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Monday, 2 Jun 2025

What We're Tracking Today
Real Estate
Real Estate
Infrastructure
A Message From Onsi Sawiris School Of Business Executive Education At The American University In Cairo
Energy
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Blackboard
Calendar

Palm Hills, Mountain View, Nations of Sky, Mostakbal Misr enter development contract for EGP 1.5 tn Jirian project

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Today at a glance

1

Real estate

Palm Hills, Mountain View, Nations of Sky, Mostakbal Misr ink partnership and development contract for EGP 1.5 tn Jirian project.
2

Real estate

Madinet Masr to form Emirati subsidiary to manage overseas projects.
3

Infrastructure

Arab Contractors, China’s CSCEC eye Africa projects under cooperation agreement.
4

Energy

Israeli gas supplies resume to normal levels after Leviathan maintenance.
5

EARNINGS WATCH

Vodafone Egypt revenues jump 50% in FY 2024-25.
6

LAST NIGHT’S TALK SHOWS

Pyramids FC’s first ever CAF Champions League title dominated the airwaves.
7

PLANET FINANCE

Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market.
8

BLACKBOARD

What are the government’s plans for vocational education?

Monday, 2 Jun 2025

What We're Tracking Today
Real Estate
Real Estate
Infrastructure
A Message From Onsi Sawiris School Of Business Executive Education At The American University In Cairo
Energy
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

What We're Tracking Today

More flexibility for real estate funds?

Good morning, friends. The local business news cycle in June is keeping up the pace, with the official announcement for the EGP 1.5 tn Jirian project, Madinat Masr putting its overseas expansion plans up a gear, a partnership with the world’s biggest construction company by revenue that could see Arab Contractors work on many more big ticket projects in Africa, and more.

But before we get to that…

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend.

PSA-

#1- The private sector will also be taking a five-day paid break from Thursday, 5 June through Monday, 9 June in observance of Eid Al Adha, the Labor Ministry said in a statement yesterday that followed an earlier announcement by Prime Minister Moustafa Madbouly for public sector workers. We’re still yet to hear if the banking sector will follow suit.

#2- Trial operations for the first phase of Egypt’s bus rapid transit (BRT) system kicked off yesterday, running 35 km from the Alexandria Agricultural Road to the Police Academy in New Cairo, according to a Transport Ministry statement. The first phase includes 14 stations.

The all-electric, eco-friendly buses arrive every 3 mins — and every 90 seconds during rush hours — as part of efforts to ease congestion on the Ring Road. Phase two is currently under construction and will cover 21 stations from El Mosheer Tantawy to the Fayoum intersection, passing by the Grand Egyptian Museum.

REMEMBER- The EGP 10 bn BRT project aims to replace microbuses and other forms of public transport on the Ring Road.

WEATHER- It’s another summery day in Cairo today, with a high of 31°C and a low of 20°C, according to our favorite weather app.

As usual, it's a little cooler in Alexandria, with a high of 25°C, a low of 18°C, and a chance of light rain.

Fog is also forecast for most parts of the country this morning, so as always, stay safe on the roads as you drive into work.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at efforts to strengthen the local iron and steel industry and transform the country into a regional industrial hub. Check out the story here.

WATCH THIS SPACE-

More flexibility for real estate funds? The Finance Ministry and the Financial Regulatory Authority are reviewing the regulation governing real estate investment trusts (REITs), government sources told Al Borsa. Potential regulatory amendments include reducing or removing the 22.5% capital gains tax on property sold to REITs in exchange for fund units and easing a rule that requires funds to invest at least 80% of their annual portfolio in real estate assets or shares in real estate companies. These changes aim to give REITs more flexibility and attract more investors.

FROM THE DEBT MARKETS-

The central bank will issue USD 450 mn in one-year treasury bills today to refinance an outstanding debt worth USD 500 mn.

HAPPENING TODAY-

#1- Iranian Foreign Minister Abbas Aragchi is coming to town as part of a regional trip that will also see him land in Lebanon, the country’s Foreign Ministry Spokesman Esmail Baqaei told reporters. Aragchi “is expected to meet with senior officials of the two countries to discuss a range of issues related to bilateral ties and regional matters and to exchange views with them.”

#2- A Greek delegation is in Cairo today to discuss the recent court ruling that affirmed Egypt’s ownership of the land housing the historic St Catherine’s Monastery while granting the monastery usage rights, according to a statement from the Greek cabinet. The visit was agreed during a call last week between President Abdel Fattah El Sisi and Greek Prime Minister Kyriakos Mitsotakis, who emphasized the need to preserve the monastery’s religious character and resolve the issue through institutional channels.

#3- It’s day two of theCruise Egypt Forum 2025 at the Hilton Cairo Heliopolis, marking the country’s first event fully dedicated to the cruise industry. The two-day gathering brings together public and private sector stakeholders — including government ministries, port authorities, cruise lines, and tourism developers — to discuss how Egypt can position itself as a regional cruise hub and unlock investment openings in the sector.

#4- Fi Africa andProPak MENA is kicking off at the Egypt International Exhibition Center today. The three-dayannual conference (pdf) — which focuses on the food, beverage, and packaging industries — will bring together over 400 exhibitors from Egypt, the Middle East, Asia, and Europe, as well as over 16k attendees. It will feature talks and workshops for F&B and consumer goods manufacturers and showcase new technologies in a bid to promote potential investments and encourage sustainability and food waste reduction. You can register for the event through the link available on the Fi Africa and ProPak MENA websites.

HAPPENING TOMORROW-

Non-oil private sector activity to continue decline? Policymakers, private sector players, and economists are eagerly waiting S&P Global’s PMI figures for May that will be coming out tomorrow. April’s reading saw non-oil private sector activity decline further to 48.5 amid weaker consumer spending — marking Egypt’s lowest PMI reading in 2025 so far.

CIRCLE YOUR CALENDAR-

Another 35 units will be up for grabs in phase three of Robbiki Leather City in Badr City starting 1 July, Cairo Investment and Urban Development Company President Mahmoud Mehrez told Cairo Weekend’s Zeina Soufan (watch, runtime: 1:16). High demand is coming from investors in Italy, Turkey and Syria and a total of 57 factories have already been sold in the project, he added

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

DATA POINT-

Local startups pulled in USD 228 mn in venture and debt capital in the first five months of 2025, marking a 130% y-o-y increase, according to a statement from the Ministerial Group for Entrepreneurship.

THE BIG STORY ABROAD-

Hopes for a breakthrough in Ukraine’s war with Russia faded further yesterday after both sides exchanged some of their most intense strikes of the conflict. Ukraine launched its longest-range drone assault of the war, hitting five Russian airfields — including in Murmansk and deep into Siberia — in an attack Kyiv says damaged more than 40 aircraft. The operation, which involved 117 drones had been in the works for more than a year, President Volodymyr Zelenskyy said. Moscow responded with its largest aerial barrage since the war began, firing 472 drones and seven missiles overnight. At least 18 locations were hit, including a military training base in eastern Ukraine that killed 12 soldiers and wounded more than 60.

The strikes come on the eve of direct ceasefire talks in Istanbul, where Ukraine will present a proposal today calling for a full truce monitored by the US, the return of abducted children, and no recognition of Russia’s territorial claims. Despite recent diplomatic overtures, both sides remain far apart on core issues, with Ukrainian officials warning that Moscow has yet to provide its own written peace terms. (Reuters | Associated Press | New York Times | Financial Times)

And in election news, nationalist candidate Karol Nawrocki in Poland’s presidential election is leading with a razor-thin lead over pro-EU Warsaw mayor Rafał Trzaskowsk. A Nawrocki win, if confirmed, could derail current Prime Minister Donald Tusk’s reform agenda, deepen political gridlock, and shift Poland’s stance away from the EU and its support for Ukraine. (Financial Times | Guardian)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at what the government is doing to boost vocational education.

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On June 7th & 8th, take your front seat to Eid Magic – Somabay Edition.

LUMEN: A two-day experience by CJC is landing at Somabay, headlined by Oscar and The Wolf and Klangphonics.

Get ready for beachside beats, golden hour sets, and barefoot dancing in the sand — set against the breathtaking backdrop of Somabay’s crystal-clear waters and radiant sunsets.

This is more than a celebration. It’s where music meets magic on the shores of the Red Sea.

2

Real estate

Palm Hills, Mountain View, Nations of Sky, Mostakbal Misr ink partnership and development contract for Jirian project

An ambitious project to divert a branch of the Nile to build a EGP 1.5 tn new desert city is now officially in the works after private sector developers Palm Hills, Mountain View and Nations of Sky inked a partnership and development contract for the Jirian project with the state, represented by the Egyptian Armed Forces-linked Mostakbal Misr Agency for Sustainable Development, according to a cabinet statement.

Jirian is set to spread over 6.8 sq km in the Sheikh Zayed Axis and house 20k residential units, in addition to commercial areas, hotels, universities, hospitals, international sports clubs, and a media production city. The megaproject is expected to produce 250k jobs, Prime Minister Moustafa Madbouly said after the signing, according to a separate cabinet statement. The first 1.6k feddan phase of the project will be completed in five years, he said.

But the project isn’t just about building a new city, it's about supporting the New Deltareclamation project. Efforts to add 2.5 mn feddans of agricultural land to the country through desert reclamation need to be supported by residential projects to house the expected 2.5 mn families that will live in this new region, according to Madbouly. The branch of the Nile that will run through Jirian will then flow on to irrigate agricultural areas in the New Delta project.

Residential projects for broader sections of the population will follow, Madbouly said in response to concern that the project only catered to high-income households. Jirian is “only part of a very large urban system that will later include cities and villages serving all sectors,” he explained.

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3

Real estate

Madinet Masr to form Emirati subsidiary to manage overseas projects

Real estate developer Madinet Masr is getting ready to put its expansion plans up a gear with efforts underway to set up a subsidiary in Dubai — called Cities of the World — that will manage its projects outside of Egypt, according to a statement (pdf). The move is “a key part of Madinet Masr’s strategic expansion plan, which aims to strengthen the company’s regional and international presence and unlock new [prospects] across a range of real estate development sectors,” according to the statement.

The UAE-based company will serve as the company’s international holding company, which will have under its wings dedicated entities to each target market, a company representative told EnterpriseAM. They explained that setting up shop in the UAE was a no-brainer for the developer, pointing to its “strategic geographic position, world-class infrastructure, and a stable business ecosystem that fosters regional connectivity.”

Who will be in charge of the new unit? The developer’s Senior Vice President of Product Development Mohamed Lashien (LinkedIn) will serve as managing director of the newly-established subsidiary following its official launch.

The developer’s focus will initially be in the region, particularly the GCC. The company representative told EnterpriseAM that the UAE and Saudi Arabia “are of strong interest due to their robust real estate sectors.”

Saudi Arabia will likely be the location of the developer’s first overseas project, with the Kingdom sticking out as an attractive option on the back of its “strong market fundamentals and alignment with our vision for modern, sustainable communities.” The company is planning to announce its first international project — be it Saudi Arabia or elsewhere — “in the coming months,” we were told.

But expansion further afield is also in the cards, with the company telling us they are “evaluating stable international markets that present long-term growth opportunities and align with our development philosophy.” Madinet Masr thinks that its expansion plans further down the line could include “destinations in Europe and other globally mature real estate sectors, where there is a strong demand for sustainable, well-integrated communities.”

We had an idea this was coming, after CEO Abdallah Sallam mentioned in March that the developer was in talks with potential partners in the UAE and Saudi Arabia for its planned GCC expansion.

What they said: “Initiating the process to establish Cities of the World marks a significant milestone in executing our strategic goal of regional expansion. This step reflects our dedication to extending Madinet Masr's legacy beyond national borders and positioning ourselves at the forefront of regional real estate development. We are confident this direction will enable us to enter promising markets while exporting our successful development model,” Sallam said.

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4

Infrastructure

Arab Contractors, China’s CSCEC eye Africa projects under cooperation agreement

State-owned Arab Contractors could soon collaborate with China’s state-owned CSCEC on some big-ticket infrastructure projects in Africa under a cooperation protocol inked yesterday between the two companies, according to a cabinet statement. The cooperation protocol establishes a formal alliance that will see them jointly pursue projects in Egypt and the continent as a whole.

Partnering with the world’s largest construction company by revenue for projects across Africa is no small thing, given the hundreds of USD bns that China invests into its Belt and Road initiative in the continent. Between 2013 and 2023, Chinese companies signed over USD 700 bn worth of contracts for projects in Africa under the initiative, according to Chinese state media.

CSCEC has also been looking to partner with local private sector players for projects at home and abroad, having inked a strategic partnership with Organi Group in February under a plan to jointly secure contracts worth USD 5 bn in Egypt and Libya, in addition to additional projects in Saudi Arabia and the UAE, Organi Group CEO Essam Al Organi said.

REMEMBER- The Chinese construction giant is no stranger to Egypt, with the company playing a major role in the construction of the new administrative capital and its Central Business District, the Downtown Towers project in New Alamein, and more either under construction or on the drawing board.

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5

A MESSAGE FROM ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION AT THE AMERICAN UNIVERSITY IN CAIRO

Where Egypt’s Top Companies Transform — Onsi Sawiris School of Business ExecEd

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Take the First Step Towards Lasting Success:

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6

Energy

Israeli gas supplies resume to normal levels after Leviathan maintenance

Gas flows from Israel’s Leviathan field to Egypt have returned to normal levels following the completion of scheduled maintenance, a government source told EnterpriseAM. Israeli authorities had earlier notified Egypt that pipeline flows would be reduced by 20% for a 15-day period.

Leviathan volumes are back to 1.0 bn cubic feet per day, but there is still a chance that Israeli imports could fall again as the hot summer months lead to increased local consumption in Israel, a government official told us last month. The official forecasted supplies falling to 850 mn cubic feet until the end of August.

Gas flows to the energy-intensive fertilizer industry are yet to return to their normal levels, a source at the Chemical and Fertilizers Export Council told EnterpriseAM. However, fertilizer plants that had shut down entirely have been informed that gas flows will resume soon — potentially by the time we published this issue.

ICYMI- After having their gas supply cut by 50% for the 15-day maintenance period, fertilizer manufacturers submitted a formal request to the government to import natural gas directly from global markets last month. Some producers said the lower gas supplies would lead to a 30% drop in production.

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7

EARNINGS WATCH

Vodafone Egypt revenues jump 50% in FY 2024-25

Our friends at Vodafone Egypt recorded EGP 82.9 bn in revenues during its 2024-25 fiscal year, marking a near 50% y-o-y increase, according to a statement (pdf) from the private sector telecoms player. The company credited the jump to strong demand across its services portfolio and continued expansion in digital services.

The bigger picture — growth, scale, and digital inclusion. Vodafone Egypt now serves more than 51 mn customers — including 24 mn Vodafone Cash wallet users. The company said its mobile wallet saw 150 mn monthly transactions on average. Over the course of the fiscal year, Vodafone invested EGP 12 bn in expanding its network infrastructure, part of its strategy to support Egypt’s digital transformation agenda and growing usage across all consumer segments.

Vodafone Group described Vodafone Egypt’s performance in FY 2024-25 as “very strong,” with Egypt continuing to outperform in the group’s Africa segment, according to the group’s preliminary results (pdf) for the fiscal year. The parent company noted that service revenue outpaced inflation and accelerated further in the last quarter of the year.

Vodafone Egypt doubled down on making social impact, having digitized 626 healthcare facilities — a 103% y-o-y increase — reaching some 12.5 mn citizens, up 98% y-o-y. The company aims to reach 26 mn citizens by 2026 through its digital health programs. On the philanthropy front, Vodafone Egypt and its foundation supported medical institutions including Baheya Hospital, Hospital 57357, the Magdi Yacoub Foundation, and Al Nas Hospital through donations for cancer and heart patients. Vodafone Egypt also said it now sources 100% of its electricity needs from renewable energy.

The company also noted that it was recognized with several industry awards this year, including Best Mobile and Fixed Network by German telecommunications benchmarking company, Umlaut for the second consecutive year and the top spot on nPerf ’s 2025 list for fixed internet performance in Egypt. Other accolades include awards for best work environment, customer service, and digital transformation.

What they said: “Our success this year means that Vodafone Egypt customers today receive faster and more advanced digital services, and smoother connectivity experiences wherever they are in Egypt.” said CEO Vodafone Egypt Mohamed Abdallah. “We are committed to providing innovative solutions that make daily life easier and support financial inclusion through services like Vodafone Cash, enabling everyone to benefit from the digital economy and participate in building a better future for Egypt.”

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8

LAST NIGHT’S TALK SHOWS

Pyramids FC’s first ever CAF Champions League title dominated the airwaves

It was all cheers on the airwaves last night as the nation’s hosts celebrated Pyramids FC’s historic win in the CAF Champions League. The Egyptian team beat South Africa’s Mamelodi Sundowns 2-1 (3-2 in aggregate) to clinch the title for the first time in the club’s history, becoming the fourth ever Egyptian team to claim the title after Ismaily, Al Ahly, and Zamalek.

“We should be proud of what Pyramids have accomplished and celebrate this incredible achievement — it’s a team that fought until the very end,” said El Hekaya’s Amr Adib (watch, runtime: 8:37). Lamees El Hadidi called on all those who tuned to her show Kelma Akhira to celebrate the win, arguing that “we should be happy — it’s another title for Egypt” (watch, runtime: 0:40).

President Abdel Fattah El Sisi also showed his support, congratulating Pyramids FC and Egyptian football fans on the “historic achievement” in an Ittihadeya statement. “This victory embodies the spirit of determination and perseverance that has always characterized Egyptian sports,” he said.

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9

Also on our Radar

Sky AD to develop a 430-feddan plot in Ras El Hekma. PLUS: News from Giza Systems, Premium Healthcare, Jinbei Royal, Scatec, Abu Auf

REAL ESTATE-

Sky AD has a Ras El Hekma project in the works: Emirati real estate developer SkyAbuDhabi (Sky AD) will develop a 430-feddan plot in Ras El Hekma that will feature a fully integrated residential and tourism project, the company said in a statement (pdf). The developer is targeting EGP 240 bn in sales from the project.

REMEMBER- Last July, the real estate developer said that it was in talks with the Madboulygovernment over a 200-600 acres plot in the North Coast.

EXPANSION-

#1- Giza Systems eyes GCC expansion: Giza Systems is planning to expand into Oman, Bahrain, and the UAE by forging local and global partnerships, according to a statement (pdf) from the company. The company is also planning to expand in high-growth sectors, including fintech, smart cities, AI-powered video analytics, cloud services, and cybersecurity.

ICYMI- The tech consultancy firm launched to launch a global delivery center in Egyptyesterday that will begin operating with several hundred employees, before scaling up its operations and employee headcount.

#2- Premium Healthcare subsidiary Saudi Egyptian Company for Medical Laboratories readies diagnostic radiology investment: Saudi firm Saudi Egyptian Company for Medical Laboratories — which Premium Healthcare owns 50% of — plans to invest SAR 40 mn this year as part of its expansion into diagnostic radiology, according to an EGX disclosure (pdf).

ICYMI- Premium Healthcare acquired a 50% stake in Saudi Egyptian Company for Medical Laboratories in a EGP 1.3 mn transaction last year.

DIPLOMACY-

Egypt, US discuss Gaza ceasefire talks: Foreign Minister Badr Abdelatty received a call from US top Middle East envoy Steve Witkoff to discuss ongoing coordination on Gaza and broader regional developments, according to a Foreign Ministry statement. Talks focused on joint Egypt-US-Qatar efforts to broker a ceasefire in Gaza that would include a hostage and prisoner swap and the full entry of humanitarian aid. Abdelatty reiterated the urgency of ending the war and easing Palestinian suffering, while also calling for a permanent resolution to the Israeli-Palestinian conflict.

The call also touched on US-Iran nuclear talks, with Abdelatty voicing Cairo’s support for efforts to deescalate tensions and avoid regional instability.

DEBT-

EBRD mulls loan for wind power project: The European Bank for Reconstruction and Development (EBRD) is looking into extending an undisclosed loan to support the construction and operation of a 200 MW wind power project in Egypt, according to the project summary on the multilateral lender’s website. The project will supply electricity to a green ammonia facility that includes a 100 MW electrolyser, as well as a 70 MW solar plant.

What green ammonia facility? The renewable project will power Scatec ASA’s Egypt GreenHydrogen project, which is being set up in partnership with Fertiglobe, Orascom Construction, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company.

AUTOMOTIVE-

Jinbei Royal to invest EGP 150 mn in local microbus assembly plant: The country’s exclusive agent for China’s Jinbei, Jinbei Royal Egypt, is planning to invest EGP 150 mn to build an assembly plant for Jinbei-branded microbuses in 2026, Chairman Khaled Saad told Al Borsa. The company will begin local assembly in 4Q 2025 at a temporary facility in Sixth of October City until the new plant is completed.

The details: The company will initially operate a single production line with a capacity of 3k cargo and passenger microbuses, with plans to increase output to 10k units within three years by adding two to three more production lines.

RETAIL-

Abu Auf taps into on-the-go snacking: Homegrown snackmaker AbU Auf launched a new quick-service retail concept called To Go as part of its domestic expansion strategy, according to a statement. The new format is designed to cater to fast-moving consumers with a selection of AbU Auf’s coffee and sweet and savory snacks, targeting students, gym-goers, office workers, and anyone on the move. The company plans to open 20 To Go outlets in 2025 and add another 50 branches in 2026.

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10

PLANET FINANCE

Proposed sukuk reforms may risk fracturing USD 1 tn Islamic debt market

Planned sukuk reforms could fracture a USD 1 tn market: A proposed overhaul to ShariahStandard 62 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) is raising concerns across the Islamic finance sector, with market players warning it could destabilize the sukuk market — a major funding source across the MENA region and beyond, the Financial Times reports. Recent estimates see global sukuk volumes surpassing USD 1 tn in 2025, having represented 12% of all emerging market USD-denominated debt in 2024 and 25% of total USD debt capital market issuances in the GCC, Malaysia, Indonesia, Turkey, and Pakistan.

The planned revisions aim to make sukuk less like conventional interest-bearing debt, and more in line with Islamic shariah principles. It would mean moving from an asset-based model to a stricter asset-backed structure, where sukuk holders would gain full legal ownership of the underlying assets and expose them to additional risks like defaults. It could also increase costs and red tape for issuers through additional asset transfer and legal documentation.

The returns: Currently, sukuk holders receive periodic distributions and their initial investment back at maturity, while the asset itself stays under the issuer’s name. Under the new setup, the asset might be transferred to a special purpose vehicle controlled by investors who would get monthly returns and eventually resell the asset to the issuer.

The shift could blur the line between sukuk and an equity investment, potentially making them less attractive to investors seeking shariah-compliant fixed-income instruments. It also presents practical challenges for major issuers like the UAE, Saudi Arabia, and Indonesia, where handing over legal ownership of state assets can be difficult.

The number of foreigners holding sukuk could also dip on the back of legal restrictions regarding the ownership of property and land. Uneven application across jurisdictions could also lead to fragmented practices, greater legal ambiguity, and reduced market liquidity.

Fitch Ratings warned last March that the proposed sukuk could fall outside the scope of traditional credit rating systems — a red flag for institutional investors like sovereign wealth funds that depend on rated instruments to allocate capital.

Currently the AAOIFI is still consulting stakeholders, with the finalized standard expected sometime in 2025. Many advocate for a gradual rollout, dialogue with rating agencies to ensure sukuk remain viable for institutional portfolios, and flexibility to make legal amendments if needed.

MARKETS THIS MORNING-

It’s a sea of red across Asian markets this morning, following an announcement from US President Donald Trump at the end of last week that steel import tariffs will be doubled to 50% as of this Wednesday. South Korea’s Kospi is timidly in the green in early morning trading, while the Nikkei and Hang Seng are down. Futures suggest markets across Europe and North America will follow suit at the opening bell later today.

EGX30

32,500

-0.6% (YTD: +9.3%)

USD (CBE)

Buy 49.63

Sell 49.77

USD (CIB)

Buy 49.68

Sell 49.78

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

10,825

-1.5% (YTD: -10.1%)

ADX

9685

-0.6% (YTD: +2.8%)

DFM

5481

-0.2% (YTD: +6.2%)

S&P 500

5912

-0.01% (YTD: +0.5%)

FTSE 100

8772

+0.6% (YTD: +7.3%)

Euro Stoxx 50

5367

-0.1% (YTD: +9.6%)

Brent crude

USD 63.87

+1.7%

Natural gas (Nymex)

USD 3.53

+2.3%

Gold

USD 3315.40

-0.9%

BTC

USD 105,170.50

+0.3% (YTD: +12.4%)

S&P Egypt Sovereign Bond Index

EGP 875.67

+0.1% (YTD: +12.6%)

S&P MENA Bond & Sukuk

143.56

+0.1% (YTD: +2.6%)

VIX (Volatility Index)

18.57

-3.2% (YTD: +7.0%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 4.2 bn (11.4% below the 90-day average). International investors were the sole net buyers. The index is up 9.3% YTD.

In the green: GB Corp (+5.6%), TMG Holding (+3.5%), and Telecom Egypt (+2.4%).

In the red: EFG Holding (-3.1%), CIB (-2.7%), and Eastern Company (-2.2%).

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
11

BLACKBOARD

What are Egypt’s plans for vocational education?

Vocational education is getting more attention: The government is ramping up its efforts to prepare students for the labor market and align education with its initiatives to support industrial development and attract foreign investment.

The private sector is pushing this forward: Rising FDI inflows are largely driven by Egypt’s low-cost labor, strategic location, and various investment prospects. However, factories — particularly in tech, textiles, and engineering — are struggling to find trained workers as they prepare to begin production, a government source told EnterpriseAM. The high demand is encouraging the government to accelerate partnerships with the private sector to increase the supply of qualified labor.

DATA POINT- Egypt has a labor force of around 33.4 mn people, most of whom are men, according to state statistics agency Capmas.

High demand for skilled labor: International factories in Egypt — especially Turkish and Chinese factories — are looking for skilled technical workers and are offering competitive wages and incentives, member of the Tenth of Ramadan Investors Association Sayed El Barhmtouchy told EnterpriseAM. He stressed that Egypt must support local manufacturers and ensure a trained labor pool is available to help boost production. Skilled industrial workers often earn more than the national minimum wage, Federation of Egyptian Industries board member Mohamed El Bahy told us.

A new vocational high school track: The cabinet approved amendments last month to the law governing pre-university education to introduce a third track for high schools students — vocational education — to accompany the science and arts tracks in a bid to meet labor market needs.

The details: The new track will prioritize industrial fields that are currently underserved by the labor market, with a focus on manufacturing skills, a source at the Education Ministry told EnterpriseAM. The new track will last one to two years, after which graduates will directly enter the labor market. The track will play a critical role in bridging the skilled labor gap.

Where things stand: The government is currently finalizing partnerships with the private sector for training and funding support and is updating its curricula accordingly. Efforts are also underway to launch this pathway at both the high school and university levels in cooperation with the private sector, according to our source. Under the new pathway, students will receive comprehensive career services, including career guidance, specialized training programs, and links to job offers.

REMEMBER- The government aims to boost the industrial sector's contribution to the country’s GDP to 20% by 2030, up from the current 14%, double industrial sector employment to 7 mn, enhance workforce skills, and reduce unemployment.

A new digital platform is up and running: The Higher Education Ministry has launched a national digital platform and seven university platforms to manage vocational tracks and bridge the gap between educational institutions and labor markets. The ministry is also looking to expand the Be Ready initiative to reach more students and universities.

Be Ready is already making an impact: Be Ready has helped train some 2k students and place nearly 1.9k in decent jobs during its pilot phase. The program — developed in partnership with the International Labour Organization and the UK’s Foreign, Commonwealth and Development Office — aims to bridge the education-employment gap through job fairs and employability skills training.

The program is expanding: Be Ready’s second phase will offer training and job placement for another 2k students, with a focus on soft skills, English, and digital careers. The new phase will be funded by a USD 200k grant from the Dutch Embassy. Another phase focused on nursing is also underway in Upper Egypt in partnership with the Magdi Yacoub Foundation.

Exporting skilled labor is also part of the plan: Egypt is now working to train workers for legal migration to industrialized countries, Education Development Fund Secretary General Rasha Sharaf told EnterpriseAM. Egypt is collaborating with German institutions to establish equivalencies between Egyptian and German vocational certificates, enabling students to work abroad, she said. Sharaf added that work is underway to identify skill shortages, finalize professional certificate requirements, and provide the language and technical training needed for students to qualify for jobs abroad.

The latest efforts on that front: The Labor Ministry launched Mehany 2030 last year to train and qualify 1 mn young Egyptians for local and foreign vocational markets. According to the program’s website, it operates across all governorates and includes 150 vocational training and assessment centers, 500 trainers, 50 career tracks, and over 31k trainees.

Tech skills are now a must: All those we spoke to agreed that demand for skilled labor is growing, especially with the increasing importance of tech literacy. They stressed the need for better integration between the various tracks to produce a workforce that is capable of keeping pace with the rapidly evolving job market.

Your top education stories for the week:

  • The Water Ministry is establishing technical vocational schools for irrigation technology to prepare and develop a specialized, technical workforce capable of filling needed technical positions in the coming years. (Statement)
  • Raya Holding’s Raya Logistics and the College of International Transport andLogistics will establish advanced training programs to equip more people with the needed skills to fulfill labor market needs under an agreement inked between the two. (Mubasher)
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CALENDAR

JUNE

1-2 June (Sunday-Monday): Cruise Egypt Forum, Hilton Cairo Heliopolis Hotel.

2-4 June (Monday-Wednesday): Manufacturing and packaging forum ProPak MENA and Fi Africa 2025, Egypt International Exhibition Centre.

3 June (Tuesday): S&P Global to release PMI data for May recording non-oil private sector activity

10 June (Tuesday): Capmas expected to publish inflation data for May

MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

Realme to open smartphone factory

IFC President Makhtar Diop to visit Egypt

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum

July 2025: The first operational trail of Egypt-KSA electricity interconnection line

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

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

SEPTEMBER

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 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

1H 2025: EGX launches a sharia-compliant sustainability index.

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

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

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

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

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

2027

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

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

EVENTS WITH NO SET DATE

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

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

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

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