No new taxes coming — and we’ve been spared the worst of Trump’s tariffs

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WHAT WE’RE TRACKING TODAY

Energos Force RSFU docks in Jordan

We’re fast approaching peak summer, friends, and that’s reflected in an unusually quiet Sunday morning here in Egypt. It’s enough to make us wonder: Should we follow in the footsteps our neighbors on the other side of the Med and just … take August off?

Yes, it helps that they have more vacation days. It strikes us that it just makes good sense from a business point of view to more overtly embrace a quiet month of August.

(Fast fact: Egyptian workers get slightly less paid time off than many European workers. Employees here get 21 workdays as the baseline — a figure that rises to 30 for anyone who has been socially insured for a decade or more. Denmark gives everyone five weeks of paid leave — on top of national holidays — while Austria hands out 25 days of paid vacation per year and 13 national holidays. The average worker in France gets five weeks of paid time-off plus 11 national holidays. Sure, we have a few more national holidays, but…)

What news we have this morning is good: A draft of the Finance Ministry’s new tax policy framework suggests we’re not going to be hit with new taxes. We appear to have dodged the worst of Donald Trump’s tariff tantrum. And there’s plenty of inbound Chinese investment. We have the full rundown below.

BUT FIRST- We spent a quiet weekend pondering the health of the US economy (see Big Story Abroad, below), down-in-the-dumps about the resident 18-Year-Old’s imminent departure for college abroad, and low-key freaking out about AI. Our weekend reading did little to assuage our malaise, though cooling mercury and lots of sunshine helped.

From our weekend AI reading list: AI is coming for consulting, and McKinsey is freaking out, the Wall Street Journal warns us. Smart folks are starting to get really worried not just about the safety of our jobs, but about whether we can even trust AI not to kill us. Per Bloomberg “Would a chatbot kill you if it got the chance? It seems that the answer — under the right circumstances — is probably.” And over in the pages of the FT, novelists are losing it, worrying about the future of creativity in a gen AI world.

Palate cleanser: Samuel L. Jackson in a delightfully profane ad for wind energy player Vattenfall.

PSA-

WEATHER- The mercury is cooling significantly starting today, with a high of 34°C and a low of 25°C forecast for Cairo, according to our favorite weather app.

You can expect it to be even cooler in Alexandria, with a high of 32°C and a low of 24°C.

NEWS TRIGGERS-

It’s the first work day of August — here are the key news triggers to keep your eyes on this month:

We’re hoping non-oil private sector activity breaks its four-month streak in the red, with S&P Global set to release its Purchasing Managers Index report for July on Tuesday. Our last reading saw the country’s headline figure drop to 48.8 in June from 49.5 in May, taking us further below the 50.0 mark that separates growth from contraction.
The business community and policymakers will have their eyes on July inflation figures, which are expected to be released at the end of this week or by Sunday at the latest. Last time round, annual headline urban inflation unexpectedly fell 1.9 percentage points to 14.9% in June, ending an upward trend that extended over three consecutive months. However, energy and tobacco price increases could push up the headline figure this time round.
The Finance Ministry willbegin disbursing overdue export subsidies totaling EGP 5 bn to some 2k exporters this Thursday under the revamped export subsidy program that will see exporters receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities.
The central bank’s Monetary Policy Committee will meet on 28 August to decide whether to cut interest rates. The committee voted to leave interest rates unchanged in its last meeting, which has only emboldened forecasts that the bank will cut rates at its August meeting — with some expecting a cut of up to 200 bps.

WATCH THIS SPACE-

#1- Could Egypt ban TikTok? TikTok has three months to align its content moderation policies with Egypt’s social and moral values or else the House will look into banning the app, Ahram Online reports, citing comments from Rep. Ahmed Badawi after a meeting between the app’s Egypt and North Africa CEO, the NTRA, and the House Telecoms Committee. The ultimatum comes amid public calls to ban the platform and a string of arrests targeting local TikTokers over content deemed offensive or misleading. Badawi said introducing stricter regulation — not bans — is the way forward.

#2- Egypt, Jordan get a natural gas boost as a new floating regasification plant docks: The Energos Force floating storage and regasification unit (FSRU) has slid into its berth at Jordan’s Aqaba Port and is set to begin feeding into the Arab Gas Pipeline “based on operational needs and grid load,” the Oil Ministry said in a statement yesterday. The FSRU will provide an extra 750 mcf/d of regasification capacity that can be shared between Egypt and Jordan in the event of emergencies.

We’ve been expanding natural gas capacity all summer: Egypt has already deployed four FSRUs this season with a combined capacity of 2.7 bcf/d. Our expanded regasification capacity will help accommodate the incoming LNG shipments.

IPO WATCH-

National Printing’s public offering was 23.6x oversubscribed following the close of the subscription period on Thursday. The company priced its EGX IPO at EGP 21.25 per share, while the fair value was set at EGP 28.27 per share.

The company is floating a 10% stake via a secondary two-tranche offering that is expected to raise some EGP 449.9 mn in proceeds, implying a market cap of EGP 4.5 bn at listing. The offering included a 5% private placement tranche fully allocated to anchor investor Omran Mohamed Al Omran of Saudi Arabia, and a 5% public tranche offered to retail and individual investors in the local market.

ADVISORS- Our friends at EFG Hermes Investment Banking are the sole global coordinator for the combined offering, while Zulficar and Partners is serving as counsel.

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HAPPENING TODAY-

#1- It’s day one of the Egyptians Abroad Conference at the Triumph Hotel in New Cairo. The two-day Foreign Affairs Ministry-organized event will act as a “national platform for direct dialogue and the exchange of ideas and proposals with Egyptians living abroad,” according to a Foreign Ministry statemen t.

#2- Attention aspiring university students, parents, and education professionals, Edugate is kicking off its annual fair at the Royal Maxim Palace Kempinski Hotel in New Cairo. The three-day event will host universities from Egypt and across the world, in addition to scholarship providers, education financing companies, training institutes, and more.

HAPPENING TOMORROW-

Voters in Egypt will begin heading to the polls tomorrow for the senate elections, following the close yesterday of polling stations for Egyptians living abroad. Results will be announced on 12 August, with successful candidates elected to serve a legislative term from 2025 until 2030.

DATA POINTS-

#1- Egyptian demand for gold bars and coins dropped 23% y-o-y in 2Q 2025 to hit 5.9 tons, according to data from the World Go ld Counc il. The drop in gold purchases was the result of “profit taking [emerging], particularly in the latter part of the quarter as the gold price failed to breach new record highs,” according to the council. Demand for gold jewelry fell 17% y-o-y to 5.7 tons over the same period.

#2- Net FDI inflows from FY 2024-25 are expected to come at USD 10-11 bn once investments for the 12-month period are tallied up, General Authority for Investment and Freezones CEO Hossam Heiba told Al Arabiya. Inflows came in at U SD 9 bn during the first half of the fiscal year.

The y-o-y comparison is a little skewed however, given the USD 35 bn Ras El Hekma agreement that pushed FDI flows in the fiscal year 2023-2024 to USD 46.6 bn. Looking ahead, the country is targeting USD 42 bn in net FDI during the current fiscal year, with plans to boost that figure to USD 55 bn in FY 2028-2029.

THE BIG STORY ABROAD-

It’s finally August — aka Tariff Month — and US President Donald Trump has published alist of new tariffs set to be implemented next Friday. Trading partners are sorted into three groups depending on trade surplus, with most of the Gulf falling to the first group hit by the minimum 10%.

Among the highest tariffs: Canada will be slapped with a 35% tariff, higher than the earlier announced 25%, as diplomatic friction between the country continues and after it said it would recognize a Palestinian state; Switzerland was slapped with a 39% tariff; and India will be subject to a 25%.

The story is everywhere in the foreign press: Bloomberg | Reuters | Financial Times | CNBC | New York Times

ALSO- Trump shoots the messenger: Worse-than-expected job growth numbers prompted the president to fire the Bureau of Labor Statistics commissioner Erika McEntarfer, a Biden appointee “faked the Jobs Numbers before the Election to try and boost Kamala’s [Harris’] chances of Victory,“ he claimed.

The Fed is also closer to danger: The decision coincided with an opening for Trump to target the Fed by appointing one more governor, after governor Adriana Kugler resigned on Friday. Trump had lashed out at chairman Jerome Powell for not capitulating to interest rate cuts demands, calling him “TOO ANGRY, TOO STUPID, & TOO POLITICAL,” and calling on the Fed’s board to assume control of the independent institution.

Markets don’t like the volatility: Dow Jones closed down 1.2% on Friday, while the S&P declined 1.6% and the Nasdaq Composite shed 2.2%.

ALSO GETTING ATTENTION- Apple and Amazon published their earnings on Thursday:

Apple benefited from a boost in iPhone sales as customers rushed to lock in pre-tariff prices, with overall sales rising 10% y-o-y. CEO Tim Cook said the company will be hit with USD 1.1 bn in costs from the tariffs in 3Q 2025 alone. (Wall Street Journal | Reuters)
Amazon shares fell more than 7% after hours on Friday as its cloud computing unit failed to meet earnings expectations, with net income margins contracting, after rivals Microsoft and Alphabet both reported strong performance at their cloud units. (Reuters)

No new taxes are planned in tax system overhaul expected to kick off in 4Q

The tax policy document could be just months away: The Finance Ministry is currently reviewing its long-awaited tax policy document, with a plan to release it for public discussion in 4Q 2025, a senior government official told EnterpriseAM. Officials have long said the framework would offer business a clear roadmap for future policies and set guidelines for the modernization of the tax system.

In principle, that’s smart policy: Finance Minister Ahmed Kouchouk has noted in the past that certainty of tax policy is among the keys to unlocking fresh investment, both foreign and domestic.

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

No fresh taxes on the horizon: The current draft makes clear the Madbouly government is not looking to impose new taxes in the short term, leaving unchanged the current 22.5% corporate income tax (a figure it describes as “competitive” relative to other tax rates in our region), while the income tax on individuals will still top out at 27.5%. The value-added tax will remain unchanged at 14% outside of a list of goods and services taxed at a lower rate.

Among the Finance Ministry’s top priorities: Widening the tax base and creating a more efficient tax system.

We could see a 15% minimum corporate tax — in line with global calls: The document also indicates the Finance Ministry is actively reviewing its stance the OECD-G20 Pillar Two rule, which aims to set the global minimum corporate tax rate at 15% for multinational companies, regardless of where they operate. The document stops short a final decision, but notes that imposing a 15% minimum corporate tax would curb the efficiency of existing tax exemptions granted to some foreign companies in Egypt. Either way, the 15% tax would likely need approval from the House of Representatives.

No new tax breaks or exemptions: Introducing new systems and expanding tax incentives risks distorting markets and driving up tax compliance costs, the document notes — so don’t expect much in this vein.

The ministry wants to see tax revenues grow an average of 38% each year in the medium-term. Finance Minister Ahmed Kouchouk recently said that tax revenues grew 35% y-o-y during the fiscal year 2024-2025 — without tax hikes or new levies.

A nod to the challenges businesses face: High inflation and interest rates pose key challenges to business and, by extension, the tax system by making investment more expensive.

CONTEXT- Inflation is on a declining path- Deutsche Bank sees headline inflation here averaging 15-16% in 2025 before declining to 10% in 2026. The IMF expects inflation to reach 15.3% on average during FY 2025-2026, before cooling down to 10.7% on average in the upcoming fiscal year.

So, too, are interest rates: Goldman Sachs expects the CBE to cut interest rates by 400 bps in 4Q this year. Deutsche Bank has pencilled in a total of 725 bps of rate cuts in 2025. Both see the policy rate touching 20% by year’s end. The CBE left rates unchanged at last month’s monetary policy meeting. The bank will next review rates at the end of this month.

New strategy to streamline tax system, boost transparency: The document details strategic reforms to simplify tax filings, scrap estimated assessments and filings without documentation, and adopt a new rating system for taxpayers based on their compliance levels.

Businesses with employees who are being squeezed by inflation could get a break: The ministry will regularly raising the ceiling on the zero-tax personal income bracket to ensure fairness. The bracket will be adjusted semi-annually in times of high inflation and annually under normal conditions, aiming to curb the tax burden on lower-income households. The plan would see higher income brackets changed in parallel (without changing their tax rates).

REMEMBER- The government is looking to secure an additional EGP 195.2 bn in tax revenues — equivalent to 0.98% of GDP — in FY 2025-2026 through a bundle of tax reforms, the IMF said last month. To put the target in perspective, the government expects to generate some EGP 200 bn in tax revenues this fiscal year, meaning the reforms are expected to nearly double the pool. These reforms — some of which have already been rolled out — include amendments to the VAT Law.

How will the wave of new US tariffs hit Egypt?

Egyptian exports to the US will continue to enjoy the baseline 10% tariff, remaining unaffected by the list of new tariffs unveiled by US President Donald Trump last week, a government source told EnterpriseAM.

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

BACKGROUND- Trump last week published a list of new tariffs under which trade partners were grouped into three tiers based on their trade balance and bilateral agreements with the US, with tariffs ranging from 10-40%. Canada, India, and Switzerland were among the hardest-hit.

And what about exports under the QIZ agreement? A second source told us that Qualifying Industrial Zone (QIZ) exports are also expected to retain preferential access — but the source noted that US officials have yet to offer confirmation here. A team of officials has been holding talks their US counterparts to clarify the treatment of exports of products under the agreement.

SOUND SMART- Egypt’s QIZ pact with the US and Israel, which came into effect in 2005, allows goods made in designated Egyptian zones to enter the US without duties or quotas provided they include around 10.5% Israeli content. The agreement — which has particularly helped boost Egypt’s textile and garment exports to the US — was set up by the US to deepen regional cooperation and was modeled on an earlier three-way agreement with Jordan.

How did the first wave of tariffs impact us? Exports to the US — Egypt’s top market for garments — surged 16% y-o-y in 1H 2025 to USD 622 mn, according to data from the Apparel Export Council. The sector’s total exports jumped 25% to USD 1.608 bn during the same period. The council expects full-year exports to reach a record USD 3.7 bn, with annual growth rates of 25-30% in the pipeline.

What about other Egyptian exports? Around 55% of Egypt’s exports to the US are garments. While Egypt’s overall trade volume with the US remains relatively small, a senior government source told us the country could still feel knock-on effects of the broader tariff changes — including potential price increases or new duties imposed by affected trade partners.

Efforts to safeguard the economy: Egypt is currently reviewing its own tariff structure to better support local industry and protect the market from imported inflation, one of the sources said.

Dongfeng introduces nine new models to the Egyptian market under partnership with SN Automotive

Chinese cars are set to continue becoming an increasingly common sight in showrooms and on Egyptian streets after the introduction of nine new models produced by Chinese auto giant Dongfeng. The automaker’s expansion in the Egyptian market is through a partnership with SN Automotive that “opens the door to a new era of quality and variety, perfectly aligned with the aspirations of the Egyptian customer,” said SN Automotive CEO Yehia A. Halim.

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

Dongfeng has ambitions is using Egypt as its African hub: Africa Regional HQ General Manager Liao Qingli said that “We’ve chosen Egypt to be a central hub for assembly and spare parts for the entire African continent.”

Like other Chinese auto players expanding in Egypt, Dongfeng is introducing a mix of electric, hybrid, and traditional gas-powered vehicles, which they say helps appeal to a “wide range of Egyptian consumer needs.” The offerings also vary in terms of prices, with models ranging from EGP 770k all the way to EGP 6.0 mn.

One particular model caught our attention — and could significantly shake up the local EV market. Included in the list is its base Box EV model with a budget friendly price tag of just EGP 770k, likely making it one of the cheapest available EVs on the market. The comparatively high upfront costs of of new EVs has long put off lower-middle-income consumers, but the addition of the city-friendly Box EV could persuade more to go electric.

The company is planning to launch 25 sales and service locations across the country in its first year, said SN Automotive Sales and Network Development Director Tareq Mostafa Hussein

Dongfeng is no stranger to Egypt, having already sold its Aeolus E70 Pro through Misr Helwan Automotive and for years had talked about locally assembling EVs with El Nasr before the agreement fell apart in 2021.

BACKGROUND- SN Automotive? State-owned El Nasr Automotive and the privately held Al Safy Group set up the JV in November of last year to assemble global car brands locally to sell in Egypt and export to other North African nations. Al Safy — which owns a 76% stake — oversees the entire supply chain, from importing parts and securing local components to distributing cars, managing dealerships, and providing after-sales services. El Nasr — which owns the remaining 24% stake — is responsible for assembly operations.

Two Chinese projects worth USD 55 mn kick off construction in Sokhna Industrial Zone

Two new Chinese projects break ground in Sokhna: China’s Bridge Textile International and F-Tex International kicked off construction on two textile projects, with combined investments exceeding USD 55 mn, in the China-Egypt Teda industrial zone within the Sokhna Industrial Zone, according to a statement.

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

Bridge Textile will develop an integrated textile complex on a 40k sqm plot, with investments exceeding USD 25 mn. The complex will feature 18 spinning lines, over 100 fabric production lines, and six printing and dyeing lines, with a planned annual output of 25 mn meters of high-quality fabric and 105k tons of fiber. The project is expected to create 500 direct and 1k indirect jobs.

Expected returns: The facility is projected to generate USD 120 mn in annual sales, of which USD 100 mn will be in foreign currency. Around 80% of production will be exported to Europe and the US.

F-Tex International will develop a USD 30 mn production plant for Draw Textured Yarn (DTY) polyester fibers on a 55k sqm site. The plant will have an annual production capacity of 130k tons and is expected to generate USD 150 mn in annual export revenues.

The DTY facility’s timeline: The facility is expected to begin trial operations within a year and become fully operational by the end of 2027, creating around 400 jobs.

Discussions to allocate an additional 10 sq km of industrial land to Teda took place during a recent investment roadshow in China, where SCZone officials met with Chinese investors to promote opportunities in the zone, SCZone head Walid Gamal El Din said. The move comes as the developer nears completion of earlier development phases — the most recent of which spans 2.9 sq km.

ALSO ON THE INVESTMENT FRONT-

Emaar opens the doors to its EGP 9 bn North Coast resort: Emaar Misr inaugurated its EGP 9 bn Palace Beach Resort Marassi in the North Coast’s Marassi development, according to a cabinet statement. Spanning 140k sqm, the resort includes 87 rooms, 31 luxury villas, and facilities including a spa, beachfront restaurant, and gym. The project marks Marassi’s 11th hotel.

Where the EGP 100 bn subsidized loan program for hospitality players?

FINANCE-

Hospitality subsidized loan program 2.0 on hold: The Finance Ministry has stalled its sign-off on a new EGP 100 bn subsidized loan initiative for the tourism sector until it completes financial and technical assessments, Al Shorouk quotes Tourism Minister Sherif Fathy as having said. The initiative is designed to expand Egypt’s hotel capacity to help meet the state’s 30 mn tourist target by 2030.

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

REMEMBER- The initiative would be the second iteration of the EGP 50 bn program the Madbouly government launched last year, offering subsidized loans to tourism players at a 12% interest rate. Fathy had previously told Asharq Business that the second iteration of the program would amount to EGP 200 bn.

M&A-

Ashry Steel submitted a bid for 100% of cement producer Building Materials IndustryCompany, challenging a competing bid from Spain’s ITI Inversiones Industriales, Al Borsa reports, citing unnamed sources. ITI’s bid, which comes as part of its expansion plan into North Africa, has already received the greenlit from the Egyptian Competition Authority.

LOGISTICS-

The Suez Canal Authority is extending its 15% rebate for 130k+ ton capacity container ships passing through the Suez Canal until the end of year, it said in a circular (pdf). The decision applies to all relevant vessels regardless of direction or whether the ships are loaded or not.

TRANSPORT-

Alexandria to receive 120 natgas buses from El Nasr: The Public Enterprise Ministry and Alexandria Governorate signed a cooperation protocol to supply the governorate’s public transit authority with 120 natural gas-powered buses manufactured by state-owned El Nasr Automotive, according to a statement.

DEBT-

Draschem for Specialized Chemicals’ sodium cyanide production plant is on course to secure USD 120 mn from a local banking syndicate, which would help fund 70% of the total USD 180 mn project, Asharq Business reports, citing an unnamed official from the company. The syndicate includes Banque Misr, National Bank of Egypt, Arab African International Bank, CIB.

SOUND SMART- Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.

MENA PE activity cools down in 1H 2025 — but it’s mostly good news amid signs of a maturing market -Magnitt

Private equity dealmaking in the region took a dip in 1H 2025 as investors recalibrated to focus on bigger transactions with strong fundamentals. Some 29 private equity transactions worth USD 2.9 bn were recorded in the first half of the year, marking a 38% y-o-y decline by count and an 11% drop in value, according to Magnitt’s 1H MENA PE report. This is the third consecutive half-year of cooling PE activity in the region.

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

General partners are adopting a more risk-averse stance, pivoting toward fewer, higher conviction transactions on scale-ready platforms with strong fundamentals, according to the report. This explains why the y-o-y drop in PE transaction value is less significant than the decline in volume.

PE transactions in the region skewed larger, with the two biggest size brackets hitting five-year highs in 1H. Transactions in the USD 500 mn to 1 bn range accounted for 29% of total volume, and 42% of total value, while those over USD 1 bn comprised 14% of the count and 36% of the overall value. Smaller buyouts (under USD 50 mn) fell to a record low of 14%, while the USD 100-500 mn bracket nearly doubled y-o-y to 29% of total PE activity by count, and 18% by value. The report does not provide comparative figures for 1H 2024, only the whole of 2024.

The slowdown reflects a strategic recalibration in the region’s PE market rather than a retreat. “The MENA region’s PE recalibration is being led by scale-ready SMEs and high-conviction strategies, not withdrawal. The growing dominance of USD 100 mn+ transactions signals a maturing landscape ready to absorb larger pools of capital,” Magnitt Research Department Manager Farah El Nahlawi said in a statement (pdf) accompanying the report.

Growth capital and buyout transactions were nearly evenly split in 1H, with growth transactions slipping to 52% of total activity as buyouts gained ground despite tighter credit markets, El Nahlawi told EnterpriseAM. The trend points to investors favoring plays where they can take a more hands-on role in operations and actively drive value creation, aiming for exits via trade sales or strategic mergers, she added.

SOUND SMART- Growth transactions involve minority investments in established but expanding companies, providing capital to fuel new markets, products, or acquisitions without taking control. Investors rely primarily on the company’s organic growth for returns, with exits typically via IPOs or secondary sales. Buyouts, by contrast, involve acquiring a majority or full stake, often using leverage to gain operational control, drive restructuring or efficiency improvements, and create value through active ownership. While growth transactions are about accelerating expansion, buyouts are about taking charge to unlock value and position the business for strategic sales or mergers.

The period also saw a rise in syndicated transactions, with four of the top five PE plays involving co-investments between local and international investors. These co-investments are enabling deeper due diligence, better risk-sharing, and stronger operational oversight, El Nahlawi said. She explained that partnerships between global funds and local players are leading to tighter valuation discipline and more sophisticated transaction terms, including performance-linked earnouts and tiered exit provisions, as foreign investors balance protection with access to local market expertise.

This trend is likely to continue, with more structured transactions with performance-based earnouts or tiered exit mechanisms, as “global funds seek protection while leaning on local expertise to navigate the region’s complexity,” El Nahlawi added.

KSA bucks the PE downturn: Combined, Saudi Arabia and the UAE captured 86% of all private equity activity in the region. KSA was home to 13 transactions in the first half of the year, up 8% y-o-y, accounting for the lion’s share (45%) of total activity in the region, supported by local investor appetite. The UAE recorded 12 transactions (41%) over the same period, down 25% y-o-y, with more capital flowing in from international buyers. Egypt (down 89%) and Jordan (down 50%) each saw one transaction in 1H.

Sustainability and fintech emerged as standout sectors in 1H, with sustainability-related transactions accounting for 57% of disclosed funding, fueled by large transactions tied to energy transition initiatives, El Nahlawi told us. These sectors combine scale potential with strong alignment to regional policy priorities, making them prime targets under today’s selective capital deployment, she said. SMEs outside this scale-ready bracket face a widening funding gap, as smaller ventures without clear exit routes or policy backing may struggle to draw investor interest unless supported by accelerators, development funds, or niche positioning, she added.

EGX30	34,198	+1.0% (YTD: +15.0%)
USD (CBE)	Buy 48.61	Sell 48.74
USD (CIB)	Buy 48.60	Sell 48.70
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	10,920	+0.1% (YTD: -9.3%)
ADX	10,317	-0.5% (YTD: +9.5%)
DFM	6,112	-0.8% (YTD: +18.5%)
S&P 500	6,238	-1.6% (YTD: +6.1%)
FTSE 100	9,069	-0.7% (YTD: +11.0%)
Euro Stoxx 50	5,166	-2.9% (YTD: +5.5%)
Brent crude	USD 69.67	-2.8%
Natural gas (Nymex)	USD 3.08	-0.7%
Gold	USD 3,400	+1.5%
BTC	USD 112,887	-0.8% (YTD: +20.6%)
S&P Egypt Sovereign Bond Index	883.79	+0.1% (YTD: +13.7%)
S&P MENA Bond & Sukuk	147.17	+0.2% (YTD: +5.2%)
VIX (Volatility Index)	20.38	+21.9% (YTD: +17.5%)

THE CLOSING BELL-

The EGX30 rose 1.0% at Thursday’s close on turnover of EGP 4.2 bn (17.1% below the 90-day average). Local investors were the sole net buyers. The index is up 15.0% YTD.

In the green: GB Corp (+4.9%), Beltone Holding (+4.7%), and Rameda (+4.2%).

In the red: Edita (-2.0%), Abou Qir Fertilizers (-0.6%), and Orascom Construction (-0.3%).

CORPORATE ACTIONS-

Act Financial’s general assembly approved paying out EGP 200 mn in dividends to shareholders for its 2024 earnings at EGP 0.18 a share, according to an EGX disclosure (pdf). The dividend will be funded through the company’s retained earnings.

CALENDAR

AUGUST

3-4 August (Sunday-Monday): Egyptians Abroad Conference, Triumph Hotel in New Cairo.

3-5 August (Sunday-Tuesday): Edugate Cairo, Royal Maxim Palace Kempinski Hotel in New Cairo.

5 August (Tuesday): S&P Global to release its July Purchasing Managers Index (PMI) report for Egypt.

6 August (Wednesday): Egugate Alexandria, Hilton Green Plaza Hotel in Alexandria.

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

8 August (Friday): Capmas expected to release inflation data for July.

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

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

28 August (Thursday): Monetary Policy Committee meeting.

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

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

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

SEPTEMBER

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

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

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee meeting.

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

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

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

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

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

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

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

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

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

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

2026

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

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

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

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

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

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

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

2027

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

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

EVENTS WITH NO SET DATE

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

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

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

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