May inflation dips slightly, but a rate cut still unlikely

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WHAT WE’RE TRACKING TODAY

Gov’t fully clears oil arrears

Good morning, wonderful people. We head to the weekend with a mixed bag of inflation data, as annual urban inflation urban inflation cooled to 14.6% in May, but monthly figures ticked up to 1.6% due to lingering food price pressures. Because of these persistent upside risks, don’t expect any rate cuts just yet — analysts agree the central bank will likely maintain its cautious wait-and-see approach and keep rates on hold at its meeting next month.

We take a deep dive into the rationale behind Madbouly’s no-new-IMF-program stance after the current facility expires next December. However, some experts warn that unforeseen global shocks could eventually force a return to the Fund.

… and finally, the government cleared its massive USD 6.1 bn backlog of arrears owed to international oil companies. Now we will be tracking if the zero-arrears label remains.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.

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A bill worth paying

The government fully cleared its outstanding arrears to international oil companies — totaling USD 6.1 bn accrued since June 2024, according to a statement (watch, runtime: 05:57) from Oil Minister Karim Badawi. The payment fulfills the promise the government made to the energy sector as it tries to reverse years of declining domestic production.

Why it matters: Clearing the arrears backlog was the linchpin in the government’s strategy to restore investor confidence and get international operators drilling again. Combined with sweeter commercial terms, settling the debts has already unlocked a USD 19 bn investment pledge from global energy majors, which sets the state up to hit its USD 6.2 bn sector FDI target next fiscal year.

But don't expect an immediate fix: Even with capital flowing back in, offshore drilling and infrastructure development take years, meaning a significant rebound in domestic output won’t happen overnight.

It wasn’t easy, but it’s done: Despite ongoing regional disruptions, the government remained dedicated to paying down its debt over the past three months. Arrears stood at USD 714 mn at the end of April and were slashed to USD 440 mn by the end of May. This commitment comes even as the country faces rising energy prices and a surging gas import bill — which stood at USD 2.5 bn in 1Q and is set to jump to USD 10.7 bn in the next fiscal year.

Gabal El Zeit gets its PPA terms

Alcazar Energy’s Gabal El Ziet wind farm transaction will run for 25 years at a tariff of USD 0.03 per kwh under its power purchasing agreement (PPA), a senior government official tells EnterpriserAM. The Egyptian Electricity Transmission Company will off-take all generated power, with the bulk of the tariff to be settled in USD and the remainder in EGP over the life of the project.

The upgrade: The terms are tied to a recently inked USD 420 mn agreement with the New and Renewable Energy Authority to operate and manage the 580 MW facility. To achieve this, the UAE-based company will gradually funnel USD 250 mn into operational investments to restart idle turbines, lift efficiency, and maintain a minimum output of 580 MW.

Why it matters: The agreement gives one of the country’s largest wind assets a private-sector upgrade at a time when the government is racing to reach its renewable energy targets and reduce its reliance on natural gas. The farm generates up to 2.4 TWh of clean electricity and avoids over 1.1 mn tons of CO2 emissions annually, the official adds. It also provides a welcome addition to the privatization pipeline, which took a hit earlier this week after the long-awaited Banque du Caire IPO was delayed to September.

Going green for EBRD capital

The European Bank for Reconstruction and Development (EBRD) is targeting EUR 7.5 bn (c. EGP 450 bn) in financing for Egypt over the next five years, the Arabic press reports, citing Mai Ismail, the lender’s associate director. The EBRD is planning to direct a larger share of this capital toward real estate, but developers need to adopt green construction models to receive it.

The EBRD is on a major green push, mandating that at least 50% of its annual investments go toward the Green Economy Transition, according to its 2026/28 strategy implementation plan (pdf). For developers, this means certifications like EDGE and LEED can transform a property into a highly bankable asset, opening the door to a completely different investor base and unlocking much better financing terms, including lower interest rates and extended grace periods.

REFRESHER- The EUR 7.5 bn target underscores the EBRD’s expansion beyond traditional infrastructure into green logistics and MSMEs in Egypt. Recent moves include a EGP 1.3 bn green facility for an EDGE-certified Ibnsina Pharma warehouse and a USD 50 mn package to NBK Egypt, targeting youth-led and underserved MSMEs.

Another IPO delayed to 4Q

Qalaa Holding’s logistics arm National Ports Management (NPM) is now looking to IPO in September, the Arabic press reports, citing Chairman Ahmed Heikal. The move pushes back an original June-July window for the float.

The bigger picture: Qalaa is planning to float three additional subsidiaries within one year of NPM's debut (compared to five subsidiaries it said it was mulling late last year), including Dina Farms for Food Industries, ASEC Automation, and one unnamed company — part of a masterplan by its corporate parent to shrink its debt pile.

Dodging the summer market lull? Earlier this week, Banque du Caire — one of the government’s headline IPO acts — also pushed its roadshow back to a September-October window, with bookrunners EFG Hermes and CI Capital citing the need to widen the institutional book after the summer slowdown. Regional geopolitical tensions reportedly also played a part in the decision.

ADVISORS- Zilla Capital is quarterbacking the IPO, with Baker Tilly serving as the independent financial advisor.

Happening today

Introducing KORA.CA. Shares of Korra Energi will hit the EGX trading floor in just a few hours at an opening price of EGP 2.97 per share, according to a bourse filing (pdf). The stock can swing as much as 40% in either direction — double the usual limit — with circuit breakers temporarily switched off until the market settles on a closing price today, giving plenty of room to find its footing. The company is floating some 247.5 mn shares, good for an 11% stake.

REFRESHER-Korra Energi wrapped up bookbuilding for its EGP 735 mn IPO before the Eid Al Adha holiday. Retail demand for the offering far exceeded institutional appetite, with the 99 mn-share public offering closing at a massive 31.35x oversubscription. The private tranche was 3x covered.

Why it matters: This is the second IPO this year, after Gourmet’s blockbuster offering in February, and the first to hit the market since the Iran war broke out and rattled regional sentiment — making it an early read on investor appetite in a more uncertain environment. While the EGX has remained relatively insulated — posting modest gains compared to its GCC peers — foreign and regional investors have largely pulled back.

PSA-

WEATHER- The familiar warm weather is lingering in Cairo today, with a high of 35°C and a low of 23°C, according to our favorite weather app.

It’s several degrees cooler in Alexandria, with a high of 29°C and a low of 21°C.

And over the weekend, expect to see similar temperatures in the capital (a high of 34-35°C) and the same cooler conditions for our friends on the Mediterranean (a high of 28-29°C).

The big story abroad

The US launched a fresh wave of attacks on Iran last night and threatened to continue the attacks if Tehran doesn’t sign the peace agreement. US President Donald Trump said Iran would “pay the price” for dragging out negotiations.

The Iranian response: Iran launched strikes in Bahrain targeting the US Fifth Fleet — Bahrain’s Interior Ministry sounded the alarm and told the public to seek shelter. Shortly after, Kuwait said it was intercepting aerial targets.

The state of Hormuz is unclear, with contradicting reports from Iran and the US. State-run Iranian media said the waterway has been closed to all vessels, while the US said commercial ships are continuing to transit.

Looking at the markets: Oil jumped on the news, with Brent crude rising over 2% to USD 95.14. Asian markets opened lower — extending losses initially triggered by a tech selloff — and in the US, equities are on track to open in the red with futures down in response to the attacks.

Speaking of US markets: The country saw inflation pick up in May, recording 4.2% — its highest level in three years — on the back of rising energy costs, making a rate hike from the Federal Reserve appear increasingly likely. Commenting on the figure, Trump said, “I love the inflation,” promising that “oil [will] drop to where it was before [the war].”

The 2026 World Cup kicks off tonight with a showdown between South Africa and Mexico starting at 10pm. To better acquaint yourself with the players, check out The Athletic’s list of 200 players to watch at the 2026 World Cup. The Pharaohs will face Belgium on Monday at 10pm and then New Zealand a week later.

A mixed signal on inflation

Annual urban inflation cooled for a second consecutive month in May, easing 0.3 percentage points to 14.6% y-o-y, according to Capmas data (pdf), broadly in line with market expectations. However, monthly inflation accelerated to 1.6% m-o-m from 1.1% in April, reflecting lingering price pressures. The reading is close to HC Securities ’ forecast of 14.7% and Reuters ’ median estimate of 14.5%.

What drove the monthly increase? “Food and non-alcoholic beverages, the largest segment by weight, increased by 2.4% m-o-m, driven by higher fish and seafood prices of 2.1% m-o-m and higher vegetable prices by 2.3% m-o-m, exceeding our estimates of 1.2%,” HC Securities economist Heba Monir tells EnterpriseAM. Housing and utilities also ticked up 2.2% m-o-m, compared to a 4.2% m-o-m increase in April.

Analysts weigh in: EFG Hermes chief economist Mohamed Abu Basha notes the print was slightly above their 14.2% forecast due to higher electricity and telecommunications costs, but emphasizes that “the disinflation trend remains intact.”

A mixed message for policymakers? Veteran banker Mohamed Abdel Aal argues that the acceleration in monthly inflation sends a “mixed signal,” indicating that price pressures across food and services have not fully dissipated. “The data appear to support a cautious, wait-and-see approach to monetary policy rather than a rapid move toward further easing,” he says.

Things are steady, for now: While Thndr economist Esraa Ahmed describes inflation as “somewhat stable” — having stayed in the 13% to 15% range since February — she warns that upside risks remain for the coming months due to the possibility of another hike in fuel prices and continued volatility in the food and energy markets.

The outlook remains tilted toward a rate hold. “Given no foreseen end to the current regional tensions in sight, we believe the CBE will keep interest rates where they are until further notice,” Ahmed says. Both Abdel Aal and Abu Basha expect the central bank to leave interest rates unchanged at its next Monetary Policy Committee meeting on 9 July.

Still moving in the right direction: The latest reading is tracking comfortably below the CBE’s revised forecast of 16-17% average inflation for 2026, though it remains well above its official target range of 7% (±2%) for 4Q 2026. The CBE has recently acknowledged that the disinflation process will take longer than initially anticipated as regional conflicts rewrite the rate path, with single-digit inflation now only expected in 2H 2027. For now, the May figures reinforce the view that inflation is moderating but not yet at a pace that would encourage a rate cut.

Why Madbouly believes Egypt can go without a new IMF program after 2026

No talks are underway for a new IMF program to follow the current USD 8 bn Extended Fund Facility after it expires in December, a government official close to the matter tells EnterpriseAM — which goes against speculation by Standard Chartered yesterday that a smaller successor facility remains on the table.

End of program, not end of relationship: The source says the government is currently focused on completing the seventh review and the eighth (and final) review in November. Even after the program ends in December, the Fund will continue conducting periodic economic reviews and providing technical and advisory support, the source notes.

IN CONTEXT- After the Fund’s most recent visit in May, Prime Minister Mostafa Madbouly said Egypt sees no need for a new program, arguing that current conditions are “sufficiently stable to allow it to continue implementing its reform agenda without the need for additional financing programs.” But some analysts disagree. Yesterday, Standard Chartered economist Bader Al Sarraf said Egypt could enter a new, limited IMF program worth less than the current USD 8 bn during a Cairo press conference, with the scope dependent on the challenges the country faces going forward.

Analysts read this as a medium-term call, not a permanent break. Hany Genena, head of research at Al Ahly Pharos, tells EnterpriseAM that the next two to three years look financeable on the strength of remaining IMF tranches, fiscal reforms, privatization, and subsidy restructuring — but that “it is difficult for any country to assert conclusively that it will not need the Fund in the long term.”

The structural tailwinds to keep an eye on: Genena sees that Egypt is better positioned to finance its “twin deficits,” fiscal and current account, with debt-for-investment swaps — including potential conversion of Gulf exposures into direct investments — as a tool that could shrink external liabilities further.

Thndr’s Esraa Ahmed is more cautious, warning that external factors could cause sudden currency or balance-of-payments crises. “Inflation could reaccelerate globally, or the US Federal Reserve could return to a tighter monetary stance by withdrawing liquidity or raising interest rates,” she explains, making “it difficult to state with certainty whether Egypt will need to return to the IMF at some point in the future.”

Finding other funds: While the debate over another IMF program continues, our source tells us that discussions are ongoing to secure “additional financing from international and development institutions over the next fiscal year.”

REMEMBER- Egypt expects to receive the remaining EUR 3 bn under the EU macro-financial assistance package before year-end, which is slated for disbursement in two tranches. The package was pledged in 2024 and promised EUR 5 bn in concessional loans. Egypt has received two tranches of EUR 1 bn so far — the first in January 2025 and the second in January 2026. However, the country needs to clear more structural benchmarks before it can secure the remaining funds.

The industrial unlock

The Industry Ministry is preparing to launch a new industrial land leasing scheme for SMEs that lets manufacturers spread land payments over 21 years, Industry Minister Khaled Hashim said at an AmCham Egypt event attended by EnterpriseAM. SMEs will be able to lease industrial land with the option to acquire ownership over time, removing what Hashim called the single biggest obstacle to industrial investment. “The main impediment is the cost of land and even the availability of land,” he said. “I want to remove this impediment, especially for SMEs.”

Why it matters: The scheme is a concrete move in the ministry’s broader push to lift non-oil exports from USD 48 bn in 2024 to USD 100 bn by 2030 while improving the country’s trade balance through greater localization of feeding and complementary industries. Priority sectors named by Hashim include textiles and apparel, food processing, automotive, electronics, electrical equipment, and pharma.

The structural argument: Supporting SMEs sits at the center of the ministry's industrial agenda, with Hashim arguing that Egypt lacks a sufficiently broad base of small manufacturers capable of producing future industrial champions. “We need to have the pyramid in the right shape. We need to have a big base of small into medium into large,” he said.

A ‘Talabat for industry’ model: Hashim also floated the idea of creating industrial e-commerce platforms that would connect manufacturers and suppliers in a manner similar to consumer delivery applications. The proposed platforms would allow SMEs to showcase their products, connect with larger manufacturers seeking local suppliers, and build credibility through customer ratings and performance reviews. “We need a platform like Talabat for industry,” Hashim said, adding that he would prefer the initiative to be developed by the private sector rather than the government.

What’s next: The ministry is working on an industrial investment fund structure designed to channel household savings into manufacturing and technology projects. The first two funds are expected to launch in late August or early September, creating a new source of financing for industrial expansion while offering retail investors exposure to productive sectors of the economy, Hashim said. The ministry is revamping the Industrial Modernization Center as a hub for industrial research, supplier development, innovation, and AI adoption — a technology park in Alexandria is expected to open around September as part of those efforts. Additional initiatives also include an industrial villages program aimed at creating localized manufacturing clusters based on the competitive advantages of Egyptian villages.

Plugging in El Dabaa

Egypt launched an international tender for a 128 km, 500kV transmission line to connect the El Dabaa Nuclear Power Plant to the national grid at an estimated cost of EGP 4.5 bn (c. USD 86.5 mn), the Arabic press reports, citing an unnamed government official. Slated for completion by 3Q 2027, the new line serves as the final piece of the facility’s off-site transmission package, complementing two 220kV lines scheduled to be finished this June.

Why this matters: The transmission line is the critical last-mile link needed to convert construction progress into actual electricity supply. At full capacity, El Dabaa’s four 1.2 GW reactors will cover 12% of the country’s electricity needs by 2030 and reduce natural gas consumption by at least 7 bcm annually — a much-needed money saver.

REFRESHER- Rosatom was contracted back in 2015 to handle the construction and provide fuel for Egypt’s first nuclear power plant. The company broke ground on the USD 28.8 bn project in the summer of 2022. Trial operations are expected by end-2027, with the first unit’s commercial operations scheduled for September 2028.

LNG buying may stretch into 4Q

The Madbouly government is mulling importing 30 additional LNG cargoes for delivery in 4Q 2026 at an estimated cost of USD 1.6-1.8 bn, Al Arabiya reports, citing an unnamed government official. The shipments — each carrying around 150k cbm — will be staggered throughout the last three months of the year. The US will serve as the primary supplier alongside Mauritania and Qatar, with LNG prices currently running at USD 18-20 / mmBtu, up from the USD 12 / mmBtu average seen earlier this year.

IN CONTEXT- The potential 4Q purchase points to LNG becoming a regular part of the country’s gas balance — not just an emergency cover — as local production weakens and demand rises. We reported in April that the government was lining up 40 LNG cargoes for May and June, after which it added six more June cargoes. The government has been leaning more on US supply after securing a USD 4 bn LNG supply agreement with Hartree Partners.

Waking up the Golden Triangle

A contract to develop a 6 mn sqm industrial zone in Safaga is expected to be signed within two months, the Arabic press reports, citing Mohamed Ibrahim, the General Authority for the Golden Triangle Economic Zone’s deputy head. A new Chinese investment in the phosphate industry — featuring a dedicated solar power plant — will also be announced within three months.

IN CONTEXT- The wider Golden Triangle is moving from a long-running development pitch to an active industrial buildout, bolstered by a regulatory framework that grants the region the same investment incentives as the Suez Canal Economic Zone. The pipeline already includes a USD 2 bn phosphate extraction and a downstream chemicals hub from China’s Xingfa, along with an integrated industrial and logistics zone in Safaga under an MoU with Elsewedy Industrial Development.

The logistics leg: Export infrastructure to support these projects is also starting to come online, with trial operations kicking off earlier this week at the USD 200 mn Safaga 2 multi-purpose terminal. The facility gives the port much-needed capacity to move output from Upper Egypt and the Eastern Desert into global export markets.

Beltone’s big asset push

Beltone Holding’s subsidiary Beltone Asset Management wants to grow its funds to around EGP 60 bn by year-end, up from more than EGP 50 bn currently, the Arabic press reports, citing Beltone Holding’s Head of Local and Regional Markets Khalil El Bawab. The company plans to launch two funds before the end of June — an IPO-focused fund and an equity fund — followed by six more in 2H 2026 across equities, shariah-compliant products, and a real estate fund focused on commercial buildings.

REMEMBER- Beltone had already flagged the pipeline in March, when El Bawab told us the firm had at least five funds lined up for launch between 2Q and 3Q. The updated plan lands as investment funds become a more meaningful savings channel, with the industry hitting EGP 411 bn in net asset value by end-1Q 2026, up 30% in a single quarter.

ADCB joins the funds foray

Abu Dhabi Commercial Bank Egypt (ADCB Egypt) tapped our friends at EFG Hermes to launch its first mutual fund in the local market, according to a statement (pdf). Zayed Kol Youm is a money market fund offering daily cumulative returns and daily subscriptions and redemptions, giving the bank’s clients a low-risk, liquid money-management product. ADCB is also working to make the fund available through its website and mobile app.

Why it matters: The fund marks ADCB’s first step into the local mutual fund market and kicks off what the bank and EFG Hermes say could become a broader partnership across other asset classes. It also lands in the deepest corner of Egypt’s fund market, where money market funds accounted for 67% of the industry’s EGP 411 bn in net asset value at the end of 1Q 2026. For EFG Hermes, the partnership aligns with its ongoing strategy to widen retail access to managed products, having recently made five mutual funds directly available to retail investors through its EFG Hermes One app.

Resilient — for now

Fitch turns bearish: Fitch revised its 2026 global sovereign sector outlook to “deteriorating” from the “neutral” stance held in its late-2025 report, citing the economic and security fallout from the US-Iran war, according to the ratings agency’s mid-year outlook report shared with EnterpriseAM. The revision covers every major region Fitch tracks (except for China) — and the Middle East bears the brunt of the damage.

Ratings watch for most in the region, including Qatar and Ras Al Khaimah, has turned negative, with no positive outlooks regionwide, Fitch says.

The agency’s base case is where the Strait of Hormuz begins to reopen around July on the back of a US-Iran understanding, with oil production recovering quickly, given that infrastructure has largely escaped serious damage. Brent is now penciled in at USD 87 / bbl for 2026, up sharply from USD 68.3 / bbl last year — a windfall for Gulf exporters but a headache for import-dependent economies like Egypt and Jordan in the broader region.

This is despite GCC ratings remaining resilient so far through the war. “Most GCC sovereign ratings have been resilient to the war due to generally very strong sovereign balance sheets backed by alternative export channels (Oman, Saudi Arabia and UAE/Abu Dhabi) or prospects for additional support (Bahrain),” Paul Gamble, head of Middle East/Africa sovereigns at Fitch, said.

The outlook is still pretty bleak for the region: “Security conditions will continue to test this near-term resilience and there will be a lasting adverse impact on the security and business environment,” Gamble said.

EGX30	51,257	-2.1% (YTD: +22.5%)
USD (CBE)	Buy 51.77	Sell 51.90
USD (CIB)	Buy 51.75	Sell 51.85
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,013	-0.9% (YTD: +5.0%)
ADX	9,577	+0.2% (YTD: -4.2%)
DFM	5,757	-0.5% (YTD: -4.8%)
S&P 500	7,267	-1.6% (YTD: +6.2%)
FTSE 100	10,255	+0.3% (YTD: +3.3%)
Euro Stoxx 50	6,010	-0.7% (YTD: +3.7%)
Brent crude	USD 94.66	+1.7%
Natural gas (Nymex)	USD 3.20	+0.4%
Gold	USD 4,110	-0.6%
BTC	USD 62,138	+0.7% (YTD: -29.1%)
S&P Egypt Sovereign Bond Index	1,058	0.0% (YTD: +6.5%)
S&P MENA Bond & Sukuk	151.51	+0.1% (YTD: -0.3%)
VIX (Volatility Index)	22.22	+11.8% (YTD: +48.6%)

THE CLOSING BELL-

The EGX30 fell 2.1% at yesterday’s close on turnover of EGP 10.8 bn (28.1% above the 90-day average). Local investors were the sole net buyers. The index is up 22.5% YTD.

In the green: Orascom Construction (+1.2%).

In the red: Raya Holding (-7.0%), Qalaa Holdings (-6.7%), and Kima (-5.3%).

My Morning Routine: Karim El Rawas, CEO of Rawas Motors

Karim El Rawas, CEO of Rawas Motors: 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 Rawas Motors CEO Karim El Rawas. Edited excerpts from our conversation:

My name is Karim El Rawas. I am the CEO of Rawas Motors, a family-run automotive distribution and retail business, carrying on the legacy of my late father Mohamed El Rawas. Headed by my father, Motor Trend dominated the automotive scene for over 40 years, primarily serving local dealers as a B2B business and acting as a second distributor for the Mitsubishi brand before the Diamond Motors acquisition. During my undergraduate years, I had to step in and take on part-time managerial roles after my father suddenly passed away. In 2018, I took full control of the business, and the following year, Rawas Motors was born as an entirely separate entity following a top-down restructuring of Motor Trend.

We transitioned from B2B to a customer-facing, B2C retail dealer. We expanded our offering from just one brand to include six standalone dealerships, including Opel, Peugeot, Nissan, Hyundai, MG, and Southeast. Currently, we are heavily increasing our multi-brand showrooms, like our locations in Fifth Settlement and Madinaty. These showrooms allow customers to walk in and compare completely different brands, like an MG, a Chery, a Hyundai, or a Nissan, all in one place.

China’s dominance is undeniable. The supply and massive leap in the quality of Chinese vehicles is the biggest thing we are paying attention to. However, I’m closely observing how legacy European manufacturers — some of whom have been in business for over a century — will react and navigate this new environment. Locally in Egypt, the market is incredibly dynamic. We’ve seen a massive influx of new Chinese brands over the last year, and our job now is anticipating which ones will actually capture permanent market share and which won’t.

I wake up around 8am and immediately make coffee. Then I read Enterprise right away. It’s great for getting in tune before the start of a work day. I head out and arrive at the office around 9:30-10am. The very first thing I do at my desk is check the Egyptian stock market, which is a big hobby of mine.

We kick off the morning with a daily sales and finance meeting to review everything that happened last night and address pressing issues for the morning. Work doesn’t really stop in automotive retail because most car purchases are actually made at night when everyone is free to visit showrooms. In the afternoons, I pay our showrooms visits, talk to the store managers, and see what the pain points or issues are. High seasons — like Christmas, the Eids, and right before summer — are the most rewarding times in the business. We stay in the showrooms until 1-2am, and even at midnight, they are packed with families checking out cars.

Right now, crisis management has practically replaced a “fixed” schedule. Because of that, nothing is technically constant. If there is one constant, it’s that we are always hunting for potential issues and trying to stay one step ahead of them.

Because our family is involved in several businesses outside of automotive, staying organized requires compartmentalization. I used to try to answer unrelated questions all at once, which was a disaster. Now, I strictly block out specific hours of the day for different businesses. Otherwise, you bring your automotive frustrations into a real estate meeting and walk in looking angry without the team knowing why.

I love building and growing things. On a personal and professional level, I’m still young, so work takes total precedence. I want to scale this business rapidly over the next few years. But I am not built for the discipline required to maintain a mature business on a fixed trajectory. Once Rawas Motors reaches full maturity, I think someone else will be more fitting for the CEO role, and I’ll move on to building something new.

I don’t really believe in the standard “work-life balance” for young people. If you’re on holiday, nobody should bother you — otherwise, you’re expected to pick up the phone and have answers ready at any time.

When I do switch off, I love to read. I’m currently reading Ray Dalio’s The Changing World Order, and I highly recommend The World for Sale by Javier Blas and Jack Farchy. I also unwind by heading to the gym or watching a movie with my wife.

The best piece of advice I have ever received is a compilation from both of my parents. My mother always told me to keep on going and keep on trying until it is done. “Try, try, and try again until you get it,” she said. My father emphasized, “If you pursue anything in life, you either give it your absolute best, or just don’t do it at all.” Ironically, right after high school, I wanted to pursue finance, but my dad wanted me to study engineering. However, he said, “If you enroll in engineering just to please me, don’t, because you won’t do it well.” This actually pushed me to study mechanical engineering to prove that I can do it well, and it turned out to be one of the most important decisions of my life.

CALENDAR

2026

JUNE

16-18 June (Tuesday-Thursday) AFA International Annual Fertilizer Conference & Exhibition, Nile Ritz-Carlton, Cairo.

23-25 June (Tuesday-Thursday): The Big 5 Construct Egypt, Egypt International Exhibition Center, Cairo.

23-25 June (Tuesday-Thursday): Watrex Expo, Egypt International Exhibition Center, Cairo.

30 June (Tuesday): June 30 Revolution.

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): Prophet Muhammad’s birthday.

SEPTEMBER

10-12 September (Thursday-Saturday): Egyptian Entrepreneurship Sector Diagnostics Report Summit, El Gouna.

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

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

26-28 October (Monday-Wednesday): IEX Egypt, Egypt International Exhibition Center, Cairo.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

7-10 December (Monday-Thursday): Food Africa, Egypt International Exhibition Center, Cairo.

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

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.

July 2026: British Prime Minister Keir Starmer set to visit Egypt.

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

2026: The Egyptian-American Economic Forum.

4Q 2026: Banque du Caire IPO

2027

16-18 January (Saturday-Monday): Agri Expo, Cairo International Convention Center.

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.

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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