Gov’t mulls hiking water prices for factories

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What We're Tracking Today

We’re 16 days away from the EnterpriseAM Egypt Forum

Good morning, wonderful people, and welcome to the first workweek of fall — summer officially ends tomorrow.

We’re having good thoughts this morning for all parents, especially those whose college-age offspring are settling into new routines outside the country. It’s wonderful — and it sucks. (We’re also promised by the generations that have gone before us that it gets better. Hanshoof…)

If it’s fall, it’s time for the EnterpriseAM Egypt Forum, which gets underway in just 16 days at the St Regis Hotel on the bank of the Nile here in Cairo.

Egypt — heck, humanity — is at a turning point. Eighteen months into the float of the EGP, Egyptian companies are finally getting serious about exports and regional expansion. Employees and executives alike are grappling with how to build a great business from home. New roads, new bridges, and new cities are reshaping the face of our increasingly urban nation. The competition for leadership of the MENA region is in flux. The United States is reshaping the post-Second World War order. And everyone is low-key freaked out about what AI means for their businesses, their careers, and their children.

We’re going to dig into all of this and more on Tuesday, 7 October. On the agenda after our must-attend networking breakfast::

Top execs will explore how the alliance between Egypt and the UAE is reshaping the region’s economy;

Senior business and real estate leaders will outline a vision for where (and how) we will live (and work) in 2035;
We’ll dive deep into how Egyptian companies can help rebuild our region, from Libya to Sudan, Syria, and — pray God — Gaza.

Also on the agenda: We’ll discuss how Egyptian business leaders are winning in new markets; how to get capital markets off life support; how execs and owners are building businesses that can last — and how to make the best out of the Rise of the Robots.

The 2025 EnterpriseAM Egypt Forum is our flagship annual event and part of our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

WHO SHOULD ATTEND? Everyone who plays a role in our community, from CEOs and MDs to commercial and investment bankers, founders, providers of professional services, and more. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow’s founders and C-suite executives. Egyptian and foreign members of our community are equally welcome to attend.

Want to request an invitation? Tap or click here. Space is strictly limited. Formal invitations have already started going out, and the only way to receive one is to let us know you’re interested.

** Did you receive an invite? You MUST click through to let us know whether you’re attending (the green button) or sending your regrets (the red button). Only folks who receive an invite and click the green button will receive a code to attend.

PSA-

You may want to leave for work earlier than usual this morning. Public schools are back in session for the fall term today, likely making your morning commute a little worse.

WEATHER- It’s another cool day in Cairo, with a high of 33°C and a low of 23°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 30°C and a low of 22°C.

WATCH THIS SPACE-

#1- Israeli Prime Minister Benjamin Netanyahu has reportedly asked the Trump administration to press Cairo to scale back what he claims is a major military build-up in Sinai, Axios reports, citing one US and two Israeli officials. During a meeting with Secretary of State Marco Rubio last week, Netanyahu handed over a list of activities he alleges violate the 1979 Camp David Accords. Egyptian officials have denied making any such moves.

REMEMBER- Our military deployment in Sinai was reportedly one of the reasons behind Netanyahu’s decision to freeze Israel’s USD 35 bn gas export agreement with Egypt.

The Egyptian response: The State Information Service said that “forces deployed in Sinai are there to secure the Egyptian border against all threats — terrorist operations and smuggling,” adding that Egypt is “fully committed” to upholding its end of the accords.

#2- Want to get your hands on the latest iPhone? You can now pre-order the new iPhone 17 in Egypt — the base model starts at EGP 62.5k, the Air model at EGP 79k, the Pro model at EGP 86.5k, and the Pro Max model at EGP 94k. The prices mark an almost 50% increase over Apple’s official prices in the US.

REMEMBER- Imported mobile phones are subject to customs and taxes totaling 38.5% — including a 5% industry development fee — as the government looks to support the local mobile phone assembly industry.

#3-The Oil Ministry has finalized a decision to raise natural gas prices for factories by USD 1 per mn British thermal units (BTU), two government sources told EnterpriseAM. The move — delayed in recent months to contain inflation — has already been approved by state-owned Egas and is now awaiting cabinet approval before being applied across industrial sectors and published in the Official Gazette, one of the sources said.

The government could choose to implement the increase immediately or from 1 October to give factories time to adjust production costs. An industry source in the fertilizers sector said the hike has yet to be formally communicated, noting that repeated postponements had helped stabilize prices and support export growth.

DATA POINT-

Suez Canal revenues rose 11% y-o-y in July to USD 359 mn, with vessel traffic inching up 0.8% to 1,055 ships and cargo volumes climbing 6.8% to 44.9 mn tons, according to Capmas data.

HAPPENING TODAY-

Join Diwan and Whalez for an uplifting evening of climate conversation at Consoleya tonight from 6pm to 8pm.Climate Connect — a monthly volunteer-led initiative — will feature meaningful discussions on our climate future with a distinguished panel featuring actress and activist Hend Sabry, VP of social entrepreneurship platform Ashoka Iman Bibars, and UNDP representative Chitose Noguchi. The evening will also showcase a special musical performance by Palestinian creative Huda Asfour. No registration is required.

CIRCLE YOUR CALENDAR-

Egyptian-Chinese Business Forum postponed: The Federation of Egyptian Chamber of Commerce has pushed back the 2025 Egyptian-Chinese Business Forum — which was set to take place on Tuesday, 23 September — at the request of the Chinese side, writes Al Mal. A new date will be announced once decided. The forum was set to showcase potential investments across six key sectors — IT, innovation, green economy, digital transformation, building materials, and infrastructure and décor — and to highlight government incentives to lure fresh investment and partnerships serving Egypt, the Middle East, and Africa.

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-

Trump just slapped a USD 100k toll on the American Dream for immigrants, unveiling the steepest hike yet for H-1B visas and rolling out a “Gold Card” residency scheme that lets mn’aires buy their way into the US. The new rules — which target the work permits used by Silicon Valley to hire foreign engineers and scientists — also allow companies to pay USD 2 mn per worker to sponsor them.

The backlash has been swift: US immigration lawyers warn the six-figure fee could “effectively kill” the H-1B program, while Indian officials — whose nationals make up about three-quarters of approvals — said they will “consult on the best path forward.” Nasscom, India’s IT industry lobby, said the policy would create “considerable uncertainty” for US innovation and Indian workers alike. (Bloomberg | Financial Times | Reuters | New York Times | Associated Press | Wall Street Journal | Politico)

AND- ABC’s sudden suspension of late-night host Jimmy Kimmel after his comments about the killing of Charlie Kirk has sent shockwaves through America’s media world, with the Trump-appointed Federal Communications Commission chair openly threatening to pull broadcast licences from stations that don’t toe the line. Protesters gathered outside Kimmel’s Hollywood studio while major networks scrambled to adjust their programming, underscoring what one media scholar called a “continued lurch to the right” in US broadcasting. (Reuters | BBC | The Guardian)

ALSO MAKING HEADLINES- The White House says a deal is near that would give US investors — led by Oracle — control over TikTok’s US operations, including the prized algorithm that drives the app’s video feed. (Associated Press | BBC | New York Times | Axios | Bloomberg)

As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer.

Egypt to relaunch stalled water desalination PPPs in December

The Madbouly government plans to launch its first tender for renewables-powered water desalination plants in partnership with the private sector in December, a government source told EnterpriseAM. The public-private partnerships (PPPs), which have been delayed for over two years, will move forward with an initial batch of two to four plants, we were told.

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

REMEMBER- It was announced in December 2022 that Egypt will sign contracts to build 21 desalination plants in 2023, as part of the first USD 3 bn phase of the government’s plans since 2020 to expand the country’s desalination capacity. These plants are expected to process a combined 3.3 mn cubic meters of water per day. The program will later expand to 8.8 mn cubic meters per day by 2050 at a total cost of USD 8 bn. More than 200 developers from 35 countries at the time were said to have shown interest in bidding for the projects.

A lack of suitable land and issues with water characteristics and safety testing have been holding back the offerings, our source told us. Before the float of the EGP, senior officials also told EnterpriseAM that exchange rate fluctuations had complicated project calculations, resulting in delays.

What’s next? The same 17 consortiums previously prequalified by the Sovereign Fund of Egypt are still on to bid for the projects, the government source confirmed.

Even more water desalination projects incoming: The consortium that was awarded a USD 300 mn desalination plant in the SCZone — separate from the government’s PPPs — will be announced in 1Q 2026, the source said.

DATA POINT- As of the start of the year, Egypt operated 125 desalination plants, with a total combined capacity of 1.3 mn cubic meters per day, according to a statement from the Housing Ministry.

SPEAKING OF- The National Authority for Military Production signed an MoU with Japan’s Mizuha to cooperate on designing, testing, and manufacturing air-to-water generation stations with a capacity of 500 liters of drinking water per day, according to a Military Production Ministry state ment. Mizuha will develop the first prototype, with both entities set to test, evaluate, and later mass-produce the stations for deployment in Egypt and export to neighboring countries and Africa.

REMEMBER- Mizuha and the ministry’s Helwan Company for Metallic Appliances had agreed last year to cooperate to produce Mizuha’s KuSui — a device that produces safe drinking water from air — locally.

Egypt mulls hiking water prices, applying water consumption quotas for factories

The Madbouly government could soon raise water prices for both household and industrial use, as part of a comprehensive review currently underway, two government sources 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 move comes in response to water scarcity concerns, the sources said.

Prices are also being increased to cover maintenance costs, Irrigation Minister Hani Suweilam said during the latest meeting of the Canada Egypt Business Council.

A new water consumption quota system for the manufacturing sector could be in the cards, with the government currently studying a proposal to apply consumption caps for different industries, one of the sources told us. The proposed methodology will ensure the continued operations of factories. The studies are expected to be finalized in 1H 2026, in line with the establishment of the National Water Council.

The Housing Minister has approved incentives to reschedule water overconsumption fines that were slapped on factories in July, allowing repayment over long periods without additional penalties, so as not to disrupt production in industrial zones, one of the sources said.

The government is currently studying applying a subsidized price for low-consumption brackets, with a ceiling to be introduced, the sources said. Most household use falls within the low-consumption bracket, meaning the majority of homes will continue to benefit from subsidized pricing, we were told.

Consumption above that ceiling would be charged at a liberalized rate, based on assessments of global and local developments, as well as overall demand, the sources added.

There is also now more clarity for private companies wanting to enter the water market — whether for management or sales — under the executive regulations of the new Drinking Water and Wastewater Utilities Regulation Law. The law permits private-sector participation in managing and delivering drinking water and wastewater services, opening the door for private players to enter the key sector. It aims to fast-track major projects, attract more investment, and improve service quality in the sector.

EIT to localize the assembly of Kia models in Egypt

Another step towards our auto localization ambitions: Egyptian International Trading and Agencies (EIT) — the sole distributor of Kia vehicles in Egypt — will invest over EGP 500 mn to start assembling Kia completely knocked down (CKD) vehicles in Egypt. Production is slated to kick off in 2026.

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

Which models will we see assembled locally? EIT and Kia are still in discussions over which models will be locally assembled, Taher Shahin CEO of EIT parent company Egyptian International Motors said, adding that the lineup should be finalized within the coming weeks.

The timeline: EIT will start off with two models — an SUV and a sedan — with plans to have them in showrooms in the third or fourth quarter of next year. The first phase will see EIT assembling Kia models in external factories. EIT plans to set up its own Kia-assembly factory within two years and then gradually transfer its production lines to it.

Speaking of Kia: EIT plans to introduce five Kia EV models to the local market before the end of the year.

In line with our automotive localization efforts: The Madbouly government has made it a priority to localize the assembly of vehicles as the first step in its plan to truly localize the automotive sector. It updated the Automotive Industry Development Program this year with the goal of attracting more investments and deepening the localization of the sector.

AAIB CHIPPED IN FINANCING MCV’S EGP 3 BN E-BUS PLANT-

AAIB helped finance MCV’s newly-inaugurated electric bus factory: The Arab African International Bank (AAIB) provided a long-term loan worth EGP 770 mn and EUR 8 mn in January 2024 to help fund MCV’srecently-inaugurated EGP 3 bn electric bus factory, the lender said in a statement seen by EnterpriseAM.

ICYMI- The local private sector automaker and Swedish automotive giant Volvo last week opened a new EGP 3 bn assembly line for electric buses in Sharqia with an annual production capacity of 1.2k vehicles.

Zilla Capital to establish USD 150 mn Saudi healthcare fund, EGP 500 mn EGX fund

Investment services firm Zilla Capital plans to launch a USD 150 mn investment fund focused on healthcare in Saudi Arabia, Managing Partner Moustafa El Shenety told EnterpriseAM. The planned fund will focus on primary care services and specialized care operators in the Kingdom, he told us.

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

Zilla Capital expects the fund to raise USD 100 mn in its first close, El Shenety added. The firm will target high-net-worth individuals in Saudi Arabia and the wider GCC region, along with family office groups, and has already secured two anchor investors.

The firm already has two Saudi companies in its sights, which El Shenety described as “big and well-established local players.” The two acquisitions could together account for 60% of the USD 150 mn fund, he added. Due diligence is set to start in October, with the firm hoping to conclude the acquisitions in 1H 2026.

The firm also plans to launch a EGP 500 mn fund targeting EGX-listed companies, which will focus on “undervalued companies and those of untapped and unrealized potential,” according to El Shenety.

ALSO IN INVESTMENT NEWS-

Marine environmental services company Antipollution Egypt plans to invest USD 150 mn in pollution control and marine waste management projects, according to a statement. The JV between Greece’s V Group and the Suez Canal Authority primarily focuses on collecting solid and liquid waste from vessels passing through the Suez Canal.

Hengsheng inaugurates USD 70 mn textile plant in Qantara

Chinese textile manufacturer Hengsheng has inaugurated its USD 70 mn textile technology plant in the Qantara West Industrial Zone, according to a cabinet statement. The 200k sqm factory will focus on dyeing, printing and finishing textiles, and is expected to create around 1.3k direct jobs once fully operational.

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

First phase live, second phase in the works: The first 100k sqm phase has been completed, with the second phase slated to start operations by the end of 2026.

REMEMBER- The Suez Canal Economic Zone and Hengsheng signed a usufruct contract for the project in October 2023.

TURKEY’S EROGLU OPENS UP USD 40 MN PLANT-

Turkish Eroglu Garment inaugurated its USD 40 mn ready-made garment plant in the Qantara West Industrial Zone, according to a separate statement. According to previous reports, the factory will produce 7 mn denim garments annually when operating at full capacity — some 70% of the factory’s production will be exported. It will create about 2.8k direct jobs.

Eroglu broke ground on the factory in August 2024, after DNM Textile for Spinning, Weaving and Dyeing — an investment venture of Eroglu Holding — in March 2024 received the government’s approval to move forward with the factory in addition to an industrial complex for spinning, weaving, clothing, mattress, and furniture production.

Egypt, Spain ink their first development partnership agreement

Egypt and Spain signed their first development partnership agreement during the Egypt-Spain Business Forum, held as part of Spain’s King Felipe VI’s visit to Cairo, according to a Planning Ministry statement. The five-year agreement, which runs until 2030, will serve as a framework for cooperation in key areas, including economic development, the green transition, food security, women’s empowerment, and water projects.

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

The agreement also expands cooperation between the two nations to include regional and trilateral initiatives, building on Egypt’s development expertise. It marks the first global development partnership program launched by Spain’s international cooperation agency. A joint committee comprising the ministry and the Spanish Embassy in Cairo will oversee implementation over the five-year period.

AND- Spain’s Construcciones y Auxiliar de Ferrocarriles (CAF) will provide maintenance work on metro carriages under agreements signed with the National Authority for Tunnels, according to a Transport Ministry statement. CAF will maintain 23 trains on Cairo Metro Line 1 and modernize, rehabilitate, and maintain 39 trains on Line 2. The agreements also cover a ten-year maintenance program for 62 trains across both lines, with work to be carried out locally using more than 95% Egyptian labor.

ANOTHER WORLD LEADER TOUCHES DOWN-

Egypt, Singapore ink wide-ranging MoUs during state visit: Egypt and Singapore signed a raft of MoUs yesterday during Singaporean President Tharman Shanmugaratnam’s first day in Cairo, according to an Ittihadiya statement. The MoUs span agriculture, health, maritime transport, social protection, SMEs, economic partnership, and training government cadres.

Drumming up Singaporean investments: President Abdel Fattah El Sisi highlighted the “diverse and attractive” opportunities for Singaporean companies in Egypt during his talks with Shanmugaratnam. The two sides discussed trade and potential cooperation in port management and digital transformation. Singapore’s president praised Egypt’s economic reforms and invited El Sisi to visit Singapore in 2026 to mark 60 years of diplomatic ties.

Just the beginning: Shanmugaratnam will spend four days in Egypt, in his first official visit to the MENA region since taking office in 2024. During his time here, an Egyptian-Singaporean Business Forum will be held to look into boosting trade and investment between the two nations.

Bahaa El Din calls for post-IMF structural reform

It’s time to move from planning to implementation: Economist and legal expert Ziad Bahaa El Din joined Cairo Weekend’s Zeina Soufan (watch, runtime: 14:56) to weigh in on the Madbouly government’s plans for the economy, arguing that there’s a “huge gap” between the language in strategies like Egypt Vision 2030 and the national narrative, and what’s happening on the ground. “Everyone agrees we need to regulate the state’s role in the economy, empower the private sector, and broaden the tax base without raising taxes. The problem is implementation,” he said, citing the State Ownership Policy Document as an example demonstrating the lack of follow through.

What should our future look like post-IMF program? Bahaa El Din said he wouldn’t be worried seeing Egypt’s current IMF loan program end without the government negotiating another. “What concerns me is the absence of a new reform program — not with the IMF, but one of our own,” he said. Egypt now needs to focus on structural reforms to improve how markets function, support the private sector, and fix customs, taxes, and the operational role of the state, he added.

AND- Juhayna is pushing hard into the GCC and Europe: Juhayna recently signed a distribution agreement in Saudi Arabia to lay the groundwork for a Gulf expansion, Juhayna Vice Chairman Seif Thabet told Soufan (watch, runtime: 12:27). The company also landed a white-label contract with Lidl, the largest supermarket chain in Europe, to supply juice products in Germany — “the first time a non-EU producer has made the cut, thanks to our quality,” he said. The company plans to increase its exports 50% by 2028 through partnerships in the GCC and Europe.

The mystery of the missing ancient Egyptian gold bracelet has been solved

Who stole the King Amenemope-linked gold bracelet? Four people have been arrested after they confessed to playing a part in the stealing of a 3k-year-old gold bracelet linked to Pharaoh Amenemope from the Egyptian Museum, the Interior Ministry said on Thursday. One of the four — a restoration specialist at the museum — stole the bracelet and sold it to a jeweler for EGP 180k, who then sold it to a gold-foundry worker, who melted it down and reshaped it. Bloomberg and BBC have the story.

Egypt to grant firms operating in the planned Russian Industrial Zone decades of incentives

INVESTMENT WATCH-

Russia locks in decades of incentives for its industrial zone: Russian companies operating in the planned Russian Industrial Zone will benefit from major tax and customs breaks fixed for 49 years under a new intergovernmental agreement, Russian state media RT reports, citing Russian Deputy Industry and Trade Minister Roman Chekushov. His remarks came following a recent high-level Russian delegation trip to Egypt — the zone, set to launch operations in 2030, was the main focus of the trip.

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

Gateway for Russian exports to Africa and beyond: Chekushov said the zone’s Gulf of Suez location offers developed infrastructure, links to the Suez-Hurghada highway and nearby rail, and access to more than 70 preferential trade agreements signed by Egypt. Priority sectors include mechanical engineering, chemicals and petrochemicals, pharma, and medical equipment — areas where Russian exporters see growing African demand, particularly for chemicals.

M&A-

Premium Healthcare to acquire Upper Egypt’s largest lab chain: Premium Healthcare Group plans to acquire 100% of Elesraa Lab, a lab operator with 21 branches across Upper Egypt, in a EGP 150 mn transaction, Premium Healthcare Vice Chairman Beshoy George told EnterpriseAM. About EGP 135 mn of the purchase price will be covered by creditor balances and the remaining EGP 15 mn through the company’s own funds. The acquisition is part of Premium Healthcare’s wider strategy to expand its footprint in Egypt.

More in the pipeline: Premium Healthcare is also in talks to acquire radiology center Mega Scan, which operates four branches in Egypt.

ENERGY-

The government awarded Canadian oil and gas company Mediterra Energy an oil exploration concession in the North Baraka area, Asharq Business reports, citing an unnamed government official. The company is expected to ink an agreement with EGPC subsidiary South Valley Egyptian Petroleum Holding Company (Ganope) to drill three new wells in the area near Aswan in 4Q 2025.

REGULATIONS-

FRA cracks down on misuse of consumer loans: The Financial Regulatory Authority (FRA) has ordered the Federation of Consumer Finance to compile a blacklist of companies, brokers, customers and staff involved in turning consumer loans into cash, according to a statement.

Consumer finance firms will be required to stop dealing with anyone found to be engaged in the practice and take legal action against employees proven to be involved. The FRA is also mandating that the federation set up an electronic link with the authority to share data on offenders, aiming to improve oversight and transparency and to ensure loans are used for their intended purposes.

AVIATION-

EgyptAir Holding subsidiaries inked a number of MoUs with AbuDhabi Aviation Group (ADA) companies, according to a statement from the Civil Aviation Ministry. The agreements include:

An MoU between EgyptAir Cargo and Maximus Air to cooperate on expanding cargo capabilities, launching new routes, and sharing expertise;
An Mou between EgyptAir Maintenance and Engineering with Etihad Engineering to cooperate on the maintenance and overhaul for certain airplane models;
An MoU between EgyptAir Maintenance and Engineering and GAL to supply spare parts to airports and airlines, in addition to mulling the establishment of a regional center in Egypt to supply spare parts to local and foreign markets;
An MoU between the EgyptAir Training Academy and the Abu Dhabi Aviation Training Center to cooperate on training programs.

PLUS- The Egyptian Airports Company inked an MoU with ADA subsidiary Royal Jet to develop and operate lounges for private jet passengers at the Capital International Airport and training programs to encourage private jet traffic.

FINTECH-

Local fintech leader Valu partnered with used electronics platform MobileMasr to launch the country’s first P2P BNPL service for pre-owned smartphones, according to a statement from Valu’s parent company EFG Holding. The service uses MobileMasr’s diagnostic and verification technology to ensure secure transactions. It also offers buyers installment plans of up to 60 months, including a limited-time option of 12 months with no interest, fees, or down payment.

Crypto treasuries face test as altcoins challenge BTC’s dominance

Corporates pile into digital assets as BTC vs altcoin split emerges: Institutional treasuries of public companies are moving USD bns into crypto, but a divide is emerging over whether the balance sheet should stick to BTC or diversify into altcoins, Bloomberg reports.

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

Who’s buying into what? With USD 116 bn held by 190 listed firms in BTC, the crypto mainstay’s backing outweighs altcoin holdings — however this lead is being challenged to some degree on the back of altcoin’s promising yields, with ETH treasuries reaching USD 16 bn and firms holding USD bns worth of SOL, pointing to shifting preferences.

The case for BTC: BTC backers see it as the only virtual asset that carries real legitimacy as a treasury asset, with its fixed supply of 21 mn tokens and established position in crypto markets providing “stability and simplicity,” Bit Digital CEO Sam Tabar said. BTC is also less susceptible to price volatility than its altcoin counterparts.

In the other corner: Alternative assets like ETH and SOL could offer bigger upside and returns, because of the various tactics like staking, staking, and lending that they offer. However, more exposure to market volatility and price swings make it a “horrible asset for a treasury company,” according to Strive Inc’s CEO Matt Cole.

BTC’s stagnant position on balance sheets will need to be challenged through the issuance of instruments or bonds, some argue, adding that the “moment has passed” for BTC to just be bought and held on balance sheets.

BUT- Skepticism around altcoins remains: CEO of BTC treasury firm Nakamoto David Bailey warned in an X post that failed altcoin projects and “toxic financing” have blurred the purpose of digital asset treasuries. He likened BTC treasuries to banks, arguing that firms with strong balance sheets will grow while weaker ones will be absorbed. Altcoins are also among the most vulnerable to market downturns, which would hit treasury firms hard.

	EGX30	35,403	+1.2% (YTD: +19.0%)
	USD (CBE)	Buy 48.13	Sell 48.27
	USD (CIB)	Buy 48.14	Sell 48.24
	Interest rates (CBE)	22.00% deposit	23.00% lending
	Tadawul	10,781	+1.2% (YTD: -10.4%)
	ADX	10,128	+0.3% (YTD: +7.5%)
	DFM	6,023	+0.7% (YTD: +16.8%)
	S&P 500	6,664	+0.5% (YTD: +13.3%)
	FTSE 100	9,217	-0.1% (YTD: +12.8%)
	Euro Stoxx 50	5,458	0.0% (YTD: +11.5%)
	Brent crude	USD 66.68	-1.1%
	Natural gas (Nymex)	USD 2.89	-1.7%
	Gold	USD 3,706	+0.6%
	BTC	USD 115,599	-0.1% (YTD: +23.6%)
	S&P Egypt Sovereign Bond Index	922.60	+0.1% (YTD: +18.7%)
	S&P MENA Bond & Sukuk	150.45	-0.1% (YTD: +7.5%)
Don	VIX (Volatility Index)	15.45	-1.6% (YTD: -11.0%)

THE CLOSING BELL-

The EGX30 rose 1.2% at Thursday’s close on turnover of EGP 4.3 bn (3.5% below the 90-day average). Local investors were the sole net sellers. The index is up 19.0% YTD.

In the green: Eastern Company (+7.4%), EFG Holding (+4.7%), and Orascom Construction (+4.0%).

In the red: Arabian Cement (-2.9%), Madinet Masr (-2.4%), and Abou Qir Fertilizers (-2.2%).

CALENDAR

SEPTEMBER

21 September (Sunday): Climate Connect organized by Diwan and Whalez, Consoleta, Cairo

24-26 September (Wednesday-Friday): The launch of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report at El Gouna.

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

29-30 September-6 October (Monday-Tuesday): Techne Summit Cairo, Sultan Hussein Kamel Palace, Cairo

29 September-6 October (Monday-Monday): Egypt Innovation Week

30 September (Tuesday): The Egypt-South Korea Economic Cooperation and Partnership Forum.

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

1 October (Wednesday): IMF mission expected to visit Egypt for talks on combined fifth and sixth reviews of the EFF arrangement.

1 October (Wednesday): Applications for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.

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

4-6 October (Saturday-Monday):Techne Summit Alexandria, Alexandria Bibliotheca, Alexandria

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

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

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

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

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.

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

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

16-19 November (Sunday-Wednesday): Cairo ICT 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.

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.

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.

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.

https://entlaq.com/events/2

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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