GEM officially opens its doors this weekend

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What We're Tracking Today

Egypt is hours away from the Grand Egyptian Museum’s grand opening

Good morning, wonderful people, and happy last-workday-of-the-week. We close out the week with a brisk issue led by privatization news, with sources telling us that the Madbouly government plans on expanding its privatization program.

BUT FIRST- Don’t forget to turn back your clocks an hour before you go to sleep tonight as daylight saving time comes to an end at midnight. Daylight saving time is a bugbear for some, but whatever your opinion, we can all enjoy that one extra hour of sleep tomorrow.

Some local banks will suspend services at around midnight to upgrade their systems ahead of the time change. This will impact internet banking, e-wallets, mobile applications, and ATMs from late Thursday to the early hours of Friday.

THE COUNTDOWN TILL THE FESTIVITIES BEGINS- We are less than 59 hours away from the highly-anticipated grand opening of the Grand Egyptian Museum. All eyes will be on Egypt when the festivities begin on Saturday at 5pm.

Expect a busy few days in the lead up, with kings, presidents, and high-level delegations from c. 60 countries expected to touch down in Cairo to attend the event.

FACT CHECK- False reports of road closures in the lead up to the museum’s opening have been put to bed by the Interior Ministry. It will be business as usual on all roads and highways, the ministry confirmed.

Global audiences will be able to livestream the event on TikTok Live at 6pm on Saturday, as part of a partnership between the social media platform and the museum, according to a statement (pdf).

Want to submerge yourself in the museum before seeing it officially open its doors through your screens on Saturday? Make sure to check out the first of four weekly EnterpriseAM special issues about the GEM , which should have landed in your inbox yesterday. The issues chart the museum’s journey from the launch of a record-breaking international design competition to the final stages of completion and capturing the challenges, milestones, and unwavering ambition that brought it to life.

PSA-

WEATHER- It’s cooling down in Cairo, with the capital in for a high of 28°C and a low of 19°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 27°C and a low of 18°C.

Our coverage of the EnterpriseAM Egypt Forum 2025 continues. This year's forum was packed with actionable intelligence on the future of Egyptian business. To make sure you don't miss a thing, we launched the EnterpriseAM Forum Playback.

Every Thursday at 10am, you'll receive a special newsletter breaking down one key session — from the future of work to getting capital markets off life support. We’ll also drop a companion podcast in our EnterpriseAM Egypt feed so you can listen on the go.

In this week’s issue, we feature our on-stage discussion with Investment and Foreign Trade Minister Hassan El Khatib, where we talked about facilitating doing business, protectionist measures for local industry, and the latest developments in trade and FDI policy since our last conversation with him at our 2024 Forum.

Want more? We're soft launching our YouTube channel where we've dropped video highlights.

WATCH THIS SPACE-

#1- New logistics zones incoming: The cabinet approved a draft presidential decree allocating three plots of state-owned land in North Sinai to the General Authority for Land and Dry Ports, according to a statement. The three plots include 603 feddans in Rafah, 352 feddans in Al Hasana, and 527 feddans in Baghdad. The move comes as part of the government’s plan to position Egypt as a global gateway for trade and logistics — including the development of several logistics zones in Sinai linked to Al Arish-Taba integrated logistics corridor.

Wait, there’s more: The Transport Ministry is reportedly planning to set up an integrated logistics hub in the new capital spanning 318 feddans at an estimated cost of USD 100 mn, Asharq Business reports, citing sources it says are in the know. The project will be developed by a private-sector company selected by direct award.

Part of a bigger plan: The ministry aims to fast-track the project to coincide with the launch of the country’s high-speed rail line, which will be used to transport cargo between the logistics zone and seaports.

#2- The deadline for hoteliers to apply for the EGP 50 bn subsidized loanprogram for the tourism sector has been extended by six months and will now run until mid-April, according to a statement from the finance and tourism ministries. The program — which was launched this time last year — offers financing at 12% interest, providing tourism operators with extended support to expand facilities and accommodate an anticipated growth in visitor numbers, with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.

CIRCLE YOUR CALENDAR-

#1- Chapter Zero Egypt will hold its flagship annual conference under the theme Net Zero or Net Loss? on Sunday. The event will bring together board members and CEOs from Egypt’s leading private-sector firms, ministers, diplomats, development partners, and climate experts to discuss how to accelerate measurable climate action and sustainable leadership.

#2- Want to pursue an MBA but not sure where to start? Then you may want to clear your Monday afternoon to attend the SEED Business School Festival at the Dusit Thani Lakeview. The event will give you the chance to discover Master’s programs, get your application fee waived, and take part in workshops. The event is free to attend, but make sure to register through the SEED Global Education website. The event will run from 4:30-9pm.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

** DID YOU KNOW that we 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.

THE BIG STORY ABROAD-

It’s a busy morning in the international business press, with a slew of Big Tech earnings, along with politics-related updates as Israel continues to strike Gaza despite claiming the ceasefire is still on, and as the Dutch national elections get underway.

The key takeaways from Big Tech earnings:

Meta’s shares fell 8% after close as investors reacted to what Meta CEO Mark Zuckerberg forecast as a massive increase in capital spending next year to build out AI infrastructure. Revenues for 3Q 2025 beat analyst estimates with a 26% y-o-y jump, though failed to offset a 32% increase in expenses. (Reuters | Wall Street Journal | Bloomberg)
AI was also the reason Microsoft’s earnings took a hit, as a USD 3.1 bn investment in ChatGPT maker OpenAI ate out of its net income. It also said its capital spending will increase this year. Its shares fell 4% after the bell. (Reuters | CNBC)
Google parent Alphabet also hiked capex plans, though its advertising and cloud computing businesses beat analyst expectations. Its shares rose 6% afterhours. (Reuters | WSJ)
Over in South Korea, Samsung’s operating income in 3Q 2025 more than doubled on an increase in chip sales. (CNBC)

IN OTHER AI NEWS- US chipmaker Nvidia became the world’s first USD 5 tn company (WSJ), and OpenAI might be targeting a USD 1 tn valuation from a potential IPO next year following its restructuring (Reuters).

Over in the Netherlands, the country’s centrist right party is on track to nab the most votes in the elections, setting the stage for Rob Jetten to take the helm as the youngest ever prime minister of the Netherlands at 38. He would replace longstanding PM Geert Wilders. (Reuters | Financial Times)

Closer to home, Israel said it would halt airstrikes on Gaza and uphold the US-brokered ceasefire after a slew of attacks on Tuesday, which it said was in retaliation for the killing of an Israeli soldier in Gaza. (Bloomberg | Reuters)

Egypt to expand privatization program, aims to breathe life into EGX with listings

The government is doubling down on its privatization drive — with a wider scope and new approach, as the Madbouly government plans to expand its privatization program to include 50 state-owned companies spanning 14 economic sectors, up from 35 currently in focus, two government sources told EnterpriseAM. The new methodology aims to broaden private-sector capital participation, rather than rely solely on strategic asset sales.

(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 Sovereign Fund of Egypt embarked on a comprehensive review of the privatization program earlier this year; a government source told us at the time the program could be expanded to include as many as 60 companies. The move followed a plan by the government to transfer the administration of all state-owned companies to the fund as part of a strategy to maximize their returns.

The new additions to the list will target key sectors like energy, telecoms, ins., and airports through a mix of EGX listings and competitive tenders. These will be followed by offerings in fertilizers, sugar, and petrochemicals. The updated plan also introduces a digital promotion platform for marketing future offerings once the framework is finalized.

The revised approach — hinted at by government officials in August — will favor selling smaller minority stakes on the EGX over one-off strategic sales. Going forward under the soon-to-be-revised state ownership policy, only a handful of strategic sales will continue under a phased rollout.

Sales via the EGX should be helped by a “major package” of stock market incentives expected to be released next month, including measures for the Finance Ministry to shoulder part of investors’ costs, one source told EnterpriseAM. The move follows ongoing efforts to exempt IPO proceeds from taxes and expand breaks for investment funds to improve EGX liquidity.

The privatization program will start picking up pace again next month with the sale of a stake in the Gabal El Zeit wind power plant — one of the flagship projects under the program — we were told. Procedures are already underway to list 30–40% of the farm by year-end, in a transaction expected to raise up to USD 400 mn, two government sources told us earlier this month.

Policymakers hope the fresh push could pave the way for the IMF’s long-awaited fifth and sixth program reviews. The timing of the renewed drive and ongoing talks with the Fund suggest the government is positioning the updated State Ownership Policy as a key anchor for structural reform commitments.

IN CONTEXT- The government brought to light the state ownership policy over three years ago, and while some sales have gone through, progress on the privatization front has been less than ideal and remains a constant sticking point during discussions with the IMF over our loan program. The state raised 48% of its USD 12.2 bn privatization target for March 2022-July 2025. During the period, the state sold stakes in 19 companies through direct stake sales and IPOs, raising some USD 5.9 bn.

CBE reportedly fines FAB Misr and other banks over loan violations

The CBE has reportedly fined FAB Misr and other lenders over loans to Beltone Holding; Beltone denies wrongdoing. Asharq Business reported that the Central Bank of Egypt has imposed fines on at least three Egyptian lenders for alleged violations of banking regulations related to loans made to Beltone Holding. The website says FAB Misr was handed a fine of EGP 1 bn, while at least two other banks, including NBK Egypt, were fined smaller amounts. It also reported that the regulator ordered the transfer of a top credit officer at FAB Misr.

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

If confirmed, the EGP 1 bn fine would be the largest ever imposed on a bank in Egypt. The CBE has not issued a statement on the matter, while FAB Misr responded briefly to Asharq Business, saying it complies with the laws and regulations of the central bank and can’t comment on matters related to its clients.

Beltone says it hasn’t been contacted by the CBE and that it has done nothing wrong. All of its dealings with banks in Egypt comply with CBE regulations, it said in a statement to the Egyptian Exchange (pdf) after the bourse briefly suspended trading of the financial services company’s shares yesterday. Beltone added that its “financial position is sound” and that it “continues to meet all its obligations toward financial institutions in a timely manner.”

Bankers we spoke with yesterday pointed to the size of the reported fine as sending a message to the industry. The ten-figure sum would equal nearly 4% of FAB Misr’s 2024 net income of EGP 26.3 bn. Market watchers believe the episode highlights the CBE’s renewed scrutiny of credit governance as banks go back to lending amid Egypt’s ongoing monetary-policy easing cycle.

BACKGROUND- Banks in Egypt are rarely able to lend directly to holding companies, reflecting the CBE’s view that holdcos should only be allowed to borrow when they’re immediately on-lending the funds to subsidiaries with identifiable, auditable operating cashflows. Beltone has been in the headlines in recent years for its rapid growth and two record capital increases (one each in 2023 and 2025) on the EGX that saw it raise more than EGP 20 bn to fuel its growth.

Beltone shares closed down 1.3% yesterday at EGP 3.09 apiece on the EGX. FAB’s ADX-listed shares were up 1.2% at Wednesday’s close.

Kemet, Emirati-Chinese Al Qalaa Red Flag to invest USD 3.5 bn in three SCZone plants

Kemet Industries and Emirati-Chinese Al Qalaa Red Flag will invest USD 3.5 bn in three “giant industrial projects” in the Sokhna Industrial Zone under an MoU inked between the two, according to a Suez Canal Economic Zone (SCZone) statement. The timeline for the projects was not disclosed.

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

The projects include a seamless steel pipe factory, which will have a targeted annual production capacity of 250k tons. Output will help supply the country’s wide-ranging infrastructure and urban development projects while reducing the country’s import bill, according to the statement.

The second factory will produce car tires and will roll out (excuse the pun) 12-15 mn units a year, which will help bolster the automotive feeder industry and help meet local needs.

The third factory will produce fiber optic cables, supporting the local infrastructure and communications sector, according to the statement. The factory will support the country’s digital transformation and move toward better and faster internet.

ALSO- Al Ahram Chemicals and Resins will invest USD 10 mn in an industrial complex to produce formaldehyde and its derivatives, according to another SCZone statement. The planned project in Sokhna Industrial Zone will create 150 jobs and have an annual production capacity of 25k tons of formaldehyde and 25k tons of urea-formaldehyde. Production will kick off in early 2027.

The EGP remains an appealing carry trade

EGP reclaiming its carry trade darling title? The EGP continues to be an appealing carry trade, with USD softness, rising remittance and tourism revenues, and nominal yields all coming together to build a case for the currency, UBS said in a report seen by EnterpriseAM. Emerging market currencies have been on the rise in the first half of the year, yielding higher total returns despite a slight stagnation in July, according to the report.

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

The EGP offers an attractive nominal yield of 19% annualized over three months, which will maintain its appeal even as the Central Bank of Egypt cuts interest rates and as the US Federal Reserve also pushes forward with its monetary easing, the report highlights. A stable exchange rate makes the currency more appealing as the EGP’s real effective exchange rate will unlikely need adjustments as it remains near its post-devaluation lows, UBS says. “Low volatility in an exchange rate is beneficial for carry trades, as expected risk-adjusted returns look more favorable,” according to the report.

ALSO- Geopolitical tensions have relatively eased since the ceasefire agreement between Israel and Hamas earlier this month, the report notes. Meanwhile, the trajectory for Suez Canal revenues remains unclear, after falling sharply in FY 2024-2025.

REMEMBER- The IMF has recently upgraded its forecast for Egypt’s GDP growth to 4.5% in FY 2025-2026, with Egypt’s external position holding up strongly against the USD due to increased inflows from remittances and tourism. Inflation is also forecast to slow down to 11.7% next year.

Risks still abound: Egypt continues to face external and fiscal deficits as elevated borrowing costs remain a challenge, along with a resource strain caused by pressures on agricultural produce and energy, the report says. In addition, our proximity to geopolitical conflict areas still remains a monitored threat. UBS also notes that “challenges to the positive global market risk sentiment in recent months — for example due to trade tensions or credit quality worries, or an end to the overall carry supportive backdrop … could lead investors to pull funds from Egypt and could negatively impact the EGP.”

Appetite for EM currencies and equities is expected to continue growing over the next12 months, Goldman Sachs said in a recent report, while the IMF expects global economic growth rates to reach 3.2% in 2025, global trade outperforming expectations, and another rate cut from the US Federal Reserve, UBS said.

What US sanctions against Russia’s Rosneft and Lukoil mean for Egypt

US sanctions on Russia’s two biggest oil companies Rosneft and Lukoil took over headlines last week, but not without raising concern over what it means for local production, as both companies hold stakes in some of the country’s biggest wells.

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

Russian state-owned Rosneft owns 30% of the Zohr field in the Mediterranean. Zohr — operated by Italy’s Eni through a 50% stake — is the country’s largest natural gas field and a critical pillar of its domestic energy supply.

And in the desert: Lukoil, Russia’s second-largest oil producer, has also built a notable presence in Egypt’s oil fields, through a 24% interest in the Meleiha oil concession in the Western Desert, with Eni as operator holding the remaining 76%. And in the Eastern Desert, Lukoil operates the West Esh El Mallaha concession near Hurghada through a 50-50 partnership with state-owned EGPC. An adjacent block, WEEM Extension, is split equally between Lukoil and Tharwa Petroleum, with Lukoil as operator.

Washington went for full-blocking sanctions: Last week, the US Treasury’s Office of Foreign Assets Control (OFAC) added Rosneft, Lukoil, and dozens of their subsidiaries to the Specially Designated Nationals (SDN) blacklist as fully blocked parties, freezing any of their property or interests under US jurisdiction and barring US personnel from transacting with them or with entities they control at 50% or more.

The real choke point is secondary sanctions risk: Any bank that wants to keep access to the US financial system will think twice before touching Rosneft- or Lukoil-linked flows, AP reported.

Egypt is no exception: Banks will likely refuse to clear payments where the sanctioned Russian firms are in the chain to avoid losing USD market access. Even though Egypt is not legally bound by US law, most cross-border transactions ultimately transits a US-linked banking corridor.

To avoid immediate chaos, OFAC issued short-term “wind-down” general licenses that provide narrow windows to unpack existing arrangements. By late November companies globally are expected to have ceased or paused any dealings with Rosneft and Lukoil, or risk violations.

Could sanctions affect production? Eni has “very limited interaction” with the sanctioned companies, Eni’s CFO Francesco Gattei said in an earnings call just days after the sanctions were announced. The sanctions will accordingly have no material impact on operations, he added.

So what actually happens in practice? In a normal joint venture (JV), the operator (Eni) allocates each partner its share of volumes or funds from sales, and circulates cost calls and reimbursements across the partnership. That machinery is now legally blocked for the Russian stake. Delivering Rosneft’s 30% of Zohr gas — or wiring them their cash-equivalent — is prohibited. Same for cost-calls and reimbursements, Eni cannot invoice them, cannot pay on their behalf, and cannot remit anything to them without tripping sanctions.

Banking and USD flows could get messy: Even as a passive shareholder in Zohr, Rosneft’s involvement contaminates the payment chain. USD-denominated transfers — including EGPC’s offtake payments — typically allocate a portion to Rosneft’s equity, which can trigger secondary sanctions. To avoid that risk, domestic banks, or the CBE, would likely freeze or ring-fence any flows linked to sanctioned Russian equity rather than process them.

Can you remove a sanctioned partner from a JV? It depends on the contract. Joint Operating Agreements (JOA) rarely address sanctions, but usually have default or withdrawal triggers if a party can’t perform. But in modern JOAs — such as the 2023 Association of International Energy Negotiators (AIEN) model (pdf) — sanctions are hard-coded, letting the non-sanctioned partners isolate a blacklisted party to keep the JV compliant.

For older agreements signed before sanctions clauses became standard, like Zohr’s JOA or Meleiha’s, contracts may not explicitly address sanctions. In such cases, partners rely on generic default mechanics — if a party can’t fund its share or receive output due to legal incapacity, it may trigger a default event, allowing remedies like loss or transfer of equity.

But stripping or transferring a sanctioned share isn’t a private move; any change in concession ownership would still need sign-off from the Oil Ministry.

In the case of Lukoil’s assets, we already see movement toward an outright exit: Lukoil announced recently that it plans to sell off its international assets in response to the sanctions, confirming that it is reviewing bids from potential buyers, with the sale process being conducted under the US OFAC wind-down license.

In Egypt, this is a clear sign that Lukoil intends to pull the plug on projects like WEEM and Meleiha. Buyers likely could include existing partners or other international firms. Scenarios include Eni upping its stake in Meleiha by acquiring Lukoil’s 24%. In WEEM, EGPC/Tharwa could take over operations.

We are already making moves: In a recent tender document seen by Bloomberg, EGPC said it would not accept gas cargoes from Lukoil or Litasco — effectively cutting out the Geneva-based trader that functions as Lukoil’s international trading arm. Litasco wasn’t explicitly named in the sanctions round, but its ownership link to Lukoil has already made counterparties — including EGPC — unwilling to touch its cargoes.

Three Egyptian projects make the cut in OceanLove’s 2025 global ocean innovation awards

Three Egyptian projects are among the 10 finalists for the 2025 OceanLoveInnovation Award, the world’s largest and most inclusive contest for ocean conservation innovation, OceanLove said in a statement (pdf). Organized by the global nonprofit OceanLove, this year’s edition drew a record 260 submissions from 64 countries, more than triple last year’s total.

Among the standout finalists are three projects from Egypt:

Sustainable Network Egypt, led by Nadine Wahab, which connects sustainability practitioners nationwide to boost collaboration between Red Sea and Mediterranean projects;
VeryNile’s Turning River Waste into Opportunities, which turns Nile plastic waste into a livelihood for local fishers while promoting a circular economy;
The Ocean Knows My Heart, a joint project between Egypt and Tanzania’s Beyond Borders Collective that uses storytelling to teach children about ocean care.

The results will be announced at the Tomorrow.Blue Economy World Congress in Barcelona on 6 November, where the top project will receive EUR 10k in seed funding and a year of coaching.

Fitch affirms CIB’s long-term issuer default rating

RATINGS-

Fitch Ratings affirmed CIB’s long-term issuer default rating at B with a stable outlook, mirroring its recently reaffirmed sovereign credit rating for the country, the agency said in a note. The country’s largest private bank's national long-term rating was also maintained at AA(egy) with a stable outlook, along with its viability rating at b.

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

The rating agency pointed to CIB’s strong fundamentals and performance despite its exposure to the government as driving its decision. The bank benefits from solid profitability, resilient loan quality, and a strong capital position well above regulatory requirements, according to Fitch. Its stable funding base, supported by a large share of low-cost customer deposits and ample liquidity, was also highlighted.

Any upgrade for CIB would need to follow an upgrade for the country, given the bank’s exposure to government debt, according to Fitch. And by the same metric, any sovereign credit rating downgrade would lead to a downgrade for the bank.

ENERGY-

Efforts to up production at Zohr have been boosted with a new 70 mcf/d well, according to a statement from the Oil Ministry. The drilling of the Zohr 9 well will be followed by two other new development wells in the current fiscal year, the Oil Ministry said in August.

EXPANSION-

The Egyptian Company for Cosmetics plans to establish its first manufacturing facility in Saudi Arabia under the brand KCC by 1H 2026, CEO Mohammed Salah told EnterpriseAM. The USD 10 mn factory will be built on a 1.5k sqm site in Jeddah and will launch with five production lines in its first phase.

The new facility is part of ECC’s regional growth strategy to meet rising Gulf demand. Saudi Arabia currently accounts for about 7% of ECC’s total sales, making it the company’s top export market in the GCC, Salah told us. A second phase will add dietary supplement lines, positioning the Jeddah plant as a springboard for further expansion across Gulf markets.

Fed delivers second rate cut this year

The US Federal Reserve delivered its second rate cut this year, cutting rates by 25 bps overnight and bringing the target range down to 3.75-4%, according to a statement. The rate is now at a three-year low as policymakers navigate weak labor data, political pressures, and a government shutdown that has limited access to key economic indicators.

Concerns about job numbers largely drove the decision. Downside risks to US employment rose in recent months, the statement said, pointing to a slowdown in job gains. Meanwhile, the economy is growing at a moderate pace and inflation remains “somewhat elevated,” as per the Fed’s assessment.

Not everyone’s on board: Two policymakers voted against the decision, with one wanting a bigger 50 bps cut — in line with the Trump administration pressures — and the other supporting no cuts.

The decision comes as the central bank operates “in a fog,” with no access to fresh labor data due to the US government shutdown, Fed watchers told Reuters . The latest inflation data came in delayed last week, and the government has suspended collecting new data since the shutdown began earlier in October.

Don’t count on a cut in December: “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Bloomberg quotes Powell as saying after the decision. Markets reacted to Powell tempering expectations, with the S&P 500 closed flat, paring the day’s gains. The prospect of a rate cut in December is now at two-to-one odds.

ALSO- The Fed said it would stop shrinking its portfolio of assets starting December. The process that started in 2022 — called quantitative easing — shed some USD 2.3 tn of treasuries and mortgage-backed securities. The Fed’s balance sheet is now below USD 6.6 tn, smallest since 2020.

MARKETS THIS MORNING-

Asian markets are little changed this morning, as all eyes are on the Trump-Xi summit hoping it will yield a breakthrough in trade talks. Wall Street futures are indicating a higher opening after a flurry of tech earnings.

EGX30	38,230	-0.2% (YTD: +28.5%)
USD (CBE)	Buy 47.23	Sell 47.37
USD (CIB)	Buy 47.25	Sell 47.35
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,752	+0.7% (YTD: -2.4%)
ADX	10,162	0.0% (YTD: +7.9%)
DFM	6,089	+0.3% (YTD: +18.0%)
S&P 500	6,891	0.0% (YTD: +17.2%
FTSE 100	9,756	+0.6% (YTD: +19.4%)
Euro Stoxx 50	5,706	0.0% (YTD: +16.5%)
Brent crude	USD 64.92	+0.8%
Natural gas (Nymex)	USD 3.38	+0.9%
Gold	USD 3,957	-1.1%
BTC	USD 110,988	-1.7% (YTD: +18.7%)
S&P Egypt Sovereign Bond Index	952.56	0.0% (YTD: +22.5%)
S&P MENA Bond & Sukuk	152.73	+0.2% (YTD: +9.1%)
VIX (Volatility Index)	16.92	+3.1% (YTD: -1.8%)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 4.7 bn (0.2% below the 90-day average). International investors were the sole net sellers. The index is up 28.5% YTD.

In the green: Egypt Aluminum (+5.6%), Emaar Misr (+4.0%), and ADIB (+3.9%).

In the red: E-finance (-1.5%), Beltone Holding (-1.3%), and Raya Holding (-1.0%).

My Morning Routine: Noran Elatawi, executive vice president at Infomineo

Noran Elatawi, executive vice president at Infomineo: 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 Infomineo ’s Executive Vice President Noran Elatawi (LinkedIn). Edited excerpts from our conversation:

(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 Noran Elatawi, and I like to introduce myself through my relationships — I’m a sister, a daughter, a friend, and a colleague. Without this support system, I wouldn’t have been able to achieve anything I wanted.

I’ve been living in Dubai for the past five years, and I’m currently an executive vice president at Infomineo. My career journey so far has been very diverse. When I first graduated from university, I began working in IT despite having studied finance. I then became a project manager at EMC Corp.

As the years went by, I wanted to pivot to something more related to finance, so that I could actually put my degree to use. I started work at the investment management firm, Delta Inspire, and right after that, I joined Infomineo. I started off as an associate research analyst, and during that time, I got assigned an on-site project in Dubai, where I got to meet the team and one of the managing partners, Martin Tronquit.

Six months down the road, I found out that they’d opened up a business development position in Dubai; I got a call, interviewed for the role, and passed. Fast forward to 2025, the company restructured and was split into three business units, and I ended up leading one of them, where we support our consulting clients. We’re 30 people in the business unit, spread across Dubai, Barcelona, Casablanca, and Cairo.

My main responsibility? Make sure that my entire team has all the support they need. I’m also in charge of the P&L of the business unit. I meet lots of clients, and I’m responsible for growing the business unit in terms of client base.

Infomineo came to be when two ex-BCG and McKinsey consultants — Martin Tronquit and Hamza Laraichi — identified a gap in the market when it came to the type of data and insights available in the region. When it came to the Middle East, there were lots of limitations, and what you could find was outdated. Research is our core, but as the years went by, we began introducing other services such as graphic design, business translation, and data analytics — a one-stop shop.

AI has led us to rethink our process to reach the most efficient balance by bringing together the humans involved — their expertise and research experience — and AI. With AI, you can find what you are looking for easily, but at Infomineo, we not only answer the “what?”, we answer the “so what?” Finding data is easier than before, but how can you build a story around it? That’s what we do.

Every morning, I do one of two things — I play some jazz music or listen to some motivational talks. Sometimes I meditate, but I prefer to do that more in the evenings. After I’ve had my coffee, I usually try to picture my day and set one goal for myself. It could be as simple as just helping one of my team members on a particular project.

I’m blessed with incredible colleagues, and despite having a hybrid model, we’re all hyped to go to the office. My day starts off with me checking my calendar — which has been very packed since I got promoted — writing down my to-do list and notes in the old-fashioned pen and paper way, and attending back-to-back meetings. Lunch with the entire office soon follows, not dictated by a particular hour but rather by who’s feeling hungry.

One thing that remains a constant in my day is connecting with the team. No matter what, even if I’m sitting in back-to-back meetings all day, I always make the time to speak with my team members and connect with them. I'll check in on their feelings, their progress, and whether they need support.

It’s a challenge to stay organized. Having a sense of ownership and urgency drives me to be focused. Yes, you can have a to-do list, but without this kind of drive, you won’t get things done. One thing that I do is call a friend or a colleague, and we’d tell each other what we need to get done on that day. In that way, as we’re saying it out loud, we’re committing to it, which is, in a way, motivational.

I’ll be quite honest, I’m not great at work-life balance. I enjoy my work and the sense of accomplishment I get out of it. I don’t think work-life balance is about the number of hours you put in. I understand that sticking to a 9-5 works for some people, but for me, I’m more flexible. I can take a break in between, go to my pilates class, come back, and continue working.

To me, work-life balance is incorporating everything that matters into your day, like working out, connecting with friends and family, or even going out for a walk. Martin would always say, “it’s up to you to decide how to manage your time.” It took me a while to learn how to do so, but I’m in a much better place now.

I’ve been really focusing on sports lately, but aside from that, connecting with my family is how I relax after work. My mom and sister are in Cairo, my brother is in Germany, and I’m over here in Dubai. When we’re on the phone, I listen more than I speak, and I get to hear about all the things I’m missing out on, what my niece is up to, what the cat did, and the like.

One book I’d like to recommend is Ikigai. It’s about the secret behind living a happy and long life, and it tells the story of a group of individuals in areas like Okinawa in Japan who live well above 100 years while retaining perfect health. I found the book really inspiring. Although it communicates rather common advice like moving every day, this and others still serve as great reminders, and you start to incorporate them into your life.

What’s next for me professionally is growing my business unit further. I want to bring my unit from 30 to 100 people. It’s a great feeling when you start hiring more people, feeling that you can learn something from them, and vice versa. On a personal level, I want to remain disciplined in terms of sports, and I want to travel more. Dubai is very connected to the entire world, and it’s so easy to travel to places.

One piece of advice that has stuck with me is “know what is in your control, and what isn’t.” A lot of times, you’ll find yourself in situations where you’re trying to control the outcome, and that’s impossible. Always remind yourself of what is in your capacity, and what isn’t. This shifts the mindset from panic to realistic action. Over the years, this is something I’ve heard time and again from both Martin — who is both my manager and coach — and my brother.

CALENDAR

OCTOBER

October: The tenth session of the Egyptian-Lebanese Joint Higher Committee.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

2 November (Sunday): Chapter Zero Egypt holds its 2025 annual conference under the theme Net Zero or Net Loss?

3 November (Monday): S&P Global to release PMI data for September.

9-11 November (Sunday-Tuesday): The sixth edition of the TransMEA 2025 forum and exhibition, Egypt International Exhibition Center.

10 November (Monday): Capmas expected to release inflation data for October.

16-19 November (Sunday-Wednesday): Cairo ICT 2025, Egypt International Exhibition Center.

16-19 November (Sunday-Wednesday): The 12th edition of the Digital Payments and Financial Inclusion Exhibition and Forum (PAFIX 2025), Egypt International Exhibition Center.

20 November (Thursday): Monetary Policy Committee meeting.

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

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

November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.

DECEMBER

1-4 December: Egypt Defence Expo (Monday-Thursday), Egypt International Exhibition Center.

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

8 December (Monday): Egypt-UK Investment Conference, Cairo.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

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.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

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

30 March - 1 April: Egypt International Energy Conference and Exhibition 2026 (EGYPES)

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.

2027: Egypt-EU Summit 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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