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Wednesday, 25 Feb 2026

What We’re Tracking Today
The Big Story Today
Investment Watch
Banking
Finance
Logistics
Also On Our Radar
Planet Finance
Hardhat
Calendar

Monthly Citizen Bond issuances on the way after EGP 350 mn debut

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Today at a glance

1

The Big Story Today

Finance Ministry plans monthly issuances of new Citizen Bonds.
2

WHAT WE’RE TRACKING TODAY

IMF poised to release USD 2.3 billion following long-awaited board approval.
3

INVESTMENT WATCH

Islamic Cairo open for tourists — and investors.
4

Banking

Has the bidding for HSBC Egypt’s retail franchise just begun?
5

Finance

Retail investors now have direct access to five EFG Hermes mutual funds.
6

LOGISTICS

Egytrans Nosco and Nafih International offer up digital solutions to tackle trucking bottlenecks in Sokhna Port.
7

ALSO ON OUR RADAR

Another biodiesel project in the works courtesy of Qatar’s Al Mana Holding.
8

PLANET FINANCE

Private equity’s return math just got tougher.
9

HARDHAT

Will the under-construction high-speed rail network put industrial exports on the fast track?

Wednesday, 25 Feb 2026

What We’re Tracking Today
The Big Story Today
Investment Watch
Banking
Finance
Logistics
Also On Our Radar
Planet Finance
Hardhat
Calendar
1

WHAT WE’RE TRACKING TODAY

IMF poised to release USD 2.3 billion following long-awaited board approval

Good morning, folks. The IMF Executive Board meets today to finally greenlight the fifth and sixth reviews of our reform program, which would unlock USD 2.3 bn in much-needed liquidity. Meanwhile, the Finance Ministry is celebrating the success of its new Citizen Bond, which raked in EGP 350 mn in just two days.

The government is also opening the gates of the city of a thousand minarets to foreign investors for boutique hotels and commercial hubs. In Ain Sokhna, a new digital partnership is set to fix its trucking bottlenecks, and in banking and finance, CIB officially kicks off due diligence on HSBC Egypt’s retail franchise — a story we will be watching for months to come.

So, when do we eat? Maghrib prayers are at 5:51pm in the capital, and you’ll have until 4:58am tomorrow to hydrate and caffeinate ahead of fajr.

***

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 folding laundry you washed three days ago.
***

Happening today

Today is the day the International Monetary Fund’s Executive Board meets to discuss — and hopefully greenlight — our fifth and sixth reviews of the Fund’s Extended Fund Facility (EFF). Ticking off the fifth review has been a long time coming, initially penciled in for mid-to-late 2024 before being pushed back several times as the IMF protested the lack of progress on the state’s privatization push, leveling the playing field for the private sector, and other structural benchmarks.

Provided the board gives the final sign-off, the Fund will release USD 2.3 bn to Egypt, split between USD 2 bn from the EFF and USD 300 mn from the Resilience and Sustainability Facility. While this significant frontloading of liquidity will be music to the ears of the Finance Ministry, the smaller climate-linked tranche is also a sign that the Fund is no longer interested in emergency stabilization alone and is instead looking toward long-term structural resilience that addresses broader concerns beyond purely economic ones.

Six down, two to go by October? The seventh review will likely be pushed back to late April or May after the IMF and World Bank’s annual spring meetings due to a knock-on effect from previous delays, a source familiar with Egypt’s negotiations with the Fund previously told EnterpriseAM. The eighth review currently scheduled for October — which, combined with the seventh review, would unlock USD 2.5 bn — could also be pushed back to the end of the year, according to the source. However, the final review could still happen on time in October if macro conditions continue to improve, our source told us.

Watch this space

TELECOMS — The National Telecom Regulatory Authority (NTRA) is set to roll out child-safe mobile packages next month, marking a pivot in how the country regulates digital access for minors. Parents will soon be able to activate dedicated SIM cards for children that feature built-in, network-level filters for adult and violent content, a ban on VPNs, and restrictions on certain games, according to comments from NTRA’s deputy head Hossam Abdel Mawla to the House’s ICT Committee.

This is just the latest initiative in a wider push to safeguard children from online harm, with the state blocking the online game Roblox earlier this month. A draft law on the topic is being prepared to introduce a clear age-rating system for digital content and games, establish penalties for non-compliance, strengthen the regulation of digital platforms, and subject certain video games — particularly those with open user interaction — to stricter standards.

A teenager you know may soon be getting some good news, with Roblox potentially returning to Egypt. The Supreme Council for Media Regulation is studying the matter, having held discussions with the developer of Roblox where the game studio showed flexibility around disabling certain features and introducing a safe mode, tailored parental controls, and clearer age classifications.

ENERGY — AI revives Egypt’s aging Belayim Offshore Oil Field: Italian energy giant Eni and Egyptian General Petroleum Corporation’s Petrobel began crude oil production at the Belayim Offshore 133 well in Sinai, adding 1.5k barrels of crude to daily domestic production.

The Belayim field is pretty mature — originally discovered in 1961 — but it has been brought back to life using AI-driven drilling technologies, which are slowly reshaping Egypt’s production map, particularly in aging oil fields, a government source tells EnterpriseAM. To further boost recoverable reserves, a new rig is scheduled to begin additional drilling in the area, in line with Eni’s broader strategy to ramp up exploration across both established concessions and new discoveries.

REMEMBER- The Oil Ministry’s new incentive framework focuses on deploying advanced AI-based technology, as well as accelerating drilling times, in a bid to enhance operational efficiency and maximize production volumes, the source said.

IPO WATCH — Another player is looking to make its EGX debut this year: The Egyptian Spinning and Weaving Company is looking to list between 25-40% on the EGX within the coming months, Al Borsa reports, citing what it says are informed sources. The company is looking to raise as much as EGP 200 mn from the offering. The listing is currently pending final approval from the Financial Regulatory Authority and the EGX.

FINANCE — Egypt is joining the Sustainable Finance Facility (SFF), a World Bank initiative that aims to improve domestic capital markets. Part of the Joint Capital Market Program — a World Bank and International Finance Corporation initiative — SFF is designed to bolster private investment and optimize the government’s domestic financing costs and efficiency.

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** DID YOU KNOW that we cover Saudi Arabia, the UAE, and the MENA-IndiaCorridor?

Data point

500 MW — that’s the amount of solar PV capacity Egypt added in 2025, making us Africa’s third-largest installer after South Africa and Nigeria, according to the Global Solar Council’s Africa Market Outlook for Solar PV 2026-2029. Egypt accounted for around 10% of the continent’s total 4.5 GW in new installations last year.

PSA-

WEATHER- Keep your sweaters nearby, as the chill is lingering in Cairo today, with a high of 21°C and a low of 12°C, according to our favorite weather app.

It’s similarly cold in Alexandria, with a high of 20°C and a low of 12°C.

The big story abroad

The Netflix-Paramount-Warner Bros saga is once again in the headlines, with Warner Bros confirming that Paramount’s sweetened bid of USD 31 a share could beat out Netflix’s effort. If Paramount’s bid is deemed superior to Netflix’s, the streaming giant will have four business days to match it — so it is still anyone’s game. Paramount is also offering a USD 0.25 per share “ticking fee” for every quarter the transaction does not close after September 2026.

US President Donald Trump’s State of the Union address is on every front page. The speech lacked any substance, with the president touting his own success in bringing inflation down, creating jobs, and securing fresh investments. In typical Trump fashion, the speech had its fair share of inaccuracies and exaggerations, which NBC News fact-checked in real time. Markets were hoping the speech would bring some tariff clarity.

Making waves in the tech world this morning is a new agreement between Meta and Advanced Micro Devices. Meta is buying USD 60 bn worth of computing power, which will power its AI infrastructure over a five-year stretch starting 2H 2026. AMD issued Meta a warrant for up to 160 mn shares — approximately 10% of the company — at a strike price of just USD 0.01 per share, contingent upon Meta hitting specific milestones and AMD hitting a set stock price threshold.

ALSO WORTH READING THIS MORNING- A Harvard-led study found that a machine-learning algorithm can predict 71% of mutual-fund trading decisions after training it on data between 1990-2023. It appears that the algorithm has learned how managers react to trends, flows, and activity from their peers. That said, the algorithm failed to predict activities that fell outside the routine, which represents most of the value to be secured on the market.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at how trial runs on the Sokhna-Marsa Matrouh high-speed rail line mark the first step in moving Egypt’s industrial logistics off the road and onto the tracks.

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Wishing you peace, joy, and endless blessings. Ramadan Kareem from Somabay.

2

The Big Story Today

Monthly Citizen Bond issuances on the way after EGP 350 mn debut

The Finance Ministry is looking to issue its newly debuted Citizen Bonds on a monthly basis, Finance Minister Debt Advisor Mae Adel tells EnterpriseAM. Each new issuance will feature a variable interest rate determined by market conditions at the time of offering. The move follows the inaugural issuance — which remains open to retail investors until 8 March — attracting EGP 350 mn in just the first two days, an Egypt Post official tells us.

The inaugural 18-month tenor was selected because there is currently a gap in the market at that maturity, making it attractive to a broad segment of retail investors, Adel says. “If demand emerges for longer tenors — particularly given that the new bonds are [backed] by the Finance Ministry — maturities will be diversified.”

Unlike the state’s sovereign sukuk, the Citizen Bond has no fixed target volume. Subscription values will instead be compiled weekly through Egypt Post, with the final issuance size determined based on total retail subscriptions.

These retail bonds are also “entirely tax-exempt,” and yields will be paid out without any deductions, we were told. The goal, Adel says, is to “spread the culture of investment among small savers and attract diverse segments across the governorates.”

Why it matters: The Citizen Bond is a tactical piece of the government’s broader public debt strategy, which targets bringing the debt-to-GDP ratio down to 78.5% and capping interest payments at 35% of total public revenues in the upcoming fiscal year. By introducing the Citizen Bond alongside local sukuk, the strategy hinges on diversifying debt instruments and attracting lower-cost funding to help close the financing gap.

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3

INVESTMENT WATCH

Islamic Cairo open for tourists — and investors

The narrow lanes, minarets, and mashrabiyas of Islamic Cairo may soon welcome new private investors, as the government prepares to offer a selection of restored heritage sites under public-private partnership schemes, a government official tells EnterpriseAM. Freshly renovated corners of Islamic Cairo are being readied for boutique hotels and commercial ventures, riding the tourism momentum sparked by the opening of the Grand Egyptian Museum.

Al Muizz Street and its surrounding quarters sit at the heart of these plans, with the Bab Al Futuh gate opening to a 6.5k sqm boutique hotel at Wekalet El Arnaouti, facing the historic Al Hakim Mosque. A large integrated building in Haret El Roum is also on the table for a mixed-use commercial, service, and tourism project. Additional sites are lined up in the historic Khayamiya district, known for its vibrant tentmakers’ craft and recognized as a Unesco World Heritage site, alongside projects at Wekalet El Shorbagy.

The pipeline stretches beyond the old city walls. A global consortium is set to be selected to develop the Al Fustat Hills Gardens project, which will combine serviced apartments with integrated tourism and entertainment zones, positioning the area as a broader leisure destination.

The government is keeping the door open to flexible contracting models and payment structures to attract international operators who can invest without disturbing the district’s architectural soul.

Why it matters: The state is moving toward repurposing heritage areas into development projects that ensure sustainable economic returns. With visitor numbers climbing across Islamic heritage sites, the need for additional hotel capacity is becoming pressing, the official said. The wider redevelopment of Historic Cairo and nearby informal areas, covering some 10k feddans, has cost around EGP 317 bn, according to previous remarks by Informal Settlements Development Fund head Khaled Seddik — with EGP 60-70 bn directed specifically toward Historic Cairo through the Housing Ministry’s budget.

More in the works: The Urban Development Fund, in coordination with Cairo Governorate and the Awqaf Authority, is preparing additional state-owned historic properties for investment, with plans to transform them into high-end hotels that can generate sustainable returns, the official noted.

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4

Banking

Has the bidding for HSBC Egypt’s retail franchise just begun?

CIB is set to begin due diligence on HSBC Egypt’s retail banking portfolio, the EGX30 bellwether said in a regulatory filing (pdf), noting it has received the go-ahead from the Central Bank of Egypt to kick off the process. It’s the first formal confirmation that a process which could see HSBC divest its retail franchise here has moved beyond the exploratory phase.

As you’d expect, HSBC is keeping its cards close: “The strategic review of our retail banking business is ongoing,” the bank tells us. “The review is considering all options for our retail business, and no decisions have been made. Further announcements will be made if or when necessary.”

Whatever happens with retail, HSBC has made clear it’s not leaving Egypt. CEO Todd Wilcox and HSBC Middle East CEO Selim Kervanci told EnterpriseAM in an extended interview earlier this week that the bank remains “very committed to Egypt as a strategic market” and is focused squarely on its corporate and investment banking clients. Wilcox noted that more and more global manufacturers are coming to Egypt, attracted by the nation’s “clear competitive advantages.” HSBC Egypt bankers report that appetite has been even stronger so far this year than in 2025.

CIB is not the only potential suitor for HSBC’s retail business in Egypt if the latter decides to sell. Emirates NBD, QNB Al Ahli, and Fab Misr are all reportedly interested in the portfolio.

SOUND SMART- Fab Misr is now led in Egypt by Ahmed Issa, a former top CIB executive.

Kervanci, Wilcox, and HSBC Middle East Holdings Chairman Samir Assaf met earlier this month with Central Bank of Egypt Governor Hassan Abdullah and Finance Minister Ahmed Kouchouk, Assaf said, telling them, “We remain committed to Egypt as a strategic market as we continue to invest in our people and strengthen our capabilities [here].”

Our take: We’re good friends with the folks at HSBC Egypt — and at CIB. Fab Misr’s Issa is also a friend, and we’re honored to count a who’s who of top bankers among our readers. So… color us conflicted here. Still, two things are crystal clear to us. First, HSBC is serious when it says it has zero plans to exit Egypt, regardless of what it decides to do with its retail franchise. Second, we’re in the very early days of any potential transaction. People getting the green light to dial into a VDR are miles away from a sale. There’s a lot left for everyone to do — from offers submitted and reviewed to a decision to sell and obtaining CBE approval. Anyone doing due diligence is going to be bound by a strict NDA, so expect relatively little on-the-record news from here through execution. This is going to be one of the “big banking stories of the year” until much, much closer to year-end than we are now.

BACKGROUND- HSBC put its Egyptian retail operations in strategic review last October as part of a broader global simplification under CEO Georges Elhedery, who has been pulling the bank back from retail in most markets to focus on corporate and investment banking as well as its wealth business.

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5

Finance

Retail investors now have direct access to five EFG Hermes mutual funds

EFG Hermes is putting five of its mutual funds on its EFG Hermes One app, giving retail investors direct access to products that were until now the exclusive purview of sophisticated institutional clients. The funds span the risk spectrum: a money market fund for liquidity management, a USD-denominated fixed income fund with exposure to Egyptian Eurobonds, a gold fund, an actively managed Egyptian equity fund, and a shariah-compliant equity fund benchmarked to the EGX 33 Shariah Index.

Retail to the front of the line: “By extending institutional-grade products to retail investors through EFG Hermes One, we are reinforcing a simple promise: the same standards of quality, governance, and execution our institutional clients expect are now available to everyone,” said our friend Ahmed Waly, global head of brokerage at EFG Hermes.

What they said: “We’re thrilled to open up EFG Hermes’ renowned funds to retail investors for the first time through the firm’s own digital platform,” said Karim Zaafan, managing director at EFG Hermes Asset Management. “Our goal is to empower investors with options that cater to a broad spectrum of risk appetites without requiring a large starting amount.”

Part of a bigger push: The move is the latest step in EFG Hermes’ push to build One into a broader investment platform beyond its core brokerage offering. The app already offers real-time watchlists and portfolio tools. Adding managed funds positions it as more of a one-stop shop for Egyptian retail investors — and a funnel for EFG Hermes’ acclaimed asset management business. The EFG Hermes One app is available on both the Apple and Google app stores.

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6

LOGISTICS

Egytrans Nosco and Nafih International offer up digital solutions to tackle trucking bottlenecks in Sokhna Port

Egytrans Nosco and Nafith International landed a 25-year concession to digitize truck management at Ain Sokhna Port, according to a statement (pdf). The project, backed by over EGP 1 bn in investment, will see the partners develop a 167k sqm site within the Suez Canal Economic Zone to regulate truck traffic using real-time planning and digital yard management platforms.

Why it matters: The port is over-performing against its targets and needs the capacity boost. Sokhna Port is seeing a massive surge in volume, with 1Q 2025 throughput hitting 285k TEUs, around 26% above target. While the port’s infrastructure is being outpaced by volume, the overheads of trucking — incurred by idling fleets and unpredictable turnaround times — directly eat into margins. The project aims to reduce operating costs by up to 30% and cut waiting times by over 40%.

The partnership aims to boost operational capacity by up to 60% within the first two years of operation, easing congestion at the port. By implementing a smart flow system, the partners expect to handle 800-1.1k trucks daily. For the private sector, this translates to lower transport costs, faster cargo release cycles, and better fleet utilization.

It’s part of a wider digital push by the two companies, which also partnered to set up a 114k sqm smart truck yard in West Port Said Port last year, backed by an EGP 250 mn investment. Egytrans CEO Abir Leheta told EnterpriseAM in December about the firm’s “serious commitment to tech in the sector.” “We firmly believe that digitization can improve not just our company’s performance, but the performance of the economy as a whole by improving the movement of transport within the country,” she said.

Data point: Trucking is the undisputed heavyweight of inland logistics in Egypt, with road transport handling over 90% of internal freight movement, according to the Transport Ministry.

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7

ALSO ON OUR RADAR

Qatar’s Al Mana Holding to invest USD 15.6 mn in biodiesel plant

Another biodiesel project in the works courtesy of Qatar’s Al Mana Holding

Qatar’s Al Mana Holding is investing USD 15.6 mn to build a facility that will convert used cooking oil into biodiesel, according to a statement from the Environment Ministry. The project is set to be located in the integrated waste management city in Tenth of Ramadan and is designed to process 100 tons per day.

Why it matters: Global aviation mandates are fueling rising demand for sustainable aviation fuel (SAF). By localizing biodiesel production, Egypt is positioning itself as a potential regional hub for SAF feedstock, in line with state efforts to develop dedicated SAF facilities serving international airlines refueling in Cairo.

But the challenge lies in collection. Egypt consumes around 2.8 mn tons of edible oil each year, generating roughly 2.6 mn tons of used cooking oil. The Qatari company plans to compete in the collection market by launching a mobile app that rewards households for safe disposal, while building dedicated storage and logistics networks to collect directly from food manufacturers and fast-food chains.

Another phosphate plant coming our way

Fertilizer producer Movingfert is setting up a USD 40 mn phosphate plant in Qena’s Qift Freezone. The 190k sqm project is expected to kick off production this year with a 500k-ton-a-year first phase. Some 80% of output will be exported to European and East Asian markets.

We have a slew of big-ticket phosphate projects coming our way — most recently, China’s Kunming Chuan Jin Nuo Chemical Co.inked an agreement to develop a USD 1 bn phosphate chemical industrial park in Elsewedy’s Sokhna 360 industrial city. This came shortly after a Chinese consortium partnered with multiple local players to build a USD 658 mn phosphoric acid production complex in the New Valley governorate. Furthermore, China’s Asia Potash announced plans for a phosphate fertilizer industrial park in Upper Egypt, carrying a final investment ticket of USD 7-10 bn.

Petroleum Marine Services plans UAE expansion

State-owned Petroleum Marine Services is finalizing its UAE branch within the next two months, marking its second major GCC expansion following a successful entry into Saudi Arabia, according to a statement.

Why it matters: With pressure building on state-owned firms to be economically independent and profitable, serving the local market is often not enough. While state contractors have a long history of working in the Gulf, regular readers of EnterpriseAM will have noticed a notable uptick in projects being secured abroad to increase and diversify revenue streams.

Astra Rise taps Rotana to manage EGP 4 bn hotel

Astra Rise Developments is handing over the management and operation of its EGP 4 bn hotel project in the New Capital to UAE-based Rotana Hotels, Zawya reports, citing a company statement. Under the agreement’s managed leaseback model, investors will be allowed to acquire individual hotel units and lease them back to Rotana. Construction timelines were not disclosed.

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8

PLANET FINANCE

Private equity’s return math just got tougher

The private equity industry gives the impression of a roaring comeback in 2025, with global buyout transaction value rising 44% to USD 904 bn and exit value climbing 47% to USD 717 bn, according to Bain & Company’s Global Private Equity Report 2026 (pdf). However, beneath the surface, the industry is experiencing a “K-shaped” recovery where a handful of elite funds are thriving while the broader market struggles with a severe liquidity crunch.

The rebound, however, has been uneven. The massive surge in 2025 transactions was not a broad market recovery — it was heavily concentrated. Just 13 “megadeals” valued at USD 10 bn or more accounted for 69% of the growth in transaction value last year, including the record-breaking USD 56.6 bn take-private of Electronic Arts. Outside of this elite bracket, the overall number of buyout transactions fell by 6% globally.

The industry’s most stubborn challenge is the mounting of aging, unsold assets. Private equity firms are currently sitting on roughly 32k portfolio companies representing a staggering USD 3.8 tn in unspent capital. Because firms are holding onto assets longer — an average of about seven years compared to the historic five or six — distributions back to investors have ground to a halt.

Distributions as a percentage of net asset value remained stuck at 14% last year. This marks the second-lowest level since the depths of the 2008 financial crisis, with the industry suffering four straight years of below-average distributions. The liquidity drought is directly impacted by the ability to raise new capital. Global buyout fundraising tumbled 16% last year to USD 395 bn, another fourth straight year of declines. 53% of LPs report being constrained from making new fund commitments because prior commitments have not yet been drawn down.

Easy money is over: Historically, firms relied on rock-bottom interest rates and expanding valuation multiples to generate returns. Under the old model, a firm only needed to grow a portfolio company’s EBITDA by about 5% annually to hit its return target. Today, borrowing costs sit in the %8–9% range, and purchase multiples are stubbornly flat. “Given where the interest rates and the entry and exit multiples are, you need to grow 12% each year for five years to get the same returns,” Rebecca Burack, head of global private practice at Bain, told Bloomberg, stating that “12 is the new 5.”

To achieve this aggressive 12% growth, the basis of competition has shifted. “What we’re experiencing… is a K-shaped recovery in a world where low prices, cheap debt, and easy multiple expansion are gone for the foreseeable future,” said Hugh MacArthur, chairman of Global Private Equity at Bain. Moving forward, the private equity players that attract capital will be the ones that can prove a repeatable, data-backed edge. “The [successful] firms will build systems, not slogans. They will invest in talent and AI, and move from full potential diligence to execution on Day 1,” MacArthur noted.

MARKETS THIS MORNING-

Asia-Pacific markets are a sea of green this morning, as investors expect US President Donald Trump’s speech to provide more clarity on trade policies. Korea’s Kospi is leading gains as chipmakers inch higher, with Japan’s Nikkei following closely behind. Over on Wall Street, futures are edging higher.

EGX30

50,390

-0.9% (YTD: +20.5%)

USD (CBE)

Buy 47.83

Sell 47.97

USD (CIB)

Buy 47.87

Sell 47.97

Interest rates (CBE)

19.00% deposit

20.00% lending

Tadawul

10,906

-0.7% (YTD: +4.0%)

ADX

10,638

0.0% (YTD: +6.5%)

DFM

6,669

-0.6% (YTD: +10.3%)

S&P 500

6,890

+0.8% (YTD: +0.7%)

FTSE 100

10,681

0.0% (YTD: +7.5%)

Euro Stoxx 50

6,117

0.0% (YTD: +5.6%)

Brent crude

USD 70.77

-1.0%

Natural gas (Nymex)

USD 2.94

+0.7%

Gold

USD 5,162

-0.3%

BTC

USD 64,069

-0.9% (YTD: -26.9%)

S&P Egypt Sovereign Bond Index

1,031

+0.2% (YTD: +3.9%)

S&P MENA Bond & Sukuk

153.71

+0.2% (YTD: +1.2%)

VIX (Volatility Index)

19.51

-7.3% (YTD: +32.4%)

THE CLOSING BELL-

The EGX30 fell 0.9% at yesterday’s close on turnover of EGP 5.9 bn (5.2% below the 90-day average). Local investors were the sole net buyers. The index is up 20.5% YTD.

In the green: Rameda (+5.7%), Heliopolis Housing (+3.5%), and Misr Cement (+3.0%).

In the red: Edita (-3.5%), E-finance (-3.3%), and Juhayna (-2.5%).

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Our weekly deep-dive into infrastructure in Egypt.

Published every Wednesday in EnterpriseAM.

Read Hardhat
9

HARDHAT

Will the under-construction high-speed rail network put industrial exports on the fast track?

Trial runs on the Sokhna-Marsa Matrouh high-speed rail line mark the first step in moving Egypt’s industrial logistics off the road and onto the tracks, with the 660-km Green Line designed to move 8.5k tons of freight and 1 mn passengers daily. Trial operations for the first phase of the project launched in November.

Could this open up a new Red Sea-Mediterranean link? Instead of massive container ships navigating the Suez Canal to unload at one of many small Mediterranean ports, they can offload at the expanded Sokhna Port on the Red Sea. Goods would then be sorted and railed across the desert in hours to Mediterranean terminals like Dekheila or Alexandria, where smaller feeder ships can deliver goods to final destinations in Southern Europe or North Africa in a quicker and more cost-effective way.

The line could also boost Egyptian export ambitions, as it runs adjacent to significant industrial and manufacturing hubs like the Suez Canal Economic Zone, Helwan, Fifteenth of May, Sixth of October, and the outskirts of Alexandria. The line could significantly reduce transit times for freight and structurally shift how products reach global markets.

The move aligns with the state’s goal of increasing rail’s share of land-based freight from less than 1% to 15% — set to run in tandem with regional express and freight trains. “What Egypt is aiming to do is very innovative because we are aiming to run a freight train, a regional train, and an intercity train on the same network, at the same time,” Transport for Cairo Director Mohamed Hegazy tells EnterpriseAM.

A replacement for trucking? “It really depends on a lot of parameters,” Hegazy explained. “Firstly, what is the price? After the price, what is the reliability? And remember that time is money, so a lack of reliability — which is the case of the current network — would increase the actual cost for truckers. The current Egyptian National Railway is unable to compete with trucking’s hold over the national logistics market.”

It’s hard to assess the project’s potential impact when there’s still lots we don’t know about it. We know the location — but the timeline, stations, and operations plan have yet to be made public. “There are a lot of theoretical possibilities [offered by this project] but the issue is in the quantification of these hypothetical impacts,” Hegazy said. “We would love to learn more about the details of the line… there is a great benefit to investing in the publication of information, engagement with the private sector, and filling the information gaps and requirements needed for investment in the project,” he added.

What’s next? The line is part of a 2k-km high-speed rail network linking Cairo, Aswan, the North Coast, and the Red Sea across 3 main lines. The Green Line will be followed by the Blue Line linking Cairo to Abu Simbel and the Red Line connecting Luxor to Safaga.

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CALENDAR

2026

FEBRUARY

25 February (Wednesday): IMF’s Executive Board meeting for our sixth and seventh reviews.

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 (EGYPES).

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

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

JUNE:

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

JULY

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

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

AUGUST

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

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.

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.

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

DECEMBER

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

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 breaks.

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

1Q 2026: Turkish President Recep Tayyip Erdogan to visit Egypt.

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.

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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