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Tuesday, 21 Jan 2025

What We're Tracking Today
Investment Watch
Banking
Financial Services
Economy
Startup Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar

Industrial Development Group to invest EGP 3 bn developing its zones this year

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Today at a glance

1

INVESTMENT WATCH

IDG to invest EGP 3 bn developing its zones this year.
2

FINANCIAL SERVICES

Minimum capital requirements for ins. companies raised in response to deprecating EGP.
3

Banking

It’s homecoming for Mashreq as the bank opens in Oman.
4

Economy

Goldman Sachs’ six key takeaways on Egypt’s economy.
5

Also on our Radar

UAE-based Nas Investments Holding submits MTO for additional 57.5% stake of EgyFert.
6

PLANET FINANCE

What a second Trump presidency could mean for the MENA region.
7

Going Green

Higher tariffs for waste-to-energy projects are in the works.

Tuesday, 21 Jan 2025

What We're Tracking Today
Investment Watch
Banking
Financial Services
Economy
Startup Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar
1

What We're Tracking Today

500 Turkish garment manufacturers eye Egypt

Good morning, friends, and a happy hump day to you all — assuming you’re not part of the lucky few getting Thursday off from their work, despite the government pencilling in Saturday as our national holiday to mark National Police Day and the 2011 revolution. Whether you got the day off or not, EnterpriseAM Egypt will be landing in your inbox Sunday to Thursday to keep you up to speed.

PSA-

That annoying part of your house or office that for some reason never has phone signal may no longer be an issue, as WiFi calling services went live for all four of Egypt’s mobile operators yesterday. The new service — which will charge the same rate as it would for regular calls — is being touted as an important step in helping fix coverage gaps in dense neighborhoods and high rises by letting mobile phone users make calls over internet connections, rather than via mobile networks.

You can enable the function on your phone in just a few clicks, by heading over to Mobile Service in Settings and turning on the function for iPhone users. And it’s pretty much the same for Android users throughout its various interfaces, with the option under Advanced Calling or Call Settings depending on the device you have.

WEATHER- Remember to have your umbrellas at the ready if you’re planning on being out this evening in Cairo, with light-to-moderate rain forecast, along with a high of 23°C and a low of 21°C, according to our favorite weather app.

Alexandria is also in store for some moderate rain — and also thunder, with temperatures reaching a high of 21°C and a low of 12°C.

We’re also in line for another foggy morning in most parts of the country, so take care on the roads on the way into work, the Egyptian Meteorological Authority warned.

** DID YOU KNOW that we now 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.

WATCH THIS SPACE-

#1- Around 500 Turkish garment manufacturers expressed interest in investing in Egypt last year with the total proposed investments amounting to around USD 5 bn, head of the Federation of Egyptian Industry’s apparel chamber Mohamed Abdel Salam told Al Arabiya.

Some 50 Turkish companies have already taken steps to move their operations over to Egypt by setting up companies here and submitting requests for land, Abdel Salam told the outlet. The companies invested around USD 150 mn in Egypt last year, but their investments could reach at least USD 500 mn after setting up their planned factories, Abdel Salam said.

Another 200 of the interested companies would set up shop “within a few months” if land in industrial zones near Cairo were made available, Abdel Salam claimed.

#2- The country’s first SPAC to hit the EGX is gearing up for a mega capital hike via private placement, with Impact investor Catalyst Partners’ special purpose acquisition company Catalyst Partners Middle East having requested approval for the move from the bourse, the EGX said in an announcement (pdf). The blank check company wants to raise its authorized capital 20x to EGP 1 bn, up from EGP 50 mn, while bumping its issued and paid-up capital to EGP 235 mn, up from EGP 10 mn. The off-market transaction will be limited to qualified investors.

The plan to issue 22.5 mn shares will fund its growth plans and help it meet regulatory requirements, including expanding the company’s shareholder base to at least 50 and increasing the amount of share in freefloat to 5%. The SPAC will funnel proceeds from the sale into its acquisitions while supporting its acquired companies’ growth.

HAPPENING TODAY-

It’s day two of Davos: World leaders, banking sector titans, and global private sector players are in Switzerland this week for the World Economic Forum Annual Meeting being held from 20-24 January. This year the meeting is being held under the title Collaboration for the Intelligent Age and will focus on five main points — rebuilding trust, reimagining growth, investing in people, safeguarding the planet, and industries in the intelligent age.

Madbouly is in attendance: Prime Minister Moustafa Madbouly headed to Davos yesterday to partake in the meeting, according to a cabinet statement. Madbouly will participate in panels and meet with Arab and foreign government officials as well as representatives from global firms on the sidelines of the meeting.

Al Mashat takes the stage today: Planning and International Cooperation Minister Rania Al Mashat will be on stage today, alongside Pakistani Finance Minister Muhammad Aurangzeb and others for a session titled Back into the Black: How to Ease the Debt Burden.

POLL WATCH-

Growth will speed up to a 4.0% clip in the current fiscal year as economic reforms in cooperation with the IMF continue to put the economy back on track, a Reuters poll of 19 economists forecast found. The forecast puts growth increasing 1.6 percentage points on an annual basis and in line with the newswire’s last two quarterly polls.

The economists who spoke to Reuters are a little more optimistic than the IMF and World Bank, who this week scaled down their forecasts for the 12-month period. The World Bank cut its last forecast 0.7 percentage points to 3.5%, while the IMF winded down its growth expectations 0.5 percentage points to 3.6%.

But they’re in agreement with the government’s current projections, as the Planning Ministry projects GDP growth of 4.0% for the fiscal year as private sector reforms and gradual economic recovery continue to make their mark.

Some, including Capital Economics’ James Swanston, think that a weaker EGP is helping give the economy a boost, telling the newswire that survey data indicates that a depreciated national currency “has started to benefit export-oriented industries via improved external competitiveness.”

The poll’s forecasts for the coming fiscal years are also more optimistic than most, with the median poll pencilling in 4.7% growth in FY 2025-26, marking a substantial step up from the World Bank’s 4.2% and IMF’s 4.1% forecasts.

Other notable forecasts: Analysts expect the EGP to weaken to 52.0 against the USD by June 2025 and 54.75 by June 2026. Headline inflation is forecast to cool to 20.4% in FY 2024-2025 and 12.4% the following fiscal year. The central bank’s lending rate is expected to fall to 24.0% by June 2025 and 17.75% by mid-2026.

THE BIG STORY ABROAD-

Nothing but The Donald on the front pages this morning, as he took the oath as the 47th US president last night. Donald Trump promised to bring back America’s “golden age” before a big crowd, with the world's richest people taking front seats, including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, Sergey Brin, and Miriam Adelson.

Trump stuck to his words to be a dictator on his first day in office, revoking some 80 of Biden’s policies, issuing executive orders left and right (mostly to the far-right), and sending warnings to neighbors and trade rivals.

  • On immigration: A national emergency has been declared along the country’s southern border as part of an executive order that opens the door for members of the armed forces to be sent to the US-Mexico border. Another executive order aims to end birthright citizenship to the children of undocumented immigrants starting 30 days from now.
  • On Gaza ceasefire: The US President doesn’t seem confident about the ceasefire in Gaza, saying “that's not our war, it's their war, but I'm not confident... Gaza is like a massive demolition site... it's really got to be rebuilt in a different way."
  • On climate: The world’s second largest polluter will soon be out of the Paris Climate Accords, leaving America among only a handful of nations not part of the worldwide effort to tackle climate change.
  • On AI: Trump rescinded a 2023 order by Biden that requires AI developers to share safety tests for systems that could pose risks on national security, economy, or public health.
  • On TikTok: Trump signed an order to suspend the ban on TikTok in the US for 75 days.

Meanwhile, the US Senate unanimously approved veteran Republican Marco Rubio as secretary of state to be the first pick in Trump’s new administration.

More on: New York Times | Reuters | Financial Times | NPR

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We bring you the latest on the government’s waste-to-energy (WtE) push — which is getting a big boost amid moves to increase the feed-in tariff rate.

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Somabay: A Community Committed to Education and a Sustainable Future

Somabay is dedicated to building a vibrant community with education at its heart through GEMS International School Somabay (GISS). As Egypt’s first GEMS school, GISS offers top-tier education via the International Early Years Curriculum (IPC) and an American diploma aligned with AERO standards. Part of the Egypt Education Platform (EEP), GISS reflects Somabay’s commitment to innovation, sustainability, and holistic development. Enroll for 2025/2026 at https://gis-somabay.com/

2

INVESTMENT WATCH

Industrial Development Group to invest EGP 3 bn developing its zones this year

What can we expect from IDG this year? Samcrete Holding’s industrial arm, Industrial Development Group (IDG), plans to invest EGP 3 bn to develop its industrial zones this year, Managing Director Shady William said during a presser attended by EnterpriseAM earlier this week.

What zones? IDG currently owns three industrial zones — its 6 of October industrial park, dubbed e² October, its New Alamein zone, dubbed e² Alamein, and its East Port Said development, dubbed eP.

Development timeline: The company plans to finish developing its Sixth of October and New Alamein zones within 3-5 years, William said, explaining that work on the East Port Said development will take between 10-15 years.

A New October zone? The developer secured a plot in New October City back in 2023 from the New Urban Communities Authority and is currently in the process of finalizing its acquisition of the land.

Fresh industrial partnerships are in the cards for IDG: The group is currently looking into a number of strategic partnerships across various sectors — it plans to enter 3-4 partnerships with foreign investors throughout 2025, William said. He highlighted the automotive and pharma sectors as key areas of cooperation.

In line with our auto ambitions: IDG is also exploring opportunities with specialized automotive companies to set up auto feeding industries in its zones — a move that would be very welcome as it falls in line with our automotive localization push.

Going regional? IDG is exploring the idea of stepping into other African markets through setting up integrated industrial zones there, WIlliam said, noting that the Egyptian market remains the most attractive to investors.

Navigating high-interest-rate headwinds: High borrowing costs have put pressure on IDG’s investment plans, but it is still committed to abiding by timelines agreed upon with the state, William noted. The company is mitigating the impact by prioritizing projects and optimizing cost management, ensuring it stays on course with its development goals.

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3

Banking

Mashreq opens in Oman, has appetite for tourism, logistics, manufacturing, renewable energy

It’s a homecoming of sorts for our friends at Mashreq, a leading MENA financial institution and a sponsor of EnterprisePM Egypt and EnterpriseAM UAE. The Dubai-headquartered lender started life in 1967 as the Bank of Oman and yesterday opened its first branch in Muscat.

The formal addition of Oman to Mashreq’s footprint gives the bank a direct presence in 14 markets and major global financial centers, ranging from the UAE and Egypt to Pakistan, London, Mumbai, Hong Kong, and New York.

With Oman increasingly on the radar for regional companies and investors alike, we spoke in Muscat with some of Mashreq’s top execs about why Oman, why now, and what the opportunity looks like going forward.

Why does Mashreq like Oman? Group Head of International Banking Tarek El Nahas singled out “logistics, tourism, manufacturing, and renewable energy,” among other sectors, pointing to Oman’s ambitious Vision 2040 program, which calls for the building of a globally competitive economy while prioritizing environmental sustainability.

Mashreq is no stranger to the Sultanate, said Group CEO Ahmed Abdelaal. “We’ve been here for decades working with corporate clients, the government, and quasi-governmental agencies,” he noted, adding that its market entry is “in line with Oman’s Vision 2040 and emphasizes unlocking value for our clients through corporate banking, sustainable finance, and digital innovation.”

What’s in the pipeline right now for Mashreq? “We’ve long been partners with the sovereign and many of the government-related entities and larger corporate clients here in Oman, where we’ve been involved in multiple debt capital market transactions in the past two or three years for players such as Energy Development Oman,” El Nahas said. “We’re in active discussions with the government on sovereign issuances, and we’re seeing more and more of our clients — regional and international alike — enter Oman. There is a lot of foreign direct investment coming into the country, and it’s on the cusp of investment grade. We want to bring more regional and global businesses into the country, then serve their needs, whether that’s local-currency solutions or cash-management solutions. In parallel, we want to be a conduit to global markets for Omani companies.”

“Government institutions and large corporates are clearly attractive and we’re open to multiple sectors,” said Alsalt Al Kharusi, an Omani citizen and veteran of HSBC and Oman Arab Bank who joined Mashreq a year ago to launch the franchise in Oman.

El Nahas was careful to note Mashreq’s credentials in the sustainable finance segment, pointing out that “we’ve made a commitment to assist in raising sustainable finance worth USD 30 bn by 2030. We’re well on the way — in fact, we’re slightly exceeding our targets. And it’s not just in the UAE; we’re leading on sustainable financing for our clients across the GCC, in India, in Africa. This is exactly in line with Oman’s strategy on digital transformation and sustainable finance.”

Mashreq aims to be profitable in Oman from day one, said Al Ghurair, a goal he says is rare and possible “because of our unique segment of clients here.”

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4

FINANCIAL SERVICES

Financial Regulatory Authority raises minimum capital requirements for ins. companies in response to weakening EGP

FRA sets new capital requirements for ins. companies: The Financial Regulatory Authority (FRA) has issued a decision setting new increased minimum capital requirements for companies operating in the ins. sector, in line with the Unified Ins. Law ratified last year, according to a FRA statement. The move was primarily spurred on by the depreciation of the EGP as the FRA seeks to ensure that ins. companies can maintain financial solvency to serve their customers fully, Ins. Federation of Egypt Chairman Alaa El Zoheiry told EnterpriseAM.

Remember: President Abdel Fattah El Sisi ratified the Unified Ins. Law last July, with the legislation offering up new, comprehensive rules for regulating the ins. industry, widening compulsory coverage, and boosting the financial solvency of ins. Firms.

Two-phase capital increase required: The new decision mandates ins. companies raise their minimum issued and paid-up capital over two years, reaching EGP 400 mn in the first phase within one year after the decision takes effect, then increasing to EGP 600 mn by the end of the second year.

Special requirements for property and liability ins. firms: General and property ins. providers or firms operating in oil, aviation, or energy ins. must raise their minimum capital to EGP 400 mn in the first phase, with an additional EGP 50 mn required for each specialized branch they operate. The capital requirement will then increase to EGP 600 mn by the end of the second year, maintaining the EGP 50 mn add-on requirement for each specialized branch.

Different requirements for specialized ins. companies: Microinsurance companies must maintain a minimum capital of EGP 40 mn under the new legislation, while specialized single-branch ins. companies and specialized medical ins. firms must have a minimum capital of EGP 75 mn. Reinsurance companies must have capital of EGP 1 bn.

Ins.-related service providers get new caps: The decision extends to companies providing ins.-related services, setting the minimum capital for medical ins. program management companies at EGP 20 mn and ins. and reinsurance brokerage firms at EGP 5 mn. Risk assessment firms, damage assessment companies, ins. consulting firms, and actuarial companies must each maintain a minimum capital of EGP 3 mn.

A significant hike from July’s requirements: The new decision marks a substantial increase from the capital requirements set out in the original Unified Ins. Law ratified in July, which had set the minimum capital at EGP 250 mn for ins. companies with an additional EGP 50 mn for those providing specialized services in oil, aviation, or energy ins. The new requirements more than double the original figure, requiring at least EGP 600 mn in capital by the end of the two-year implementation period.

Implementation guidelines: Companies must pay their capital in full either in EGP or its equivalent in FX. The FRA is requiring all companies to submit a timeline within one month detailing their capital increase phases. The decision also prohibits companies from distributing cash dividends to shareholders before meeting the new capital requirements, unless they receive explicit approval from the FRA.

But will ins. companies be able to adapt to the new capital requirements? Ins. companies operating in the market have the financial solvency to meet the new capital limits, and the FRA has given companies two years to adjust their conditions, “which is sufficient for most companies,” El Zoheiry told EnterpriseAM. It is expected that 90% of insurance companies will meet the new minimum issued and paid-up capital, according to El Zoheiry.

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5

Economy

Goldman Sachs’ six key takeaways on Egypt’s economy

Goldman Sachs offers its predictions for Egypt’s economy: Goldman Sachs wrapped its investor trip to Egypt at the end of last week to meet with policymakers, analysts, and local market participants with six “key takeaways” on the path they think the Egyptian economy is going in a note seen by EnterpriseAM.

#1- An improved policy mix: The new Madbouly government has injected “a new sense of urgency” to Egypt’s policymaking, with a renewed focus on addressing the economy’s low export base by encouraging private sector investment, Goldman Sachs’ Farouk Soussa wrote. The finance and investment ministries have been part of a coordinated effort to reduce fees, tariffs, and other burdens placed on investors, all while streamlining the process of collecting fees from corporates, with some currently facing “demands for payment from up to 67 different economic authorities” and having their effective tax rate doubled to 45% in some cases, Soussa said.

Egypt has also seen improvements in its trade policy, with an increased focus on reducing the amount of time that goods are held at ports to just two days — down from 14 days previously — with the government looking to capitalize on Europe’s move towards near-shoring and the larger re-routing of supply chains, according to Soussa.

#2- Local sentiment remains “patchy”: Conversations with local players in Egypt’s economy indicated continued concern regarding the country’s macro outlook. Many of the people the bank spoke to see the EGP weakening further against the greenback throughout 2025, penciling in predictions of the exchange rate reaching EGP 59/USD by the end of the year.

This, in turn, has created a high level of uncertainty over the inflation outlook for local players, with fiscal adjustments potentially leading to more inflationary pressures throughout the year. Local bankers and economists also see interest rates dropping by around 600 basis points to 20-21% by the end of the year — a far more hawkish prediction than Goldman’s own forecast of 13% by year-end. All these factors, coupled with the ongoing erosion of real wages and uncertainty over the geopolitical environment have created larger concerns over Egypt’s growth outlook in the short-term.

#3- The state’s progress on deeper structural reforms remains disappointing: The government’s progress on implementing structural reforms has left a lot to be desired for local players — particularly in reforms that pertain to the state’s involvement in the economy and the creation of a level playing field with private sector players, Soussa wrote.

Meanwhile, progress on the government’s privatization program “remains relatively weak,” Soussa added. The government has argued that many of its assets have suffered from “years of mismanagement and poor accounting/record-keeping” — which could slow down the process of preparing some of these assets for sale — and that authorities are looking to “optimise divestment opportunities in accordance with prevailing market conditions and priorities,” he said.

#4- Developments in our program with the IMF remain positive: Egypt’s ongoing program with the International Monetary Fund has remained on track, with Soussa writing that both parties are demonstrating a “genuine commitment” to maintaining the success of the program. While a staff level agreement over our fourth review with the Fund has seen some setbacks, authorities told Goldman that the delay is down to “the desire of the Egyptian authorities to re-calibrate certain targets” that would better reflect the “evolution of the macro environment (particularly the external environment),” and to ensure that the goals of the program remain achievable.

Some risks remain, however: The IMF’s push for significant fiscal consolidation through the removal of exemptions and the widening of the VAT base could safeguard Egypt’s debt sustainability — but they could potentially cause wider inflationary pressures and slow growth further, especially if the state continues to delay the implementation of structural reforms that could counteract some of the effects of these policies, Soussa writes.

#5- The investment outlook for the energy sector is mixed: While efforts at clearing arrears owed to international oil players and introducing fresh incentives to energy players represent positive developments, “liquidity in the sector remains tight and the clearance of arrears slow and uneven, with smaller operators receiving less than larger ones,” industry players told Goldman. In addition, some in the industry remain doubtful that production can return to previous highs without any significant discoveries, leading to a general view that the energy deficit will remain significant in the medium term.

#6- More debt issuances expected in the first half of the year: The Finance Ministry is looking to raise some USD 3-4 bn in external debt issuances before the end of June, including eurobonds, green bonds, panda bonds and sukuk.

Goldman’s overall outlook for Egypt remains unchanged following the visit: The bank still sees deep rate cuts taking place across the year, maintaining its forecast of interest rates dropping to 13% by the end of the year. It also sees the exchange rate as “well-supported” in the short-term, as a result of the reversal of “factors driving portfolio outflows in Q4 last year” and subsequent surge of inflows with the start of the year, coupled with a pick-up in external issuance by the government, and further disbursements of funds from the IMF.

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6

Startup watch

DisrupTech leads USD 1.7 mn round for Egyptian-founded crypto startup Hamilton

DisrupTech backs Egyptian-founded crypto startup Hamilton: Local fintech- and tech-focused VC DisrupTech Ventures led a USD 1.7 mn pre-seed funding round for real-world assets BTC tokenization company Hamilton, according to a statement(pdf) from the startup. The round also saw participation from South Korean firm DeSpread, Japan-based digital asset manager Hyperithm, seed-stage VC Core Ventures, CMS, and other strategic investors.

Hamilton? Co-founded by Mohamed Elkasstawi and Ehab Zaghloul last year, the startup bridges “traditional finance with BTC by making tokenized real-world assets — such as t-bills, sukuk, and real estate — accessible to institutions and individuals worldwide,” the release said. It plans to do this though its three main offerings — HUSD (a BTC-native stablecoin backed by US treasury bills) and HUST (tokenized US treasuries), which it plans on launching starting Q3 2025, in addition Publius (a platform for financial institutions to tokenize assets on BTC), set to launch following this.

Sound smart: Think of tokenization as creating a digital version of a real-world asset like treasury bills or real estate on a blockchain (in this case BTC). These digital tokens represent ownership of the actual asset, similar to how stocks represent ownership in a company. This process allows traditionally illiquid or high-barrier assets to be divided into smaller, tradeable digital units, making them more accessible to a broader range of investors.

You may not have heard of Hamilton if you’re outside the US — but that may change soon: Hamilton is focused on the US market while building partnerships and eyeing opportunities in Latin America, Africa, and Southeast Asia, Zaghloul said.

And that includes you if you’re in Egypt: “Egypt is a priority market for Hamilton,” Zaghloul told us, adding that they plan to enter the Egyptian market within the next 18–24 months. It’s planning to do this through partnerships with local asset managers and institutions, but “navigating the regulatory environment to ensure compliance and seamless integration with local financial systems” remains a challenge.

Hamilton thinks its services will appealing to those in countries struggling with depreciating currencies and inflation: “By combining on-chain security with local market expertise, we aim to provide accessible, stable financial products to regions where currency devaluation and inflation are persistent challenges,” Zaghloul said, highlighting the company's approach of working with local fintechs, banks, and asset managers.

Expanding its offerings is also part of the plan: The company also plans to expand its offerings by tokenizing ETFs, corporate bonds, and commodities like gold, co-founder Ehab Zaghloul told EnterpriseAM, aiming to broaden access to institutional-grade investments globally.

To do this, some partnerships with some household names could be in the cards: Hamilton is currently in talks with big shots, including BlackRock and Franklin Templeton, to tokenize their products and enhance institutional trust and asset quality, Zaghloul said.

What they said: “BTC isn't just digital gold — it's the foundational layer of future capital markets,” Elkasstawi said. “With unparalleled security, decentralization, and resilience, BTC provides the ideal infrastructure to democratize access to capital markets for everyone, everywhere,” he added.

IN OTHER STARTUP NEWS-

HR solutions company Talent 360 closed a six-figure investment round led by Saudi Arabia’s C.Star venture studio, it said in a statement (pdf). The fresh funds will help Talent 360 expand its footprint in Saudi Arabia and introduce AI-powered HR solutions. Talent 360’s entrance into Saudi Arabia last year marked its first expansion outside of Egypt, with CEO Heba Ayad describing it as a “vital market.”

What they said: “Our expansion into Saudi Arabia represents more than just growth — it’s about becoming an integral part of the Kingdom’s dynamic ecosystem. With this investment from C.STAR, we have the resources and support to build AI-powered HR solutions that empower businesses to scale effectively, manage their talent, and achieve their ambitious goals,” said co-founder and head of the startup’s Saudi expansion Ahmed Darkawi.

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7

LAST NIGHT’S TALK SHOWS

Trump’s inauguration dominated the airwaves last night

The coverage of Donald Trump’s second-term inauguration was the main topic of conversation on last night’s talk shows, with the nation’s hosts split between hope and apprehension over what his leadership will bring.

President Abdel Fattah El-Sisi extended his congratulations to Donald Trump on officially assuming office, writing in a statement that “I reaffirm our commitment to continued collaboration with his excellency to strengthen the strategic partnership between our two nations, advance shared interests, and promote the well-being of our peoples while bolstering security and stability in our region and the world.”

“Trump has returned to settle scores with those who opposed him … and to reward those who supported him, starting with the titans of finance and technology,” Lamees El Hadidi told viewers of Kelma Akhira (watch, runtime: 0:20).

The 47th president returned to the White House “strong,” former Foreign Minister Nabil Fahmy told Lamees El Hadidi in an interview (watch, runtime: 34:53). “His speech outlined the trajectory of US policy in the coming period — marked by isolationism, individualism, and a pronounced tilt toward aggressive capitalism,” Fahmy said

Fahmy predicted that Trump would likely revive the “Deal of the Century” and pursue furthering the Abraham Accords between Arab states and Israel. He added that Trump focuses solely on the active party in any issue, disregarding the weaker side entirely.

“The world is in shock over Trump’s audacious speech, which delivered numerous significant messages and displayed great professionalism,” said writer and political analyst Abdel Moneim Said in an interview with Ahmed Moussa on Ala Masouleety (watch, runtime: 44:05).

“The new administration is entirely committed to Trump’s ideas and beliefs and stands ready to implement them.” Said added, “Trump is acutely aware of his words and the decisions he intends to make, particularly regarding Canada, the Gulf of Mexico, and the Panama Canal.” He warned, “Arab nations cannot afford to wait and see what Trump’s policies will bring. Instead, they must urgently prepare a comprehensive plan to address the evolving situation in the Middle East.”

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8

Also on our Radar

Nas Investments makes 90% EgyFert acquisition bid official with MTO. PLUS: Heliopolis Housing, JA Solar + AMEA Power, Healthy, Elsewedy Electric, Misr Petroleum, Ezdehar, Robbiki Leather City

M&A-

UAE-based Nas Investments Holding submitted a mandatory tender offer to acquire an additional 57.5% stake in EGX-listed fertilizers player EgyFert, according to a statement (pdf). The move would bring Nas’ total holding in the company to 90% through the acquisition of an additional 5.5 mn shares.

If Nas hits its acquisition target, the total transaction would be valued at EGP 522.5 mn, with Nas paying EGP 95.0 per EgyFert share. Nas did not put forward a minimum acceptance threshold.

Market reax: Shares rose 1.7% by the end of trading on the EGX yesterday, settling at a share price of EGP 95.65 — marginally above Nas’ offer price.

REAL ESTATE-

Heliopolis Housing and Development will set up a EGP 2 bn residential complex in New Heliopolis, CEO Sameh El Sayed told Al Mal (watch, runtime: 1:28:21). The project is expected to rake in EGP 4 bn in sales, he said. Further developments in New Heliopolis are in the cards, with El Sayed earmarking EGP 3 bn for infrastructure investments over the next 4-5 years. The state-owned real estate company previously partnered with Madinet Masr and Sodic on developments in New Heliopolis.

RENEWABLES-

China’s JA Solar will supply 1.25 GW worth of solar panels for AMEA Power’s Abydos 2 project, under an agreement with project builder China Energy Engineering Corporation, the solar panel manufacturer said in a statement. No details about the cost of the agreement were disclosed.

Abydos 2? AMEA Power inked agreements last September to develop the 1 GW facility with a 600 MWh battery energy storage system located in Aswan’s Benban. The project will see investments of USD 850 mn and offset 782.3k tons of CO2 emissions and powering about 300k households.

EXPANSION-

Local dairy products producer Healthy will set up two factories in Saudi Arabia next year — one in Jeddah and one in Riyadh — in partnership with Saudi investors, the company’s general manager told Al Mal. Healthy will hold 49% of the plants, while the Saudi side will own a 51% majority stake. Output from the plans will be divided between exports and meeting local demand in the Kingdom.

ENERGY-

#1- Elsewedy Electric reached financial close on its 50MW/100MWh battery energy storage system project in Greece, according to a statement (pdf). The funding came in a mix of loans and grants — a EUR 10 mn state-aid grant, a EUR 5.5 mn loan from the EU’s Recovery and Resilience Fund, and a EUR 10 mn non-recourse project finance loan from the National Bank of Greece. The company also secured a 10-year contract for difference to “ensure a stable revenue stream.”

What they said: “This project represents a significant step forward for Elsewedy Electric as we grow our renewable energy portfolio and assist Greece in its pursuit of a sustainable energy future," Corporate Investment Director Omar Foda said.

#2- Misr Petroleum will establish and revamp 70 fueling and service stations nationwide in FY 2025-2026, building on the 33 stations upgraded in 2H 2024, Misr Petroleum Chairman Mohamed Maged Bakheet said during a general assembly meeting attended by Oil Minister Karim Badawi, a ministry statement reads. Misr Petroleum is also ramping up safety with a new risk management department and plans to roll out a digital tracking system for its fuel transport fleet in collaboration with an unnamed international firm, Bakheet said.

INVESTMENT-

Private equity outfit Ezdehar Management is looking to invest up to USD 100 mn in acquisitions this year, Managing Director Emad Barsoum told Al Mal, with the company particularly focused on the retail, food manufacturing, and technology sectors. Up to USD 30 mn will be available for each investment, though the company is also studying investments of more than USD 100 mn that would be partially funded by investments from Ezdehar’s main shareholders.

MANUFACTURING-

Robbiki Leather City has fully allocated all 43 ready-made factories offered up in its firstoffering, with the selected applicants to be notified in due course before the results of the offering are made public on the Egypt Industrial Digital Platform, according to a Transport Ministry statement. A second offering of factories at the leather manufacturing initiative will soon be announced, the statement added.

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9

PLANET FINANCE

What a second Trump presidency could mean for the MENA region

US president-elect Donald Trump’s return into office is widely expected to have a considerable influence on the economies of the Middle East at large, with Trump having already dropped some hints over what could be expected from his second term during rallies and campaign addresses held during the weeks following his election into office for the second time. Some economists predict that Trump’s tariffs will put extra pressure on US inflation, particularly as he has vowed — although not immediately delivered — a 60% tariff on Chinese goods, as well as a 10% tariff on imports from other countries.

The potential inflationary pressure could push the US Federal Reserve to delay its next round of interest rate cuts, Capital Economics’ James Swanton wrote in a report seen by EnterpriseAM. A Reuters poll of economists echoes the same sentiment, suggesting that the Fed will keep rates on hold when its Federal Open Market Committee meets next Wednesday, 29 January. “If they [Trump’s administration] deliver anything close to what they promised on the tariff front, then we are going to probably see a stalling of disinflationary pressures, where the Fed is not going to be cutting," said Barclays Senior US Economist Jonathan Millar.

What this means for us in the region: As Gulf central banks follow the Fed’s monetary policy decisions by virtue of their USD pegs, they would also hold off on cutting interest rates. For non-Gulf countries, such as Egypt, high interest rates in the US mean higher sovereign borrowing costs.

Trump is also widely expected to impose new sanctions on Iran — which, along with sanctions on Russian oil, is expected to lead to higher oil prices this year, Swanton said. However, rising global supplies of oil and LNG are expected to cause prices to fall back — which could, in turn, cause “the current account and budget balances in the Gulf to deteriorate. Many governments, notably Saudi’s, will turn to fiscal consolidation,” according to Swanton.

More US oil production could directly result in price pressures in oil-producing states in the region: Trump also signaled his intentions of increasing US oil output during his term — which, coupled with estimates from OPEC and the International Energy Agency projecting relatively weak demand for oil in 2025, could create additional price pressures result in “budget tightening by oil-producing states in the Middle East, in turn increasing the risk to government contractors of payment delays and challenges for contracting new projects,” according to a report from advisory firm DGA Group.

However, the potential impact of Trump’s presidency on the region's macro outlook may be over-stated: “The region as a whole is relatively sheltered from a protectionist trade shift in Trump’s second term. The bigger risks to the outlook stem from geopolitics, although the agreed Israel-Hezbollah ceasefire and overthrow of the Assad regime in Syria have potentially paved the way towards a de-escalation of tensions,” Swanton argued.

The truce represents a chance to improve economic conditions in the region, particularly for Egypt, Alraya Consulting Managing Partner Hany Abou El Fotouh told us. “The ceasefire improves regional stability, which will encourage foreign investments and revitalize tourism. For Egypt, the stability of navigation in the Suez Canal is a crucial economic gain, as the canal is a significant source of hard currency. Stability also helps alleviate pressures on Egypt's national security and allows resources to be redirected toward development,” he said. Cairo-based economist Medhat Nafei agreed with this, adding that he expects the escalations in the trade war between the US and China to present a chance for the government to provide incentives for private sector players to increase exports, filling a gap in the US market.

MARKETS THIS MORNING-

It’s a mixed morning for Asian markets, with investors largely holding their breaths as they adopt a wait-and-see approach following the inauguration of US President Donald Trump last night. Japan’s Nikkei is just barely in the green, while South Korea’s Kospi and the Shanghai Index have slipped into red territory.

The picture is more or less the same across the pond, with Wall Street futures broadly flat in anticipation of potential tariffs with several US trade partners.

EGX30

29,619

-0.4% (YTD: -0.4%)

USD (CBE)

Buy 50.24

Sell 50.37

USD (CIB)

Buy 50.25

Sell 50.35

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

12,380

+0.4% (YTD: +2.9%)

ADX

9507

+0.1% (YTD: +0.9%)

DFM

5196

-0.3% (YTD: +0.7%)

S&P 500

5997

+1.0% (YTD: +2.0%)

FTSE 100

8521

+0.2% (YTD: +4.3%)

Euro Stoxx 50

5164

+0.3% (YTD: +5.5%)

Brent crude

USD 79.79

-1.2%

Natural gas (Nymex)

USD 3.83

-3.0%

Gold

USD 2731.80

-0.6%

BTC

USD 102,830.20

-0.9% (YTD: +10.2%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 3.9 bn (0.7% above the 90-day average). Regional investors were the sole net buyers. The index is down 0.4% YTD.

In the green: Elsewedy Electric (+8.7%), B Investments Holding (+2.6%), and E-finance (+1.8%).

In the red: ADIB (-2.7%), Emaar Misr (-2.4%), and Abou Kir Fertilizers (-1.9%).

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Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

Read going Green
10

Going Green

Gov’t gears up to hike waste-to-energy tariffs

Higher tariffs for waste-to-energy projects are in the works: The government is in discussions with the private sector to finalize studies on setting a more profitable feed-in tariff rate — the set price that the government pays for the electricity projects generate — for its initial phase of waste-to-energy (WtE) projects, a government source told EnterpriseAM. The new tariffs aim to ensure a good return on investment for companies currently making investments in the sector.

Remember: We heard in August that the Madbouly government was planning to sign contracts with eight Egyptian-foreign consortiums to produce 1.7 bn kWh annually as part of the first phase of Egypt’s WtE push. The contracts were expected to be signed once the cabinet had greenlighted the new tariff rate, which had preliminarily been set at around EGP 2.35 kWh — a significant increase from EGP 1.40 kWh currently.

Keeping the price tag flexible: The previously proposed tariff of EGP 2.35 per kWh is not final, our source said, adding that an over 60% increase from the current rate could be on the table. The tariffs will be denominated in USD but paid in EGP at the Central Bank of Egypt exchange rate, with the revised tariff linked to future exchange rate fluctuations to ensure solid investment returns, the source noted.

The timeline: The draft is currently in the hands of the cabinet, according to the source, who added that the final tariff will be announced within two months.

Who’s paying? The tariff — which has remained unchanged since 2019 — will be split between the electricity, environment, local development, and finance ministries, with the Finance Ministry expected to help the Electricity Ministry cover the cost increase.

The new tariff adjustment is part of a wider package of regulations drafted by the Waste Management Regulatory Authority (WMRA) aimed at encouraging private sector players to invest in WtE projects, Al Arabiya reports. Among these are incentives like the golden license and full access to tax and non-tax benefits under the new Investment Act, our source told us.

The gov’t has enough project proposals for now: No new bids for WtE projects will be invited for the time being, as the government has already received 54 proposals for future phases after the launch of phase one, our source noted.

Land for the projects is ready to go: All required land has been allocated and is awaiting final approval from the cabinet to proceed with the incentives package, the source told us.

The projects aim to recycle 3.5 mn tons of waste annually to produce electricity, with local authorities tasked with supplying and collecting waste for the companies. The first phase will span eight governorates — Giza, Alexandria, Gharbia, Beheira, Damietta, Fayoum, Sharqia, and Menoufia — with total investments ranging between USD 900 mn and USD 1.2 bn. Commercial production is expected to begin within two years of signing the contracts.

The players: The eight consortia that will make up phase one of the WtE push include Orascom Construction, Hassan Allam Holding, Taqa Arabia, Elsewedy Electric, Infinity Power, the Arab Organization for Industrialization, the National Organization for Military Production, and Medaf Holding, WMRA consultant Khaled El Elfarra previously told EnterpriseAM. These companies have partnered with international investors in line with government directives to drive foreign direct investment to the sector.

Not the only players jumping on the WtE train: Cemex signed an agreement with Minya Governorate last month for the management and operation of a EGP 90 mn waste-to-energy (WtE) facility in Tuna El Gabal in Minya — its third WtE project signed in Egypt in 2024.

Sound familiar? The government has long tried to encourage investment in the WtE sector, which faces stiff competition from solar and wind power for investment. Previous initiatives have seen the government raise tariff rates and target the sector with additional incentives to bridge the gap.

Your top green economy stories for the week:

  • An Engie-led consortium including Orascom Construction, Japan’s Toyota Tsusho, and Eurus Energy will build a 1 GW wind project in Egypt by 2028. The news comes after 306 MW of a 650 MW wind farm in Ras Ghareb built by the consortium came online earlier this month.
  • MPs signed off on a EUR 135 mn grant from the European Investment Bank to support the Environment Ministry’s Sustainable Green Industry project, which will support the greening of the country's industrial sector by implementing climate change and environmental sustainability measures.
  • Mashreq finished their clean-up of three designated zones in Wadi Degla Protectorate, as part of Mashreq’s wider Climb2Change global ESG initiative focused on sustainability-linked financing and environmental preservation
  • Misr Beni Suef Cement will build an EGP 298 mn solar project with China’s Huawei, solar module manufacturer Jinko Solar, and local company Integrated Renewable & Sustainable Communities.
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CALENDAR

JANUARY

20-24 January (Monday-Friday): World Economic Forum Annual Meeting

23 January- 5 February (Thursday-Wednesday): Cairo International Book Fair, Egypt International Exhibitions Center, Cairo

23 January (Thursday): BEBA working dinner with Foreign Minister Badr Abdelatty, Cairo, Egypt.

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Health Ministry finalizes partnership with Gustave Roussy to operate Dar El Salam Hospital.

Building permit applications in Egypt's new cities will go online

Accor Group to open Sofitel Cairo Downtown Nile, the world’s largest Sofitel.

Egyptian National Railways to launch tender for Tanta-Mansoura-Damietta railway line upgrades

Food products will require food safety and validity certificates from the National Food Safety Authority (NFSA)

Bavarian delegation visit to Egypt

FEBRUARY

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

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

Subscription period for Your Home in Egypt initiative opens.

2 February: Energy Day Conference, Cairo, Egypt.

17-19 February (Monday-Wednesday): EGYPES Technical Conference, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): Monetary Policy Committee's first meeting.

MARCH

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

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

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

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

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: 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: 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: 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: 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

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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