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Monday, 11 Aug 2025

What We're Tracking Today
Economy
M&a Watch
Manufacturing
Economy
Earnings Watch
Also On Our Radar
Planet Finance
Blackboard
Calendar

Inflation cools for second consecutive month to 13.9% in July

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Today at a glance

1

Economy

Inflation cools for second consecutive month to 13.9% in July.
2

Investment Watch

B Healthcare Investments to acquire two hospitals in Egypt and Saudi Arabia.
3

Manufacturing

Egyptian Soda Ash Company inks USD 490 mn financing agreement for long-awaited soda ash plant.
4

Economy

Standard Chartered holds GDP forecast at 4.5% for FY 2025-26.
5

EARNINGS WATCH

Beltone Holding’s net income rises 60% y-o-y in 1H 2025.
6

Also on our Radar

Lorax Capital Partners-led consortium acquires AfricInvest’s entire MDP stake.
7

PLANET FINANCE

Trump opens US retirement savings to private equity and crypto.
8

BLACKBOARD

CBE launches Egypt’s first bachelor’s in banking sciences.

Monday, 11 Aug 2025

What We're Tracking Today
Economy
M&a Watch
Manufacturing
Economy
Earnings Watch
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

What We're Tracking Today

State privatization push to focus more on EGX offerings instead of direct strategic investor sales going forwards

Good morning, friends. This morning, we bring you news that — unlike the weather — inflation is cooling, having dipped one whole percentage point to 13.9% in July. Also in the issue today is news of B Healthcare Investments acquisition plans in Egypt and KSA, efforts to get the soda ash localization efforts back on track, the EGX potentially playing a great role in the state’s privatization push moving forwards, and more.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to discuss how you can sponsor.

PSA-

WEATHER- It’s another hot and sunny day in Cairo today, with a high of 40°C and a low of 28°C, according to our favorite weather app.

It’s a fair bit cooler up in Alexandria, with a high of 33°C, a low of 25°C, and partly cloudy skies.

Expect to see temperatures rising even further this week, with the Egyptian Meteorological Authority forecasting a heatwave running until Friday. As always, stay safe and plan ahead, especially if you’re in Upper Egypt, which could see temperatures rise to a punishing 49°C.

** 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-

The state’s preference for stake sales to strategic investors under its privatization push could soon take a back seat, with the government moving to instead increase its offerings of minority stakes in state-owned companies on the EGX, a government source told EnterpriseAM. Towards this goal, the state is putting the final touches on listing 10-40% stakes in a number of companies on EGX, our source told us.

It looks like we just saw this in action yesterday, as the Damietta Container and Cargo Handling Company sold EGP 513.6 mn worth of shares to CIB — equivalent to a 4.9% stake — through the block trade mechanism, according to a bulletin (pdf) on the EGX and Asharq Business. The government is reportedly looking to offer a 20-25% stake in the company through the bourse.

But stake sales to strategic investors will still be part of the plan — albeit a smaller part — with select agreements to strategic investors in specific industries, we were told.

The state has also roughly halved its privatization targets for the fiscal year, with the government now planning to raise some USD 3 bn under its privatization program by the end of June, down from its previous USD 5-6 bn target, we were told.

EGX WATCH-

The EGX30 rose for the seventh consecutive trading day to reach a new record high, breaking the 36k barrier to settle 0.8% up at 36,110 points, undoubtedly helped by news of falling inflation. It was only last week that the index hit the 35k mark, as the exchange saw sustained local appetite for equities and signs of growing investor confidence in the broader economy.

Leading the pack yesterday was Orascom Development Egypt, which closed the session with a 5.4% higher share price, followed by Misr Cement with a 4.3% boost and EFG Holding with a 3.5% increase.

HAPPENING TODAY-

The Central Bank of Egypt will wrap up its auction for EUR 550 mn worth of t bills at 11am today, according to data from the central bank. Issuance begins tomorrow, 12 August 2025, and the bills will mature on 11 August 2026.

The issuance marks the first EUR-denominated t bill issuance of the year, after the bank sold EUR 642.8 mn worth of one-year t bills at an average yield of 3.5% back in November 2024.

HAPPENING TOMORROW-

#1- Tomorrow is the last chance for companies to submit requests to settle tax disputes dating back to before 2020. The Finance Ministry will not extend the deadline any further, a senior government source told EnterpriseAM.

REMEMBER- The ministry is rolling out measures to encourage businesses to resolve pre-2020 tax disputes, including by paying a fixed percentage of taxes owed. Businesses will be able to make payments in four installments over a 12-month period without paying late fees or additional interest charges.

#2- The National Election Authority will announce the results of the Senateelections tomorrow, with successful candidates elected to serve a legislative term from 2025 to 2030.

#3- Will unemployment fall for the third consecutive quarter? Capmas is expected to publish Egypt’s unemployment figures for the second quarter of 2025 tomorrow. The previous quarter saw the unemployment rate dropping 0.1 percentage point from 4Q 2024 to 6.3% in 1Q 2025, as 342k more people entered the workforce.

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how the government is offering unconventional incentives and courting top international producers of batteries and auto components in a bid to get auto makers to assemble their EVs in Egypt. Check out the story here.

THE BIG STORY ABROAD-

Nvidia and Advanced Micro Devices (AMD) are leading headlines in the global business press this morning, as the two tech firms reached an agreement with the US government to pay a 15% fee on their chip sales to China. Nvidia will pay the fee on its H20 chips, while AMD will pay the fee on revenues from its MI308 chips. The levy comes in exchange for the companies receiving licenses to export semiconductors to China, following reports over the weekend that the US Department of Commerce had begun issuing export licenses for Nvidia’s H20 chips. (Financial Times | Bloomberg | Axios | CNBC)

Elsewhere, Ukraine vs Russia continues to get play: EU foreign ministers are set to meet later today to discuss “next steps” ahead of US President Donald Trump’s meeting with Russia’s Vladimir Putin over Moscow’s war in Ukraine. The EU meeting comes as the bloc calls on Trump to bring Ukraine to the negotiating table. (Reuters | Wall Street Journal)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at the first-of-its-kind bachelor’s program in banking sciences that is being rolled out by the Central Bank of Egypt.

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Ready. Set. Match. Somabay is proud to host its first international tennis tournament, the ITF World Tennis Tour, from 1-22 September — welcoming top-tier competition to the pristine shores of the Red Sea.

Organized by S Tennis Academy and hosted by The Kaktus Hotel & Co-Working Hub, and set against breathtaking scenery, this tournament marks another milestone in cementing Somabay’s position as a leading regional destination for sport, wellness, and world-class events.

2

Economy

Egypt’s inflation cools for second consecutive month to 13.9% in July

Annual headline urban inflation cooled further in July by a whole percentage point, falling to 13.9% from 14.9% in June, according to data from state statistics agency Capmas seen by EnterpriseAM. The rate of inflation is now at its slowest pace since March 2025.

Driving the decline was an easing in food and beverages prices — the largest component of the basket of goods and services used to calculate headline inflation — which rose 3.4% y-o-y in July, compared to 6.9% in June.

This unexpected decrease pushed the headline figure below forecasts, HC Securities’ Heba Monir, who had predicted inflation rising to 15.4% y-o-y during the month, told EnterpriseAM. Due to the weight of food and beverage prices in calculating the headline figure, this decrease outweighed other segment increases like tobacco, she added.

Certain segments saw increases, like alcoholic beverages and tobacco prices, which rose 24% y-o-y during the month, compared to 15.8% in the previous month. On a monthly basis, this category rose by 7.9% in July, compared to a flat 0.0% change in the previous month, which followed the House approving amendments to the VAT Law in late June that specifically impacted the prices of cigarettes and alcoholic beverages, among other categories. Analysts had expected the decision to significantly fuel July inflation readings, but the effect was less pronounced than anticipated.

But it’s a different story for annual core inflation, with the reading — which excludes volatile items like food and fuel — increasing 0.2 percentage points from June to 11.6% y-o-y, according to data from the Central Bank of Egypt (CBE).

On a monthly basis, urban inflation fell 0.5%, after also shedding 0.1% in the previous month. Food and beverages inflation dipped a whole 3.0%, with fruit prices falling 11.0% m-o-m, vegetable prices down 7.0% m-o-m, and meat and poultry prices decreasing 4.9% m-o-m. While core monthly inflation recorded a decrease of negative 0.3%, representing deflation speeding up from the negative 0.2% recorded the month before.

“This decline in prices was expected because we are seeing deflation, not just disinflation, in many goods on a month-on-month basis,” Ahly Pharos’ Head of Research Hany Genena told EnterpriseAM. The drop in the headline figure can also be explained by the postponement of electricity price hikes and the appreciation of the EGP against the USD offsetting cigarette price hikes, Genena noted.

“Inflationary pressures, apart from administrative price increases, have significantly declined over the past two months,” Beltone Holding Head of Research Ahmed Hafez told us. “Regardless of prices for vegetables, fruits, and meat, I believe the current monthly inflation rate appears to be consistent with the CBE’s target,” Hafez noted. However, he expects increases in administrative prices in the coming period, which may cause the overall inflation figure to range between 12-14% on average.

But some highlighted that the easing of prices is not across the board and inflationary pressures still persist. “The slowdown was driven by a decrease in the prices of meat, poultry and vegetables. However, the rise in bread, cereals, and seafood prices indicates that the trend is uneven,” economist Hany Abou El Fotouh told us.

“The most significant threat to this trend is the potential for inflation to spike again due to global shocks or pressures on the exchange rate,” Abou El Fotouh noted. To mitigate this risk, it is crucial for policymakers to implement meticulous financial management to enhance local production, thereby reducing the country’s dependence on imports, Abou El Fotouh added.

REMEMBER- The CBE slightly revised its baseline and alternative annual headline inflation forecasts and now sees inflation averaging 15-16% in 2025, up from its 14-15% forecast, and 11-12% in 2026, up from its previous 10-12.5% prediction.

The slowing of inflation will only embolden forecasts that the central bank will cut rates later this month, with its Monetary Policy Committee set to meet on 28 August. The committee decided to keep rates steady at their last meeting as the market digests the 325 bps of cuts earlier in the year, but analysts see the bank moving to cut a further 200-300 bps by the end of the year.

Some corners of the international press also picked up the story: Bloomberg | Reuters

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3

M&A WATCH

B Healthcare Investments to acquire two hospitals in Egypt and Saudi Arabia

B Investments Holding's investment arm B Healthcare Investments will soon acquire two specialized hospitals in the fields of in-vitro fertilization (IVF) and reproductive health in Egypt and Saudi Arabia, Hapi Journal reports, citing unnamed sources. The company is also considering similar transitions in other Gulf markets, alongside entering new specialized fields in the Egyptian market.

The move will follow — and be funded by — a CIB-led consortium’s acquisition of a majority stake in the company, which will be done through a GP 500 mn capital increase. Under the acquisition, CIB will join the company’s shareholders with around 25% of the company, Misr Ins. and Misr Life Ins. will each have a 10% stake, and Al Baraka Bank Egypt will own 5%. The new shareholders will sit beside B Investments Holding with 25% of the company following the acquisition, while Egypt’s Sovereign Fund healthcare sub-fund and another investor will own the remaining 25%.

B Healthcare Investments has already submitted documents for the acquisition of a majority stake in the Saudi hospital in what is classified as a large-scale transaction, which may require a new capital increase in the coming period, according to the sources.

ADVISORS- Zaki Hashem & Partners is acting as the legal advisor for B Healthcare Investments, while a financial advisor is in the process of being appointed, the sources added.

ALSO- B Investments Holding intends to establish a holding company specializing in investing in retail chains with a capital of EGP 1 bn, which will make acquisitions in food chains, Chairman Hazem Barakat told Hapi Journal. Negotiations to acquire majority stakes in several chains are already underway, he added. The new holding company will not include B Investment’s existing investments in Gourmet Egypt and Al Arabi, Barakat clarified.

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4

Manufacturing

Egyptian Soda Ash Company inks USD 490 mn financing agreement for long-awaited soda ash plant

The state’s plans to localize the soda ash industry are picking up momentum once again, with the primarily state-led Egyptian Soda Ash Company inking a USD 490 mn financing agreement with a syndicate of local and regional financing institutions, according to a statement from the Oil Ministry. The revived project in New Alamein will produce 600k tons of soda ash a year, according to the statement, which did not provide an updated timeline for the project now it has secured funding.

Who’s involved? The financing package was provided by QNB Alahli, CIB, Arab African International Bank, NBK Egypt, Banque du Caire, Export Development Bank of Egypt, and NXT Bank. The National Bank of Egypt and Afreximbank acted as the project’s financial advisors.

The New Alamein complex has been in the works since at least 2023, with the start of three-year construction period construction initially pencilled in for 2024. The Egyptian Soda Ash Company has also been seeking funding since December 2023, when reports came out that it was in talks for a USD 450 mn loan for the project.

Soda ash is of the 23 priority industries that was earmarked for localization in December, as the first step of an initiative to localize 152 industries by 2030. To help localize the 23 industries, the government is offering incentives and facilities to attract and facilitate investments.

No, not that soda. Soda ash — AKA sodium carbonate — is a common chemical compound used in the manufacturing of several products such as glass, cleaning detergents, pharma products, fertilizers, and paper.

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5

Economy

Standard Chartered holds Egypt’s GDP forecast at 4.5% for FY 2025-26

Standard Chartered has kept its GDP growth forecast for Egypt at 4.5% for the current fiscal year, amid global economic shifts in the US, China, and the euro zone that saw it reduce its global growth forecast 0.1 percentage points to 3.1%, the bank said in a statement (pdf). This was attributed to the country’s strong economic outlook on the back of a “sustained microeconomic stability”.

The lender’s growth forecasts are just below a recent Reuters poll that saw GDP accelerating to 4.6% this fiscal year, and a fair bit below the CBE’s 4.8% forecast. However, Standard Chartered’s predictions are way ahead of the IMF’s forecast of 4.1% and the World Bank’s outlook of 3.8%.

The bank also sees foreign investment pledges as having given the EGP a shot in the arm, pointing to recent growing confidence in the EGP as being boosted by the significant investment pledges from Qatar and Kuwait, totaling USD 12.5 bn with a 50% disbursement target by year-end. The lender also highlighted the continued attractiveness for our carry trade despite recent interest rate cuts, which it says is supported by a confidence in being able to repatriate funds outside the country.

Standard Chartered sees the current account deficit narrowing on the back of a more than 60% y-o-y jump in March remittances and a rebound in exports, putting our economy on “a promising path,” Standard Chartered CEO Mohammed Gad noted. Recent data also showed that remittances from Egyptians abroad climbed 24.2% y-o-y in May to reach about USD 3.4 bn, marking 15 consecutive months of y-o-y remittance growth.

The bank projects the Central Bank of Egypt to proceed with cautious interest rate cuts, ending the year with a policy rate of 19.25%. This measured approach is expected despite inflation remaining within the 13-17% range.

The coming period will also likely see the International Monetary Fund shift its focus towards structural reforms, advocating for tighter fiscal policies and increased privatization efforts. These reforms are set to complement Egypt’s investment inflows, laying the groundwork for sustainable growth,” according to the statement.

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6

EARNINGS WATCH

Beltone Holding’s net income rises 60% y-o-y in 1H 2025

Our friends at Beltone Holding saw their net income rise 60% y-o-y in 1H 2025, coming in at EGP 1.3 bn for the six-month period, according to the company’s latest earnings release (pdf). Revenues for the period more than doubled, increasing 115% y-o-y to a record EGP 6.3 bn, while its outstanding portfolio was up 109% y-o-y to EGP 34.8 bn.

Growth was supported by a 137% y-o-y rise in revenues from its investment banking platform, which came in at EGP 1.1 bn. A jump in its advisory services saw investment banking revenues rise 597% y-o-y to EGP 582 mn, while revenues from its securities brokerage arm saw a 41% y-o-y increase to EGP 474 mn.

Also pushing up revenues was a 111% y-o-y jump in its NBFI platform’s operating revenues to EGP 5.0 bn. Driving this was a 107% y-o-y increase in leasing and factoring revenues to EGP 2.4 bn, mortgage finance revenues increasing 106% y-o-y to EGP 955 mn, and microfinance revenues rising 181% y-o-y to EGP 400 mn. Its SME-focussed operations launched in 3Q 2024 brought in some EGP 212 mn over the same period.

What they said: “This outstanding performance was powered by the synergistic momentum of our core platforms, strong fundamentals, and our strategic and digital expansion. Both our Investment Bank and NBFIs platforms delivered formidable top and bottom-line growth, underscoring our ability to generate substantial value across diverse market segments," Group CEO Dalia Khorshid said.

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7

Also on our Radar

Lorax Capital Partners-led consortium acquires AfricInvest’s entire MDP stake. PLUS: Genesis opens first Egypt showroom, Fawry partners with Forsa

M&A-

A consortium led by Lorax Capital Partners has acquired AfricInvest’s entire stake in payment cards manufacturer Masria Digital Payments (MDP), according to a joint statement (pdf) from MDP, AfricaInvest and sell-side advisor EFG Hermes. Lorax’s acquisition bid was backed by the European Bank of Reconstruction and Development, International Finance Corporation, and the French Development Agency’s Proparco.

What they said: “This transaction marks a pivotal moment in MDP’s journey. EFG Hermes has been a key advisor to MDP since 2020, when it supported the entry of AfricInvest into the company. Their deep knowledge and consistent support over the years have been instrumental in helping us attract strategic investors and navigate major milestones. This transaction reflects the strong foundation we’ve built together and sets the stage for continued growth and innovation in digital payments across the region,” MDP CEO Ahmed Nafie said.

AUTOMOTIVE-

Hyundai’s luxury vehicle brand Genesis has opened its first showroom in Egypt in New Cairo’s District 5 in partnership with GB Auto, the Korean auto maker said in a statement. News of Genesis’ official entrance into the Egyptian market first broke last month with news that GB Auto would launch three new electric models and a showroom at an investment cost of EGP 100 mn.

FINTECH-

Fawry has partnered with fintech mobile application Forsa to provide BNPL and installment services through Fawry’s point-of-sale machines, the e-payments provider said in a statement (pdf). The partnership with the subsidiary of GB Capital’s Drive Finance will provide the service to all of Fawry’s 395k+ point-of-sale machines nationwide.

INVESTMENT-

Investors from Zhejiang — China’s third-largest economic province — are eyeing USD 80 mn in Egyptian projects, targeting ready-made garments and logistics, Egyptian Businessmen’s Association’s China Committee head Ahmed Ezz told Al Borsa.

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8

PLANET FINANCE

Trump opens US retirement savings to private equity and crypto

US President Donald Trump has issued a measure allowing 401k retirement plans to include alternative assets such as private equity, private credit, infrastructure, and cryptocurrencies, the Financial Times reports. This move to reshape the c. USD 9 tn retirement savings market follows years of lobbying from big private capital firms and crypto groups.

Proponents of the move argue it will open up higher returns for the some 90 mn retirement savers. Some, including the PE-backed lobby group Defined Contribution Alternatives Association, have also argued that retirement plans’ inability to deliver on the same returns as PE groups could be grounds for 401k contributors to sue. Carlyle Group CEO Harvey Schwartz presents the move as an opening up of these higher returns, which “wealthy clients have had access to … for a very long time.”

The move could also help better diversify 401k funds, especially with the Magnificent 7 making up a large portion of many retirees' invested savings. “We basically have leveraged the retirement system of the country to Nvidia,” said Apollo Global Management CEO Marc Rowan.

Private equity is understandably eager to access the retirement plan market given its size, especially with assets held under 401k plans tripling since 2007 to a current USD 9 tn.

But critics allege that the decision will open up US pension holders to new risks — that many may not be fully aware of. “Retail investors are going to be exposed to a completely different type of asset without necessarily realizing,” Better Markets Director of Securities Policy Benjamin Schiffrin told Financial Times.

Alternative assets also come with higher fees and significantly less transparency. Unlike 401k plans today that are invested in stocks and bonds that are easy to value and sell, alternative assets are often less liquid and harder-to-sell assets. Fees could also rise significantly — from the current 0.3-0.5% for most 401ks to as much as 0.8% — raising questions about whether savers will be willing to pay more for the chance of higher returns.

The order also ties in with Trump’s push to loosen rules on digital assets, which one White House advisor told the paper was a key reason the order was passed. However, private equity groups remain cautious about being linked to crypto volatility, but accepted the risk for access to retirement savings, insiders told the salmon-colored paper.

MARKETS THIS MORNING-

Asian markets are mixed this morning, as traders await confirmation on whether the US and China will extend their temporary tariff truce due to expire on August 12. Hong Kong’s Hang Seng is up 0.1% and Korea’s Kospi is flat, while the Shanghai Composite is inching down in the red and Japanese markets are closed for a public holiday. Meanwhile, Wall Street futures are muted following strong gains last week.

EGX30

36,110

+0.8% (YTD: +21.4%)

USD (CBE)

Buy 48.43

Sell 48.56

USD (CIB)

Buy 48.46

Sell 48.56

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

10,899

-0.3% (YTD: -9.5%)

ADX

10,312

-0.1% (YTD: +9.5%)

DFM

6149

+0.3% (YTD: +19.2%)

S&P 500

6389

+0.8% (YTD: +8.6%)

FTSE 100

9096

-0.1% (YTD: +11.3%)

Euro Stoxx 50

5348

+0.3% (YTD: +9.2%)

Brent crude

USD 66.59

+0.2%

Natural gas (Nymex)

USD 2.99

-2.5%

Gold

USD 3491.30

+1.1%

BTC

USD 118,210.90

+1.5% (YTD: +26.4%)

S&P Egypt Sovereign Bond Index

885.10

+0.1% (YTD: +24.8%)

S&P MENA Bond & Sukuk

147.74

-0.1% (YTD: +4.9%)

VIX (Volatility Index)

15.15

-8.6% (YTD: -12.7%)

THE CLOSING BELL-

The EGX30 rose 0.8% at yesterday’s close on turnover of EGP 4.3 bn (17.2% below the 90-day average). International investors were the sole net buyers. The index is up 21.4% YTD.

In the green: Orascom Development Egypt (+5.4%), Misr Cement (+4.3%), and EFG Holding (+3.5%).

In the red: Juhayna (-1.0%), Eastern Company (-0.6%), and Egypt Kuwait Holding-EGP (-0.4%).

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
9

BLACKBOARD

CBE launches Egypt’s first bachelor’s in banking sciences

The Central Bank of Egypt said last week that it’s rolling out a first-of-its-kind bachelor’s program in banking sciences in partnership with the Higher Education Ministry and the Supreme Council of Universities. The degree — to be offered by selected universities and institutes to high school graduates — aims to arm students with specialist knowledge, practical skills, and ethical foundations to succeed in an industry being reshaped by rapid digital transformation and mounting economic pressures.

The program is the product of a strategic tie-up between the CBE, the Higher Education Ministry, and the Egyptian Banking Institute (EBI). The partnership blends academic know-how with real-world banking expertise to deliver a curriculum tailored to the sector’s evolving needs, ensuring graduates are up to speed with global industry trends and ready to meet future challenges. CBE Governor Hassan Abdalla called the move a strategic, long-term investment in the sector’s future, saying it will help build a pipeline of highly qualified bankers and support economic growth.

The program will launch in the 2025-2026 academic year at faculties of commerce in several universities — including Ain Shams University, Cairo University, Alexandria University, Helwan University, and Galala University — with plans for a broader rollout over the following years. The move follows the Supreme Council of Universities’ approval in May 2025 of a unified curriculum for the degree, which will be taught in English and follow a credit-hour system.

Courses will cover financial inclusion, digital banking and fintech fundamentals, risk management, advanced banking regulations, sustainable banking, and ESG standards, Abdalla said. Students will get intensive training and practical case study work in cooperation with Egyptian banks, ensuring graduates leave with both academic credentials and on-the-ground experience. They will also graduate with accredited professional certificates alongside their bachelor’s degree to boost their employability, Supreme Council of Universities Secretary-General Mostafa Refaat said.

The program responds to shifting labor market needs and aligns with the state’s higher education strategy, Higher Education Minister Ayman Ashour said. It is designed to train young people in the skills most in demand in financial services and banking.

Unlike existing commerce degrees, the new banking sciences program will feature weekly in-bank training and a full year of practical work before graduation. The curriculum adds AI to core subjects like fintech and financial inclusion, and will be taught using innovative, interdisciplinary methods. Students will also get financial support to pursue global professional credentials such as the CFA, alongside modules on ethics and sustainable finance — areas often overlooked in traditional programs.

The program will be taught in English and follow a credit-hour system to ensure its curriculum meets international benchmarks, Supreme Council of Universities Secretary-General Mostafa Refaat said. EBI Executive Director Abdel Aziz Nosseir added that it will blend theory and practice, with courses delivered by experienced banking professionals alongside top faculty members from participating universities.

Through the EBI, the CBE already operates training programs and fixed centers at Nahda University, Deraya University, Alexandria University, and Cairo University, and has signed 14 agreements with other universities nationwide to provide student training.

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CALENDAR

AUGUST

12 August (Tuesday): Egyptian Tax Authority deadline for pre-2020 tax dispute settlement requests.

12 August (Tuesday): Capmas expected to release unemployment data for 2Q 2025.

12 August (Tuesday): National Election Authority to announce Senate election results.

28 August (Thursday): Monetary Policy Committee meeting.

Mid-August: Launch of electronic platform to register Old Rent Law tenants.

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

Late-August: Deadline for cement factories to restart production.

SEPTEMBER

8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.

9-11 September (Tuesday-Thursday): The International Exhibition for Paper, Corrugated Board, Paperboard and Tissue Paper Industries — PAPER-ME — takes place at the Egypt International Exhibition Center.

15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt’s USD 8 bn EFF arrangement.

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

The Egyptian-Moroccan Business Council to send a delegation of 23 local companies to Rabat.

The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.

Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay.

Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026.

OCTOBER

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

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

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

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

23-25 October (Thursday-Saturday): Stone Africa Expo, Cairo International Conference Center.

October: The third iteration of the Export Smart Exhibition and Conference.

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

NOVEMBER

16-19 November: Cairo ICT 2025, Egypt International Exhibition Center

20 November (Thursday): Monetary Policy Committee meeting.

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

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

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

2026

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.

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

May 2026: End of extension for developers on 15% interest rates for land installment payments

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

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

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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