Inflation unexpectedly slips in November

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What We're Tracking Today

Kouchouk presents second package of tax facilities to business community

Good morning, folks. We close out what has been a pretty slow week with a packed issue, led by last month’s inflation reading, which came in lower than expected as food and beverage prices cooled, the Madbouly government working to secure lower LNG prices, and fresh renewables projects.

** A QUICK PROGRAMMING NOTE- EnterpriseAM Egypt will be taking a break from your inboxes on Sunday, Monday, and Tuesday next week. But it’s all in preparation for something special to reveal to you all — and we’re confident you’ll all think it was worth the disruption.

PSA-

Big changes are coming to CIB’s travel rewards Mileseverywhere program — and some other banks have something similar up their sleeves, we’re told. As of 1 January, Mileseverywhere will be discontinued and replaced with the new CIB Explore program — but don’t worry, all the previously accumulated Frequent Flyer points you’ve been saving up will remain available for you to use.

CIB Explore points will be redeemable from 600+ airlines, not just EgyptAir. Points will also be able to go toward paying for a choice of some 200k hotels through the program’s travel booking platform.

WEATHER- It’s another cool day in Cairo, with a high of 20°C and a low of 13°C, according to our favorite weather app. The Egyptian Meteorological Authority is forecasting a 30% chance of light rainfall in the capital and some wind activity.

It’s a few degrees cooler in Alexandria, which is looking at a high of 19°C and a low of 12°C.

WATCH THIS SPACE-

#1- The Civil Aviation Ministry is officially accepting applications from private sector players and alliances looking to manage, operate, and develop Hurghada International Airport, marking a significant milestone in the government’s airport privatization push, according to a statement from the ministry. The public-private partnership will work toward improving the operational efficiency of the transit point and the services offered to passengers while fully maintaining the state’s ownership of the asset.

Hurghada International Airport will serve as a pilot project for a wider privatization push in the sector, which will see 11 airports developed through public-private partnerships under a program designed with the International Finance Corporation.

#2- CMA CGM is rerouting its India America Express — the Indamex service — back through the Red Sea, in the latest sign that the French shipping giant is following through on plans to ramp up transit through the Suez Canal, according to an updated schedule for the route published by the shipping line. The first ship serving the Indamex on the new program is set to arrive at the Suez Canal on 8 January.

Why does this matter? The fixed schedule, weekly line service connecting India, Pakistan, and the US East Coast with a capacity of more than 9k TEUs, has avoided the Red Sea over the last two years. CMA CGM’s decision to recommit the service fully to the Red Sea route could signify a departure from the previous approach that saw the company decide Suez transits on a case-by-case basis, maritime intelligence group Xeneta Chief Analyst Peter Sand told the Financial Times.

The dip in war risk ins. covering ships braving the Red Sea is also another cause for optimism, with rates falling some 70% compared to mid-2024 prices, Marsh’s ship broker Dylan Mortimer told the salmon-colored paper.

#3- Finance Minister Ahmed Kouchouk presented the second package of tax facilities to the business community yesterday, opening the floor up for dialogue. Kouchouk said that the lump-sum and proportional tax systems will be extended to cover the 2023 and 2024 tax periods under the package.

ICYMI- Kouchouk unveiled the package last week, introducing stock market incentives, streamlined tax refund procedures, corporate tax breaks, and more.

#4- US-sanctioned Lukoil has until 13 December to secure buyers for its overseas assets, after the US added the Russian privately held company — and the state-owned Rosneft — to its sanctions list in October and then blocked the sale of the Lukoil portfolio to Swiss trader Gunvor, Reuters reports. The current bidders include ExxonMobil and Chevron, Abu Dhabi’s International Holding Company, Adnoc, Hungarian operator MOL, US private equity firm Carlyle, and Austrian investor Bernd Bergmair, the newswire added.

This could mean some big energy news for Egypt, considering Lukoil has built a notable presence in Egypt’s oil fields, including a 24% interest in the Meleiha oil concession in the Western Desert. Lukoil also operates the West Esh El Mallaha concession near Hurghada through a 50-50 partnership with state-owned EGPC. An adjacent block, WEEM Extension, is split equally between Lukoil and Tharwa Petroleum, with Lukoil as operator.

HAPPENING TOMORROW-

#1- The IMF delegation in town to discuss our combined fifth and sixth reviews will wrap up its trip tomorrow — which could mean some big announcements are coming our way. The nearly two-week trip has seen the IMF representatives busily meet with government officials to try to iron out issues before it greenlights the fifth and sixth tranches of our USD 8 bn Extended Fund Facility program.

ICYMI- The International Monetary Fund decided in Julyto postpone the fifth review of the country’s USD 8 bn loan program and combine it with its sixth review, arguing that “more time is needed” to make progress on the state's withdrawal from the economy and the broader reform agenda.

The two reviews are expected to see USD 2.7 bn channeled into state coffers, in addition to the first tranche from the Resilience and Sustainability Facility, which could add a further USD 274 mn in climate financing.

#2- The Engineerex Summit 2025 will kick off tomorrow at the Greek Campus in Downtown Cairo. The two-day tech-focused event will bring together prominent tech industry leaders, innovators, and companies for talks, technical sessions, mentorship sessions, and networking across topics like AI, cybersecurity, fintech, and regional innovation.

Over 300 industry leaders in tech will take to the stage or take part in events during the summit, including Giza Systems CEO Mohamed Gad, Mashreq Egypt Retail Banking Head Mohamed Talaat, Rabbit Mart co-founder Walid Shabana, and Automatest CEO Mohab Mohie.

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THE BIG STORY ABROAD-

One story is on every front page this morning: The US Federal Reserve lowered interest rates by 25 bps to 3.50-3.75%, marking its third cut this year. The decision was the result of a rare 9-3 split vote that exposed divisions over how to steer the economy through tariffs, a labor squeeze, and limited data from the government shutdown. Chair Jerome Powell said the Fed faces “significant downside risks” in the jobs market and inflationary pressures from Trump’s trade policies, urging caution as new data comes in. (Guardian | BBC | CNBC | CNN | Reuters | Bloomberg)

** DIVE DEEPER- We have more on the Fed’s decision in this morning’s Planet Finance, below.

AND- US forces seized a sanctioned oil tanker off Venezuela’s coast, escalating Trump’s pressure campaign against Venezuelan President Nicolás Maduro. The vessel was accused of transporting illicit oil from Venezuela and Iran. (Guardian | BBC | Bloomberg | CNN | Reuters)

Egypt’s inflation inches down in November, defying expectations

Annual urban inflation eased 0.2 percentage points in November, going against what pretty much everyone expected, to end the month at 12.3%, according to data from state statistics agency Capmas seen by EnterpriseAM. A drop in food and beverage prices — down a whole 2.6% on a monthly basis — unexpectedly offset a rise in fuel prices.

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

There’s a reason why they say predictions are a fool’s game, with almost none of the analysts and economists we trust the most foreseeing the country’s headline figure dipping in November. Headline inflation had been expected to accelerate 0.6 percentage points to 13.1% y-o-y, according to a poll of 14 analysts by Reuters.

The prices of food and beverages — the largest component of the basket of goods and services used to calculate headline inflation — rose at a softer pace last month, rising 0.7% y-o-y, compared to 1.5% in October. This was the result of a 15.5% dip in vegetable prices and a 1.8% reduction in meat prices.

Transport continued to push the headline figure higher: Transport prices were one of the main drivers of inflation last month, rising 28.9% y-o-y, as the market continued to digest October’s fuel price hike. Other goods and services that contributed to inflation include housing, water, electricity, gas and other fuels, alcoholic beverages, tobacco, and narcotics, and healthcare services.

It was the same story on a monthly basis, with prices rising at a slower pace from the previous month. Prices rose 0.3% m-o-m, compared to a 1.8% m-o-m rise in October, which HC Securities attributed “to the decline of food and beverage prices by 2.6% m-o-m, as reported, and the favorable base year effect.”

What about core inflation? Annual core inflation — which excludes volatile items like food and fuel — rose to 12.5% y-o-y in November from 12.1% the month before, according to data from the Central Bank of Egypt. On a monthly basis, core inflation came in at 0.8%, compared to 2.0% a month earlier.

The outlook: CI Capital sees inflation ending the year at 12.5%, before cooling to 9% by the end of next year. Similarly, Capital Economics expects inflation to “bump around current rates in December and early 2026,” before easing further in 1Q to then reach CBE’s target range of 7% (±2%).

The news should bolster expectations of a coming interest rate cut this month, with the central bank’s Monetary Policy Committee set to meet on 25 December. The unexpected fall also bodes well for the combined fifth and sixth reviews of the country’s USD 8 bn extended fund facility program with the IMF, with government sources previously telling EnterpriseAM that the visiting Fund delegation would be closely watching the data.

How big of a cut are we talking? Al Ahly Pharos Head of Research Hany Genena and Thndr's Esraa Ahmed see room for a 100 bps cut during the MPC’s last meeting of the year. Against the grain, Capital Economics expects the CBE to keep interest rates unchanged before “resuming its loosening cycle with a 100 bps cut in 1Q 2026.”

Egypt looks to secure lower LNG prices

The Madbouly government is looking to secure competitive prices for next year’s LNG cargoes now that our economic situation is more stable, a government source told EnterpriseAM, adding that the stable outlook for global natural gas prices is also helping. The government is looking to pay the Dutch TTF hub gas price — one of the main benchmarks for European gas prices — plus USD 0.75-1 per mn British thermal unit, down from the current average price of TTF plus USD 1-2, our source added.

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

Early negotiations = better price: The government kicked off negotiations early this year, the source said, adding that demand is currently below peak levels — increasing supplier competition and strengthening Egypt’s position while negotiating.

Supplies secured through next summer: The government has secured strategic medium-term contracts for LNG through June 2026 and is continuing to request additional shipments through monthly tenders to keep prices competitive, a government source previously told us.

We have quite the roster of suppliers: Over the past two years, the Oil Ministry expanded its supplier base to more than 70, which helped stabilize prices while keeping premiums at roughly USD 1-2 above global benchmarks, according to our source. Egypt has agreed to purchase up to 125 LNG cargoes annually from a roster of global suppliers, including Saudi Aramco, Trafigura Group, Vitol Group, Hartree Partners, BGN, Shell, and Azerbaijan’s Socar, at a lower premium of around USD 0.75 above the global benchmark.

Gas imports are expected to fall almost 30% next year, driven by anticipated increases in domestic production and higher renewable energy output, the source added. Egypt is currently mapping out next year’s import schedule to lock in pricing ahead of heightened summer demand and ensure supply security.

Customs Authority head Ahmad Amawi on new customs facilities and streamlining procedures

Coffee with Ahmad Amawi. In this second part of our conversation with Head of the Egyptian Customs Authority Ahmad Amawi, we dive into the latest developments the customs landscape is seeing — from digitization and facilities to what is being done to improve the logistics infrastructure. Below are edited excerpts from part two of our interview:

ICYMI- In part one of our conversation with Amawi we discussed customs reforms and trade movement, as well as the Advance Cargo Information (ACI) system and its impact on trade. Check it out here.

EnterpriseAM: What will the customs system look like following the implementation of the new package of custom facilities?

AA: We have submitted a legislative amendment to the House of Representatives, which will open the door for installment payment of custom duties on production inputs, to support local industry and boost exports. Under the amendments, the allowable wastage rate within the temporary admission system for freezones and special economic zones will see an additional 3% exemption margin to resolve longstanding issues and reports filed by the Industrial Control Authority against manufacturers.

EnterpriseAM: What about procedural facilitations?

AA: We are working on a set of procedural facilitation, most notably integrating the HS Code system into operations, automating the valuation process, and incorporating a comprehensive AI-powered risk-management system. These new systems will help resolve issues related to valuations and disputes stemming from human assessment.

EnterpriseAM: But, couldn’t this new system create new complications?

AA: Actually, quite the opposite. The new smart system is designed to identify and analyze supplier data, thereby tackling the main problem: under-invoicing, where invoices for goods are issued at less than their true value to evade customs duties. These duties were put in place to regulate the domestic market and protect local industry. When these duties are evaded, it's ultimately the Egyptian industry that bears the cost.

EnterpriseAM:Why aren't we using AI to generate up-to-date reference prices?

AA:We are actually developing an AI-powered system to update reference prices for goods. This system uses much more advanced algorithms. It compiles data from the specific shipment's supplier, from suppliers of comparable shipments with the same HS Code, and from multiple countries. This process produces more accurate and updated reference prices.

EnterpriseAM: What steps are still necessary to truly transform customs from points of congestion into efficient transit gateways?

AA: We are on the right track, which is enhancing coordination among all 28 bodies involved in the clearance process. The prime minister this year issued a decision to form a committee to establish a risk-based system for customs clearance that aligns procedures across the relevant bodies and then integrate it with the Nafeza customs platform. The relevant bodies will have access to shipment data for the goods they oversee through Nafeza, enabling them to conduct their own risk analysis.

This initiative's main objective is to ultimately reduce the time dedicated to individual party inspections and eventually standardize risk criteria across all involved groups.

EnterpriseAM: Is there a strategy in place to broaden the whitelist of customs-dealing traders?

AA: The number of companies part of the Authorized Economic Operator program has increased from less than 500 companies a year ago to more than 700 companies now. We are currently working on a “reach the customer” approach through direct communication with companies instead of waiting for them to apply to join.

The program offers a streamlined clearance process for participating companies, recognizing them as reliable entities free from violations. This allows for smoother import and export procedures, enabling authorities to focus resources on higher-risk cases.

It aligns with a broader push for trade facilitation and simplifying procedure, for both Egyptian and foreign-capital companies. The goal is to enhance service delivery, improve the economic climate, and streamline customs procedures.

There are four tracks: The Green Track, for highly compliant companies or low-risk commodities, under which incoming shipments bypass both document and physical inspection; the Red Track includes documentary inspection followed by physical inspection of the shipment; the Yellow Track focuses only on document verification; and the Blue Track is designed for low-risk companies and utilizes a post-clearance audit" system.

EnterpriseAM: Given the misuse of the customs release under reservation system, will this mechanism be kept under new regulations?

AA: Among the amendments to the executive regulations is the introduction of optional inspection at a factory's or company's warehouses. This move allows certain shipments to be transported under custody from the port directly to the company's warehouse. All necessary procedures, including inspection and fee payment, would then be completed at the warehouse instead of at the port.

EnterpriseAM: What projects are being implemented to improve infrastructure and streamline customs procedures?

AA: The state has seen a leap in infrastructure development in recent years, whether in sea ports, airports, roads, or dry ports. For customs, there are ongoing projects to establish dedicated units or centers for completing export procedures in most ports. These centers will greatly facilitate things for exporters, allowing them to complete the needed procedures at dedicated export points.

The Transportation Ministry has recently developed dry ports and raised their capacity and logistical capabilities for cargo handling.

Scatec to set up a new solar and battery storage facility

Norway’s Scatec got the cabinet green light to set up a solar and battery storage facility that can supply a stable 100 MW of electricity around the clock, according to a statement from the cabinet.

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

The details: The project will combine 1.7 GW of solar power with 4 GWh of battery storage to be transmitted using a 500 kV Lilo line connected to the main transmission line. It will include 1.4 GWh of battery storage in Abu Qir — alongside a substation for grid connection — and 1 GWh of battery storage in Nagaa Hammadi.

To ensure electricity stability: The storage batteries will operate using a grid-formating system, which ensures energy supplies are reliable and stable.

EETC to secure supplies: The cabinet approved the signing of the power purchase agreement and grid connection agreement for the project between Scatec and the Egyptian Electricity Transmission Company (EETC). It also greenlit the land usufruct agreement with the New and Renewable Energy Authority.

Another renewable project got a nod from the cabinet: The cabinet approved a proposal from a consortium of Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho to set up a 900 MW wind plant in Ras Shukeir. The project will operate under a power purchase agreement with the EETC and a land-use agreement with the New and Renewable Energy Authority.

The consortium owns another wind farm nearby: The players over the summer commissioned their 650 MW wind farm in Ras Ghareb, which was developed under a 25-year build-own-operate contract.

ALSO FROM THE CABINET- The cabinet granted Alamein for Silicon Product the golden license to establish and operate a 714k sqm silicon manufacturing and refining plant in New Alamein. Construction is expected to wrap up by mid-2027, creating roughly 250 direct and 2k indirect jobs.

DHL, Hassan Allam’s Yanmu to set up EUR 24 mn East Cairo logistics hub

DHL Express is investing EUR 24 mn to establish its largest distribution center in Egypt in partnership with Hassan Allam Holding’s Yanmu, the company said in a statement (pdf). The new hub will be built in Yanmu’s East Cairo Logistics Park and is set to become a key part of DHL’s regional expansion across the Middle East and Africa.

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

The details: The facility spans 13k sqm, with 11k sqm of built-up space. Once completed, it will double DHL’s operational capacity in Egypt, accommodating more vehicles and enabling faster pickup and delivery times. The company expects the expansion to support a 27% increase in business volume by 2035.

What they said: “The new center marks a strategic step aligned with our growing business in Egypt and reflects our commitment to innovation and quality in providing world-class logistics services. We continue to invest in our infrastructure and digital transformation to deliver exceptional customer experiences. This project underscores our confidence in Egypt’s strong economy and its growing role as a regional logistics and trade hub,” CEO of DHL Express MENA Abdulaziz Busbate said.

CIRA Global Ventures makes first North American expansion by an Egyptian education group with stake in Falcon Academy

CIRA Education’s global investment arm CIRA Global Ventures acquired a minority stake in the American K-12 private school platform Falcon Academy, according to a joint statement (pdf). The move marks the first strategic North American expansion undertaken by an Egyptian education group.

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

Falcon Academy? The platform was recently established to serve Arab and Asian diaspora communities in the Washington, DC and Northern Virginia areas, as well as students from other backgrounds. The school was “founded on the principles of academic excellence, Middle Eastern values and ethics, Arabic proficiency, and cultural grounding” and will “address the substantial unmet demand for high-quality, culturally grounded education,” according to the statement.

CIRA Global Ventures thinks this may be the start of something much bigger, with the statement describing its exclusive K-12 partnership with Falcon Academy in the US as the “cornerstone of a long-term strategy to serve underserved education segments and replicate successful models at scale.”

The acquisition will be done via a capital increase, which will be used to expand Falcon Academy, open up high school admissions, and help develop a “purpose-built, state-of-the-art campus, designed to deliver advanced STEM education and next-generation learning environments.”

What they said: “This move follows more than three years of in-depth analysis of the North American education sector, guided by a clear objective to identify scalable growth opportunities in one of the world’s largest and most competitive markets. We see in Falcon Academy not just a school, but a scalable education platform with deep community roots and strong growth potential,” said CIRA Education CEO Mohamed Kalla.

Egypt-Iran Fifa World Cup Pride match controversy catches the attention of the int’l press

The opening whistle for the Fifa World Cup is over six months away, but the national team has already found itself in controversy. A local non-Fifa-affiliated committee has designated the Pharaoh’s 26 June match against Iran in Seattle as a "Pride Match," running parallel to the city’s Pride celebration planned for that weekend. In response, the Egyptian Football Association sent a letter to Fifa Secretary General Mattias Grafstrom demanding “Fifa not [to] hold any events or displays related to supporting homosexuality inside the stadium on the day of the match” and “to avoid activities that could spark tension or misunderstanding between supporters from Egypt and Iran.”

Fifa declined to comment on the issue to the foreign press and did not reveal whether it would mull switching the Belgium-New Zealand game to Seattle and bringing the Egypt-Iran one back to Vancouver. Seattle’s organizing committee said it was moving forward with the matches as planned. (Reuters | Associated Press | New York Times | Guardian | Washington Post)

Two Chinese players break ground on USD 270 mn worth of projects in Egypt

MANUFACTURING-

#1- China’s Deli Group broke ground on its USD 200 mn industrial complex in the Tenth of Ramadan after obtaining a golden license, the company announced at a press conference attended by EnterpriseAM yesterday. The Chinese office supplies and stationery player has already started manufacturing locally from a rented 20k-sqm plant, producing around 180 products for the domestic market.

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

What’s next? The complex’s first phase is set for completion by the end of next year, with expected annual sales of USD 150 mn, rising to over USD 200 mn with the completion of the second phase by 2027. Around half of the output will be exported to Europe, Asia, and Africa.

#2- China’s Xinmin Glass kicked off construction on its USD 70 mn factory in Elsewedy Industrial Development’s Sokhna 360 industrial city, with the start of production pencilled in for July, according to a statement. The facility will produce glassware, pyrex, and tableware products, with an annual production capacity of 516 mn pieces. The project will create over 3k direct jobs and begin with a USD 30 mn phase.

TRADE-

Supply chain training and consulting conglomerate Blue OceanCorporation opened an office in Egypt, which it views “as a strategic hub in the global logistics and trade ecosystem,” according to a statement (pdf) from the company. The expansion outside of its existing operations in the UAE, Saudi Arabia, the UK, and India is aimed at “supporting talent development, industry growth, and long-term capability building” in the local supply chain market.

M&A WATCH-

Mostakbal Misr Agency for Sustainable Development’s latest acquisition saw it raise its stake in EGX-listed construction company Tameer from 1.4% to 12.9%, according to a disclosure (pdf) to the EGX. The transaction saw the Egyptian Armed Forces-linked company pay EGP 236.6 mn to increase its share in the company.

The acquisition follows the company acquiring stakes in numerous other companies in the last few months, including 8.8% of the International Company for Medical Industries for EGP 22.8 mn, along with increasing its stake in Mansoura Poultry Company to 22.5% from 4.8% for EGP 212.6 mn, and increasing its shares in Sharm Dreams Company for Tourism Investment and Ajwa Group.

EDUCATION-

The Higher Education Ministry and its counterpart in Russia will work toward opening up branches of Russian universities in Egypt under a protocol inked between the two, according to a ministry statement. The two sides also agreed to further existing cooperation at Borg El Arab Technological University.

The two ministries will also work toward promoting the teaching of the Russian language in Egypt and of Arabic in Russia. They will also cooperate on training workers in nuclear energy, IT, cybersecurity, robotics, and other sectors.

Fed delivers the third cut of the year, signals possible long pause

The Fed cut rates again last night: The US Federal Reserve lowered its benchmark rate by 25 bps overnight, marking the third such move this year following cuts in September and October, according to a statement. The target rate now sits at 3.5-3.75%.

This could be the last one for a while. Policymaker projections issued after the meeting pointed to a single quarter-percentage-point cut next year. It’s not clear when this could be, but the language used in the statement echoes that of a statement from December 2024, after which the Fed refrained from cuts until September. “In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” the statement said. The next meeting is taking place on 25-26 January.

Federal Reserve Chair Jerome Powell said the Fed is “well positioned to wait and see how the economy performs” — another signal that the next cut won’t be for a while. Powell is waiting on inflation, which remains “somewhat elevated,” to go down, and to see what happens to the job market, which has shown signs of softening. Policymakers’ projections see inflation ending next year at 2:4%, and the unemployment rate remaining at a moderate 4.4%.

The Fed is also more divided than ever. Three dissenting votes were against the rate cut, which hasn’t happened since 2019. Seven officials also indicated they want no cuts next year.

The lack of clarity on what comes next is made worse by the fact that the Fed’s chair will change early next year, along with the slow release of economic indicators following the US government shutdown. “Given the lack of consensus on the Committee displayed today, along with the slow release of traditional economic data, and the arrival of a new Fed chair early in 2026, we think the Fed is likely to remain on hold for a while, although continued softness in some of the labor indicators can certainly bring another 25-basis-point cut into the mix for January," Rick Rieder, chief investment officer for global fixed income at BlackRock and one of the shortlisted candidates Trump is considering as a successor to Powell, is quoted as saying.

The Fed also said it would start buying short-dated government bonds — USD 40 bn a month — to manage market liquidity, which Powell said helps maintain control of the policy rate and downplayed it as a technical adjustment as opposed to stimulus.

Market reax: Stocks rose following the decision, with the S&P 500 up 0.7%, while 10-year US Treasury yields dropped to around 4.15%.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, tracking gains on Wall Street following the Fed’s rate cut, with the exception of Japan’s Nikkei, which is down 0.1% after starting the day in positive territory. Over on Wall Street, futures point to a lower open after Oracle’s shares took a hit in after-hours trading in response to disappointing quarterly revenue results that reignited concerns of overly valued tech stocks.

EGX30	42,053	+0.3% (YTD: +41.4%)
USD (CBE)	Buy 47.56	Sell 47.70
USD (CIB)	Buy 47.57	Sell 47.67
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	10,726	+0.3% (YTD: -10.9%)
ADX	9,981	-0.1% (YTD: +6.0%)
DFM	6,076	+0.5% (YTD: +17.8%)
S&P 500	6,887	+0.7% (YTD: +17.1%)
FTSE 100	9,656	+0.1% (YTD: +18.1%)
Euro Stoxx 50	5,708	-0.2% (YTD: +16.6%)
Brent crude	USD 62.51	+0.5%
Natural gas (Nymex)	USD 4.62	+0.5%
Gold	USD 4,267	+1.0%
BTC	USD 91,012	-1.4% (YTD: -2.7%)
S&P Egypt Sovereign Bond Index	975.82	0.0% (YTD: +25.5%)
S&P MENA Bond & Sukuk	151.62	+0.1% (YTD: +8.4%)
VIX (Volatility Index)	15.77	-6.9% (YTD: -9.1%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 6.1 bn (16% above the 90-day average). Local investors were the sole net buyers. The index is up/down 41.4% YTD.

In the green: ADIB (+3.3%), AMOC (+2.2%), and E-finance (+2.0%).

In the red: Misr Cement (-1.6%), Palm Hills Developments (-1.2%), and Orascom Construction (-0.9%).

My Morning Routine: Amr Mansi, founder and CEO of ievents

Amr Mansi, founder and CEO of ievents: 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 Amr Mansi (LinkedIn), founder and CEO of Cairo-based event management firm ievents. Edited excerpts from our conversation:

I’m Amr Mansi. I started my career on the squash court — making the world top 50 back in 2010 — but these days, I’ve traded the racket for a few different business hats. I’m currently running ievents, and I also co-founded the El Gouna Film Festival, which takes up a big part of my heart and time. I’m also really passionate about the ecosystem here, which is why I founded the Egypt Entrepreneur Awards (think of them as the Oscars for entrepreneurs) and helped bring Shark Tank to Egypt through Innovative Media Productions.

But even with these responsibilities, I haven’t fully graduated from day-to-day operations just yet. My time is divided between strategy and hands-on work for El Gouna Film Festival, the Entrepreneur Awards, Innovative Media Productions, and ievents. My days are a constant mix of managing live events, putting out fires that need immediate attention, and brainstorming new ideas. I also try hard to protect my mornings — that’s really the only time I have to think strategically.

The origin story behind ievents was completely by coincidence. I entered the events world because I wanted to do something for my sport — and for Egypt. I wanted to create a squash tournament, and to do that, I had to register a company. That’s how ievents was born, simply as the way to launch that first tournament.

Five or six years later, after the event had become one of the biggest in the world, I started thinking about expanding. We launched another tournament at the Alexandria Library, and then revived the Al Ahram International tournament — the one many people remember from the Ahmed Barada days. Then came the chance to work on the El Gouna Film Festival. I honestly never planned to build an events company; it just happened step by step. I was figuring it out as I went, improvising, and just following the doors that kept opening for us.

After six years, I realized I had fallen in love with the industry — because I could see the impact. Squash has always been my game, and I felt it never got the recognition it deserved. I wanted to put it under the spotlight by showcasing the players, and I believe that happened in Egypt.

Today, nearly every top squash player has major sponsorships from banks and multinationals, and the local tournament scene is thriving. I remember when the head of the Olympic Committee happened to attend Al Ahram International before squash was admitted into the Olympics — I’m not saying it was the only factor, but I’m sure seeing the sport presented in that way made a difference.

Our business model isn’t built around solving a problem as much as it is about supporting ecosystems and communities. With squash, for example, what we really wanted to create was inspiration. I actually still keep a photo of a young boy who volunteered to help us with the tournament draw back in 2010. Fifteen years later, that same kid is ranked in the world’s top 10. That’s the kind of journey we want to support.

The same thing happened with the El Gouna Film Festival. This year alone, the number of accredited participants jumped from the usual 200-300 to more than 7.5k people attending workshops, pitching for funding, networking, and even finalizing films during the festival. It created a real movement for Egyptian and regional cinema.

And the same philosophy drives the Egypt Entrepreneur Awards and Shark Tank. I’ve always believed that every successful person has a story — a tough, inspiring journey that people rarely see. I wanted to put these entrepreneurs on a stage, celebrate what they’ve achieved, and give them a platform to inspire new generations.

What I’m seeing right now — and what I’m most excited about — is the shift toward hosting cultural events at heritage sites. Everyone is looking for that blend of history and modern storytelling — from fashion brands eyeing museums to global names looking to have events at the Grand Egyptian Museum.

I’m an early riser — I’m usually up just before 6pm, and I take a few quiet minutes to myself before hitting the gym. I train for about an hour, then go back home for breakfast with my kids and spend a bit of time with them before the workday starts. I always try to finish by 6pm, but I rarely manage it. Most days, I’m not heading home until around 8pm.

The one constant in my day is sports. It’s the one time of day I’m guaranteed some headspace. With the constant notifications and the pressure of the job, it’s rare to find a quiet moment. That hour in the gym is my sanctuary to reset and clear my mind.

Sports also taught me how to stay focused and organized. Squash specifically is a sport that needs very, very high focus. Just like when you get tired while running, you learn how to take your breath again, refocus, and put a new strategy in place — and that’s exactly how I handle challenges now.

Work-life balance is something everyone talks about, but for me it was almost impossible to achieve — at least up until this year. I have to admit, until this year, I was failing at achieving a work-life balance. I was effectively working 24 hours a day with no real downtime. It wasn't until the start of 2025 that I finally started trying to carve out a better time for myself and my family.

There are two books that I always say changed my life. The first is The 5 AM Club by Robin Sharma, which is about structuring your morning to maximize productivity and personal growth. The second is Success Habits by Napoleon Hill. It’s a bit lesser-known, but it’s a powerful read that really breaks down the mindset you need to succeed.

As for what's next for our business, the future is all about scaling what we’ve built. I’m now focusing on taking the Egypt Entrepreneur Awards to the region — starting with Saudi Arabia. With the El Gouna Film Festival, the priority is to build on this year’s success and push more on the international front. At ievents, we’re cooking up some new concepts, and I’m currently bringing in a fresh leadership team to help take the company to the next level. And with Innovative Media Productions, we’re starting two or three new formats that we’ll be announcing soon.

The best advice I ever got was to stay focused so you don’t become a victim of your own success. It’s easy to get distracted by new leads, but I’ve learned that you have to stick to what you do best — that’s where you’ll actually make the biggest impact.

CALENDAR

DECEMBER

1-12 December (Monday-Friday): IMF mission for extended fund facility program reviews.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

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

EVENTS WITH NO SET DATE

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

JANUARY

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

7 January (Wednesday): Coptic Christmas.

25 January (Sunday): Revolution Day / Police Day.

FEBRUARY

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

19 February (Thursday): First day of Ramadan (TBC).

MARCH

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

21 March: (Saturday): Eid El Fitr starts (TBC).

30 March - 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition 2026 (EGYPES)

APRIL

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

May: NEBU Egypt’s Gold & Jewelry Exhibition.

JUNE:

30 June (Tuesday): National holiday in observance of June 30 Revolution (TBC).

JULY

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

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

27-29 September (Sunday-Tuesday): Egypt will host the fourth edition of the Global Conference on Population, Health and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

EVENTS WITH NO SET DATE

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

Early 2026: The government will launch the second package of tax facilitation measures.

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

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

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.

2027: Egypt-EU Summit 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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