Gov’t wants the SFE to take over all state-owned companies

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What We're Tracking Today

Egypt’s government debt declined to 77.4% of GDP by the end of 2024

Good morning, friends. Enjoy your final sips of morning coffee and breakfast bagels for some time as it’s the last workday before we welcome Ramadan.

PSA-

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It’s as cold in Alexandria, with a high of 20°C and a low of 10°C.

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WATCH THIS SPACE-

#1- IFC, Madbouly government to agree on airport privatization plans by mid-March: The International Finance Corporation (IFC) is expected to reach an agreement with the Egyptian government on its privatization plan for the management of 11 airports by mid-March, Asharq Business reports, citing Civil Aviation Minister Sameh Elhefny comments during a press conference. The first phase will see the IFC offer the Hurghada Airport, followed by Sphinx Airport.

Int’l companies are eyeing our airports: Major global companies have expressed interest in managing Egyptian airports, according to Elhefny, including the three largest operators in Europe, he said. While Elhefny didn’t name which companies were interested, Hassan Allam Holding and France’s Groupe Aéroports de Paris (ADP France) submitted a joint proposal in December to manage and operate Egyptian airports.

Refresher: Reports revealed earlier this month that the IFC’s full airport privatization plan should be out within the next six months. The plan will include the technical, financial, and legal specification to speed up the airport privatization process. This comes amid the government’s plans to invite private sector players, including foreign companies, to take over the management of all of Egypt’s airports.

#2- Investment Minister Hassan El Khatib is expected to finalize a trade agreement with Morocco today to resolve an export standoff that has left 150 Egyptian containers — loaded with ceramics, food products, and insulation materials — stranded at Moroccan ports for two weeks, a government source told Al Borsa. The agreement will reportedly be inked today during El Khatib’s visit to Morocco. One proposed solution is for Egypt to increase imports of Moroccan goods to address a trade imbalance.

#3- State-owned fertilizer producer Delta Fertilizers will no longer be sold toa strategicinvestor, despite interest from five local and Gulf firms, unnamed sources told Al Borsa. Its parent company Chemical Industries Holding had initially planned to use the sale proceeds to finance a long-overdue restructuring, but will now fund the upgrade through a mix of internal resources and bank loans.

What’s the plan now? Chemical Industries Holding plans to move forward with a phased rehabilitation of Delta Fertilizers, with the first phase expected to be completed this year at an initial cost of EUR 60 mn. The upgrade aims to boost production capacity to 1.2k tons of ammonia and 1.6k tons of urea. The full rehabilitation could cost between USD 350-450 mn, with advisory firm Baker Tilly conducting a detailed investment cost assessment.

DATA POINT-

Egypt’s government debt declined to 77.4% of GDP by the end of 2024, down from 78.2% in September, marking its lowest level since March 2020, according to data from the Institute of International Finance seen by Al Arabiya.

The gov’t is set to have a busy year in the debt market: The Finance Ministry is planning to increase its local debt issuances for the fourth quarter of the current fiscal year to approximately EGP 1.8 tn, up from EGP 1.6 tn, as the government looks to meet obligations for one-year debt maturities that were issued since last March, a government official told EnterpriseAM.

Meanwhile, more debt issuances are incoming: The Finance Ministry is gearing up to complete its first sovereign sukuk issuance of the year within the next month, with the issuance set to be around EGP 2-3 bn, a government official told EnterpriseAM earlier this week. The ministry is also looking to tap international debt markets with a USD 1.5 bn sukuk issuance during the final quarter of the current fiscal year, along with plans to issue between USD 1-1.5 bn worth of green bonds or eurobonds and its first social bonds in 4Q 2025.

Moving forward: Extending debt maturities represents a key tool for the government to ease the annual debt burden and reduce debt service payments, our source said. This entails gradually replacing short-term debt with longer-term, coupled with the reintroduction of zero-coupon bonds, whose returns are paid at maturity.

CIRCLE YOUR CALENDAR-

Kuwaiti Prime Minister Sheikh Ahmed Al Sabah will visit soon to announce new joint investment projects, Prime Minister Moustafa Madbouly said during his weekly presser yesterday. The visit would follow Madbouly’s recent visit to Kuwait where he touted potential investments.

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-

Nvidia posts strong gains: The US chipmaking giant’s earnings report saw revenues rise 79% y-o-y to USD 38.3 bn in 4Q 2024, leading full-year earnings to more than double to reach USD 130.5 bn, exceeding analyst expectations. CEO Jensen Huang dismissed concerns of Chinese AI startup DeepSeek’s claims affecting the company’s performance, touting “amazing” demand for high-end chips.

CLOSER TO HOME- Hamas and Israel exchanged four dead Israelis for 642 Palestinian captives early this morning, days before the first phase of the fragile Gaza ceasefire is set to end. Meanwhile, US Special Envoy to the Middle East Steve Witkoff said a “summit” of regional real estate developers and planners will be held soon to discuss Trump’s forcible displacement plan.

“I think when people see some of the ideas that come from this, they’re going to be amazed,” Witkoff said, without providing further details.

ALSO- We might start looking elsewhere for Trump coverage: The White House denied reporters from Reuters, Associated Press and other news outlets from covering the US President’s first cabinet meeting held yesterday. The new policy, announced Tuesday, will see the Trump administration pick and choose who is allowed to cover events in “smaller spaces,” including the Oval Office.

Madbouly gov’t wants its sovereign wealth fund to take charge of state-owned enterprises

All state-owned companies under the SFE? The Madbouly government is aiming to transfer the administration of all state-owned companies to the Sovereign Fund of Egypt (SFE) in order to boost their returns, Investment Minister Hassan El Khatib said during his participation in the Investopia 2025 conference in Abu Dhabi yesterday.

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You heard right — all of them: “I want to move the state-owned enterprises in batches to the [sovereign wealth] fund to manage, to maximize the return on, say, state assets,” El Khatib said.

The plan: SFE’s role will focus on attracting private players and potentially going public with the companies. “I see we have a lot of good companies. As we move them, get the private sector to run them, have the proper governance, partner with the private sector, list in some cases,” El Khatib said, “the perception of the [SFE] will be maximization of yield on the return value and the valuation.”

El Khatib has long advocated a balanced approach to state enterprises: El Khatib has made clear that his approach to state enterprises centers around maximizing returns — rather than divesting stakes for cash — ever since the SFE was moved under his control last year. El Khatib noted at the EnterpriseAM Finance Forum last year that he’s “not fixed on privatization,” explaining that he instead approaches the topic as “an investor.” El Khatib elaborated that instead of selling assets quickly and cheaply, he wants “to talk about maximizing their value and the returns we get for them, move them to a sovereign wealth fund, have them be run by the private sector, and monetize them to generate more value.”

Remember: El Khatib was appointed to head of the SFE in October, after Prime Minister Moustafa Madbouly issued a decision that places the fund under the control of whoever is heading the Investment Ministry. The move comes alongside efforts to better align the SFE with the objectives and actions of the cabinet by placing it more firmly under cabinet control, and to signal a change in approach from the SFE toward attracting investment from abroad.

Pulse check on the privatization program: The Madbouly government is looking to sell stakes in ten state-owned companies this year via private placements to strategic investors and stake sales on the EGX.

ALSO FROM EL KHATIB’S TIME IN UAE-

During his time in Abu Dhabi, El Khatib met with representatives from 50 multinational firms to present Egypt’s investment reforms, according to a statement. He outlined ongoing fiscal, monetary, and trade policy adjustments, along with state ownership reforms aimed at easing business operations and attracting foreign capital. Companies expressed interest in expanding into Egypt’s healthcare, retail, and industrial sectors.

Kouchouk announces EGP 85 bn package of wage and pension hikes

Kouchouk lays out the details of the new social protection package: Finance Minister Ahmed Kouchouk shared the details of the government’s long-awaited social protection package of wage and pension hikes and support to Egypt’s most vulnerable yesterday following the cabinet’s weekly meeting.

It’s a two parter: The package includes measures that will take effect starting the new fiscal year in July and other that will be implemented between March and July.

#1- Wage hikes incoming: Starting July, civil servants and workers at state-owned enterprises are set to see their salaries increase by no less than EGP 1.1k, Kouchouk said. Meanwhile, the public-sector minimum wage will rise by EGP 1k to EGP 7k.

You heard it here first: EnterpriseAM reported back in January that the Madbouly government is planning to raise the minimum wage for civil servants and workers at state-owned enterprises by EGP 1k to EGP 7k.

The private sector did it first: Earlier this month the National Wages Council decided to raise the minimum wage for private sector workers to EGP 7k a month, up from EGP 6k, starting March. The council also introduced a minimum wage for part-time employees, who will now make no less than EGP 28 per hour.

Remember: The government last increased the public sector minimum wage early last year, raising it by 50% to EGP 6k as part of a wider EGP 180 bn social support package.

#2- Pension increases: The state will increase pension payouts by 15% starting the new fiscal year, the minister said.

The cost of it all: The wage and pension hikes will cost the state some EGP 85 bn next fiscal year, Kouchouk said, adding that the increases will impact 4.5 mn public sector employees and 13 mn pension-receiving families.

#3- Increasing the cost of living allowance: The government will also raise the exceptional cost of living allowance to EGP 1k for all government employees.

#4- A EGP 10 bn economic empowerment fund: Kouchouk noted that the state will set up a EGP 10 bn fund dedicated to economically empowering the youth, providing them with jobs, qualifying them for the job market, and helping them establish projects.

#5- Short-term relief through Ramadan and Eid: The government will increase funding for 10 mn low income families registered in the ration card system, with payments ranging from EGP 125-250 per household depending on the number of family members. The increase will be made with the beginning of Ramadan and once again during Eid Al Fitr. Meanwhile, the 5.2 mn families part of the Takaful and Karama program will receive an EGP 300 lump sum this Ramadan, with permanent stipend increases of 25% starting April.

#6- Support for irregular workers: Irregular workers will receive a new EGP 1.5k stipend, paid six times a year through the Labor Ministry.

Ford discontinues new vehicle sales in Egypt

Ford shuts down local retail operations: US-based automaker Ford Motor Company discontinued new vehicle sales in Egypt, effective 26 February, it said in a statement (pdf). The company did not specify what prompted the decision, saying only that it comes as part of its efforts to realign its business strategies and that it follows a consideration of market trends. We were unable to reach company representatives for comment.

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If you’re a Ford owner, don’t fret: While they won’t be selling new cars, Ford and its local distributor Jameel Motors will continue to provide after-sales support, parts, and warranty coverage to existing customers.

Sales were facing headwinds: Ford’s sales have been in decline over the past two years amid a growing preference for more affordable cars coupled with import difficulties, several industry sources told EnterpriseAM. The company, whose market share amounts to no more than 0.5%, discontinued a number of models in the local market over the past years, one source told us. The decision to halt sales entirely is part of the company’s wider strategy to exit peripheral markets where annual sales fall below 1k vehicles per model, the source added.

THE FORCES SHAPING THE AUTO MARKET-

Demand at a glance: Economic cars priced under EGP 1 mn account for nearly 70% of sales, crowding out luxury vehicles and some mid-tier brands amid a decline in purchasing power, said Khaled Saad, head of the Association of Automobile Manufacturers. While it all boils down to personal preference, more consumers are opting for brands that are equipped with better tech and more features at lower price points, like Chinese cars — which are widespread in the Gulf and starting to become more popular here — said Al Ahly Pharos Equity Research Analyst Salma Abdelhay, adding that demand is greatest for Chinese and Korean cars.

Market leaders: Nissan held the largest market share of Egypt’s auto market last year, with a 15.9% share, according to data tracked by the Automotive Marketing Information Council (AMIC). Chery-Ghabbour came in second with a 13.4% share and Chevrolet followed with a 12.2% share. Rounding out the top ten were Hyundai, Toyota, MG, BYD, Mitsubishi, Kia, and Ranualt.

The market is seeing a significant shift towards local production: Import restrictions — including previous halts in the issuance of USD-denominated letters of credit and ACID numbers required to import cars — have prompted a slew of global automakers and local agents to turn to local production by setting up factories here, Abdelhay said. As a result, the completely knocked down (CKD) vehicle market — where cars are shipped in parts and assembled at local factories, as opposed to the completely built units (CBU) market — is growing significantly, she explained. The car market will increasingly gravitate toward locally manufactured models in the coming years, said Saad, adding that the government is firmly committed to supporting the sector's transition to assembly then local production.

ICYMI- A few notable examples: Auto Jameel is set to begin assembling GAC models ; Kasrawy Group is preparing to open a plant for Chinese Jetour and Jac car models ; Al Mansour Auto and SAIC are gearing up to establish a USD 135 mn factory for MG vehicles; and GB Auto subsidiary Itamco and Helwan Company for Machinery and Equipment will assemble and manufacture the Indian Bajaj’s Qute model.

Pulse check on AIDP: The Automotive Industry Development Program (AIDP), which aims to localize the industry, will dole out some EGP 1.5 bn worth of incentives to its participants, a government source told us. These funds have been integrated into the central clearing system and will help offset company dues owed to the Egyptian customs and tax authorities. Our source also indicated that more and more companies are joining the program. Current participants include General Motors Egypt, El Nasr Automotive, Bavarian Auto Group, Arab American Vehicles, Al Amal Auto, GB Auto, Nissan Egypt, Ezz El Arab Automotive, and Aboul Fotouh Automotive.

Limited imports may also help with the localization drive: Auto players are set to import a maximum of 100k cars this year worth some USD 1.8 bn, following discussions the Investment Ministry had with car dealers in December, one of our sources said.

Ezz Elsewedy to pump USD 100 mn into auto manufacturing

Ezz Elsewedy has a USD 100 mn investment plan: Ezz Elsewedy Investment Company — the joint venture formed by Elsewedy Capital and automotive group Ezz El Arab — plans to invest USD 100 mn expanding in the local auto market, setting up manufacturing and assembly facilities of petrol and electric vehicles, Ezz El Arab Chairman Hisham Ezz El Arab told EnterpriseAM yesterday during a presser held to celebrate the JV’s first locally-assembled vehicles.

What’s the plan? Ezz Elsewedy wants to set up two additional factories in the 6th of October Industrial Zone — a car paint factory and another for the manufacture of spare parts and components, Ezz El Arab told us, adding that at a later stage that will include an EV manufacturing facility.

Ezz Elsewedy rolls out locally assembled Proton Saga: The JV launched its first locally-assembled Malaysian Proton Saga, which has a local component ratio of 51%, according to a press release (pdf). The factory currently has a production capacity of 5.3k vehicles per year, with plans to increase it to 25k units annually, and 40k units if it moves to a two-shift operation. The company is also looking to launch a locally-assembled Proton sedan model in summer 2026 and an SUV model in summer 2027, Ezz El Arab told EnterpriseAM. The firm is looking to export its production to seven African markets as a first step, aligning with Egypt’s national strategy to hit USD 100 bn in exports by 2030.

A project with serious momentum: The JV originally earmarked USD 15 mn for the local assembly of Proton models, but total investment has since grown to USD 50 mn, Ezz El Arab told us.

EV assembly could come sooner than expected: Proton is working on an electric model that could enter production within two years, opening the door for local manufacturing in Egypt. Meanwhile, Ezz Elsewedy is in talks with three automakers — one South Korean, one Japanese, and one undisclosed — to assemble their EVs locally, Ezz El Arab told us.

What they said: “Egypt’s auto market has massive potential — not just in terms of growing demand, but as a strategic gateway to North Africa and the Middle East. That’s why we’re targeting producing 5k units of the Proton Saga in 2025, with exports as a key driver of our growth strategy,” said Proton CEO Li Chunrong. “We’re upgrading our production infrastructure, from establishing a state-of-the-art paint shop to preparing our lines for three EV models in the coming years — reinforcing our commitment to sustainable manufacturing,” said Ezz El Arab.

Mashreq Bank to launch its corporate banking platform Mashreq Neo Corp in Egypt

Our friends at Mashreq will launch their new digital corporate banking platform, dubbed Mashreq Neo Corp, in Egypt, after obtaining the necessary regulatory approvals, according to a press release (pdf). The platform offers 24/7 online access to comprehensive money management and trade finance services.

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About the platform: The one-click interface offers a comprehensive range of cash management and trade services — including account services, payments, collections, guarantee management, import and export trade services, post-dated cheque discounting, and supplier financing.

A wide reach: The lender launched Mashreq Neo Corp in Qatar, Kuwait, and Bahrain last year, with plans to roll out the digital banking platform across other Gulf countries. But Egypt will be the first country to get the full suite of Mashreq Neo Corp products and services and the only country outside the UAE to “enjoy the broadest set of products and services equivalent to that offered in the UAE.”

What they said: “We believe the introduction of Mashreq Neo Corp will put Mashreq at the forefront of transaction banking in Egypt, with the most comprehensive, advanced, digital, and client-friendly platform of any offered in the market,” Group Head of International Banking at Mashreq Tarek El Nahas said.

A dual celebration: SEKEM’s Heliopolis University hosted “Localizing Organic Medicinal and Aromatic Plant Cultivation” forum and the EBDA’s Carbon Ceremony

At the heart of Egypt’s sustainability movement, SEKEM’s Heliopolis University hosted the Egyptian Biodynamic Association (EBDA) Carbon Ceremony during the “Localizing Organic Medicinal and Aromatic Plant Cultivation” Forum. The event spotlighted the power of organic and biodynamic farming in addressing global challenges like water scarcity and climate change, particularly in the New Valley region.

Distinguished figures, including Dr. Hani Sweilem (Minister of Water Resources and Irrigation), Mr. Alaa Farouk (Minister of Agriculture and Land Reclamation), Major General Dr. Mohamed El-Zamlout (Governor of the New Valley), and Dr. Mohamed Hani Ghoneim (Governor of Beni Suef), joined the conversation, reinforcing the national commitment to sustainable agriculture.

A key moment of the forum was the recognition of 100 EBDA farmers who successfully transitioned to organic and biodynamic agriculture, receiving carbon credits as a reward for their commitment to sustainable farming. The event also featured a compelling presentation from Concrete, Egypt’s leading menswear and kids’ wear retailer, which shared its sustainability journey — showcasing how it offsets carbon emissions by purchasing credits through the EBDA’s pioneering Economy of Love (EoL) standard.

Founded in 2012 as part of the SEKEM Initiative, Heliopolis University is a hub for research and innovation in sustainability. From renewable energy to advanced water management, its work with national and international partners drives progress in key fields such as agriculture, mechatronics, biotechnology, and pharmacy. Beyond research, the university leads by example, integrating solar power, wastewater treatment, and circular economy principles into campus life. At its core, Heliopolis University is shaping the next generation of social entrepreneurs, equipping them with the tools to create lasting change through innovation and collaboration.

Local building materials manufacturer to set up USD 12 mn plant in Tech Valley

Industrial House to set up USD 12 mn gypsum plant in Tech Valley: Industrial House for Building Materials signed an usufruct contract with the Suez Canal Economic Zone (SCZone) to develop a USD 12 mn gypsum factory in East Ismailia’s Technology Valley according to a statement.

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The details: Industrial House will set up a 50k sqm facility featuring three production lines for gypsum boards, plaster gypsum, and plastic packaging bags. The project is expected to create 500 direct jobs. The company plans to allocate 80% of its output for export.

A couple of days back Tech Valley got its first project, a USD 5 mn silicomanganese and ferrosilicon production plant courtesy of India’s Volkov.

QANTARA WEST IS GETTING ANOTHER PROJECT-

United Trade Co for Poultry Equipment will set up a USD 3.3 mn poultry equipment assembly plant in the Qantara West Industrial Zone, according to a statement. The facility will assemble poultry breeding and production line equipment on a 9.8k sqm plot. The project will create 100 direct jobs.

Not the first investment announced in Qantara West this week: Eroglu Garment — a subsidiary of Turkish clothing manufacturer Eroglu Holding — announced earlier this week that it would be investing some USD 120 mn in a new integrated garment factory in the Qantara West Industrial Zone.

Two golden licenses awarded and more from the cabinet’s weekly meeting

Another busy Wednesday at the cabinet, saw ministers signing off on a raft of decisions, including more golden license awards.

#1- More golden licenses awarded: Cabinet has agreed to award a golden license to China’s state-owned Xinxing for its USD 145 mn ductile iron pipes factory in Ain Sokhna’s TEDA industrial park. With a target launch date of March 2025, the project is expected to create 700 jobs.

AND- Cabinet also agreed to award Yada Egypt a golden license for its EUR 70 mn furniture plant in New Alamein. The project — set to go live by October 2026 — will see polish manufacturer Padma, a key IKEA supplier, train local talent and introduce advanced production techniques. The facility will create 6.4k jobs and export 100% of its output.

#2- A new Supreme Council for Planning and Sustainable Development: The cabinet approved a draft presidential decree to form the Supreme Council for Planning and Sustainable Development, which will be led by the president and include the prime minister, central bank governor, and key ministers, alongside sector experts in energy, education, agriculture, and industry.

Scope? Meeting at least once every three months, the council will oversee national and regional development plans, ensuring alignment between urban planning and sustainable development strategies. Its decisions will be binding for all state bodies.

E-finance’s adjusted net income rises 36% y-o-y in 2024

Earnings. Earnings. Fintech player E-finance and non-banking financial services firm Contact Financial Holding are both out with their 2024 earnings.

E-FINANCE SEES INCOME, REVENUES RISE-

E-finance posts strong growth for 2024: State-owned fintech giant E-finance saw its adjusted net income increase 36% y-o-y during 2024 to reach EGP 2.1 bn, according to the company’s latest earnings release (pdf). The company’s topline expanded 34% y-o-y to EGP 5.2 bn in the same period,

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On a quarterly basis: E-finance saw its adjusted net income rise 77% y-o-y to 676.4 mn in 4Q 2024, with revenues rising 56% y-o-y to reach EGP 1.8 bn.

E-finance’s flagship business E-finance Digital Operations contributed 87% of the company’s total revenues in 2024, with the subsidiary’s topline rising 29.3% y-o-y to EGP 4.6 bn on the back of strong results across its transaction, cloud hosting, and build and operate revenues. Revenues also saw solid growth across E-finance’s other subsidiaries, including eKhalas, eNovate, eNable, and eAswaaq.

What they said: “As we head into the new year, I am confident that we are well positioned to capitalize on the current market recovery and deliver strong top- and bottom-line growth over the coming period as inflation and interest rates normalize,” Chairman Ibrahim Sarhan said.

ALSO- Board greenlights capital increase: The company’s board approved a bonus share distribution, granting 0.5 shares for each original share financed by existing reserves, according to an EGX statement (pdf). The move will increase the company’s issued and paid-up capital to EGP 1.7 bn from EGP 1.2 bn.

CONTACT FINANCIAL REPORTS 2024 EARNINGS-

Contact Financial posts solid financial performance for 2024: Non-banking financial services firm Contact Financial Holding saw its normalized net income in 2024 grow 6% y-o-y to EGP 736 mn, according to its latest earnings release (pdf).

The breakdown: The company’s ins. division saw its net income increase 56% y-o-y to EGP 154 mn, as the company continued to reap the fruits of its strategic investments.” Meanwhile, the financing division saw its net income dip 15% y-o-y in 2024 to EGP 533 mn — “The challenging first half of the year weighed on the division’s overall FY-2024 performance. However, it is worth noting that compared to 1H-2024, all business segments expanded strongly in the second half of the year,” according to the company’s management.

What they said: “We are pleased with the Group’s strong performance during FY 2024, a year which saw us once again prove the resilience of our business model and the attractiveness of our value proposition. Following a challenging start to the year due to ongoing difficulties in our home market of Egypt, we recorded a strong turnaround as market conditions stabilized,” the company’s management said.

Contact Financial CEO Said Zater resigns

Contact Financial CEO steps down: Contact Financial’s board of directors accepted the resignation of CEO and Managing Director Said Zater (LinkedIn), according to an EGX disclosure (pdf). Zater will take on a new role as vice chairman of the group’s board and board advisor, according to a statem ent (p df) from the company.

Egypt officially rejects Lapid’s proposal

An official rejection of Lapid’s proposal: “Any proposals or suggestions that contradict Egypt’s and the Arab world’s stance — particularly on Egypt temporarily administering Gaza — are outright rejected and unacceptable,” Foreign Ministry spokesperson Tamim Khallaf said, according to Moussa (watch, runtime 2:17). His comments come in response to Israeli opposition leader Yair Lapid’s proposal that Egypt manages Gaza’s security and civil administration for up to 15 years in exchange for external debt relief.

Egyptian bn’aire Naguib Sawiris calls for reconsideration of the gov’t’s mega-projects amid economic concerns

Naguib Sawiris’ take on Egypt’s FX-intensive national development strategy is making headlines in the international press, with Reuters reporting that the well-heeled businessman has suggested the government ought to “have a second look” at its mega-projects due to their substantial FX requirements. Speaking at a conference in Abu Dhabi on Wednesday.

Sawiris also pointed out a major business migration trend: About 1.5k Egyptian companies moved their HQs to Abu Dhabi last year alone, according to Sawiris, who also suggested unifying the UAE bourses to encourage more companies to list in the region.

Egyptian real estate developer Palm Hills will expand to Abu Dhabi

REAL ESTATE-

PHD is heading to Abu Dhabi: Real estate developer Palm Hills Developments’ (PHD) board approved the company’s expansion to the UAE via the establishment of a subsidiary and wholly owned limited liability company in Abu Dhabi, according to an EGX disclosure (pdf).

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ICYMI: Palm Hills established its new Saudi branch last August and has plans to develop urban projects and 15 international schools in the kingdom under an agreement with Saudi investment group Dallah Albaraka subsidiary Dallah Real Estate.

M&A-

Dirac Systems revealed to be the latest in a string of startups freshly acquired by Fawry: Fintech giant Fawry has nabbed a majority stake (51%) in Dirac Systems, an enterprise resource planning (ERP) software company, as part of its wider push to acquire startups that offer complementary services, it said in a press release (pdf). The move follows Fawry’s acquisition of a 56% stake in financial services and accounting firm Virtual CFO and a 51% stake in local hospitality and medical institutions manager Code Zone. Combined, the investment tally landed at EGP 80 mn.

The pitch: “These investments reinforce Fawry’s position as a one-stop digital business solutions provider by expanding “Fawry Business” suite in ERP and financial management tools, seamless digital payment integrations with advanced accounting and HR solutions, and tailored fintech innovations for SMEs, and large enterprises,” Fawry CEO Ashraf Sabry said.

STARTUPS-

Design and furnishing made easy: Valu, The Mob Collective, and Le Marché have launched Dream Space, a platform offering designer-curated home furnishing packages with transparent pricing and flexible financing, the companies said in a press release (pdf). The platform gives customers the chance to choose from ready-made room packages in various design styles, crafted by The Mob Collective. Le Marché will provide access to premium furniture brands, while Valu will offer tailored payment plans with its lowest-ever interest rates, extending up to 60 months. The initiative aims to simplify home furnishing by eliminating the complexity of sourcing individual pieces.

EXPANSION-

Elsewedy lands a major Hungarian power plant contract: Elsewedy Electric has been awarded an engineering, procurement, and construction contract for a combined cycle power plant in Hungary, by MVM Matra Energia — a subsidiary of Hungarian Electric Company, according to a press release (pdf).

What we know: The project — set to be Hungary's largest combined cycle power plant in decades and the country's first hydrogen fuel-ready plant — marks Elsewedy Electric’s first major venture in Europe. Elsewedy is part of a consortium that includes two other Hungarian companies. The project is set for completion by 2028.

ENERGY-

The Oil Ministry has concluded the tender for 13 blocks, with submitted proposals exceeding USD 700 mn worth of investments, according to a statement. The bids come as part of a wider offering of 61 potential investments. The bids will be evaluated and announced within 1-2 months.

MENA’s private equity market is in for a year of cautious optimism

The outlook for private equity (PE) dealmaking in the MENA region in 2025 is cautiously optimistic, with expectations that reduced regulatory pressures and a supportive investment climate will create favorable conditions for dealmaking in high-growth sectors, according to Magnitt’s MENA PE report (pdf).

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PE firms are likely to focus more on exits as investors prioritize liquidity and returns, taking advantage of improved financing options. Although global economic risks persist, the shifting market landscape presents opportunities for investors to adjust their portfolios and seize value during this transition.

2024 IN REVIEW-

PE investments took a hit in 2024, with Magnitt attributing the decline to tightening credit conditions, valuation mismatches, and global macroeconomic uncertainty. The region saw just 68 PE transactions in 2024, down from 90 in 2023 and 97 in 2022, marking the lowest total in three years. Transaction value also dropped sharply to USD 4.9 bn from USD 8.1 bn in 2023, reflecting fewer large-cap transactions. This slowdown was compounded by a lack of LBOs, a key driver of PE growth between 2020 and 2021, as higher interest rates increased debt financing costs.

Saudi Arabia and the UAE were the region's leading PE markets, with mega-transaction (over USD 1 bn) comprising just 47% of total transaction value, down from 77% in 2023, signaling a shift away from high-value acquisitions. Saudi Arabia accounted for 58% of MENA’s total PE transaction value last year, while the UAE contributed 30%, and Egypt 12%. Saudi Arabia has outpaced the UAE in transaction value for the last two years.

Growth investments dominated last year, with 71% of PE activity focused on acquiring minority stakes in growth companies, up from 54% the previous year. This shift reflects changing market dynamics and evolving investor preferences. In contrast, buyouts fell to 29% of PE transactions, down from 46% in 2023, and there were no leveraged buyouts in 2024 or 2023.

Despite these challenges, sectoral trends remained resilient, with healthcare (19%), finance (16%), and food and beverage (13%) sectors accounting for the majority of MENA’s PE activity, with healthcare reclaiming the top spot after losing it for two years.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, the Shanghai Composite is down 0.3%, the Hang Seng is down 0.2%, and the Kospi is looking at losses of 0.9%. Meanwhile, Japan’s Nikkei is flat.

EGX30	30,632	-0.1% (YTD: +3.0%)
USD (CBE)	Buy 50.53	Sell 50.66
USD (CIB)	Buy 50.54	Sell 50.64
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,233	-0.6% (YTD: +1.6%)
ADX	9,643	+0.3% (YTD: +2.4%)
DFM	5,352	+0.2% (YTD: +3.8%)
S&P 500	5,956	0.0% (YTD: +1.3%)
FTSE 100	8,731	+0.7% (YTD: +6.8%)
Euro Stoxx 50	5,528	+1.5% (YTD: +12.9%)
Brent crude	USD 72.53	-0.7%
Natural gas (Nymex)	USD 3.91	-6.4%
Gold	USD 2,932	+0.1%
BTC	USD 84,228	-4.4% (YTD: -9.9%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 3.1 bn (14.1% below the 90-day average). Regional investors were the sole net buyers. The index is up 3.0% YTD.

In the green: EFG Holding (+3.2%), Egyptalum (+2.9%) and TMG Holding (+2.3%).

In the red: GB Corp (-1.9%), Fawry (-1.7%) and E-finance (-1.5%).

CORPORATE ACTIONS-

Beltone Holding shareholders can subscribe to its mega capital increase during today’s trading session — the firm will be issuing 5.4 bn new shares at EGP 2 apiece. Rights will be available until the end of today’s trading session and will be traded from 4-19 March. The firm is looking to increase its capital by EGP 10.75 bn to EGP 21.7 bn.

My Morning Routine: Shamel Aboul Fadl, executive chairman of Bonyan

Shamel Aboul Fadl, executive chairman of Bonyan: 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 Shamel Aboul Fadl (LinkedIn), the executive chairman of Bonyan as well as the founder and chairman of Compass Capital.

(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 an engineer by education — I earned my undergraduate degree in engineering in 1992 and went on to complete my MBA at Wharton in 1999. Since then, I’ve worked in financial services both in Egypt and internationally. Currently, I serve as the executive chairman of Bonyan.

As Bonyan’s executive chairman, my role revolves around setting the company’s strategy and ensuring all work streams align with that vision. I bounce between the big picture and the nitty-gritty, developing strategic direction while also engaging in hands-on problem-solving and diving into the details when needed.

My focus is largely on solving challenges, particularly those that haven’t been resolved earlier in the process. By the time issues reach me, they often require input from multiple stakeholders, and my job is to navigate those complexities to find the right solutions.

As a serial entrepreneur, I’ve always been drawn to setting up and investing in companies with strong potential. The idea behind Bonyan started with the acquisition of an asset I had long admired, an underperforming furniture mall with potential. When we acquired it in 2018, I took on an executive role with a vision to transform it from a non-operational asset into a thriving commercial destination.

But the strategy wasn’t just about acquiring a single asset — it was about building a platform that would offer institutional-grade real estate investment opportunities. We followed a buy-and-build approach, acquiring nine more assets. The goal was to move beyond traditional, fragmented real estate investment and introduce a structured model aligned with international standards.

International real estate investors don’t typically buy physical properties outright. Instead, they invest through funds, real estate investment trusts, and managed accounts. We saw a huge opportunity to bring this approach to our market, allowing investors to access real estate returns through professionally managed vehicles aligned with global best practices.

Institutional investment represents the biggest opportunity in Egypt's commercial real estate sector. The space is underdeveloped and lacks specialized investors, largely because owning and operating commercial assets requires expertise and proper infrastructure. While many developers offer commercial properties, they typically sell individual units, making it difficult for investors to capture long-term value. This fragmented ownership structure often deters major tenants, who prefer working with professional landlords capable of delivering consistent property management and service quality.

There’s a significant gap in the market for investors who can acquire, manage, and lease commercial properties to multinationals and prominent local businesses. As Cairo expands rapidly eastward and westward, demand for A-grade office spaces continues to grow. Businesses are transitioning from conventional office setups to modern, world-class office environments — a trend that is set to continue. The real opportunity lies in owning and operating these assets at scale, providing businesses with professional, high-quality office spaces that aren’t readily available in fragmented ownership models.

When we invest, we focus on businesses with strong tailwinds — sectors that align with economic trends rather than struggle with them. In an inflationary environment, we avoid businesses where rising costs shrink margins, like real estate development with forward funding and variable construction costs. Instead, we invest in existing assets that appreciate as replacement costs rise, benefiting from inflation rather than being hurt by it. The key is to position investments where macroeconomic shifts work in our favor.

I start my day early. I wake up around 6am, check my emails, then walk my dog from 7-8am. After that, I hit the gym until 9am before heading to the office by 9:30am. That’s my routine until the day winds down.

I don’t watch the news — it’s usually negative, beyond my control, and does more harm than good. When consuming information, I focus on what matters to my work. I have subscriptions to legal updates and read every new law that comes out. I also read EnterpriseAM because it aggregates key news in one place and, most importantly, explains its implications for the business community — a practical, insightful read without the usual negativity.

On a personal level, I’m looking to go back to school — not for a degree, but to engage with academic institutions and stay up to speed on the latest trends. I’m planning to start a three-module executive education program at Harvard Business School this May to deepen my knowledge and apply it to my work. Recently, I worked with MIT exploring AI’s impact on our industry, and I’m keen to continue learning how global shifts can help us improve what we do.

Professionally, we’re just scratching the surface of what’s possible. There’s significant room to expand Bonyan through M&As in the commercial real estate sphere, and I see huge opportunities ahead.

Challenges are the one constant in my day. To stay focused, I jot down my thoughts; my office walls are all blackboards covered in notes and ideas. When it comes to work-life balance, I try to keep my workload out of the house and disconnect when I’m home. I unwind by walking my dog, playing sports, spending time with family, and watching shows that have nothing to do with reality — definitely no news.

The best advice I’ve ever received? “Love what you do, and you’ll never work a day in your life.”

CALENDAR

FEBRUARY

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

MARCH

1-10 March (Saturday-Monday): Egypt will open electronic applications for 2.2k industrial land plots across 22 governorates

3 March (Monday): Central bank to publish foreign reserve data for February.

4 March (Tuesday): Egypt will host emergency Arab League summit on Gaza.

4 March (Tuesday): S&P Global to release Egypt’s PMI figures for March.

10 March (Monday): Capmas expected to release inflation data for February.

Arla Foods’ deadline for Domty acquisition offer.

Operation of phase one of the Amotope wind farm.

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

10 April (Thursday): Capmas expected to release inflation data for March.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

7-10 April (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

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

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

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

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.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: 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.

DECEMBER

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

December: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

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

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

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

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

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.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

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

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

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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