Private-sector minimum wage rises to EGP 7k

Monday, 10 Feb 2025

Private-sector minimum wage rises to EGP 7k

An independent publication supported by

Opening up a world of opportunity

Realize More

Live More

Powering with nature

Driving growth

Today at a glance

Economy

Wages Council raises the private sector minimum wage to EGP 7k as of March.

Coffee With

Maha Abdel Razek, CEO of Misr Real Estate Assets Management.

What We're Tracking Today

January’s inflation figures are out today.

Agriculture

Hassan Allam Holding subsidiary to develop 14.1k-feddan of the 1.5 mn feddans project.

Energy

Masdar, Hassan Allam Utilities, Infinity Power secure land for Dakhla Oasis solar power plant.

Energy

United Energy is looking to snap up 100% of Apex’s Egypt operations.

EARNINGS WATCH

SODIC reports record sales in 2024.

PLANET FINANCE

Early traders cash in on Trump coin while other investors take heavy losses.

BLACKBOARD

CIT Ministry is trying to close the tech talent gap with Digital Pioneers initiative.

What We're Tracking Today

January’s inflation figures are out today

Good morning, friends. We have another brisk issue for you this morning as we ring in another cold winter day.

PSA-

WEATHER- It’s another cold day in Cairo, with a high of 17°C and a low of 12°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 17°C and a low of 11°C.

** 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 took a deep dive into Fitch Solutions’ research unit BMI’s latest report on Egypt’s incipient auto sector recovery. Check out the full story here.

WATCH THIS SPACE-

#1- Trump’s remarks on Gaza could derail hopes that traffic will return through the Red Sea, shipping insiders tell the Financial Times. There is a “risk that the Houthis are not just going to sit tight” and may restart their attacks on passing vessels as the US president’s comments may lead to the unraveling of an already fragile ceasefire, commodities shipping group Norden head Jan Rindbo told the salmon-colored paper.

Remember, thehoped-for post-ceasefire resumption of traffic through the Suez Canal has yet to materialize, with only a trickle of US- and UK-linked ships passing through the Red Sea safely after Yemen’s Houthis announced they would only target Israeli-linked vessels following the ceasefire agreement between Israel and Hamas. The small number of ships is just a drop in the bucket compared to the traffic levels the canal was used to, with shipping giants such as Maersk, MSC, and Mitsui OSK still avoiding the Red Sea citing security risks.

#2- South Sinai is looking to pull in EGP 500-600 bn in industrial investments, with a focus on Abu Rudeis and Abu Zenim due to their mining potential, Governor Khaled Mubarak told Asharq Business. Both foreign and local investors will be offered plots to encourage investment, he added.

PROJECT UPDATE-

Checking on Ras El Hekma with Modon: Prime Minister Moustafa Madbouly met with the Chairman of UAE’s Modon Holding Jassem Al Zaabi and CEO Bill O'Regan to review the development of Ras El Hekma’s master plan, according to a cabinet statement. Modon Holding has made significant progress in developing the master plan for Ras El Hekma since it was contracted for the job last October, Al Zaabi said.

Remember: Abu Dhabi wealth fund ADQ tapped portfolio company Modon Holding to be the master developer on its landmark USD 35 bn Ras El Hekma project last year. Modon will not only take up the responsibilities as the master developer for the 170 mn sqm project, but it will also develop the first 50 mn sqm phase of the city.

HAPPENING TODAY-

#1- Inflation to continue its steady decline toward single digits? Capmas and the Central Bank of Egypt (CBE) are expected to publish inflation data for January later today. Annual urban inflation dropped 1.4 percentage points to 24.1% in December, marking a two-year low.

The polls are already in, with Capital Economics seeing headline inflation slowing 1.1 percentage points y-o-y in January, coming in at 23.0% for the month, it sai d in a not e.

However, Capital Economics thinks the drop isn’t big enough for the CBE to start cutting rates at its next meeting, set to take place on 20 February. Instead, the firm is penciling in April for the first rate cut of the year as the most likely scenario. An expected drop in inflation in March as the impact of the EGP float fades underpins this forecast.

#2- Abdelatty is in Washington: Foreign Minister Badr Abdelatty flew to the US capital yesterday to meet with a number of senior officials and congress members in efforts to strengthen ties between the two countries, boost strategic partnership, and discuss regional developments.

#3- El Khatib is in Spain to drum up investments: Investment Minister Hassan El Khatib landed in Madrid yesterday for a visit that will see him meet Spanish officials and businessmen in efforts to boost trade between the two nations, according to a ministry statement. El Khatib will also meet representatives from major Spanish companies —

in the energy, hospitality, hydrogen, engineering, healthcare, and aviation sectors — to discuss potential investments in the local markets.

#4- AmCham is hosting El Wazir: Transport and Industry Ministry Kamel El Wazir will be speaking at AmCham’s monthly luncheon today. The event — held under the theme of Driving Economic Growth: Unveiling Egypt’s Industrial Policy — will be held at the Waldorf Astoria Cairo Heliopolis Hotel at 1:30pm.

CIRCLE YOUR CALENDAR-

Egypt is hosting an emergency Arab summit on 27 February to discuss the latest developments in Gaza, the Foreign Ministry said in a statement yesterday.

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

CORRECTION- In yesterday’s issue of EnterpriseAM Egypt, we mistakenly said that ABC Bank was part of a banking syndicate that arranged a USD 75 mn loan for Cheiron Energy. We should’ve instead said that Saib Bank was part of the syndicate. The story was amended on our website.

THE BIG STORY ABROAD-

Trump’s trade war is back in the spotlight this morning, as China’s retaliatory tariffs on US imports take effect, while Trump unveils more measures are on the way.

Getting even: The US President told reporters that he plans to announce additional 25% tariffs on all steel and aluminum imports. More tariffs are to be announced later this week and take effect almost immediately, as Trump vowed to match any reciprocal tariffs levied by trade partners. The escalation comes hours after China’s retaliatory tariffs — targeting USD 14 bn of US imports — took effect. (Reuters | Bloomberg | New York Times | FT)

The Super Bowl LIX ended with the Eagles taking home the trophy with a 40-22 win against the Kansas City Chiefs. The Eagles kicked things off strongly, dominating the game throughout the first half with a score of 24-0, before the Chiefs started to pull their weight and scored their first touchdown during the third quarter of the game. (AP | Reuters)

Kendrick Lamar’s halftime show made quite a lot of buzz — his 13-minute performance featured Samuel L. Jackson in an Uncle Sam outfit, SZA, and Serena Williams. And the icing on the cake? One protester displayed the Palestinian and Sudanese flags during the performance before being tackled by security. (New York Times)

CLOSER TO HOME- An Israeli delegation is in Qatar to continue ceasefire discussions — the two sides will touch on the nitty gritty of the ceasefire agreement. This comes as Israel withdraws its troops from the Netzarim corridor. (BBC | Reuters)

OVER IN BUSINESS WORLD- French President Emmanuel Macron said EUR 109 bn worth of investments are to be announced during the Paris AI summit, which kicks off today and will see participation from Abu Dhabi’s MGX and Canada’s Brookfield among other big names in the tech world. (FT | Reuters)

*** 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 the CIT Ministry’s efforts to close the tech talent gap with the Digital Pioneers initiative.

Tags:

inflation What We're Tracking Today

Somabay Welcomes World Aquatics Open Water World Cup for the Third Year

Somabay proudly hosts the World Aquatics Open Water World Cup for the third consecutive year, reinforcing its status as a top watersports destination. The training camp will run from 18-22 February at Somabay’s state-of-the-art OneFlow Aquatics Centre, preparing athletes from 21 countries for the competition. From 21-22 February, they will compete in three races, further cementing Somabay’s appeal for international swimming events.

Economy

Egypt raises the private sector minimum wage to EGP 7k starting March

The private sector minimum wage will rise to EGP 7k starting March: The National Wages Council has decided to raise the minimum wage for private sector workers to EGP 7k a month, up from EGP 6k, starting March, according to a Planning Ministry statement.

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

More wage reforms: The council also set the value of the bonus granted to employees at no less than 3% of their social ins. wage with a floor of EGP 250 per month.

And introducing a minimum wage for part-time workers: For the very first time, the council has introduced a minimum wage for part-time employees — they will now make no less than EGP 28 per hour.

DATA POINT- Some 80% of the 14 mn private sector employees will benefit from the wage hike, Planning Minister Rania Al Mashat told Kelma Akhira’s Lamees El Hadidi last night (watch, runtime: 12:14). The move marks the first time that a private sector wage hike preceded that of the public sector, Al Mashat said.

The move comes in response to recent economic developments in efforts to enhance economic and social stability, Planning Minister Rania Al Mashat said, adding that it aligns with intern standards.

ICYMI- The council last raised the minimum wage for private sector employees to EGP 6k a month, up from EGP 3.5k last May.

Remember: A raise in the public sector minimum is in the works, with an upcoming social protection package expected to raise the minimum wage by EGP 1.5k to EGP 7.5k, a senior government source told us earlier this month. The minimum wage for civil servants and workers at state-owned enterprises will go into effect in July as part of a wider social protection package.

Tags:

economy minimum wage National Wages Council

This publication is proudly sponsored by

Coffee With

Coffee With: Maha Abdel Razek, CEO of Misr Real Estate Assets Management

Misr Real Estate Assets Management is pushing ahead with a comprehensive plan to maximize the potential of one of Egypt’s largest real estate portfolios — from setting up a real estate fund to redeveloping heritage buildings in the heart of Cairo. We sat down with Maha Abdel Razek (LinkedIn), CEO of the Misr Ins. Holding subsidiary, to discuss the company's vision, strategies, and challenges. Edited excerpts from our conversation:

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

EnterpriseAM: You have a massive real estate portfolio. Can you tell us a little bit about your projects?

Maha Abdel Razek: We own 525 buildings consisting of 14k residential units across 26 governorates — the second largest real estate portfolio in Egypt following the Endowments Ministry’s. The company was established in 2007 to manage real estate assets transferred over from several ins. companies, including properties owned by Misr Life Ins. Our assets are primarily concentrated in Cairo and Alexandria. In Cairo, our focus is chiefly on properties in Downtown, Zamalek, and Garden City.

While we’re not real estate developers ourselves, we own land plots that we develop through partnerships with private sector investors and developers. We are currently looking to expand our investments by pursuing new partnerships.

Our portfolio includes two notable projects — Zahraa Maadi, which is now finished, and Osoul El Haram, which is being developed in collaboration with a real estate developer and is scheduled for completion within the next two years. We also have several projects coming up in 2Q of this year. We’re studying the offers and consulting with international experts to determine the best investment strategies for these projects.

E: What strategies and projects are you focused on right now?

MA: Our current focus is on leveraging our assets to set up three- and four-star hotels, aligning with the government’s plan to transform Downtown Cairo into a tourist destination as part of historic Cairo’s redevelopment. We’re planning to transform the Hannaux building into a three-star hotel, as we’ve done with El Shams Hotel and the Longchamps Hotel in Zamalek. Our market research indicates that three-star hotels are seeing increased global demand and higher returns on investment, and those in downtown areas typically achieve higher occupancy rates.

We are developing a comprehensive zoning plan for Downtown Cairo, designating areas for administrative, hospitality, and other activities. The plan is to transform the district into an open-air museum that appeals to a wider demographic, particularly the youth.

We’re also planning to launch our first real estate fund soon to make the most of our assets. We will announce all the details once we launch.

E: What role does the company play in historic Cairo’s redevelopment plan?

MA: Most of our assets fall within the plan's scope. As part of the state's initiative, we're restoring properties to their original architectural style and implementing QR code technology for each building to provide information about its condition and history.

E: What are the key challenges faced by the company?

MA: The old rent law remains our biggest challenge, as it affects the majority of our properties despite their prime locations and economic potential. Adjusting rental values would significantly boost our performance. Three years ago, rents under the old system were increased fivefold for companies, with a 15% annual increase set to continue until 2027. However, broader amendments to the old rent law — which are still awaiting legislative approval — would give us a stronger financial push, particularly given the unauthorized use of some old-rent units.

E: How has the rise in property values following the EGP float impacted the company?

MA: We are currently reassessing our assets in light of these market changes. This assessment, which we expect to complete in April, will help us establish fair market values for our properties.

E: What are the main drivers of the company’s revenues?

MA: We were the first state-owned company to collect rent electronically through a mobile application and POS payments. This process helped last year’s revenues grow 30% y-o-y and threefold compared to 2021, with government entities expressing interest in replicating the model. We are targeting further growth this year, but the real breakthrough is anticipated in 2027 when we expect to receive old rental units from companies.

E: You signed an agreement to hold electronic auctions for company-owned units. When will the first auction take place?

MA: We expect to launch the first electronic auction this month or next month at the latest. The platform, which will widen participation, will allow bidders to participate in three-day auctions, with a designated bank account for entry deposits. If a bidder is unsuccessful, their deposit will be automatically refunded.

E: Is Egypt’s real estate market still attractive?

MA: Absolutely. Significant infrastructure investments have made Egypt an attractive real estate destination, while the size of our population fuels demand. What the market really needs is property registration, move-in-ready units, and effective marketing. These would help boost real estate exports across different regions — from beach tourism in coastal cities to cultural tourism in historical locations.

Tags:

Coffee With real estate

Agriculture

Hassan Allam Holding subsidiary to develop 14.1k-feddan of the 1.5 mn feddans project

ECDC + Hassan Allam Holding to develop 14.1k-feddan agricultural project: State-owned Egyptian Countryside Development Company (ECDC) inked an investment contract with Hassan Allam Holding that will see the latter’s newly-launched subsidiary Jinet Agriculture develop an integrated agricultural development project on 14.1k feddans in western Minya, according to a statement. The project will see a variety of crops cultivated to meet local market and export demand.

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

What they said: Hassan Allam, CEO of the construction giant, noted in the press release that the project is “a strategic move that reflects our commitment to supporting sustainable development and enhancing food security.” He added that the initiative “confirms Jinet Agriculture’s commitment to adopting sustainable agricultural practices that contribute to preserving natural resources and enhancing economic and social development.”

We saw this coming: We first got word last October that Hassan Allam Holding was looking to step into the agricultural sector, with the company’s CEO telling Asharq Business at the time that “We are currently establishing a company for land reclamation and export, and contracting on a large piece of land, part of which will be dedicated to strategic crops.”

Background: The project is part of the ECDC-run 1.5 mn-feddan reclamation and development initiative, which involves tendering a vast expanse of land in the Western Desert to qualified investors and aims to increase the size of Egypt’s arable land by 20%.

Desert land reclamation is high on the government’s list: The cabinet late last year approved the creation of a desert land development chamber under the Federation of Egyptian Industries that will oversee activities on reclaimed land to boost agricultural productivity, promote sustainable land use, and support water management in these areas. The news comes as the state pursues a number of large reclamation projects, including the 1.5 mn-feddan project and its New Delta reclamation project.

Remember: ECDC inked an agreement with Nile Sugar in July to allocate 14k feddans to set up an integrated industrial-agricultural project for sugar production. Reclamation and cultivation of the new land is set to be completed within three years of the contract’s signing.

Tags:

agriculture Egyptian countryside development company Hassan Allam Holding

Energy

United Energy to snap up Apex’s entire Egypt operations

United Energy eyes 100% of Apex International Energy’s Egypt operations: Hong Kong-listed United Energy Group (UEG) inked a sale and purchase agreement to fully acquire Apex's upstream oil and gas exploration and production operations in Egypt for an undisclosed sum, according to a statement. The transaction will be made through the group’s MENA subsidiary United Energy Limited.

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

The rationale: The transaction aims to enhance financial health, ramp up investment, and generate long-term value for shareholders, the statement reads. Upon completion, the combined gross production of the group in Egypt will total 39k barrels of oil equivalent per day (boe / d), ranking among Egypt's top ten oil and gas producers.

Snapshot of Egypt operations: UEG currently holds interests in five concession areas, with an average gross production of 22k boe / d in 2024. While Apex holds interests in eight onshore concession areas, with an average working interest production of over 11k boe / d in 2024, along with a 3.5k sqm exploration area.

Tags:

energy oil and gas

IPO

Go Green end its first day trading on the EGX in the red

How did Go Green’s EGX debut go? Agriculture, construction, and mining machinery manufacturer Go Green for Agricultural Investment and Development saw its shares dip 6.21% during its first day of trading. The company’s shares ended yesterday’s trading session at EGP 1.66, down from their opening price of EGP 1.77.

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

The full breakdown: The company’s shares rose to a high of EGP 2.12 and fell to a low of EGP 1.54 during yesterday’s trading.

Remember: Go Green started trading on the EGX yesterday. It got the green light from the EGX’s listing committee to list its shares, amending its temporary listing status granted in July.

After starting to trade on the EGX, what else does Go Green have going on? Go Green plans to invest some EGP 500 mn this year, chairman Hossam Abd El Kader told Al Shorouk. It is looking to cultivate plots in Saudi Arabia and Libya — the company has begun cultivating 300 feddans in Oman — and sell carbon certificates in European markets in 2027.

Tags:

EGX IPO watch

Energy

Masdar, Hassan Allam Utilities, Infinity Power secure land for Dakhla Oasis solar power plant

Egyptian-Emirati consortium secures land for Dakhla Oasis solar project: A consortium of Infinity Power, Hassan Allam Utilities, and the UAE’s Masdar secured a 20 sq km land plot in New Valley Governorate’s Dakhla Oasis for their 900 MW solar power plant and its accompanying battery storage, a source at Hassan Allam Utilities confirmed to EnterpriseAM. The news was first picked up by Al Arabiya.

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

ICYMI- The cabinet in November greenlit two power purchase agreements between the consortium and the Egyptian Electricity Transmission Company (EETC) for two solar projects — a 300 MW facility paired with 60 MWh of battery storage at the giant Benban plant and a second solar project in the Dakhla Oasis with a capacity of 900 MW and 660 MWh of battery storage. It was reported shortly after that the trio would soon launch a tender for a contractor to carry out the projects, which had initially been slated to break ground in December.

The price tag: The trio’s planned 1.2 GW worth of solar projects in the Dakhla Oasis and Benban will have a total price tag of around USD 1 bn, the source confirmed to EnterpriseAM.

The projects could be up and running this year: The New Valley facility is slated for completion in 2H 2025, and the Benban facility should be completed before the end of the year. We previously heard that the projects would begin feeding the national grid by the end of 2H 2026.

The consortium has a lot in the pipeline: The trio is currently working to set up a USD 11 bn,10 GW wind farm in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. Masdar is also working with Infinity and the EETC to construct a 200 MW wind farm in Ras Ghareb. The Egyptian-Emirati consortium, along with global energy giant BP, will also set up a USD 15 bn green hydrogen project in the Suez Canal Economic Zone.

Tags:

energy Hassan Allam Utilities Infinity Power Masdar

EARNINGS WATCH

Egyptian real estate giant SODIC reports record sales in 2024

SODIC reports record sales in 2024 fueled by Ogami project: Our friends at SODIC logged record gross contracted sales of EGP 50.3 bn in 2024, up 66% y-o-y, on the back of strong demand for the North Coast project Ogami, according to the developer’s latest earning release (pdf). Meanwhile, the company’s net income after tax and minority interest climbed 84% y-o-y to EGP 2.53 bn last year, doubling its annual net income margin to 26%.

The Ogami project accounted for almost 50% (some EGP 24.5 bn) of total sales, despite launching later in the year. West Cairo projects sales accounted for another 29% of sales. The uptick in sales dwarfed project cancellations valued at EGP 1 bn, or 2% of contracted sales for the year, showing a 50% y-o-y decline.

REMEMBER- Sodic broke ground on its 440-acre Ogami development in Ras El Hekma in September. The hospitality project was planned by the DLR Group and includes a Nobu hotel, restaurant, and residences, alongside 800 meters of pristine beachfront.

What they said: “Our record-breaking gross contracted sales were driven by strong demand for our newly launched North Coast project, Ogami … This remarkable achievement underscores our commitment to delivering world-class projects, supported by our recent strong strides in retail and hospitality,” General Manager Ayman Amer said.

Tags:

earnings earnings watch SODIC

LAST NIGHT’S TALK SHOWS

Another night all about Egypt’s diplomatic efforts against the displacement of Gazans

Egypt’s diplomatic push against the displacement of Palestinians dominated the talk shows for the second night running, with the nation’s talking heads condemning the idea and warning of its consequences.

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

The Foreign Ministry issued a statement condemning Israeli Prime Minister Benjamin Netanyahu’s latest remarks in US media. While it remains unclear what remarks the statement refers to, Netanyahu recently accused Egyptian guards on the Rafah border of allowing only “the very rich got out” during an interview with Fox News. The statement criticized the comments as an attempt to distract from Israel’s violations, it also reaffirmed Egypt’s complete rejection of any plans to displace Palestinians to Egypt, Jordan, or Saudi Arabia, stressing that such actions violate international law and threaten regional stability.

The latest Israeli actions received airtime from El Hekaya’s Amr Adib (watch, runtime:58:18), who interviewed former Secretary-General of the Arab League and former Egyptian Foreign Minister Amr Moussa for his take on the situation. “What’s happening now is the second chapter of change on a regional level,” he said, adding that “the first sign of this shift is the effort to end the Palestinian cause.”

Abdelatty in Washington: Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:21) drew attention to Foreign Minister Badr Abdelatty’s visit to Washington for high-level meetings with senior US officials and members of Congress. His visit coincides with Jordanian King Abdullah’s arrival in the US for a meeting with US President Donald Trump.

Tags:

LAST NIGHT’S TALK SHOWS Middle East politics

Also on our Radar

IFC, CIB to help energy-intensive industries slash emissions

CLIMATE FINANCE-

IFC, CIB collaborate to help reduce emissions in Egypt: The International Finance Corporation (IFC) partnered with the CIB to reduce carbon emissions and boost green financing in Egypt especially, according to a statement (pdf). The partnership will see the IFC’s climate advisory program assist the CIB in supporting its clients in carbon-intensive industries, including oil and gas, transport, and real estate, slash their emissions.

M&A-

Osool ESB’s board approved Abu Dhabi-based Amass Investments’ offer to acquire aEGP 100 mn stake in the EGX-listed brokerage firm through capital increase, according to an EGX filing (pdf). Osool will appoint an independent financial advisor to prepare a fair value study for the company.

Remember: The Emirati firm earlier this month submitted a binding offer for the stake.

LOGISTICS-

Egytrans, SCZone, and Nafith partner on smart truck yard: The Suez Canal Economic Zone (SCZone) has signed a contract with transport and logistics players Egytrans and Nafith International to develop a smart truck yard in West Port Said Port at an investment cost of EGP 250 mn, according to a press release (pdf). The 114k sqm project is set to streamline trucking processes, alleviate congestion and boost operational efficiency via automated gates, smart container identification, and data integration.

A new JV: The project will be developed and operated by a JV dubbed Nafith Masr. The JV will have a EGP 60 mn capital, with Nafith holding a 70% stake and Egytrans holding the remaining 30%, according to an EGX disclosure (pdf).

CAPITAL MARKETS-

Capital Med to list on the EGX? Badr City’s medical city Capital Med is planning to make its EGX debut through a direct listing in 1H 2025, Al Borsa reports citing unnamed sources. The company will then move forward with a capital increase to fund the construction of the new phase of the medical city. Al Ahly Pharos will act as the financial advisor and offering manager for the listing.

AUTOMOTIVE-

State-owned El NasrAutomotive will begin assembling passenger cars locally in 3Q 2025, Al Shorouk quotes Public Enterprises Minister Mohamed El Shimi as saying. El Nasr Automotive restarted operations in November after a 15-year hiatus, delivering its first batch of electric 49-passenger buses in partnership with China’s Yutong to Transport Ministry-affiliated companies. That same month, the automaker announced a JV with Al Safy Group to assemble global car brands for the local market and other North African countries. The JV plans to launch three locally assembled models by mid-2025.

STARTUPS-

P1 Ventures eyes Egypt tech investments: P1 Ventures readies Egypt tech startup investments after closing its first USD 50 mn institutional fund, with the Africa-focused VC firm splitting 50% of the fund’s total between investments in Egypt, Nigeria, Kenya, and South Africa, Bloomberg reports. The fund will focus on startups working in the AI, business software, and fintech sectors.

ADVERTISING-

Egyptian Outdoor, Standby team up: Egyptian Outdoor, the outdoor advertising arm of state-owned media giant United Media Services (UMS), signed an MoU with marketing firm Standby to facilitate mutual access to their outdoor advertising spaces, according to a press release (pdf). The collaboration aims to help clients of both companies publish their ads in prime locations, including Cairo International Airport, New Cairo, Sheikh Zayed, and October Gardens.

Tags:

ALSO ON OUR RADAR automotive CIB EgyTrans El Nasr Automotive EVs International Finance Corporation M&A Watch P1 Ventures startups technology venture capital

PLANET FINANCE

Early traders cash in on $Trump coin while other investors take heavy losses

Early buyers of US President Donald Trump’s memecoin cashed in big, but most investors got burned. A handful of well-timed traders made hundreds of mns of USD from the launch of Trump coin — the cryptocurrency first issued by the Trump family in January — while more than 810k wallets suffered steep losses, The New York Times reports citing crypto forensics companies Chainalysis and Nansen.

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

The numbers tell the story: The token, announced just three days before Trump’s inauguration, saw its value go to USD 75 from USD 0.18, before crashing back down to around USD 17 this week, leaving retail investors holding the bag. One early trader made a USD 109 mn profit in just two days, while 31 major players walked away with a collective USD 669 mn, the companies’ analysis found. Meanwhile, total investor losses now exceed USD 2 bn, with many still holding onto devalued tokens in hopes of a rebound.

That’s just how memecoins work: The pump-and-dump pattern is a well-worn playbook in the memecoin industry, where early movers — often highly sophisticated traders — buy low, push up prices, and cash out quickly, leaving latecomers to absorb the losses. The pattern has regulators watching closely, with New York’s Department of Financial Services already flagging memecoins as highly speculative and easily manipulated.

But this hasn’t stopped Trump and his team from doubling down on crypto. Trump made waves on the campaign trail with the launch of World Liberty Financial, which offered certain wealthy investors access to a cryptocurrency called WLFI. In addition, the parent company of Trump’s social media company launched TruthFi last month, a financial services arm focused on BTC, among other cryptocurrencies.

The Trump family and its partners aren’t walking away empty-handed either, with nearly USD 100 mn in trading fees flowing into their pockets from transactions on the memecoin, though most of that money hasn’t been withdrawn yet. The timing is also raising eyebrows — Trump is moving to loosen crypto regulations, and critics say that could make it harder to hold him and his team accountable.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with Japan’s Nikkei down 0.2%, the Kospi flat, and the Shanghai Composite and Hang Seng both in the green, up 0.6% and 1.9%, respectively.

EGX30	30,014	0.0% (YTD: +0.9%)
USD (CBE)	Buy 50.21	Sell 50.35
USD (CIB)	Buy 50.23	Sell 50.33
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,469	+0.3% (YTD: +3.6%)
ADX	9,586	+0.2% (YTD: +1.8%)
DFM	5,238	-0.1% (YTD: +1.6%)
S&P 500	6,026	-1.0% (YTD: +2.5%)
FTSE 100	8,701	-0.3% (YTD: +6.5%)
Euro Stoxx 50	5,325	-0.6% (YTD: +8.8%)
Brent crude	USD 74.66	+0.5%
Natural gas (Nymex)	USD 3.31	-2.9%
Gold	USD 2,888	+0.4%
BTC	USD 95,028	-1.6% (YTD: +1.5%)

THE CLOSING BELL-

The EGX30 was essentially flat at yesterday’s close on turnover of EGP 3.4 bn (8.9% below the 90-day average). Local investors were the sole net buyers. The index is up 0.9% YTD.

In the green: Juhayna (+5.7%), ADIB (+2.6%), and Sidpec (+2.4%).

In the red: Ibnsina Pharma (-2.0%), TMG Holding (-1.7%), and Orascom Development (-1.5%).

CORPORATE ACTIONS-

Abu Dhabi Islamic Bank (ADIB) Egypt’s board approved a proposal to double the bank’s authorized capital to EGP 20 bn, according to a disclosure to the EGX (pdf). The board also signed off on increasing the bank’s issued and paid-up capital to EGP 12 bn from EGP 6 bn by issuing one bonus share for every share currently held.

Tags:

Financial Markets Planet Finance

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

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

CIT Ministry is trying to close the tech talent gap with Digital Pioneers initiative

Taking a closer look at the government’s Digital Pioneers initiative: The CIT Ministry launched a new initiative last week aimed at enhancing training and entrepreneurship in AI and information technology under its Digital Pioneers initiative. The program is designed to boost the competencies of young people and graduates in the job market.

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

Initiative goals: The initiative seeks to equip citizens with modern digital skills, whether they are graduates of technology faculties or students from other disciplines. Even current students are eligible to apply. The program is open to everyone — including those over 30 years old — and is entirely free, with the government covering all training costs, according to CIT Minister Amr Talaat. He noted that the ministry is currently mapping out training locations and specialized curricula to meet market demands, particularly in software development, where demand is surging.

Graduates of all disciplines can apply: The initiative will focus on selecting top graduates, regardless of their academic backgrounds, meaning non-tech graduates will have just as much of a shot as their tech-specialized peers. Training will cover crucial areas such as digital marketing, software development, and data analytics, aligning with market demand studies, a source at the CIT Ministry told EnterpriseAM.

With a growing industry comes a growing demand for talent: Several major global tech firms have chosen Egypt as a hub for their technical operations, which support their regional branches, the source said. The source pointed to what they described as Egypt’s strong digital infrastructure, quality internet services, and the advantage of lower operational costs following the float of the EGP. Egypt has witnessed a 300% rise in outsourcing firms in recent years, with over 180 outsourcing companies now operating in the country, we were told.

We’ve heard of quite a few big-ticket digital outsourcing investments in Egypt recently: Madrid-based business process outsourcing firm Konecta announced last month it’s setting up a regional HQ in Egypt as part of a USD 100 mn three-year investment plan that will see it provide AI solutions, digital transformation, IoT, data analytics, and multilingual customer support. A little before this, global consulting firm Deloitte also announced it’s launching its new innovation hub in Cairo and pledged a three-year USD 30 mn investment to employ 5k of the country’s “top-tier talent” working in AI, data analysis, marketing, commerce, cloud computing, cybersecurity, and resource planning.

REMEMBER- The government wants to see digital exports bring in USD 9 bn into the economy annually as of 2026 and then up to USD 13 bn by 2030. We’re yet to hear the most recent figures for 2024, but Egypt’s digital exports brought in USD 6.2 bn in 2023, up 26.5% y-o-y. The figure includes outsourcing exports — think call centers and human resource centers — which accounted for over half of the digital exports in 2023, standing at USD 3.7 bn, up 54% y-o-y.

But there’s a talent gap that needs filling: The same source pointed out that the main challenge for the industry remains a lack of sufficiently skilled graduates ready to work in these global tech centers. The strategy? Training and preparing local youth — especially fresh graduates — to become the backbone of these expanding global tech hubs.

Some skills are needed more than others in the tech industry: Web development topped the list of the most in-demand tech jobs, accounting for 11.9% of hiring activity, according to industry data reviewed by EnterpriseAM. Other highly sought-after roles include design engineers, mobile app developers, and CRM systems engineers. Back-end web developers and software testing engineers also made the list. Interestingly, 77% of employers favored hiring junior candidates over experienced ones — likely due to lower salary expectations.

But salaries in the sector are very good — even for trainees: The Digital Pioneers initiative should put its graduates on the path to securing jobs with salaries starting at USD 1k per month, our source at the CIT Ministry told us.

Hefty investment in the initiative: The government has allocated a significant EGP 3 bn budget to develop the initiative’s necessary infrastructure. This will cover a diverse range of training tracks tailored to different specialties and career paths in a bid to prepare a new generation of workers capable of developing tech-driven solutions to meet both local and global market needs. The program will be implemented in partnership with the Egyptian Military Academy.

Not the first of its kind: “This isn’t Egypt’s first digital training push,” Digital Egypt Cubs initiative head Walid Al Engbawy told us. Digital Pioneers differs from school-focused programs, as it focuses on preparing graduates for the job market and supplying well-trained talent to multinational firms operating in Egypt, Al Engbawy said.

We’re taking steps in the right direction, but there's still a long way to go: While government efforts in launching training initiatives for school students, university graduates, and young professionals are commendable, Egypt still has a way to go before becoming a regional outsourcing powerhouse, Cairo Chamber of Commerce’s digital economy head Karim Ghoneim told EnterpriseAM. Ghoneim pointed to India as a prime example of what Egypt should try to replicate, where a well-trained workforce has made the country a global leader in outsourcing services and handling projects for multinational firms worldwide.

Tags:

AI Blackboard CIT ministry Education technology

CALENDAR

FEBRUARY

10 February (Monday): The Economic Forum for Industry and Investment.

10 February (Monday): American Chamber of Commerce Monthly Luncheon.

13-17 February (Thursday-Monday): The 10th Annual Conference of the Businesswomen of Egypt 21 Association, the Arab League HQ, Cairo.

17 February: (Monday): Cypriot President Nikos Christodoulides will visit Egypt to sign agreements to transport Cypriot gas to Egypt to be liquefied and exported.

17-19 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): The central bank’s Monetary Policy Committee meets to decide interest rates

21-23 February ( Friday-Sunday): The First Arab Fraud Combating Summit.

27 February (Thursday): Emergency Arab Summit on the Palestinian issue, Cairo, Egypt.

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

Subscription period for Your Home in Egypt initiative opens.

MARCH

Arla Foods’ deadline for Domty acquisition offer

Operation of phase one of the Amotope wind farm

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

7-10 April (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development.

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

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

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

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.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

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

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: 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.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

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

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

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.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

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

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

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

Sections

About

Privacy & Support

Get EnterpriseAM daily