD 518.7, and US operations accounted for the rest, bringing in USD 328.9 mn. “Revenue in MEA reflects the execution of new large-scale projects while revenue in USA is expected to increase along with new awards during the year,” the release read.

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

Net income attributable to shareholders recorded USD 25.1 mn during the quarter, a 45.6% down from the comparative period, given that last year witnessed above-average net financing gain that reflected the devaluation of the EGP in March 2024, according to the statement. “Excluding this impact, net profit in Q1 2025 would have reported an increase y-o-y,” the release read.

The company’s consolidated backlog increased 20.1% y-o-y to USD 8.7 bn during the three-month period. The increase was the result of the company signing new contracts worth USD 1.6 bn across Saudi Arabia, Egypt and the US. Projects in Egypt made up 59% of the backlog, followed by the US with 16%, and Saudi Arabia with 15%.

What they said: “Our current project mix aligns with our strategic objectives and demonstrates strong progress in expanding across key sectors and markets. The highlight of our new awards in 1Q 2025 is the 3 GW power plant in Saudi Arabia, which reflects our regional expansion and technical expertise in the power sector. We also remain focused in the US on pursuing new opportunities across specialized sectors such as data centers, aviation and advanced manufacturing,” CEO Osama Bishai said.

7

Kudos

Tanmeyah, Silatech to support 305k young entrepreneurs

New SME support initiative for young entrepreneurs goes live: EFG Holding’s microfinance arm Tanmeyah and Qatar-based Education Above All Foundation’s Silatech launched a youth self-employment initiative, according to a joint statement (pdf). The 3.5-year program will support 305k young entrepreneurs in setting up and expanding micro and small enterprises across key economic sectors in a bid to address high youth unemployment rates.

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

The details: The initiative will offer financing, financial literacy training, and business development services. The partners will roll out a partial credit backing mechanism to lower lending risks and a green financing product to support businesses in the agriculture and renewable energy sectors.

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8

LAST NIGHT’S TALK SHOWS

All about the ICT Ministry’s Digilians Initiative

The ICT Ministry’s Digilians Initiative dominated the airwaves last night after it was the main talking point during a meeting between President Abdel Fattah El Sisi and ICT Minister Amr Talaat. The initiative will launch in September and aims to train 10k people of different backgrounds free of charge on technical, personal, linguistic, life, and leadership skills on an annual basis. The initiative will cost EGP 3 bn in its first year and EGP 1 bn annually after that, Talaat told Yahduth Fi Masr’s Sherif Amer (watch, runtime: 11:50). Ala Masouleety’s Ahmed Moussa also has coverage (watch, runtime: 10:48).

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

9

EGYPT IN THE NEWS

Fancy some Egyptian-Texan BBQ?

Egyptian Kareem El Ghayesh is making the news in the US press this morning after his barbecue spot KG BBQ made it onto Texas Monthly’s 2025 list of top 50 barbecue spots in the state. El Ghayesh ditched his corporate job to follow his passion for BBQ and eventually opened up KG BBQ in 2022, where he blends Texas barbecue and Egyptian spices. Some of his menu items include Pomegranate Glazed Pork Ribs, Smoked Kofta, and Egyptian Baladi Salad. Check out the full list of top BBQ spots in the state on Texas Monthly’s website. You can also learn more about the chef behind it all by checking out the profile Texas Monthly ran of him a few years back.

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10

ALSO ON OUR RADAR

Shell wants to up its local natgas production

ENERGY-

#1- UK-based oil and gas giant Shell and Malaysia’s Petronas aim to produce 200 mn cubic feet per day (mcf/d) of natural gas in 2025 from concession areas in Egypt’s Mediterranean, unnamed government officials told Asharq Business. One official said that Shell will add 60 mcf/d to its output starting next month from a new well in the Burullus concession and 140 mcf/d from its new West El Burullus concession over two phases — the first will begin production in July, followed by the second in September.

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

REMEMBER- Shell is investing USD 300 mn, alongside Petronas, in its ongoing drilling operations in the West Delta Deep Marine concession as part of its 11th phase. Shell started production from one well in the concession in October, producing 30-40 mcf/d.


#2- Adnoc Distribution is planning to start producing marine engine oil in Egypt in partnership with TotalEnergies by 4Q this year, VP of Lubricants, Base Oils, and Specialty ProductsVP Saber Al Ammari told Asharq Business. The company has a sales target of 1.5-2 mn liters in Egypt by year-end, Al Ammari added.

REMEMBER- After making an entrance into Egypt as recently as 2023 through the acquisition of a 50% stake in fuel retailer TotalEnergies Egypt, the company has been quickly expanding both its number of service stations — currently standing at 240 — and its local manufacturing of oils. After kicking off the local manufacture of motor oil at the end of 2024, the company is now also pursuing the manufacturing of aviation fuel and entering the EV charging market.

DEBT-

Juhayna secures EGP 1.9 bn from CIB: Local dairy giant Juhayna secured USD 31.6 mn and EGP 255 mn in medium-term funding from the CIB under a six-year loan, according to an EGX disclosure (pdf). The funds will finance a new citrus production line as part of the company’s efforts to expand its concentrate business.

REAL ESTATE-

Marakez taps Nawy Unlocked to streamline property renting: Real estate developer Marakez inked a strategic agreement with Nawy Unlocked, the property management arm of local proptech platform Nawy, to help owners of Marakez units rent out their properties hassle-free, according to a statement (pdf). Under the partnership, Nawy Unlocked “will handle everything from interior finishing and furnishing to tenant acquisition, ongoing property management, and maintenance.”

11

PLANET FINANCE

Wall Street banks eye dipping toes into crypto amid regulatory changes

Crypto could soon go mainstream on Wall Street, with US banking giants reportedly meeting behind closed doors to discuss making a move into crypto as the Trump administration brings in friendlier crypto regulations, four unnamed industry insiders told Reuters. Despite 22% of Americans holding cryptocurrencies — or one in five — according to Gemeni Trusts’ Global State of Crypto report for 2025, large American banks have so far mostly been prevented from jumping on the bandwagon due to heavy regulations.

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

Change is coming, but it will come slowly at first, the newswire’s sources said. Any moves into crypto will be small in scale at first, in the form of partnerships with crypto firms and in pilot programs as they test the limits of incoming regulations and try to avoid any potential legal blowback. Although guidelines have become clearer, the banking sector is still calling for more details on what they can and cannot do when it comes to once legal, difficulty-fraught digital tokens.

US President Donald Trump has been key in driving the push, with the self-described first ”crypto president” on talking up plans to reduce crypto regulations and create a strategic BTC reserve, both on the campaign trail and in the Oval Office.

His companies have been getting in on the action too, with the Trump Media and Technology Group planning to raise USD 2.5 bn to buy up crypto.

But there are still some big names on Wall Street who are proudly standing by their crypto scepticism, including JPMorgan CEO Jamie Dimon who as recently as last week said that “when I look at the [BTC] universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I'm not a fan of it.”

REMEMBER- BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before paring back gains. The digital currency is up 12.9% this month alone and 14.8% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning. Japan’s Nikkei and the Kospi are looking at gains of 1.6%, the Shanghai Composite and the Hang Seng are also in the green, up 0.4% and 0.2%, respectively.

EGX30

32,494

+0.3% (YTD: +9.3%)

USD (CBE)

Buy 49.74

Sell 49.87

USD (CIB)

Buy 49.75

Sell 49.85

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

11,053

+1.2% (YTD: -8.2%)

ADX

9,743

+0.7% (YTD: +3.4%)

DFM

5,527

+0.4% (YTD: +7.1%)

S&P 500

5,889

-0.6% (YTD: +0.1%)

FTSE 100

8,726

-0.6% (YTD: +6.8%)

Euro Stoxx 50

5,378

-0.7% (YTD: +9.9%)

Brent crude

USD 64.90

+1.3%

Natural gas (Nymex)

USD 3.20

-5.7%

Gold

USD 3,312

-0.3%

BTC

USD 107,423

-1.2% (YTD: +14.8%)

S&P Egypt Sovereign Bond Index

873.7

+0.4% (YTD: +12.4%)

S&P MENA Bond & Sukuk

143.3

+0.2% (YTD: +12.4%)

VIX (Volatility Index)

19.31

+1.9% (YTD: +11.3%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 4.9 bn (5.1% above the 90-day average). International investors were the sole net buyers. The index is up 9.3% YTD.

In the green: Madinet Masr (+3.3%), Egypt Kuwait Holding- EGP (+2.1%), and TMG Holding (+2.0%).

In the red: Telecom Egypt (-2.4%), Beltone Holding (-2.0%), and GB Corp (-2.0%).

12

My Morning Routine

My Morning Routine: Asif Alavi, North Africa general manager of Haleon

Asif Alavi, North Africa general manager of Haleon: 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 Asif Alavi (LinkedIn), North Africa general manager of Haleon.

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

My name is Asif Alavi — I’m the general manager for North Africa at Haleon, a global consumer health company that spun out of GlaxoSmithKline in 2022. I’ve spent the past 25 years leading large, diverse teams across South Asia, the Middle East, the UK, and now North Africa, with a deep focus on driving business growth, enabling people development, and building high-performing, collaborative teams.

I see my role as that of an enabler — someone who helps individuals and teams become the best version of themselves. I strongly believe that sustainable growth happens only when companies invest equally in people and performance. That ethos informs how I lead at Haleon every day.

Our mission as a company is to make everyday health more accessible. We do this by delivering trusted, science-led products to mns of people globally — from pain relief and oral care to vitamins and respiratory health. Haleon may be a relatively new name, but our portfolio includes legacy brands Egyptians have known and trusted for decades, such as Panadol, Centrum, and Sensodyne. Today, we are the largest consumer health company in Egypt, with over 20% market share in our core categories.

We operate in more than 170 markets worldwide and are dual-listed on the London and New York Stock Exchanges. Becoming an independent, pure-play consumer health company has allowed us to prioritize innovation, move with greater agility, and strengthen our connection to local consumer needs — all of which are critical in dynamic, fast-evolving markets like Egypt.

In North Africa, my responsibility is to serve a talented and ambitious team that’s committed to growing our brands, winning in the market, and expanding access to self-care. I support them by providing guidance, resources, and a clear sense of purpose. I’m also a firm believer in health inclusivity — that everyone, regardless of background or circumstance, deserves the chance to live a healthier life. That belief shapes not only our products, but also how we engage with the broader healthcare ecosystem to improve health literacy and empower people to make informed decisions.

We’ve had a busy launch schedule over the past couple of years in Egypt. Since introducing Centrum to the Egyptian market just two years ago, it’s become the number two multivitamin brand for adults nationwide. Earlier this year, we rolled out our gender-specific range — Centrum Men and Centrum Women — designed to meet more tailored nutritional needs. And there’s more to come: We have a couple of exciting product launches slated for the coming months, and a packed innovation pipeline stretching over the next two to three years. You can expect something new from Haleon almost every other month.

One of the most important trends we’re seeing — especially in markets like Egypt — is the growing demand for more personalized and proactive health solutions. Consumers are no longer content with treating symptoms, they want to actively manage their overall well-being through lifestyle choices, preventative care, and tailored products. A recent survey found that eight in ten Egyptians want to take a more active role in managing their health — a shift that presents both a major opening and a responsibility for companies like ours. At Haleon, we’re responding by developing targeted solutions for specific consumer groups, helping people take greater control of their health outcomes.

My mornings are quite simple — I wake up early, start with an hour of exercise, and then take 10–15 minutes for quiet reflection or meditation. I’ve become more health-conscious over the years — partly because I work in health, but also because of what I’ve learned from books like Outlive, which explores how the choices we make today shape not just how long we live, but how well we live later in life. After that, it’s coffee — and reading EnterpriseAM, of course.

There’s no such thing as a typical workday in this region — everyday looks different. I divide my time between Cairo, Casablanca, and Dubai, depending on where I’m needed. I like to stay close to the ground, so I regularly visit markets and meet with customers to understand what’s really happening. I also make it a point to check in with my team, and I only attend meetings where I can meaningfully contribute. I structure my week around a few clear goals, which I use to stay focused and aligned with our longer-term direction.

One constant in my day — besides coffee — is curiosity. I try to learn something new every day, whether in a meeting or in the field. I’ve also developed habits that help me stay focused. For example, my phone has been on silent for seven years. It can frustrate people who are trying to reach me, but it gives me space to think clearly and stay present. I take regular breaks throughout the day, often walking and reflecting alone or with a colleague.

What’s next for me — personally and professionally — is always tied to growth. Growth, learning, and fun are the anchors for anything I take on. But I also try not to get too caught up in what’s next. While it’s important to plan and be ambitious, it’s just as important to be fully present in the moment and enjoy the journey.

I don’t really separate “work” from “life” — I see work as a part of life. Post Covid, that boundary has blurred even more, and I think that’s a good thing. If you’re able to give time and energy to the things that matter — whether that’s work, family, friends, travel, or your health — then you’ve found balance. That’s what I aim for: doing work that’s meaningful, while still carving out space to do what I love, whether that’s watching football, spending time with loved ones, or simply stretching and winding down after a long day.

One quote that’s always stayed with me is from Michael Jordan, “Don’t be afraid to fail — be afraid not to try.” It reminds me to take risks, stay curious, and not let fear get in the way of progress. I’d rather try and stumble than live with the regret of not having tried at all.


MAY

30-31 May (Friday-Saturday): Africa Business Summit, London, UK

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo

JUNE

1-2 June (Sunday-Monday): Cruise Egypt Forum, Hilton Cairo Heliopolis Hotel.

2-4 June (Monday-Wednesday): Manufacturing and packaging forum ProPak MENA and Fi Africa 2025, Egypt International Exhibition Centre.

3 June (Tuesday): S&P Global to release PMI data for May recording non-oil private sector activity

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

IFC President Makhtar Diop to visit Egypt

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

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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