Inflation falls to 14.9% in June

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What We're Tracking Today

Could Egypt cut interest rates again?

Good morning, all. We lead today’s issue with the latest on the network disruptions following the Ramses data center fire, June’s inflation reading, and Madbouly’s explanation as to why we’re behind on our privatization targets.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 37°C and a low of 25°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 32°C and a low of 23°C.

WATCH THIS SPACE-

#1- Egypt, Qatar discuss boosting investments: Prime Minister Moustafa Madbouly met with his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al Thani in Doha to discuss strengthening joint investments — particularly in tourism — and enhancing cooperation, according to a cabinet statement. The two also reviewed ongoing efforts with the US to reach a Gaza ceasefire and reaffirmed support for Palestinian statehood.

#2- Gov’t to launch public consultation on freezone overhaul: The General Authority for Investment and Freezones will hold a community dialogue to explore ways to develop the country’s freezones and maximize their contribution to the economy, Investment Minister Hassan El Khatib said during a meeting with Prime Minister Moustafa Madbouly and other cabinet members.

For decades, Sahel has been synonymous with summer's embrace: clear waters, crisp breezes, and vibrant nights. But last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.

In the second issue of our Destination Sahel series, we’re digging deep into the infrastructure needed to support this evolution and whether Sahel has a spot on the global tourism stage..

Look for Destination Sahel, Issue II, in your inbox this Tuesday, 15 July.

Missed the first issue? Tap here to read the full series.

EGX WATCH-

Trading resumed on the EGX yesterday after a full-day suspension on Tuesday, prompted by internet disruptions in Cairo following the fire at Ramses Central late Monday.

The benchmark EGX30 index opened slightly higher (a gap up in industry-speak), a reassuring sign that investors are staying calm. The market seems to be quietly catching up on what was missed during the downtime, with no signs of panic. The modest gain reflects a sense of relief, and things now appear to be running smoothly again.

DATA POINT- The EGX30 ranged between an intraday high of 33.4k and a low of 32.9k points before closing the session 0.35% higher at 33.2k and adding 11.5% YTD.

HAPPENING TODAY-

#1- It’s interest rate day: All eyes are on the Central Bank of Egypt’s Monetary Policy Committee’s (MPC) meeting later today, where the committee will decide on whether or not to cut interest rates. Five of the experts we spoke to see the committee pausing its easing cycle, while three others expect a cut between 100-175 bps.

#2- It’s day two of Chinese Premier Li Qiang’s two-day visit. The first day of the Premier’s visit, saw him meet with Prime Minister Moustafa Madbouly and House speaker Hanafy Gebaly. During his meeting with Gebaly, Li said that China and Egypt should “strengthen industrial alignment and market connectivity, and push for a higher level of win-win cooperation.”

Egypt is looking to up local Chinese investments to USD 16 bn within four years, up from around USD 8 bn at the moment, Egyptian Commercial Service head Abdel Aziz El Sherif told Asharq Business. El Sherif added that Egypt is targeting USD 15 bn in total FDI by the end of 2025, up from last year’s USD 10.3 bn.

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THE BIG STORY ABROAD-

Another day, another tariff headline is dominating front pages. The US has now said it will hit Brazil with a 50% tariff — a large hike compared to the 10% reciprocal tariff announced earlier in April — as US President Donald Trump protested what he calls a “witch hunt” against former Brazilian President Jair Bolsonaro in his letter to the country. He criticized the current trial and charges against Bolsonaro and demanded that he be allowed to run in the next election. Not stopping there, he also ordered an unfair trade practices probe into Brazil’s policies that could lead to further tariffs later. (Bloomberg | Reuters | Wall Street Journal | Guardian | Financial Times)

Meanwhile, Trump says a Gaza ceasefire agreement is “very close,” as Israeli Prime Minister Benjamin Netanyahu continues talks with Trump in Washington and US, Qatari, and Israeli officials reportedly meet to discuss the agreement. (Bloomberg | Axios)

ALSO- Chipmaker Nvidia has just became the first company ever to hit a market cap of USD 4 tn, beating its rivals Apple and Microsoft to the milestone during trading yesterday. (Bloomberg | FT | WSJ | CNBC)

ALSO- X CEO Linda Yaccarino has stepped down from her position at the Elon Musk-owned platform after two years. The resignation comes just a day after X’s chatbot, Grok, went off on a tangent, praising Adolf Hitler and spewing anti-semitic comments. (Reuters | WSJ | FT)

The aftermath of Ramses data center fire is almost behind us as things inch closer to normal

Connectivity and digital services are steadily returning to normal following the Ramsesdata center fire. Telecom Egypt has restored most fixed broadband and mobile services by transferring operations to alternative exchanges, the company said in a disclosure to the EGX (pdf). Emergency teams are continuing work to fully restore connectivity in the remaining affected areas.

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

As things stand: Users reported improved internet speed, but many reported unstable mobile internet connectivity as of yesterday. ADSL services remain spotty for some providers.

Reassurance from Madbouly: Most services impacted by the fire have been restored, Prime Minister Moustafa Madbouly said during his presser last night, adding that all services will be restored over the coming hours.

Damage assessment is now underway: The company is assessing the extent of the damage and confirmed that all affected assets, including equipment and infrastructure, are covered by comprehensive ins. policies. Coordination with authorities is ongoing to determine the cause of the fire and implement corrective measures. Prime Minister Moustafa Madbouly visited the site of the fire and called for structural safety checks, according to a cabinet statement. The Housing Ministry’s building inspection authority is expected to issue a technical report. A recovery plan is being prepared to restore full operations once the building is cleared for use.

Core services from other providers are coming back online: Vodafone Egypt has restored its main services, including Vodafone Cash, but some services like DSL remain impacted due to their reliance on infrastructure managed by Telecom Egypt, Vodafone’s External Affairs and Legal Director Ayman Essam told EnterpriseAM. They will be up and running as usual once Telecom Egypt completes the necessary repairs. All of the country’s network operators are in the process of migrating traffic to alternative servers under emergency protocols, but the scale of the fire initially delayed the response, a source at the National Telecommunications Regulatory Authority told us.

Not all systems were affected: Platforms and systems operated by state-owned fintech player E-finance remain fully functional, according to an EGX disclosure (pdf). Services supporting sectors such as agriculture, tourism, transportation, petroleum, and social welfare are running at full efficiency. Meanwhile, Raya Holding’s IT, digital solutions, outsourcing, and non-banking financial platforms are operating normally, according to an EGX disclosure (pdf). The company has also activated internal monitoring and response protocols to address any service issues.

E-signature services are operating normally: E-signature services remain unaffected except for one EGX-connected company that suspended operations as a precautionary measure, a government source told EnterpriseAM. The source added that networks are currently being transferred to four new cabinets to replace those damaged in the fire, allowing operations to shift back to the main system rather than the backup until restoration work at the Ramses building is completed.

Outsourcing and international services held steady: The CIT Ministry deployed a dedicated team early on to coordinate with outsourcing firms and resolve any technical issues. Voice and connectivity services were prioritized, allowing most cross-border and outsourcing centers to resume operations quickly. International services saw minimal disruption due to early intervention and a full crisis response team.

Gov’t networks are now under testing: Network connectivity between state agencies, which is key to enabling services such as tax collection and real estate transactions, is being tested as internet stability improves, government sources told EnterpriseAM. Among the affected services were those at tax offices and real estate registry branches.

Egypt’s inflation dips below expectations in June to hit 14.9%

Annual headline urban inflation fell to 14.9% in June, from 16.8% in May, ending an upward trend that extended over three consecutive months, according to data from state statistics agency Capmas. On a monthly basis, inflation fell by 0.1% compared to an increase of 1.9% in the previous month.

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

Driving the trend: The decrease is mainly attributed to an easing in food and beverages prices — the largest component of the basket of goods and services used to calculate headline inflation — which rose 6.9% y-o-y in June, compared to 11.0% in May. On a monthly basis, food and beverages inflation dipped by 1.2%.

Fruit inflation saw a 64.9% y-o-y increase during the month, marking an acceleration from May’s 61.8% y-o-y jump. Electricity, gas and fuel materials also accelerated 38.1% y-o-y in June, compared to a y-o-y increase of 33.7% a month earlier.

Much weaker than anticipated: “June inflation came significantly lower than our estimate of 16.6% y-o-y and lower than Reuters' median poll estimates of 16.2% y-o-y,” HC Securities’ Heba Monir told EnterpriseAM, adding that Capmas data showed “a noticeable decline in the food and beverages segment versus our estimate of a 2.1% m-o-m increase.” Capital Economics’s James Swanston agreed with Monir, saying that “June’s outturn was much weaker than both we (16.0%) and the consensus (16.2%) had expected,” according to a research note seen by EnterpriseAM.

What about core inflation? Annual core inflation — which excludes volatile items like food and fuel — fell to 11.4% in June from 13.1% in May, according to data from the Central Bank of Egypt. On a monthly basis, core inflation fell 0.2% in June, compared to rising 1.6% in May.

Inflationary pressures eased amid regional de-escalation: “This decline is due to the absence of significant or sustained new inflationary pressures,” banking expert Mohamed Abdel Aal told us, adding “we maintain our view that inflation rate appears to be heading towards a downward trend, especially with concerns over increasing geopolitical tensions, particularly in the Middle East, having diminished following the Iran-Israel ceasefire.”

A pick up is expected ahead? “Inflation declined on an annual and monthly basis, but we are still anticipating an increase in electricity and gas prices among other items,” Ahly Pharos’ Head of Research Hany Genena told EnterpriseAM. This will come in addition to the impact of expected cigarette price hike due to the recently-approved VAT amendments, which will be reflected in July’s inflation figures, Genena noted.

Cooling inflation: What does it mean for the MPC's meeting today? The Central Bank of Egypt’s Monetary Policy Committee (MPC) is meeting today to review interest rates. Five of the experts we spoke to see the committee pausing its easing cycle today, while three others expect a cut between 100-175 bps. “I still lean towards holding interest rates steady,” Genena told us yesterday. The CBE has significant room to maneuver, if the MPC decides to cut rates this month, it will be by a maximum of 100 bps, Genena noted. “However, should no rate cuts occur this month, [the MPC] is expected to cut rates by 200 bps in August," Genena added. Abdel Aal reiterated his prediction of a cut ranging between 100-175 bps.

“Even before June’s downside surprise reading to inflation, we had pencilled in a 100 bps reduction in the CBE’s interest rates for Thursday’s meeting — of the 17 analysts polled, only seven (including ourselves) expect a cut, all of whom predict a 100 bps move,” Swanston wrote, predicting that the CBE is unlikely to make aggressive cuts today, given that “the headline inflation rate remains above the target range of 7 ±2% and the backdrop of Trump’s expiring tariff deadlines.” However, if disinflation accelerates as they expect, “chunkier moves are likely further down the line,” Swanston noted.

Outlooks for upcoming cuts ahead: Genena is forecasting a total of 400 bps in interest rate cuts during the remainder of the year, while Swanston foresees a “further 500 bps of reductions this year,” which he said “ is more dovish than other analysts expect.”

Madbouly addresses privatization delays during latest presser

Madbouly touches on IMF reviews, Ramses fire, and Old Rent Law during latest presser: Prime Minister Moustafa Madbouly held his weekly presser (watch, runtime: 1:15:02) last night, where he covered the delayed fifth review of our IMF program, the Ramses fire, and the recently-passed amendments to the Old Rent Law.

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

#1- The reason behind our delayed fifth review: The IMF decided to merge its fifth and sixth reviews of our USD 8 bn extended facility after we fell short on privatization targets due to regional geopolitical tensions, Madbouly said. Egypt met all other IMF program targets — including the primary surplus, FX reserves, currency flexibility, and limiting public spending — apart from divestment.

REMEMBER- The IMF will combine the fifth and sixth reviews of our USD 8 bn Extended Fund Facility Arrangement, IMF Communications Director Julie Kozack said last week. A combined review also means a delayed review, which the Fund now expects to take place in the fall — along with the USD 1.3 bn tranche that the government had been expecting to land in state coffers this month.

Why haven’t our divestment targets been met? “There was a specific amount of offerings we had aimed to complete by now. However, due to geopolitical tension in the region and its impact on the investment climate, we decided that moving forward with offerings at the moment would not achieve their fair value,” Madbouly said. “The priority is not merely meeting targets but ensuring that the state’s assets are utilized to their fullest potential and securing their fair value for Egypt.”

#2- Implementing the changes to the Old Rent Law: The cabinet held its first meeting to discuss implementing the amended Old Rent Law, according to Madbouly. The Housing Ministry is working on the mechanisms to protect current tenants. A unified electronic platform will launch within a month to register tenant data to gauge the need for state housing — tenants will have three months to register.

ICYMI- The House gave its final approval to the controversial amendments to overhaul decades-old rent law earlier this month. The law sets a seven-year transitional period for residential units and five years for non-residential units rented by individuals. After the transition, tenants must vacate the property, with all old rent regulations scrapped at the end of the period.

#3- No plans to sell Rameses Central: Madbouly dismissed rumors that the government plans to sell off the Ramses data center after it caught fire earlier this week.

#4- Reducing road accidents is a priority: Despite Egypt ranking 18 globally when it comes to road quality, accident rates remain above global averages, Madbouly said. The cabinet has tasked relevant ministries with preparing an executive plan to reduce national road accident rates below global averages.

ICYMI- Road safety has been high on the state’s agenda after two fatal crashes that claimed the lives of 28 people triggered public anger over road conditions.

#5- Ethiopia wants to resume GERD discussions: Madbouly confirmed that Ethiopia wants to resume negotiations over the Grand Ethiopian Renaissance Dam (GERD). “We asked them to sign a document that turns recent statements into a written commitment,” he said.

#6- Xi could visit Egypt later this year: Egypt is looking forward to a potential visit from Chinese President Xi Jinping later this year. “One of the goals of the Chinese Premier’s current visit is to prepare for this important visit,” he said.

Cultivating sustainable futures at Heliopolis University

Heliopolis University (HU), a cornerstone of the SEKEM initiative, is once again opening its admissions for the 2025-2026 academic year. Founded in 2012 as the first university in the Middle East based on sustainable development principles, HU embodies a holistic commitment to sustainable development with a mandate that extends beyond traditional academic silos.

With a campus boasting over 50% green space, solar power utilization, and advanced water recycling systems, HU aims to deeply integrate principles of economic solidarity, social justice, individual consciousness, and environmental balance into every facet of its operation.

HU offers a diverse range of programs across five faculties: Engineering, Business and Economics, Pharmacy, Physical Therapy, and Organic Agriculture, with a forward-looking perspective on sustainability. Moreover, a distinguishing feature across all disciplines is the mandatory “Core Program,” an interdisciplinary curriculum that ensures every graduate possesses a foundational understanding of humanities, arts, social sciences, and practical sustainability, cultivating critical thinking and a well-rounded perspective.

With a commitment to making its unique educational model accessible, HU allows its students to benefit from various scholarships and discounts, including full scholarships for international sports achievements, sibling discounts, and exclusive early bird offers. Through robust international partnerships with universities and industrial organizations, students have access to study abroad and exchange programs, summer internships, and inter-cultural summer camps.

To learn more about a community that is cultivating a generation of future leaders, click here.

Egypt’s Nawy takes majority stake in SmartCrowd

Nawy buys into SmartCrowd, enters UAE market: Cairo-based and e&-backed proptech platform Nawy acquired a majority stake in the UAE’s first licensed fractional property investment outfit SmartCrowd for an undisclosed sum, according to a statement (pdf).

A stepping stone to regional dominance? The move marks Nawy’s first foray into a GCC market, giving it immediate exposure to the UAE’s booming real estate investment market, which is forecast to hit USD 33 bn by 2030 on the back of heightened cross-border participation, tokenization, and demand for fractional ownership models, the statement said.

The acquisition comes on the heels of one of the region’s largest series A rounds. Nawy raised USD 52 mn in a funding round back in May, alongside USD 23 mn in debt financing from local lenders. The firm said it would use the capital to expand across the Middle East and North Africa, acquire startups, and embed AI across its product stack. Nawy claims its revenues have grown more than 50x in USD terms since 2020, with gross merchandise value hitting USD 3 bn to date, up from USD 1.4 bn in 2024.

Not the first acquisition for Nawy this year: The proptech player acquired property management company ROA earlier this year in a bid to launch Nawy Unlocked — a new service “designed to help property owners generate income from unused or unfinished properties.”

About SmartCrowd: Founded in 2018, the Dubai-based firm allows investors from over 130 countries to co-invest in income-generating properties starting from as little as USD 150. It has processed over USD 110 mn in property transactions to date, distributed more than USD 40 mn in rental income and capital gains, and exited more than 50 properties as of June 2025. One of its flagship offerings, Flip, acquires and renovates undervalued assets to resell within 15 months, yielding an average 30% ROI as of June 2025, the statement said.

What they said: “SmartCrowd’s platform gives us a proven investment engine built on trust, performance, and regulatory strength,” Nawy CEO Mostafa El Beltagy said. “The perfect match for Nawy’s techfirst approach to real estate. Together, we’re unlocking a new era of seamless property investment across MENA: data-driven, accessible, and built for today’s digital investor.”

Stefano Ziliani joins Prometeon as Africa and Middle East CEO

Prometeon Tyre Group creates AFME region, taps Stefano Ziliani as CEO: Tyremaker Prometeon Tyre Group has named Stefano Ziliani as CEO of its newly-created Africa and Middle East (AFME) region, which includes Egypt as a key market, the company said in a statement (pdf). The move is part of a broader global reorganization aimed at driving growth and improving local responsiveness in strategic markets, the company noted.

Ziliani brings more than 30 years of international manufacturing experience and has led Prometeon’s Egypt operations since 2021. He joined the company in 2018 after nearly two and a half decades at Whirlpool and Ariston Thermo, where he held leadership positions across six countries. In his new role, Ziliani will oversee a region that includes one of Prometeon’s four global production plants and one of its four R&D centers, both located in Egypt.

Cyprus’ UW Group is interested in upgrading the Port Said Shipyard

LOGISTICS-

Cyprus’ UW Group is eyeing investments in the Port Said Shipyard to turn it into a global shipbuilding hub offering maintenance, repair, and green scrapping services. This came during a meeting between Suez Canal Authority head Osama Rabie and a delegation from the ship repair and maintenance service provider UW Group, according to a statement from the authority. Both sides will study the proposed partnership and hold further meetings to discuss technical and economic aspects.

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

TECH-

A new fintech player enters the scene: London-based startup LemFi launched its low-cost payment services in Egypt, tapping into the country’s USD 29.6 bn remittance market, according to a statement (pdf). The company already operates in the US, Canada, the UK, Europe, Morocco, and Tunisia. “This strategic expansion positions [LemFi] to provide its service offerings to Egypt’s massive diaspora community, building on the country’s growing adoption of the digital payments market,” the statement read.

REAL ESTATE-

Real estate developer and asset manager Green Investments launched its digital fractional ownership platform B.almetr, according to Al Mal. The platform allows clients to purchase spaces in ready-to-lease units as small as 1 sqm, with investments starting from EGP 500k that are backed by exit options. Regulatory approvals from the Financial Regulatory Authority and the Central Bank of Egypt are still pending.

MENA M&As hit highest level on record in 1H 2025

Announced M&A transactions in the MENA region increased 149% y-o-y in 1H 2025 to USD 115.5 bn, their highest level on record since 1980, Zawya reports, citing LSEG data. The number — including intended, pending, and completed agreements — also grew 16% y-o-y to a three-year peak.

By the numbers: Inbound M&A, where MENA companies were the targets, amounted to USD 48 bn, representing an 18% y-o-y increase. Meanwhile, outbound M&A from the region set an all-time 1H record at USD 64.5 bn, an 8% y-o-y increase.

Emirati firms were the most targeted, with inbound agreements to the UAE totaling USD 39.8 bn, followed by Saudi Arabia at USD 3.5 bn, Kuwait at USD 1.7 bn, Egypt at USD 1.3 bn, and Bahrain at USD 700 mn.

The materials sector came in the lead with 67% of the total agreements value, largely due to the pending USD 30.9 bn merger between UAE-based Borouge and Austria's Borealis. Meanwhile, the financial sector saw the highest number of transactions, which were valued at a total of USD 3.3 bn.

Behind the leap: Growth in the M&A activity is attributed to strong investor confidence, strategic diversification efforts, and robust sovereign capital, Zubair Mir, senior partner at Norton Rose Fulbright, told Zawya. The region’s ongoing regulatory reforms and initiatives to attract foreign direct investment are also fostering a favorable environment for both inbound and outbound transactions, Mir added.

Sectors to watch: M&A activity is expected to pick up in the second half of the year, particularly in the energy, clean energy, digital infrastructure, healthcare innovation, and technology sectors, Mir expects.

The leading advisors: Rothschild & Co topped the financial advisor league table for announced M&As in the first half of the year, advising on agreements worth a combined USD 76.1 bn and capturing a 65.9% market share. Goldman Sachs followed in second place with USD 75.6 bn, and Citi came third with USD 48.4 bn. Morgan Stanley, which held the top spot in 1H 2024, dropped to seventh place.

ALSO FROM PLANET FINANCE- US inflation is projected to hit 3% a year from now, the same level it was before President Donald Trump began taking trade protectionist measures, CNBC reports, citing a New York Federal Reserve survey.

MARKETS THIS MORNING-

Asian markets are still trading mixed this morning, with Japan’s Nikkei down 0.5% while the Shanghai Composite is up 0.3%. Meanwhile, Wall Street futures are slightly inching down following S&P’s first gains in three sessions.

EGX30	33,152	+0.4% (YTD: +11.5%)
USD (CBE)	Buy 49.54	Sell 49.67
USD (CIB)	Buy 49.58	Sell 49.68
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,278	-0.1% (YTD: -6.3%)
ADX	10,049	+0.4% (YTD: +6.7%)
DFM	5,834	+0.7% (YTD: +13.1%)
S&P 500	6,263	+0.6% (YTD: +6.5%)
FTSE 100	8,867	+0.1% (YTD: +8.5%)
Euro Stoxx 50	5,446	+1.4% (YTD: +11.2%)
Brent crude	USD 70.19	+0.1%
Natural gas (Nymex)	USD 3.21	-3.8%
Gold	USD 3,321	+0.1%
BTC	USD 111,080	+2.0% (YTD: +18.9%)
S&P Egypt Sovereign Bond Index	878.40	0.0% (YTD: +13.0%)
S&P MENA Bond & Sukuk	145.61	-0.2% (YTD: +4.1%)
VIX (Volatility Index)	15.94	-5.2% (YTD: -8.1%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 4.1 bn (16.9% below the 90-day average). Local investors were the sole net sellers. The index is up 11.5% YTD.

In the green: Qalaa Holdings (+5.6%), GB Corp (+4.8%), and Rameda (+4.6%).

In the red: EFG Holding (-2.4%), Telecom Egypt (-2.3%), and Sidpec (-1.8%).

My Morning Routine: Mohamed Amer, CEO of El Gouna

Mohamed Amer, CEO of El Gouna: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is El Gouna CEO Mohamed Amer (LinkedIn). Edited excerpts from our conversation:

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

I’m Mohamed Amer, the CEO of El Gouna. I’ve held this role for the past three years. Previously, I spent over two decades at Xerox, where I most recently served as VP and Region General Manager for the Middle East and Africa before leaving London and settling here in El Gouna. Weeks ago, my role expanded beyond El Gouna. I joined the Executive Board of Orascom Development Egypt and took on the role of managing director for commercial activities. While I continue to lead El Gouna as CEO, my focus includes driving commercial growth across the group's destinations, building on the success we've created in El Gouna.

I wake up around 6-6:30am and take my time making my morning coffee. I’m a bit of a coffee enthusiast — I have all the coffee-making gadgets at home. I usually take my cup of coffee outside and go for a walk around the lagoon, where I spend 10-20 minutes reading the news and going through EnterpriseAM. I then spend another 10-15 minutes in a near-meditative state where I’m not using my phone and just taking in the view and calmness of El Gouna in the morning.

I go to the gym on most days. For a year now, I’ve been trying to switch up my morning workouts. Some days I try to learn golf, other days I go horseback riding. We have a couple of stables here that let you ride along the beach.

I usually come to the office around 9am, but my workdays aren’t necessarily tied to the office. One of El Gouna’s biggest perks is that the longest commute is around 10-12 minutes. I can easily come into the office, head over to Fanadir Marina or a kite center for a meeting, come back, and carry on with work. I appreciate being able to break up my day without losing much time.

My job is partially corporate because it involves managing a company, but it's also partly municipal. I oversee a town of 25k residents, along with its utility companies and the talent that keeps them running — that's the most interesting part of the job to me. My primary responsibility is to make sure the town runs smoothly every day. Beyond setting the vision and strategy, aligning teams, and recruiting the right talent, I make sure we’re delivering high-quality services consistently.

One of the town’s main pillars is real estate development and sales. I visit our construction sites at least twice a week to monitor their progress. Another pillar is hospitality. The town has 18 hotels — all part of the Orascom Hotels brand — and I regularly drop by these properties to ensure we're extending high-quality services to our guests. Then there are other town operations, which encompass 600-700 retail outlets, F&B, an airport, and a football club that competes in the Premier League, among other things. I keep an eye on all these areas to make sure they are running according to plan.

What I do after work depends on the level of energy I’m left with at the end of the day. That's why I prefer to play sports in the morning — the evenings are unpredictable. I usually get off work around 7pm. If I have the energy, I’ll play a game of squash with a colleague or a friend. Other times, I’ll grab a bite somewhere by the marina while I enjoy the view. And if I’m low on energy, I just go home and watch TV.

My assistant helps me tremendously in organizing my day, making sure my meetings are well-structured and that I don't leave important tasks unfinished. Without her, I don’t think I would be as efficient. I'm generally quite structured in the way I think and work, but my role involves a great amount of detail, which means some tasks must be delegated. I'm very fortunate to have a strong senior team that consistently delivers on delegated tasks.

When it comes to work-life balance, I’m lucky I live here. Work and daily life blend together naturally. Even something as simple as taking meetings outdoors helps reduce the stress of work. There’s been a global shift toward remote work since the pandemic, and El Gouna has become a magnet for people embracing that lifestyle. We have one of the fastest internet connections in the country and coworking places like GSpace. All services like hospitals, schools, and wellness centers are close and accessible. We like to flip the term and call it “life-work balance” because life takes precedence.

I think El Gouna’s next chapter will be even more exciting, and I’m really looking forward to being part of that journey. With most jobs, it typically takes two to three years before you start to feel like you've hit a plateau — but that’s definitely not the case here. I feel incredibly energized and motivated by the remarkable progress we've made and the opportunities that lie ahead. When I look at our plans, I see so much potential. El Gouna has established itself as a model on many fronts, and it's continuing to grow beautifully.

What has helped El Gouna remain a favorite over the years — even amid shifting trends and declining purchasing power — is staying relevant to our target market. Unlike some destinations that boom for a season and then fade, we can’t afford to follow trends at our scale. We’ve taken a long-term view with a town that spans nearly 38 mn sqm. It’s a year-round destination with permanent residents, which creates stability and consistency. It’s up to us to keep the town vibrant and appealing, and I think we do that well. We’re always bringing in bigger and better events, activities, and enterprises. Because El Gouna is privately owned, we have the agility to quickly respond to our target market’s needs without the usual bureaucracy.

On a personal note, I hope the coming period brings my family closer. My kids are currently living in the US for their studies, and while I'd love for us to be reunited more often, it’s a bit of a challenge since they’re planning to stay there.

I listen to a variety of podcasts, especially ones about wellness, but I also enjoy podcasts that discuss far-ranging topics like The Joe Rogan Experience, which is one of the most popular ones globally. I’m also into The Jordan B. Peterson Podcast ; I like the way Peterson thinks even if he’s a little bit controversial. I just started a book called Human Compatible by Stuart Russel, which explores how we might coexist with AI — it’s a really thought-provoking read. One of my all-time favorite books is The Black Swan by Nassim Taleb.

The single best piece of advice I’ve received is that what’s right isn’t necessarily what’s wise, and timing is extremely important. Early in my career, I treated everything as equally important and fought for perfection in every detail. That changed when a mentor, who gave me my first managerial role and played a major role in my career, taught me otherwise. Passing on the insight, I now often tell others “context is for kings” — it’s become my favorite saying.

CALENDAR

JULY

10 July (Thursday): Monetary Policy Committee’s fourth meeting

15-16 July (Tuesday-Wednesday): The Egypt Mining Forum.

July: The first operational trail of Egypt-KSA electricity interconnection line

16 - 18 July (Wednesday-Friday): Egypt’s New Era: Investment Opportunities: Business mission to the UK organized by The British Egyptian Business Association (Beba)

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

7 August (Thursday): The Finance Ministry to begin disbursement of 50% of exporters’ pre-June 2024 dues over a four-year plan.

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

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

SEPTEMBER

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

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.

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee’s seventh meeting.

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

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

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

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

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

2027

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

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

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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