Gov’t is looking to raise up to USD 5 bn from privatization next FY

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What We're Tracking Today

Analysts see April’s inflation reading coming in at 13.4-13.9%

Good morning, all. We have a packed issue to close out one very busy week. We lead today’s issue with fresh privatization updates detailing the government’s target for the upcoming fiscal year, analysts’ take on April’s inflation figure, and Egypt and Greece signing a strategic partnership.

PSA-

Investors now have until 22 May to apply for 332 ready-to-use industrial units across 10 governorates, after the Industry Ministry extended the application window by a week from the original 15 May deadline, according to a statement. The units, offered under an ownership scheme, are available via the Egypt Industrial Digital Platform and span sectors including engineering, food, textiles, pharma, chemicals, building materials, and leather.

ALSO- Eight new units are up for grabs in phase two of Robbiki Leather City in Badr City for tanning and glue production. The offering includes perks such as financing support for machinery and working capital, the option to apply for multiple units, and cost-based pricing.

WEATHER- It’s another sunny day in Cairo, with a high of 34°C and a low of 22°C, according to our favorite weather app.

It’s almost as sunny in Alexandria, with a high of 32°C and a low of 20°C.

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

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WATCH THIS SPACE-

#1- Analysts pencil in their predictions for April’s inflation figure: Analysts we spoke to expect inflation to remain close to the 13.6% figure recorded in March, with rising energy prices expected to keep the figure elevated. “We expect urban inflation to record 13.8% y-o-y and 1.5% m-o-m in April due to the favourable base year effect and increasing energy prices,” HC Securities’ Heba Mounir told EnterpriseAM. Banking expert Hany Abou El Fotouh echoed her statement, expecting April’s reading to come in at 13.8-13.9%, “considering the recent fuel price hikes and the demand pressure during holiday season.” Banking expert Mohamed Abdel Aal also expects urban headline inflation to rise to 13.9% and core inflation to hit 9.5% in April, while Thndr Securities Brokerage’s Chief Equity Strategist Amr El Alfy sees the annual headline inflation figure coming in at 13.4% and inflation rising by 0.9% m-o-m.

When do we get the figure? Capmas should publish April’s inflation reading on Saturday.

REMEMBER- The Oil Ministry’s fuel pricing committee raised fuel prices by 11.8-14.8% last month, in what was the government’s first fuel price hike since October 2024. Analysts we spoke to last month all agreed that the price hike will add to inflationary pressures — and even push up the headline figure.

Where the rates stand now: Annual headline urban inflation hit 13.6% in March, marking an 0.8 percentage point increase from the 12.8% recorded in February. The figure ended a four month-long downward trend. On a monthly basis, inflation edged up by 0.2 percentage points to 1.6%.

#2- Brics’ New Development Bank (NBD) is preparing to launch its first financing operation in Egypt, Chief of the Procurement, Environmental Social, and Governance Department at the bank Anand Kumar Srivastava told Asharq Business (watch, runtime: 2:10). “Egypt is one of our most recent members, and we see great potential for projects that support the Egyptian economy and infrastructure development,” he said. The bank is currently in the early stages of identifying and evaluating potential projects, with loan agreements set to follow. It aims to build a sizable investment portfolio in the upcoming years, focusing on infrastructure projects.

REMEMBER- Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the NBD this year. The government is working with private-sector partners on projects eligible for NDB financing. Meanwhile, the NBD plans to scale up investments in Egypt’s electricity and renewable energy sectors.

CIRCLE YOUR CALENDAR-

The Egyptian-US Investment Forum is coming later this month: Egypt will host the two-day Egyptian-US Investment Forum at the end of May, according to a cabinet statement. The forum will bring together representatives from major US companies and the American Chamber of Commerce and will shed the light on potential investments in Egypt, include those in the Suez Canal Economic Zone.

AND- An Egyptian-Swedish Business Forum is on the agenda for late May: Egypt and Sweden will hold a business forum later this month to boost economic ties and promote investment, according to a statement. The forum will feature B2B sessions with major Swedish firms and include representatives from the Swedish Post and Telecom Authority.

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

THE BIG STORY ABROAD-

Global powers are rushing to calm the flammable situation in South Asia, while Pakistan is vowing a swift response that it promised will target military assets and stay clear from civilians. India’s widespread attacks in Kashmir and other provinces ended up killing 31 and injuring dozens, while Pakistan’s retaliation is estimated to have caused 12 casualties and tens of injuries.

OVER IN THE US- The Trump administration is planning to ease Biden’s last-minute restrictions on exports of advanced AI chips, introduced in January and set to take effect on May 15. The tiered system — which divided countries into three tiers that were allowed to receive unlimited, capped, or no exports — will reportedly be cancelled, and likely replaced with new rules aiming at handing the US more control over chips abroad. Shares of chipmakers rose on the news, with Nvidia up over 3%.

ALSO WORTH READING THIS MORNING-

Ukraine is considering a shift away from the USD to the EUR amid rising US protectionism, its central bank governor said.
Black smoke rose above the Sistine Chapel after the first vote failed to pick a successor for Pope Francis, extending the vote for a second day.
Germany’s new chancellor Merz and France’s President Macron are setting up a joint security and defense council.

Somabay Sports Arena steps up as a leading sports destination by welcoming new partnership with S Tennis Academy and expanding its partnership with Oneflow to manage Football Courts and the Aquatics Center. With global training camps, elite facilities, and stunning surroundings, Somabay continues to shape the future of sports tourism on the Red Sea.

Egypt aims to raise USD 4-5 bn from privatization in FY 2025-26

Fresh privatization targets for the new fiscal year: The Madbouly government expects to raise USD 4-5 bn from selling stakes in 11 state-owned companies during the fiscal year 2025-2026, as a part of its privatization program, a government source told EnterpriseAM.

Some Gulf suitors could be announced soon: Another government source told us to sit tight for announcements of Saudi and Kuwaiti transactions under the privatization program.

Who’s in? Five of the 11 companies are affiliated with the military’s National Service Projects Organization, our government sources tell us.

We have an idea which military-affiliated companies could be on the privatization block: The Sovereign Fund of Egypt (SFE) has already begun restructuring five military-affiliated companies — filling station operator Wataneya, bottled water company Safi, food manufacturer Silo Foods, fuel retailer Chill Out, and the National Roads Company — in preparation for offering them by 2026.

As things stand: The state has so far raised some USD 6 bn across 21 transactions under the program, according to a cabinet statement out this week.

More to come? The SFE is conducting a comprehensive review of the privatization program that could see it expand the program to 40-60 state-run companies, up from the current list of 35.

Egypt’s Automotive Industry Development Program is getting a facelift

The government is putting together new incentive criteria and additional benefits for automakers participating in the Automotive Industry Development Program in a bid to boost local component rates to 65% from 45%, a government source told EnterpriseAM.

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

The lay of the land: The revised incentive framework introduces a new methodology for calculating local component requirements and value-added metrics, according to a statement by the Industry Ministry. The framework will be presented to Prime Minister Moustafa Madbouly before being submitted to President Abdel Fattah El Sisi for final approval.

The revised program includes new customs concessions to speed up the import of inputs for local manufacturers and sets minimum vehicle production targets, our source said. Program funds will be distributed to manufacturers through the central clearing system within three months following production, they added.

ICYMI- The Finance Ministry is considering exempting imported auto parts used in manufacturing from the 3% state development fee to, instead, collect the fees upon commercial sales and during license renewal. The move comes amid other initiatives to help localize the auto industry, including an expanded EGP 3 bn AIDP.

The initiative to boost the localization of auto components aims in part to cater to international trade agreements, our source said, adding that insufficient local component rates were among the obstacles behind a trade dispute with Morocco earlier this year.

REMEMBER- In February, Morocco held up some 150 containers of Egyptian goods in Moroccan ports in an attempt to rebalance the two countries' trade relationship. The two countries have been working to strengthen trade relations in recent months, with Egypt’s latest efforts focusing on a plan to ramp up imports from our Arab neighbor to USD 600 mn.

FinMin raises revenue target from taxes and fees for FY 25-26

The Finance Ministry has increased its revenue target from taxes and fees on goods and services to EGP 2.6 tn for the fiscal year 2025-2026, according to a government document seen by EnterpriseAM.

The details: The ministry increased its revenue target from fees paid for private services, licenses, and vehicles, as well as its share of fees collected from special government funds and accounts to EGP 94.7 bn in the upcoming fiscal year, up from EGP 75 bn in the current fiscal year, according to the document. This will raise the forecast for the total fees collected to EGP 327 bn up from EGP 283.4 bn.

The government is also expecting to collect EGP 20 bn from various service fees, up from EGP 15.5 bn in the current fiscal year. Revenues from judicial fees are expected to nearly double to reach EGP 9 bn, up from EGP 5.6 bn.

Other sources of revenue include:

Revenues from consular service fees are expected to reach EGP 15.5 bn, up from EGP 8.1 bn in the current fiscal year;
Revenues from fees and taxes on vehicles are expected to reach EGP 16.6 bn, up from EGP 12.7 bn;
Fees from customs services are expected to bring in revenue of EGP 3.3 bn, up from EGP 2.1 bn this year;
Revenues from foreign residency fees are expected to rise to EGP 279.1 mn, up from EGP 117 mn in the current fiscal year;
Expanding the investment-for-citizenship scheme is expected to bring in some EGP 115 mn, compared to EGP 50 mn;
Citizenship application fees are expected to generate some EGP 65 mn;
Revenues from departure fees are also expected to rise to EGP 2.2 bn, compared to EGP 1.5 bn in the current fiscal year.

REMEMBER- Revenues and expenses are both forecasted to rise in next year’s budget, which pencils in a 23% y-o-y jump in public revenues to EGP 3.1 tn and a 19.2% y-o-y rise in expenses to EGP 4.6 tn.

Egypt, Greece ink strategic partnership

Elevating Egyptian-Greek ties: Egypt and Greece signed a strategic partnership yesterday during President Abdel Fattah El Sisi’s visit to the country, according to an Ittihadiya statement. The two sides also inked agreements to boost cooperation in a number of fields.

During El Sisi’s visit: The president met with his Greek counterpart Konstantinos Tasoulas to discuss priority sectors for cooperation and regional issues — the meeting saw them discuss Gaza, Syria, Libya, and Yemen.

Key sectors: El Sisi highlighted Egypt’s interest to enhance cooperation with Greece in trade, tourism, energy, transportation, electricity interconnection, and culture.

ALSO- El Sisi and Greek Prime Minister Kyriakos Mitsotakis co-chaired the first meeting of the Egypt-Greece high-level cooperation council, during which they reviewed cooperation and the status of a number of joint projects — namely the electricity interconnection project. The two sides also discussed cooperation in technology, innovation, and the recruitment of seasonal workers.

REMEMBER- Egypt and Greece are reportedly set to begin implementing their 3 GW electricity interconnector (Gregy) before the end of 2H 2025.

ON GAZA-

Egypt and Qatar issued a joint statement affirming their ongoing efforts to stop the war in Gaza and alleviate the humanitarian crisis. The two nations said they are working under a “unified vision” to establish conditions for a comprehensive ceasefire and underscored that their efforts are being closely coordinated with the US.

The breakdown: The new entities will include a 560-room hotel located near the Great Pyramids of Giza, next to the Grand Egyptian Museum. Another is being set up in Sahl Hasheesh with a 650-room capacity, and the last two hotels are being constructed in Marsa Matrouh and will have a combined capacity of 410 rooms.

And there’s more to come: Last year, Akel said that the hospitality player has six new hotels in the pipeline — under a USD 215 mn investment plan — slated to open their doors in 2025. The new hotels were said to add over 2.1k rooms to the company’s portfolio and be set up in the North Coast, Hurghada, and Marsa Alam.

REMEMBER- The government aims to attract some 25 mn tourists annually by 2028, for which it plans to add some 240-250k rooms to the existing hotel room capacity.

ICYMI- The Tourism Ministry revealed this week it is looking to secure some EGP 200 bn to launch the second iteration of the subsidized loan program for hospitality players, which will differ from the first EGP 50 bn program launched in October by focusing on establishing new entities or new hotels instead of just adding rooms to existing hotels.

Universal Health. Ins. System is heading to Aswan

What was on the cabinet’s agenda this week? The Madbouly cabinet approved a number of key decisions during its weekly meeting yesterday — among the most significant:

#1- Universal health ins. for Aswan: The cabinet approved the official rollout of the Universal Health Ins. System in Aswan starting 1 July 2025. As part of the plan, non-emergency medical services will be suspended for uninsured individuals beginning 1 January 2026.

(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 wrap on phase one: Aswan will be the last governorate to implement the system in the first phase rollout, paving the way for phase two. The system has already launched in Port Said, Luxor, Ismailia, South Sinai, and Suez.

REMEMBER- First announced in 2016, the Universal Health Ins. System is designed to provide comprehensive healthcare to all citizens, regardless of their financial capacity to pay, while linking up healthcare providers through a digital backend storing patients’ medical records.

#2- Medical storage project in the works: The cabinet approved classifying a project to set up an integrated network of medical logistics warehouses for drugs and medical equipment and supplies as a national project, which would streamline permit approvals. The project aims to strengthen Egypt’s strategic reserve of medical supplies and ensure fair distribution nationwide.

#3- Fewer dog breeds will be deemed dangerous: The cabinet approved a draft decision from the Agriculture Ministry amending the list of dangerous animals under the 2023 law regulating ownership. The number of dog breeds classified as dangerous has been revised down to 3 from 16, while 27 other breeds may now be licensed. The Fila Brasileiro, Presa Canario, and Boerboel are the only breeds now classified as dangerous and prohibited, Agriculture Minister Alaa Farouk told Yahduth Fi Misr’s Sherif Amer. (watch, runtime: 9:03)

iSupply lines up USD 3 mn in financing from Bokra

Bokra grants credit line to iSupply: Pharma distribution startup iSupply secured USD 3 mn in shariah-compliant financing from fintech Bokra, according to a press release (pdf).

Use of proceeds: iSupply will use the fresh funds — which is structured as a revenue-based revolving facility — to scale up its operations locally and strengthen its medical supply chain.

SOUND SMART- A revenue-based revolving financing is a flexible credit line repaid as a percentage of future revenues, allowing funds to be reborrowed once repaid.

What they said: “By extending a revenue-based revolving financing to iSupply, we’re supporting a data-driven healthcare disruptor to scale responsibly, while offering our investors access to a real economy product that delivers purpose-driven returns. It’s a clear example of how ethical finance can fuel growth in essential sectors and drive sustainable, long-term outcomes,” Bokra CEO Ayman ElSawy said.

One of many in the pipeline: Elsawy said in February that the startup plans to issue EGP 20 bn in sukuk across five offerings this year. The fintech has recently closed an EGP 3 bn shariah-compliant mudarabah sukuk issuance for Raya Holding subsidiary Aman for Microfinance.

Egypt sweetens the pot for Exxon Mobil to boost investments

ENERGY-

The Madbouly government increased Exxon Mobil’s production share from the Masry and Cairo offshore concessions to 40%, up from 15%, an unnamed government official told Asharq Business. The government also extended the concessions’ cost recovery period to seven years from five to encourage the company to increase its investments in Egypt’s energy sector.

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

Not the first we’ve heard of this: In addition to partially clearing arrears to international oil companies since the EGP float in March, the Oil Ministry has been offering new incentives to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates, with the aim of boosting local production.

REAL ESTATE-

The Housing Ministry will extend the package of incentives offered to real estate developers which allows developers to extend delivery deadlines by six months and to access low-interest financing, according to a statement.

MANUFACTURING-

Ain Sokhna is getting a packaging materials plant: Egyptian-Kuwaiti JV Fotouh Al Kuwait signed a contract with industrial developer Main Development Company to build a USD 1.7 mn packaging materials factory in Sokhna Industrial Zone, according to a statement. The facility will export 90% of its output.

FINANCE-

#1- IFC mulls financing for AMEA’s Abydos 2 project: The International Finance Corporation (IFC) is looking into providing AMEA Power with USD 600 mn in financing for its Abydos 2 solar power project, according to an update shared on its website. The package includes USD 120 mn in direct financing from the IFC and USD 480 mn through syndicated loans; the IFC put the project’s total cost at USD 750 mn. The IFC board is expected to vote on the funding on 31 July.

Abydos 2? AMEA Power inked agreements last September to develop the 1 GW facility with a 600 MWh battery energy storage system located in Aswan’s Benban.

#2- Afreximbank launches USD 1 bn Africa Film Fund: FEDA — the development investment arm of Afreximbank — has launched the Africa Film Fund, a USD 1 bn private equity vehicle to support the production and distribution of African film and TV content, the lender said in a press release. Launched under the bank’s CANEX Africa program, the fund will “play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world.”

Why it matters: Africa’s film industry, currently generating some USD 5 bn in annual revenues and employing over 5 mn people, faces persistent challenges including inadequate production facilities and distribution platforms. The fund will help bridge these gaps.

STARTUPS-

Edtech startup Career 180 secured a six-figure investment from tech-focused venture capital Den VC in its latest funding round, according to a press release (pdf). The Cairo-based platform plans to allocate the fresh capital to expand into Saudi Arabia, Oman, and Malta and enhance its learning management system (LMS).

CAPITAL MARKETS-

Tatweer Misr taps AAIB + Al Ahly Pharos to manage securitization program: Tatweer Misr has appointed the Arab African International Bank (AAIB) and Al Ahly Pharos to manage its five-year, EGP 20 bn securitization program, according to statement from AAIB. The program will be rolled out through multiple issuances and is aimed at securing liquidity to fast-track the company’s ongoing real estate developments. AAIB and Al Ahly Pharos will also act as financial advisors and lead arrangers.

Fed holds rates steady as tariff risks mount

The US Federal Reserve held interest rates steady for the third time running, keeping its benchmark federal funds rate at 4.25%-4.50% as officials flagged rising risks of higher inflation and unemployment. “Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen,” the Fed’s Federal Open Market Committee (FOMC) wrote in its statement.

No rush to act amid murky outlook: Fed Chair Jerome Powell struck a cautious tone in his post-meeting press conference, saying the Fed is “well positioned to respond in a timely way to potential economic developments.” Powell added, “we think we’re in the right place to wait and see how things evolve. We don’t feel like we need to be in a hurry.” On tariffs, he admitted that trade policy remains a wildcard. “I don’t think we can say which way this will shake out.” He warned that if Trump’s “large increases in tariffs” are sustained, they could “generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment.”

Jobs data strong, but inflation still hot: The labor market remained resilient in April, with employers adding 177k jobs and the unemployment rate holding at 4.2%. Meanwhile, the Fed’s preferred inflation gauge — the PCE index — rose 2.3% y-o-y in March, surpassing market expectations.

Markets reax: Stocks rose following the Fed’s announcement — the S&P 500 rose 0.4%, the Nasdaq was up 0.4%, and the Dow Jones rose 0.7%. Meanwhile, the yield on the 10-year US Treasury note fell 3 bps to 4.27%.

Policy on pause, for now: “The Fed remains in a holding pattern as it waits for uncertainty to clear,” said Goldman Sachs Asset Management’s Ashish Shah. “The onus is on the labor market to weaken sufficiently to bring a resumption of its easing cycle.”

MARKETS THIS MORNING-

Asian markets are in the green this morning. Japan’s Nikkei is up 0.4%, the Shanghai Composite is looking at gains of 0.3%, the Hand Seng is up 0.4%, and Korea’s Kospi is up a modest 0.1%.

EGX30	31,840	-1.4% (YTD: +7.1%)
USD (CBE)	Buy 50.57	Sell 50.71
USD (CIB)	Buy 50.59	Sell 50.69
Interest rates (CBE)	25.00% deposit	26.00% lending
Tadawul	11,399	-0.3% (YTD: -5.3%)
ADX	9,611	-0.1% (YTD: +2.0%)
DFM	5,338	-0.3% (YTD: +3.5%)
S&P 500	5,631	+0.4% (YTD: -4.3%)
FTSE 100	8,559	-0.4% (YTD: +4.7%)
Euro Stoxx 50	5,230	-0.6% (YTD: +6.8%)
Brent crude	USD 60.99	-1.9%
Natural gas (Nymex)	USD 3.62	+4.7%
Gold	USD 3,374	-1.4%
BTC	USD 96,757	+2.2% (YTD: +3.3%)
S&P Egypt Sovereign Bond Index	865.9	+0.2% (YTD: +11.4%)
S&P MENA Bond & Sukuk	143.3	-0.3% (YTD: +2.4%)
VIX (Volatility Index)	23.55	-4.9% (YTD: +35.7%)

THE CLOSING BELL-

The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 6 bn (34.3% above the 90-day average). Foreign investors were net sellers. The index is up 7.1% YTD.

In the green: Beltone Holding (+3.6%) and TMG Holding (+1.7%).

In the red: Juhayna (-5.8%), Fawry (-4.5%) and Orascom Developments (-3.8%).

My Morning Routine: Ahmed Heider, CEO of Al Ahly Pharos

Ahmed Heider, CEO of Al Ahly Pharos: 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 Ahmed Heider (LinkedIn), CEO of Al Ahly Pharos.

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

I’m Ahmed Heider, CEO of Al Ahly Pharos Investment Banking. I’ve been in investment banking for more than two decades, working across Egypt and the GCC with institutions like HSBC and several regional firms. In early 2021, I joined Al Ahly Pharos to build a fully integrated investment banking platform. Today, we offer a comprehensive suite of services in equity capital markets, debt, and M&A advisory,

Outside work, I’m a husband and a father of two. My family has been a pillar of support throughout this journey.

I lead the investment banking firm and serve as chairman of our special purpose vehicles Al Ahly Sukuk and Al Ahly Securitization. My role blends strategy, execution, and relationship-building. I spend my time meeting clients, regulators, and partners, representing the firm while keeping our teams aligned and moving forward.

Our job is to help companies raise capital — through equity, debt, or sukuk — and structure the right funding mix to support their growth. We also help companies achieve their strategic objectives — divesting non-core assets, expanding operations, entering new markets, and consolidating or integrating within industry sectors. Our broader goal is to channel investments into Egypt, and we’ve been quite successful in doing so.

We’ve been involved in some of the country’s most high-profile transactions, including the IPO of E-finance and the follow-on offerings of Abu Qir Fertilizers and Telecom Egypt. We’re also quite active in the M&A space, where we’ve closed more transactions than I can recount. Three years ago, we expanded into debt capital markets (DCM), and we’ve topped the sector every year since in terms of market share, among other metrics. We aim to keep that lead by remaining innovative in the products and transaction structures we introduce.

The company’s real transformation began in December 2019 when the National Bank of Egypt acquired the firm. The idea was to establish a full-fledged investment bank to back the state’s privatization program as well as to give the private sector greater access to capital markets. At the time, the company had a solid M&A track record, but little presence in equity or debt markets. We built both lines of business from scratch so we could better cater to the bank’s clients.

One of the biggest shifts in our field right now is the rise of AI and digital tools. Investment banking relies on research and execution, and that’s exactly where these technologies can make a difference. We’re already seeing improvements in speed and accuracy, especially in areas like data analysis and documentation. Over time, this will reshape how we hire, how we operate, and what types of mandates we can fulfill. The firms that embrace the trend will move ahead, while those that don’t risk falling behind.

My mornings are pretty structured. I wake up at 5:30am, start with prayer, then go for a short walk or a light workout. I have breakfast at around 8:30am before I head to the office. I’m usually at my desk by 9:30am, reviewing my agenda for the day, following up with the team, and preparing for meetings.

Most workdays are a string of back-to-back meetings with current and prospective clients. I try to group them by location to save time, but it rarely works out that way. The afternoons are more focused on internal matters, such as checking in on mandates and ensuring everything is progressing as planned.

One thing that doesn’t stop is my phone’s ringing. Calls are constant, but I try to switch off later in the day. In the evenings, I spend time with the kids, catching up on their day and offering any advice or guidance they might need before they go to bed at around 8:30pm. After that, I have some quiet time until I go to sleep at around 10:30pm.

Professionally, I’m focused on building on Al Ahly Pharos' momentum. We’ve delivered record numbers in terms of revenues and transaction volumes, and I believe we’re just getting started. With the current team and backing from the group, I’m confident we can reach new highs. My job is to support this growth and help the team achieve it.

Personally, I’m committed to growth — learning from challenges, honing my skills, and staying ahead of the curve. My long-term goal is to be a reference point in this space, someone who helped shape the financial industry and left a positive mark.

Work-life balance comes in cycles. There are weeks when it doesn’t exist, and others when you can finally catch your breath. I encourage my team to enjoy the light periods while they last. Balance isn’t daily — it’s something that’s maintained over time.

To unwind, I play basketball. I used to be a pro. Now I just play with my daughter. I also travel and squeeze in video game time with my kids during holidays. Anything that takes my mind off work helps.

One podcast I always recommend is HBROnLeadership. It offers practical, thought-provoking ideas on managing teams, leading through change, and making better decisions. It’s helped me become a better leader.

The best advice I’ve received? Listen more than you speak. It sounds basic, but it’s powerful. Real listening allows you to see the full picture and move conversations forward.

Another one I live by: Know exactly what you don’t know, and be okay with it. No one knows everything. Surround yourself with people who fill in the gaps. Know the strengths of your people and amplify them. That’s how you build strong, resilient teams — and how you grow as a leader.

If I could say one thing to people starting out in finance: Stay ahead of the curve. Understand the trends, especially around tech and AI. Every sector is evolving, not just ours. The more you adapt, the more relevant you’ll stay.

CALENDAR

MAY

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

7-10 May (Wednesday-Saturday): Egypt hosts the 24th Pan Arab Junior and Ladies Golf Championship

8-10 May (Thursday-Saturday): RiseUp Summit at the Grand Egyptian Museum

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

13-14 May (Tuesday-Wednesday): Egypt Facility Management Forum, Cairo, Egypt.

18-19 May (Sunday-Monday): International Monetary Fund MENA Research Conference, Cairo, Egypt

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development

22 May (Thursday): Central Bank’s Monetary Policy Committee to meet to decide interest rates

25 May (Sunday): Social Education Summit 2025, Cairo, Egypt

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

May 2025: Egyptian-US Investment Forum

JUNE

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

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

1H 2025: EGX launches a sharia-compliant sustainability index.

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

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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