Fresh fees shake up the real estate market

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What We're Tracking Today

Madbouly reaffirms strength of Egypt-Saudi ties amid rumors of tension

Good morning, friends. We hope the long weekend treated you well. It’s a quiet morning for news, as is so often the case after a holiday, but we nevertheless have for you word that real estate on the North Coast and along the Cairo-Alexandria Desert Highway may get a little bit more expensive if the government goes ahead with new levies. Industry players are pushing back on anything that would send prices further upward.

ALSO this morning: Egyptians living abroad sent more money back to Egypt in May of this year than in any May before. Together with booming tourism and reasonable FDI inflows, remittances (and a slow-but-steady export drive) are covering for the drying up of Suez Canal receipts.

MEANWHILE- National Printing has priced its IPO and cabinet spent the weekend on Rumour Patrol: The prime minister denied there are tensions with Saudi Arabia and the Foreign Ministry took to task folks who suggested we were blockading aid to Gaza as famine continues to ravage the enclave.

PSA-

WEATHER- Brace for one of the hottest days we’ve seen all summer in Cairo, with a high of 41°C (that will feel a little hotter) and a low of 28°C, according to our favorite weather app.

It’s not as hot in Alexandria, with a high of 34°C and a low of 24°C.

MORNING MUST-READS-

While we disconnected (many of us on the beach) for the weekend, it was an AI-heavy weekend in the rest of the world.

#1- Donald Trump thinks stealing is just fine, saying as he announced a new, maximalist AI policy framework, “You can't be expected to have a successful AI program when every single article, book, or anything else that you've read or studied, you're supposed to pay for. We appreciate that, but just can't do it — because it's not doable.” Wired has more.

#2- The head of Anthropic holds the Middle East in contempt, but he’d sure like some of our money. “Unfortunately, I think ‘No bad person should ever benefit from our success’ is a pretty difficult principle to run a business on,” CEO Dario Amodei said in a note to staff obtained by Wired. The maker of Claude will open to investment from our part of the world as it looks to double its valuation to USD 150 bn, the Financial Times notes.

#3- The Atlantic is the latest competitor in the “AI may be bad for you” sweepstakes. Its entry reads like something from Tipper Gore’s 1985 campaign against heavy metal, punk, and rap: ChatGPT gave instructions for murder, self-mutilation, and devil worship. “OpenAI’s chatbot also said ‘Hail Satan,’” it adds, in case you didn’t get the point.

#4- Reuters Breakingviews warns that the 1995 IPO of Netscape is “casting a shadow” over the AI boom. The parallels are there. If you want to know how OpenAI could create a market and then lose it, this is your morning must-read.

CLASS ACT- Mohamed El Erian congratulated Lord Chris Smith on his election as chancellor of the University of Cambridge. El Erian, perhaps the best-known Egyptian in global finance, had sought the role in a hotly contested election.

WATCH THIS SPACE-

#1- Cypriot gas from the Cronos field could start flowing to Egypt for liquefaction and re-export starting in 2027; the remark came during a meeting between Oil Minister Karim Badawi and his Cypriot counterpart Giorgos Papanastasiou in Nicosia. During the meeting, the two sides reaffirmed their commitment to wrapping up technical agreements and reaching a final investment decision this year regarding the development of the Cronos gas field. They also touched on developments at the Aphrodite field and ongoing offshore surveys to prepare for its connection to local facilities.

REMEMBER- The two sides inked agreements earlier this year that will see Cyprus ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.

#2- Gov’t doubles down on efforts to deepen investment ties with Japan: Investment Minister Hassan El Khatib inaugurated a business seminar organized by Japan External Trade Organization (Jetro), where he promoted Egypt as a strategic partner, highlighting potential investments in sectors including renewables, software, logistics, and manufacturing, according to a ministry statement. The event brought together representatives from over 200 Japanese companies and government officials. Egypt announced the formation of a support unit to facilitate Japanese investments and company setups.

El Khatib met with representatives from four Japanese companies to discuss ongoing and planned projects, according to a separate statement. During the meeting, pharma player Otsuka announced its plans to set up a USD 40 mn supplements factory that will create over 1.4k jobs, and Earth Corporation said it is exploring forming industrial partnerships or launching a manufacturing project.

NO TENSION WITH SAUDI, MADBOULY SAYS-

Madbouly reaffirms strength of Egypt-Saudi ties amid social media speculation: Prime Minister Moustafa Madbouly reiterated the depth of Egypt’s relationship with Saudi Arabia amid recent social media chatter, emphasizing that the ties are strategic, longstanding, and rooted in shared regional interests.

What chatter? There have been unconfirmed reports of tension between the two sides over regional issues — namely the situation in Syria — and economic competition.

We want to keep things friendly: Gulf investors, including those from Saudi Arabia, have been and are projected to remain one of the main drivers of FDI into Egypt. The Kingdom plans to convert some of its USD 10.3 bn in deposits into long-term investments.

FAST FACT- Saudi last week committed more than USD 6 bn in investments to Syria. The commitment came in a series of nearly 50 agreements in industries including real estate, infrastructure, financial, energy, telecommunications, technology, tourism, manufacturing, and trade. EnterpriseAM Saudi has more this morning if you need to go deeper.

DATA POINT-

Egypt added 5.5k hotel rooms to its capacity in 1H 2025, marking an 88% y-o-y increase, Asharq Business reports. That’s about 28% of the country’s 19k-new-room target for the year. Most of the new capacity was concentrated along the Red Sea coast, including in Sahl Hasheesh and Marsa Alam.

The long-term plan: The government aims to attract some 25 mn tourists annually by 2030. It will need to add some 240-250k rooms to handle the influx.

HAPPENING TODAY-

Last call to apply for Robbiki Leather City factories: Today is the last day to apply for 36 fully-equipped factories offered by the Industry Ministry in the third phase of Robbiki Leather City. The units are available for ownership or rent and come with a range of financial incentives. Buyers are offered installment plans of up to six years at a 10% interest rate, with a 25% down payment. Renters are granted a three-month grace period before their first payment. The offered unit sizes range from 121 to 2k sqm and are available through the Made in Egypt platform.

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THE BIG STORY ABROAD-

Is a EU-US trade deal upon us? US President Donald Trump and European Commission President Ursula von der Leyen will meet later today to discuss “transatlantic trade relations, and how [they] can keep them strong,” von der Leyen wrote in a X post. Meanwhile, Trump appeared less optimistic about the outcome of the meeting, saying that the two sides have “a good 50/50 chance. That’s a lot.” The talks come shortly after Trump started pushing for a 15-20% baseline tariff on EU imports. (Reuters | CNBC | FT)

CLOSER TO HOME- Israel said that it had resumed airdropping aid into Gaza. The first Israeli air drops since 2023 included pallets of flour, sugar, and canned food and came following international pressure to alleviate the crisis in Gaza. (Reuters | FT | AP | BBC)

It could get more expensive to buy on the North Coast or Cairo-Alex Desert Highway

Real estate developers are pushing back on new fees on land on the Cairo-Alex Desert Road, North Coast: The Madbouly government has imposed a new levy on land owned by developers on the Cairo-Alexandria Desert Highway and North Coast, according to documents seen by EnterpriseAM. A source in government separately confirmed the levy had been imposed, adding that developers have been sent notices to pay.

The details: The fees include an “improvement fee” that requires developers who own land or projects going back up to 7km on either side of the Desert Road to pay a new levy to the state’s coffers. The area in question stretches from Remaya Square to the Alexandria gates. The levy is priced as follows:

EGP 500 per sqm for land between 3-7 km back from the highway;
EGP 750 per sqm for land between 1-3 km back from the highway;
EGP 1.5k per sqm for land that stretches 1 km back from the highway.

What about developers in the North Coast? The New Urban Communities Authority is also looking to impose a new, 10% transfer fee on North Coast projects in the event that the land owner is not the real estate developer, with a maximum of EGP 1k per sqm. The fees will be calculated based on current assessed land value, not the price at the time of purchase or contracting.

The authority is also taking steps to reclaim land from non-compliant developers — and has already begun with the North Coast area. A three-month grace period is granted to developers to obtain the required construction licenses; otherwise, land risks will be withdrawn.

Real estate developers are pushing back: The measures, if implemented, would add pressure on developers, especially with the new fees on Cairo-Alexandria land impacting projects which have already been fully developed and sold years ago. Charging fees based on today’s prices — without accounting for the original purchase cost — could trigger serious funding challenges, especially given the current economic difficulties facing the sector, head of the Egyptian Real Estate Council Ahmed Shalaby told EnterpriseAM.

A clear framework could ease market tensions: “We fully support the state’s right to regulate the real estate market,” Shalaby said, adding that “the new fees imposed on companies represent significant challenges.” He called for the need for a clear and practical framework “to ensure smooth implementation without negatively impacting existing investments or destabilizing the real estate sector,” and that no decision should be retroactively applied to delivered projects.

Some users are being hit with retroactive taxes on grey market phone imports

Are the customs and taxes on imported mobile phones being applied retroactively? Recent changes to the custom and tax regime on mobile phones imported through unofficial channels have seen some buyers receive notifications of unpaid fees on phones imported prior to the decision’s implementation — January 2025, the Chamber of Commerce’s mobile division head, Mohamed Talaat, told EnterpriseAM. Some phones previously exempted from the fees have also been impacted.

An official at the Egyptian Customs Authority told us that the authority has nothing to do with it. The ECA is only a collection agency and hasn’t taken decisions regarding imported mobile phones.

Things have escalated: Some customers who bought parallel-market imports locally with the promise that the devices would not be subject to additional fees — went back to the sellers to demand refunds after receiving the notification of unpaid dues. That’s pushed some unofficial retailers out of the market.

REMEMBER- Imported mobile phones are subject to customs and taxes totaling 38.5% — including a 5% development fee tax — as part of government regulations to support its drive to grow the local mobile phone assembly industry. The levies were introduced late 2024 and at the time was said to apply only to new mobile phones imported and activated starting 2025.

What’s next? “We are trying to sit down with the National Telecom Regulatory Authority to discuss these new controls and are in contact with the ICT Ministry in hopes of resolving this issue,” Talaat said.

National Printing skips bookbuild, prices IPO at EGP 21.25 per share

National Printing priced its EGX IPO at EGP 21.25 per share, according to a statement (pdf). The company is floating a 10% stake via a secondary two-tranche offering that is expected to raise some EGP 449.9 mn in proceeds, implying a market cap of EGP 4.5 bn at listing, based on our calculations. National Printing’s shares have been listed on the EGX under the ticker NAPR.CA.

Why skip the bookbuild? The IPO is being run as a fixed-price offering, meaning the share price was set in advance rather than discovered through investor bids. This is a common approach for offerings with pre-committed anchors and strong early roadshow feedback; it allows issuers to move quickly, reduce execution risk, and lock in pricing with a clearer view of investor appetite.

Derisking the offering pre-listing: The issuance is derisked by the private tranche which is anchored by Saudi investor Omran Mohamed AlOmran for 10.6 mn shares. The offered shares are split evenly between the private and the public tranches.

The pricing represents a 25% markdown to the EGP 28.3 fair value, which was determined by Baker Tilly as the firm’s independent financial advisor, according to the subscription notice (pdf). This is standard practice on the EGX, especially for mid-cap listings like National Printing aimed at drumming up early demand and ensuring full coverage.

What’s next? Subscriptions for the public tranche of the offering, which is open to both retail and institutional investors, will run from today to Thursday. They can apply for a minimum of 100 shares each, with no stated maximum beyond the size of the offering.

ADVISORS- Our friends at EFG Hermes Investment Banking are the sole global coordinator for the combined offering, while Zulficar and Partners is serving as counsel.

Also in the 2025 IPO pipeline: The EGX’s IPO pipeline dried up as the 2023-2024 currency crisis took hold — and had been weak for some time before that. REIT-like real estate operator Bonyan broke the curse this summer with its closely watched listing. Investors are particularly excited about the prospect of a Hussein Abaza-led Banque du Caire privatizing a stake through an IPO — bonus if it includes a GDR listing — while the is chatter that military-owned bottled water maker Safi and filling station owner Wataniya could go public. Two government sources told us earlier this summer that BdC, Safi, and Wataniya are in the pipeline as the state looks to raise as much as USD 5-6 bn from a “fourth wave” of privatization.

A hodge-podge of private sector companies have also flagged interest in going public, but we have even less clarity on their timelines than we do on the big three. They include Al Ahly Sabbour, Enara, Tabarak Holding, and others.

Remittances from Egyptians abroad rise 24.2% in May to USD 3.4 bn

Remittances from Egyptians abroad saw a substantial rise in May, climbing 24.2% y-o-y to reach about USD 3.4 bn, marking the highest figure ever recorded in May, according to a statement (pdf) from the Central Bank of Egypt. This marks 15 consecutive months of y-o-y remittance growth.

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

Remittances sent between July 2024 and May 2025 rose 69.6% y-o-y to reach USD 32.8 bn. Similarly, remittances from Egyptian expats during the period between January and May 2025 jumped 59% y-o-y to hit USD 15.8 bn.

REMEMBER- Remittance inflows began returning to official channels after the float of the EGP back in March 2024, which effectively put an end to the parallel market that had pushed remittance flows to unofficial channels. Remittances are expected to continue their upward trajectory throughout the year, with Morgan Stanley forecasting USD 32 bn in inflows during the 2024-2025 fiscal year.

This also brings us closer to remittance flows surpassing their pre-FX crisis peak. Remittances hit only USD 22.1 bn in FY 2023-2024 — as the parallel market pushed remittance flows to unofficial channels — down from a USD 31.4 bn peak in FY 2020-2021.

Our GDP is heavily influenced by remittances volume: Money sent from abroad is expected to have made up around 8% of the country’s entire GDP in 2024, up from 5% in 2023 and 6.1% in 2022. In terms of current account inflows, remittances from Egyptian expats are expected to have accounted for 35% of inflows in 2024, up from the 25% recorded the year prior, but still a long way off from the 45% recorded in 2020.

Egypt’s 1Q FY 2025-26 local debt issuances to top EGP 2.4 tn

Local debt issuances to hit EGP 2.35 tn in 1Q FY 2025-26: The Finance Ministry has significantly upped its local debt issuance plan for the first quarter of the current fiscal year to EGP 2.35 tn. This marks a substantial increase compared to the EGP 1.4 tn issued in the same period of FY 2024-25, and is also higher than the EGP 2.2 tn issued in 4Q of the past fiscal year, government sources told EnterpriseAM.

This plan aims to effectively manage amortizations of outstanding debt and secure the necessary funding for the state budget. Local debt continues to dominate the country’s funding plans, as the government restricts external borrowing — a move driven by currently high global interest rates, the sources said.

Short-term debt instruments will dominate the anticipated issuances, with treasury bills continuing accounting for nearly EGP 2 tn. Meanwhile, bonds will represent a smaller portion of EGP 350 bn, the sources revealed.

The reason? Simply high interest rates: No one wants to bear the burden of long-term borrowing at the current average interest rate of 27.5%, our sources said, adding that this aligns with the broader monetary policy aimed at lowering interest rates in the coming period. The Central Bank of Egypt decided earlier this month to leave interest rates unchanged in its fourth meeting of the year, in a move that marked a halt in the committee’s easing cycle, after it cut rates by 225 bps in April and 100 bps in May.

The government is adopting a new hedging strategy through relying on floating-rate treasury bills instead of fixed-rate ones during the target period, the sources noted. This precautionary measure is taken in anticipation of potential interest rate cuts, helping safeguard the state budget from the burden of fixed-rate payments on long-term debt.

Early-fiscal-year obligations are pushing the government to borrow EGP 850 bn during July, before this amount falls to EGP 670 bn in August, according to our sources. This is primarily driven by projected increases in government revenues, lessening reliance on local debt.

We can expect to see an updated medium-term debt management strategy before the year is out, which will detail an annually updated multi-year borrowing strategy, guided by a portfolio cost and risk management framework, the IMF recently stated in its country staff report for the fourth review of our USD 8 bn loan program. A senior government source previously told us that the new public debt strategy for 2025-2030 could be released before the current quarter wraps. The strategy aims to extend the average maturity of public debt to 4.5-5 years, up from 1.8 years currently.

Speaking of our financing needs, they are expected to rise over 25% during the current fiscal year to reach EGP 3.6 tn. The government seeks to cover the budget deficit through issuing new local debt instruments worth EGP 2.2 tn in treasury bills and some EGP 928.9 bn in treasury bonds as part of the government's plan to raise spending on social welfare and fill the budget shortfall.

Egypt is expected toface a financing gap of USD 5.8 bn in FY 2025-26, compared to USD 11.4 bn in FY 2024-25, according to the IMF.

ICYMI- Egypt plans to issue up to USD 4 bn in international bonds over the next year to help address its USD 11 bn external financing gap, Finance Minister Ahmed Kouchouk said last week. The planned issuances could include EUR- and USD-denominated securities, sustainability bonds, sukuk, and even CNY- or JPY-denominated instruments. These issuances would cover about 40% of the country’s external funding needs. The remainder is expected to come from concessional financing.

REMEMBER- Authorities are also mulling EGP-denominated sukuk and retail bonds for the domestic market this fiscal year to offer new savings instruments and increase liquidity. Last month, the Finance Ministry completed a USD 1 bn sovereign sukuk issuance on the Vienna Stock Exchange via private placement, which was fully subscribed by Kuwait Finance House.

Three new Chinese textile projects are coming to Egypt’s Qantara with USD 65.5 mn in investments

More Chinese textile projects are coming to Qantara after the Suez Canal Economic Zone (SCZone) inked three project contracts with Chinese companies to establish textile and garment factories in the Qantara West industrial Zone with a total investment of USD 65.5 mn, according to a statement. The projects will provide around 6k direct jobs with 90% of their output earmarked for export.

IN CONTEXT- The contracts were signed during the SCZone’s first international promotional roadshow for FY 2025-2026, where SCZone representatives are meeting with Chinese investors and company representatives in a bid to boost investments in the economic zone.

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

First up, a new garments factory is in the works: Shandong Sunshell Group will set up a USD 7 mn ready-made garments factory. It is expected to produce over 11 mn pieces of clothes annually, the majority of which will be exported. The factory will create 2k jobs.

A textile complex is on the way: Shandong Sunshell will also establish a USD 30 mn advanced textiles complex. The project will have an annual production capacity of 2 mn tons of fabric. It is expected to create 1k direct jobs.

An integrated fabric manufacturing project is coming: Zhejiang Charming for Dyeing and Finishing will build a USD 28.5 mn integrated fabric manufacturing facility that will produce around 12k tons of fabrics annually, including materials for children’s clothing, sportswear, and home textiles. It will create around 3k direct jobs.

Where things stand: The projects bring the total number of signed investments in Qantara West to 31, with a combined value of nearly USD 800 mn. Together, the projects will create over 44k direct jobs.

More to come? Polyester fiber manufacturer XinfengMing Group expressed interest in setting up shop in the SCZone in the near future.

AND- Chinese glassmaker Kibing Group is looking to establish a USD 685 mn solar panel glass factory in the SCZone’s Ain Sokhna Industrial Zone, according to a separate statement. The project will be built over multiple phases and is expected to create around 3k direct jobs. Around 80% of the factory’s output will be exported to Europe and the US, with the remainder going to the local market. Discussions are ongoing to secure the project’s energy and infrastructure requirements.

GB brings Genesis to Egypt + ManEast may assemble Soueast here in 2027

GB Corporation has officially introduced South Korean luxury auto brand Genesis to the Egyptian market, starting with the launch of three fully electric models and the opening of the country’s first Genesis showroom, with investments of around EGP 100 mn, Al Borsa reports.

More models are on the way: Additional Genesis models will be introduced over the coming years as part of the company’s plans to expand in the luxury segment.

CHINA’S SOUEAST TO ASSEMBLE HERE?

Local production of Soueast models could begin in 2027: Mansour Group’s ManEast is planning to invest EGP 1 bn, including a portion in USD, in 2H 2025 to begin assembling vehicles in Egypt for Chinese automaker Soueast by 2027, Asharq Business reports.

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

What’s in the pipeline? The company plans to roll out 15 sales outlets and five after-sales service centers within six months, targeting to expand to 30 sales points and 10 service centers over the next five years.

REMEMBER- ManEast has recently become the exclusive agent for the Chinese Soueast brand in Egypt.

Thndr and Middle East Glass Manufacturing eye expansion to the UAE

EXPANSION-

#1- Thndr eyes regional expansion, UAE debut this quarter: Local investment platform Thndr plans to launch brokerage services on the Abu Dhabi Securities Exchange in 3Q 2025, CEO Ahmad Hammouda told Asharq Business. The move would mark the company’s first step into Gulf markets, with operations in Saudi Arabia set to follow in 2026, according to Hammouda. The company has already applied to set up a brokerage firm in the Kingdom with around USD 15 mn in capital, he added.

Regional expansion ahead of EGX debut? Hammouda said Thndr is aiming at an EGX listing after it builds a regional footprint.

#2- Middle East Glass Manufacturing to open Dubai office: Middle East Glass Manufacturing will open a representative office in Dubai, with CEO Tawfik Laham appointed as its general manager following the board’s approval, according to an EGX disclosure (pdf).

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

#3- Siltal opens factory in Senegal: Foreign Minister Badr Abdelatty inaugurated homegrown appliances maker Siltal’s electrical appliances factory in Senegal, according to a ministry statement. The factory will produce electrical products for local and regional markets, as well as transfer Egyptian industrial expertise. The inauguration coincided with the Egyptian-Senegalese Business Forum, which gathered Egyptian and Senegalese officials and industry players to explore partnerships in sectors such as energy, agriculture, manufacturing, and pharma, according to a cabinet statement.

DEFENSE-

US greenlights USD 4.7 bn air defense system sale to Egypt: The US State Department has approved the sale of National Advanced Surface-to-Air Missile Systems (NASAMS) to Egypt in a transaction worth some USD 4.7 bn, according to a statement from the US Defense Security Cooperation Agency. NASAMS — the same surface-to-air missile system currently being used by Ukraine in its war against Russia — includes radar systems, hundreds of advanced medium range air-to-air missiles (AMRAAM) and Sidewinder missiles, training and support equipment, and a wide range of associated logistics and technical services. The sale “will support the foreign policy goals and national security objectives of the United States by improving the security of a major non-NATO ally that is a force for political stability and economic progress in the Middle East,” the agency said in the statement.

Continuation funds boom as private equity faces a frozen exit market

Buyout firms are leaning more heavily than ever on continuation funds as traditional exits via IPOs or sales to outside buyers dry up, the Financial Times reports. Continuation funds accounted for USD 41 bn of exits in 1H 2025 — equal to 19% of all private equity sales, and 60% more than the same period last year, the FT reports, citing a recent report from investment bank Jefferies.

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

That’s a record share as sponsors struggle to return capital to investors amid a prolonged slowdown in public listings and M&A agreements. The secondary market — where buyout firms and institutional investors can trade stakes — has also seen a boom in activity, with over USD 100 bn of holdings changing hands.

How it works: The continuation mechanism essentially allows the firm to sell portfolio companies to themselves by transferring it to another of its internal funds. Investors can either cashout or roll over into the new vehicle. In theory, that gives buyers and sellers more time to realize value. In practice, it’s also a way to recycle capital and keep fee streams alive.

PE groups are holding upwards of USD 3 tn in unsold assets and are approaching a fourth year of subpar distributions to investors. “The exit environments are challenging and the IPO market is dormant,” Jefferies global co-head of secondaries Todd Miller told the Financial Times.

Despite the boom, continuation funds are not the preferred route for PE investors, with just one-sixth preferring continuation funds over traditional exits and nearly two-thirds saying they’d rather see sponsors sell via IPOs or M&A, according to a Bain & Co survey.

Still, it’s here to stay: Jefferies’ global co-head of secondary advisory Scott Beck expects “most sponsors will plan to do one or two” continuation funds out of every new fund, calling them a “bona fide exit route.”

EGX30	34,125	+1.0% (YTD: +14.7%)
USD (CBE)	Buy 49.02	Sell 49.15
USD (CIB)	Buy 49.04	Sell 49.14
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	10,946	-0.4% (YTD: -9.1%)
ADX	10,340	+0.4% (YTD: +9.8%)
DFM	6,150	+0.6% (YTD: +19.2%)
S&P 500	6,389	+0.4% (YTD: +8.6%)
FTSE 100	9,120	-0.2% (YTD: +11.6%)
Euro Stoxx 50	5,352	-0.1% (YTD: +9.3%)
Brent crude	USD 68.44	-1.1%
Natural gas (Nymex)	USD 3.11	+0.5%
Gold	USD 3,393	-1.1%
BTC	USD 117,970	+0.3% (YTD: +16.1%)
S&P Egypt Sovereign Bond Index	881.93	+0.1% (YTD: +13.4%)
S&P MENA Bond & Sukuk	146.17	0.0% (YTD: +4.5%)
VIX (Volatility Index)	14.93	-3.0% (YTD: -14.0%)

THE CLOSING BELL-

The EGX30 rose 1.0% at Wednesday’s close on turnover of EGP 4.7 bn (7.0% below the 90-day average). Regional investors were the sole net sellers. The index is up 14.7% YTD.

In the green: Orascom Development (+3.9%), Orascom Construction (+3.6%) and Telecom Egypt (+3.5%).

In the red: Egyptian Kuwaiti Holding-EGP (-3.4%), Emaar Misr (-2.7%) and Egypt Aluminum (-1.1%).

Foreign Ministry slams rumors Egypt blocking aid to Gaza, says ceasefire drive continues

Egypt slams propaganda targeting its Gaza stance: The Foreign Ministry strongly condemned what it described as a “malicious propaganda campaign” that it said is trying to distort Egypt’s role in supporting the Palestinian cause, forcefully denying that Cairo is helping blockade of aid to Gaza. Egypt has never closed the Rafah crossing on its side, the Foreign Ministry said, and has led a drive to secure a ceasefire and deliver aid while rejecting the displacement of Palestinians.

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

Also this weekend: Egypt and Qatar said they remain fully engaged in their joint mediation efforts in Gaza, aiming for a ceasefire, protection of civilians, and the exchange of prisoners, according to a statement. The two countries acknowledged limited progress in the latest three-week round of talks and said the current pause for consultations was a normal part of the complex negotiation process. Meanwhile, Egypt joined Bahrain, Indonesia, Jordan, Nigeria, Palestine, Qatar, Saudi Arabia, Turkey, the UAE, the Arab League, and the Organization of Islamic Cooperation in condemning the Israeli Knesset’s approval of a declaration supporting annexation of the occupied West Bank, according to a cabinet statement. The joint statement described the move as a “blatant violation” of international law and a serious breach of UN Security Council resolutions.

ALSO- Egypt praised French President Emmanuel Macron’s recent announcement that France intends to recognize the State of Palestine.

CALENDAR

JULY

End-July 2025: Egypt and Jordan to connect fifth FSRU ‘Energos Force’ to Arab Gas Pipeline via Aqaba port.

Also happening this month:

The first operational trial of Egypt-KSA electricity interconnection line
China’s State Grid aims to finalize contracts for two solar projects

AUGUST

3-5 August (Sunday-Tuesday): Edugate Cairo, Royal Maxim Palace Kempinski Hotel in New Cairo

6 August (Wednesday): Egugate Alexandria, Hilton Green Plaza Hotel, Alexandria

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

28 August (Thursday): Monetary Policy Committee meeting.

Mid-August: Launch of electronic platform to register Old Rent Law tenants.

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

Late-August: Deadline for cement factories to restart production.

SEPTEMBER

8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.

15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt’s USD 8 bn EFF arrangement.

24-27 September (Wednesday-Saturday): Cityscape Egypt 2025, Egypt International Exhibition Center.

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

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

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

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

OCTOBER

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

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

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

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

23-25 October (Thursday-Saturday): Stone Africa Expo, Cairo International Conference Center.

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee 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 Center.

25 December: (Thursday): Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

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

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

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.

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

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

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

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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