Qatari Diar, St. Regis to set up USD 3.5 bn project

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WHAT WE’RE TRACKING TODAY

Esmat confirms no electricity price hikes before January

Good morning, folks and happy Thursday. We wrap up the week with a brisk issue led by investment and debt news — Qatari Dair and St. Regis will set up a USD 3.5 bn Red Sea project as part of Qatar’s USD 7.5 bn direct investment pledge and our USD 1.5 bn sovereign sukuk issuance was 6x oversubscribed. But we don’t expect things to stay quiet with the central bank’s Monetary Policy Committee meeting today to review rates.

DID YOU LOSE CELL SERVICE IN THE EARLY HOURS OF THE DAY? You weren’t alone. The state was carrying out some development work at the Grand Egyptian Museum between 3-6am, which resulted in some disruptions to telecom and internet services across Greater Cairo, the National Telecom Regulatory Authority said in a statement (pdf)

BEFORE WE DIVE IN- Are you currently working toward a BA, MA, or PhD at AUC? Come say hello at the university’s Career Circles job fair today. EnterpriseAM will be making the case why Egypt’s best and brightest should embark on a career in journalism from 11am to 3pm at the Moataz Al Alfi Hall.

Not an AUC student, but fancy working in a fast-paced newsroom? Luckily for you, EnterpriseAM is always hiring.

PSA-

Banks will also be getting Thursday, 9 October off in observance of Armed Forces Day, the central bank said yesterday. We got confirmation for the public sector earlier this week, but we’re yet to hear confirmation from the Labor Ministry and EGX about whether the private sector and traders will also be getting a long weekend — though it’s a safe assumption.

WEATHER- Cairo is looking at another cool day, with a high of 33°C and a low of 23°C, according to our favorite weather app.

It’s just as cool in Alexandria, with a high of 33°C and a low of 22°C.

HAPPENING TODAY-

To cut, or not to cut, that is the question on everyone’s lips this morning ahead of the central bank’s Monetary Policy Committee meeting to decide rates today. The committee cut rates by 200 bps at its last meeting in August, resuming its easing cycle that was paused in July after two consecutive cuts totalling 325 bps in April and May.

Most analysts polled by EnterpriseAM believe the meeting will result in a 100-200 bps cut, pointing to promising inflation data, exchange rate stability, and the need to frontload cuts before inflationary pressures from incoming fuel price hikes start making their mark. But not everyone is convinced, with a minority of those surveyed forecasting that the bank will hit pause to wait and assess the impact of upcoming price fuel hikes and fully absorb August’s 200 bps cut.

WATCH THIS SPACE-

#1- No electricity price hikes before January -Esmat confirms: The Madbouly government will keep electricity prices unchanged until the start of 2026, Al Arabiya reports, citing Electricity Minister Mahmoud Esmat. A new tariff structure will then be set based on actual costs, according to the minister.

You heard it here first: EnterpriseAM reported in July that the government could postpone electricity price hikes until January on the back of the energy sector securing its natural gas needs at a price below global rates and the decline in the EGP/USD exchange rate — providing the government the flexibility needed to absorb the cost of pushing back these anticipated hikes, our source said at the time.

BACKGROUND- The Electricity Ministry has raised electricity prices by 14-40% between August and September 2024. The cost of electricity production has soared after the float of the EGP, becoming more of a burden on the state budget.

#2- Startups could soon receive more support to expand overseas, with General Authority for Investment and Freezones CEO Hossam Heiba saying that the authority is working on initiatives and financing to support the sector’s access to foreign markets, according to an authority statement. The authority is currently studying global best practices to replicate and coordinating with regional economies to support local startups expanding abroad, he added.

IN THE HOUSE-

Lawmakers kicked off the sixth session of their second legislative term yesterday, which saw Prime Minister Moustafa Madbouly — following the usual introductory pleasantries — get the ball rolling by delivering presidential objections to a number of articles of the draft Criminal Procedures Law, according to a cabinet statement.

The articles in question relate to governance, clarity, and practicality — specifically ensuring greater protection for defendant rights, expanding alternatives to pre-trial detention, removing ambiguous language that could cause conflicting interpretations, and allowing more time for ministries and agencies to prepare for new mechanisms and models introduced in the draft law.

REMEMBER- President Abdel Fattah El Sisi sent the draft Criminal Procedures Law back to the House last week to address objections over several articles, following calls from multiple stakeholders urging a review of the law’s provisions. After months of back-and-forth, the House approved the new law in April, laying out the framework for investigating, prosecuting, and trying criminal cases. We dove into some of the key provisions of the draft law in our previous coverage — check it out here.

The Criminal Procedures law will continue to dominate the agenda at the House today as the MPs return to the lower chamber in just a few hours.

PROJECT UPDATE-

The 3 GW Egypt-Saudi electricity interconnection project will be up and running by the end of the year, Electricity Minister Mahmoud Esmat told Asharq Business. The project is now 92% complete, with just testing and the installation of the final connections left, Esmat added.

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

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THE BIG STORY ABROAD-

All eyes are still on the US shutdown, which began early yesterday morning, as well as on Israel’s interception of vessels from the Gaza aid flotilla.

The shutdown is expected to last at least three days, with the Senate out of session today for Yom Kippur and only expected to meet again on Friday. During this time, White House Budget Director Russell Vought reportedly said the government plans to terminate workers, while some USD 26 bn in funding for Democratic states has been frozen. US President Donald Trump had warned that he would use the funding gap to target “Democrat things.” (Reuters | Bloomberg | CNBC)

Israel intercepted a number of vessels from the Global Sumud Flotilla, which was on its way to Gaza to deliver aid, moving some of the activists on board to an Israeli port. The passengers also said Israel was using “active aggression” on their fleet and trying to sink one of the boats. (Reuters | Guardian)

As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer

Qatari Diar + St. Regis to launch USD 3.5 bn Red Sea project

Nearly half of Qatar’s USD 7.5 bn direct investment pledge will go toward a Red Sea project, which will be undertaken by the Qatar Investment Authority-owned Qatari Dair and Marriott-owned hospitality chain St. Regis, a senior government source told EnterpriseAM. Details on the proposed USD 3.5 bn project are still few and far between, but it could be part of previously reported negotiations with unnamed Gulf sovereign wealth funds to launch big-ticket projects in the 174 sq km Ras Shukeir zone on the Red Sea.

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

The news follows an increased focus on the area from hospitality and real estate players, including a EGP 900 bn — yes, you read that right — integrated tourism project from Emaar Misr and Saudi-owned real estate developer Citystars Properties. We also heard that the government is working to position the Red Sea as a year-round global destination, with four to five new tourism projects in the pipeline, covering 3-4 mn sqm, a government source has previously told EnterpriseAM.

The remaining USD 4 bn of the investment package will go toward a project on the North Coast, which Qatari Ambassador to Egypt Tariq Ali Faraj Al Ansari has recently told EnterpriseAM will be announced “as soon as possible.” Negotiations with the Qatari Real Estate Regulatory Authority are still underway and are focusing on the final parts of the agreement, our senior government source confirmed yesterday.

Another North Coast city project is in the works, with the government planning to launch a 2 mn sqm city that will house tourism developments, administrative areas, a special area for sports, and a sizable health resort. The offering will be open to international investors with a focus on public-private partnerships.

Egypt’s USD 1.5 bn sovereign sukuk issuance was 6x oversubscribed

Egypt’s return to the international debt market is off to a good start, with its USD 1.5 bn sukuk offering receiving over USD 9 bn in subscription requests, according to a statement from the Finance Ministry. The dual-tranche sukuk issuance — scheduled for 7 October — is split between a USD 700 mn, 3.5-year tranche and a USD 800 mn, seven-year tranche.

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

REMEMBER- The issuance stands as Egypt’s third-ever sovereign sukuk issuance and the fiscal year’s first, following June’s USD 1 bn sovereign sukuk issuance, which was fully subscribed by Kuwait Finance House, and our maiden sukuk issuance back in 2023.

YOU HEARD IT HERE FIRST- EnterpriseAM on Tuesday reported that Egypt returned to the international debt market with a USD 2 bn dual tranche sovereign sukuk issuance.

Yields are a step lower than prevailing rates in the secondary market, with the 3.5-year tranche’s 6.375% yield a good 20 bps below prices for Egyptian bonds with the same maturity. The seven-year tranche’s 7.950% yield is down 35 bps on comparable Egyptian debt of the same maturity.

The new issuance’s yields are also lower than those on our three-year maiden sukuk tranche in 2023, which was initially priced at 11.0% before market momentum dragged the yield down. Insider sources in previous comments to EnterpriseAM attributed the dip to an improvement in our credit rating and the stable economic outlook.

The Finance Ministry’s strategy is to improve government debt by focusing on diversifying financing sources and broadening the investor base, according to the statement. This, it says, will help reduce financing costs and extend debt maturity while continuing to sustainably reduce external debt on an annual basis

What’s next? The bonds will be listed on the London Stock Exchange when the issuance is closed, we were told earlier this week prior to the official announcement.

ADVISORS- Our friends at HSBC are leading the issuance, along with Citibank, Dubai Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank.

FinMin deputy reveals key details regarding second package of tax facilities

The second package of tax facilities will include 25 new tax measures, Deputy Finance Minister for Taxes Sherif Al Kilani told EnterpriseAM, explaining that more may be added or pushed back before the package is launched. The package is currently being fast-tracked ahead of being released for public dialogue — business community dialogue sessions on the package started in mid-September.

REMEMBER- It first came to light in September of last year that the government is readying another tax relief package, one targeting the real estate sector, shortly after it unveiled the first package of tax facilities aimed at simplifying the tax system and easing the burden on taxpayers. Finance Minister Ahmed Kouchouk said in August that the second package of tax relief measures will be put up for community dialogue in October, pending parliamentary approval of some aspects.

The big picture: The new package is primarily focused on resolving issues experienced by the tax community when it comes to following the VAT Law through introducing new facilities and removing hurdles facing businesses, Al Kilani told us.

An innovative mechanism for instant tax refund: The Finance Ministry will introduce a new mechanism for instant tax refunds, eliminating the current three-month waiting period for certain investors, Al Kilani said. This new system, which allows eligible investors to receive their tax refunds immediately upon submitting their application and export invoices, aims to enhance liquidity, he added.

Who’s eligible? Taxpayers must demonstrate a history of compliance, with no prior lawsuits for tax evasion, a low rate of discrepancies in audits, and a consistently high rate of tax performance to be eligible for instant tax refunds, Al Kilani added. The ministry is now working on creating a whitelist by classifying taxpayers through a highly efficient risk management system, according to Al Kilani.

There will be no changes to the VAT registration threshold — currently set at EGP 500k —, Al Kilani said. There have been requests from the business community to increase the threshold so it is more in tune with current inflation levels.

In response to calls from the business community, the ministry will extend the deadline given for companies to submit pre-2020 tax dispute settlement requests, Al Kilani said. The deadline was extended for a renewable six-month period — it was previously set to expire on 12 August.

REFRESHER- Tax revenues saw their fastest growth in years, rising 35.3% y-o-y to EGP 2.2 tn last fiscal year, which Finance Minister Ahmed Kouchouk attributed to tax measures introduced to widen the tax base and create a more efficient tax system.

Package of custom breaks is also being expedited ahead of being put up for community dialogue.

What’s next? Since both the tax and customs packages require legislative amendments, they will be up for public dialogue and then head to the House for approval, according to the Al Kilani said.

Where’s the long-anticipated package of real estate tax relief? The package has secured the green light from the cabinet after its completion, he said, adding that it currently awaits the House’s approval.

Where Egypt’s top companies transform — Onsi Sawiris School of Business ExecEd

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EGX extends gains in September, closing up 4.3%

The EGX30 rose 4.3% last month, closing September at 36.7k points, according to the EGX’s monthly report (pdf). The benchmark hit a high of 36.7k points and a low of 34.2k during the month. Meanwhile, the EGX33 Shariah rose 3.7% during the month. Total market capitalization was up 5.0% to EGP 2.6 tn, with EGX30 constituents accounting for EGP 1.4 tn of the total.

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

Trading value climbs: Total value traded grew 10.7% to EGP 1.7 tn, up from EGP 1.5 tn in August. Equity trades represented 6.6% of the main market, while bonds and bills continued to dominate with 93.4%.

Top-performing sectors in September: Healthcare & pharma led the board with a 12% jump, followed by food, beverages & tobacco (+9.8%), and shipping & transportation services (+7.1%). On the flipside, industrial goods, services and automobiles fell 3.7%, while building materials dipped 3.6%, and contracting and construction engineering slipped 0.6%. All other sectors ended in the green.

Local and regional institutions were net buyers in September, picking up EGP 1.7 bn and EGP 291 mn, respectively (excluding block trades), while foreign institutions offloaded EGP 82 mn. On the retail side, the trend flipped: local investors sold EGP 1.6 bn and Arab investors offloaded EGP 378 mn, while foreign retail investors were marginal net buyers at EGP 32 mn.

How the EGX fared against regional benchmarks: TASi gained 7.8% in September, on news it may be easing the cap on foreign ownership. ADX shed 0.7% last month while the DFM closed down 2.4%.

BROKERAGE LEAGUE TABLE-

Last month: EFG’s two brokerage arms topped the EGX brokerage league table (pdf) in September with a combined market share of 17.1%, followed by Thndr (9.7%) and Mubasher (7.8%).

On a quarterly basis: EFG’s brokerage finished first in 3Q with a combined 13.8% market share, well ahead of Thndr (9.1%) and Mubasher (7.6%), according to the EGX quarterly brokerage league table (pdf).

YTD, EFG’s two brokerages retained the top spot with a 20.8% market share, beating Thndr (7.5%) and Mubasher (6.9%), according to the bourse’s ranking (pdf) which tracked firms’ performance between January and September.

Valu completes second EGP 1.1 bn issuance under new securitization program

Valu closed a EGP 1.1 bn securitized bond issuance, the second under the company’s newly-approved EGP 10 bn securitization program — Valu’s fourth to date — according to an EGX disclosure (pdf).

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

The details: This issuance featured two tranches with tenors ranging between 12 and 18 months, rated P1 and A-.

The fintech kicked off its new program in August with a EGP 460.7 mn issuance.

CONTACT FINANCE CLOSES EGP 1.3 BN ISSUANCE-

Contact Financial Holding closed a EGP 1.3 bn securitization issuance, the non-banking financial services player announced in a press release. The offering came in three tranches with tenors ranging from 13 to 60 months, rated AA+, AA, and A by Middle East Ratings and Investors Service (Meris). The bonds were issued by Contact’s Sarwa Securitization and backed by a Contact Credit portfolio.

Who bought in? Contact Financial Holding, CIB, Arab African International Bank, and CI Capital acted as the transaction’s underwriters. Bank ABC and several unnamed money market funds subscribed to the issuance.

ADVISORS- Contact Financial acted as the issuance manager and promoter. CIB served as the placement agent and custodian. Ali El Din Weshahy provided counsel, and KPMG was the auditor.

Onsi Sawiris School of Business’ CEMS master's in international management ranks fourth globally

You don’t have to travel abroad to get a world-class business education, especially with the American University in Cairo’s Onsi Sawiris School of Business offering one of the world’s best-ranked management master’s programs, according to a statement seen by EnterpriseAM. The business schools’ CEMS Master’s in International Management program now ranks fourth in the QS Master’s in Management 2026 rankings, up six places from last year, with a score of 92.7.

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

The master’s program ranked joint first globally for value for money, achieving a perfect score of 100, and ranked ninth globally for employability with a score of 89.5. The master’s program achieved high rankings across all five QS indicators, including thought leadership (89.1), alumni outcomes (87), and diversity (85.1). It scored 100 in research impact, payback, international student ratio, and gender balance, and 99.9 in return on investment and international faculty ratio.

Emirati port operator eyes USD 1 bn investment in our ports

LOGISTICS-

UAE’s Gulftainer eyes USD 1 bn investment in our ports: Emirati port operator Gulftainer is planning to invest USD 1 bn in Egypt’s container terminal management and port logistics services, according to an Egyptian Commercial Representation Service statement. This came during a meeting between Transport Minister Kamel El Wazir and company officials on the sidelines of the World Maritime Day Parallel Event in Dubai. The company is looking at managing and operating container terminals in East Port Said, Alexandria, or Damietta.

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

What’s next? A delegation from the company will visit Egypt soon to assess opportunities ahead of potential agreements.

HOSPITALITY-

#1- Cairo House Egypt is in line for a EGP 15 bn loan for its Mogamma revamp from a syndicate of banks led by Banque Misr and the Arab African International Bank, Asharq Business reports, citing unnamed sources. The funds will go toward turning the former administrative juggernaut on Tahrir Square into a 500-key luxury hotel under Marriott’s Autograph Collection brand of hotels.

#2- Sunrise Resorts & Cruises is looking to open 50 new hotels in Egypt under an agreement with international hospitality giant and Minor International subsidiary Minor Hotels, according to a cabinet statement. Four of the planned hotels will be launched in partnership with Madar Developments and will be housed in its developments. The extra 50 hotels would nearly triple Sunrise’s current portfolio of hotels.

HEALTHCARE-

#1- Healthcare leader Alameda Healthcare plans to invest USD 250 mn by 2028, with plans to add 600 new beds in three new hospitals, Group CEO Neeraj Mishra said. Some of the planned investments will be allocated to planned expansions in Saudi Arabia, Mishra added.

#2- Italian investors have submitted an offer to the Health Ministry to set up a EGP 3 bn hospital in New Cairo, Health Ministry spokesperson Hossam Abdel Ghaffar told Al Arabiya. The ministry has received around 15 offers from investors in Egypt, the Gulf, and Europe to operate between three and four hospitals, he added.

M&A WATCH-

Mostakbal Misr Agency for Sustainable Development acquired 8.8% of EGX-listed International Company for Medical Industries (ICMI) for EGP 22.8 mn, according to a disclosure (pdf). The news follows the Egyptian Armed Forces-linked company increasing its stake in the listed Mansoura Poultry Company to 22.5% from 4.8% for EGP 212.6 mn last week.

Investors sell into small-cap surge amid trust deficit

With a strong September comes an unexpected small-cap streak: The small-cap Russell 2000 has climbed to an all-time high after its longest run of weekly gains in nearly five years, boosted by US Federal Reserve rate cuts and a resilient US economy, Bloomberg reports. The small-cap index — which is historically seen as a “risky corner” of the US stock market — is outperforming as Wall Street unexpectedly recorded a positive September. Typically a negative month for equities, all three major US indices closed September in the green, marking their best September in 15 years.

Record outflows from iShares Russell 2000 ETF: Despite the rally, the iShares Russell 2000 ETF has seen USD 5.4 bn in outflows this year, putting it on track for its largest-ever annual withdrawal. While September inflows signaled some optimism, they were not enough to reverse the broader drawdown.

Not all small-cap indexes are keeping pace: The Russell’s breakout was not matched by higher-quality benchmarks like the S&P Small Cap 600, which excludes weaker firms, Ned Davis Research noted.

Lower borrowing costs boost appeal: Small caps typically do well in a strong economy with low interest rates, as many need to borrow to fund their operations. With the Federal Reserve now lowering rates and the economy on track for over 3% growth, investor confidence is tentatively returning, leading to positive fund inflows in September.

However, confidence has been eroded by repeated setbacks: Small caps have lagged behind large peers since the pandemic, struggling in 2022’s bear market and missing out on much of the AI-fueled rally that lifted the Nasdaq 100 by 50%. The Russell 2000 needed four years to reclaim a record high, underscoring the gap with tech-heavy indexes. Years of “false dawns” have left investors cautious, with many locking in gains quickly amid fears the rally won’t last, said Bloomberg Intelligence’s Athanasios Psarofagis.

Fundamentals still a headwind: Meanwhile, slow Fed rate cuts and weak earnings prospects for small companies continue to weigh on fundamentals, with Wells Fargo analysts suggesting the rally may already be “over,” while Sykon Capita’s Todd Stankiewicz argued that only a more supportive business environment will bring sustained inflows.

Long road to regain trust: It could take months, or a year, of consistent outperformance for small caps to regain investor trust, said Fulton Breakefield Broenniman’s Michael Bailey. For now, investor preference remains tilted toward large caps and high-risk alternatives like AI stocks or crypto ETFs until the business environment turns more favorable, Stankiewicz and Wells Fargo said.

MARKETS THIS MORNING-

It’s a positive morning so far for Asian markets, with South Korea’s Kospi leading the pack as Samsung Electronics and SK Hynix rallied in early trading. The two firms announced a partnership overnight with OpenAI to supply memory chips. Meanwhile, Japan’s Nikkei and Hong Kong’s Hang Seng Index are both in the green.

Meanwhile, Wall Street looks set to shrug off the government shutdown and extend its rally, with futures suggesting the S&P 500, Dow Jones, and Nasdaq will all open in the green later today as investors are expecting the shutdown to be short-lived.

EGX30	36,769	+0.3% (YTD: +23.6%)
USD (CBE)	Buy 47.79	Sell 47.93
USD (CIB)	Buy 47.82	Sell 47.92
Interest rates (CBE)	22.00% deposit	23.00% lending
Tadawul	11,529	+0.2% (YTD: -4.2%)
ADX	10,028	+0.1% (YTD: +6.5%)
DFM	5,888	+0.8% (YTD: +14.2%)
S&P 500	6,711	+0.3% (YTD: +14.1%)
FTSE 100	9,446	+1.0% (YTD: +15.6%)
Euro Stoxx 50	5,581	+0.9% (YTD: +14.0%)
Brent crude	USD 65.73	+0.6%
Natural gas (Nymex)	USD 3.45	-0.7%
Gold	USD 3,884	-0.3%
BTC	USD 118,363	+3.8% (YTD: +26.4%)
S&P Egypt Sovereign Bond Index	927.91	+0.1% (YTD: +19.3%)
S&P MENA Bond & Sukuk	15.79	+0.1% (YTD: +7.8%)
VIX (Volatility Index)	16.29	+0.1% (YTD: -6.1%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 5.1 bn (14.0% above the 90-day average). Regional investors were the sole net sellers. The index is up 23.6% YTD.

In the green: Ibnsina Pharma (+2.8%), Qalaa Holdings (+2.4%), and Rameda (+2.4%).

In the red: Misr Cement (-1.5%), Eastern Company (-1.4%), and Oriental Weavers (-0.9%).

My Morning Routine: Tarek Shabaka, founder and CEO of MCS

Tarek Shabaka, founder and CEO of MCS: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Mideast Communication Systems (MCS) Founder and CEO Tarek Shabaka (LinkedIn). 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.)

My name is Tarek Shabaka, and I am the CEO of Middle East Communication Systems. I’m also on the board of the Chamber of Information Technology and Telecommunications, a member of the National Council for Women, and serve on the communications and AI committees at AmCham Egypt. I’ve worked in telecommunications and cybersecurity since graduating from the Higher Technological Institute in Tenth of Ramadan City more than three decades ago. I hold an MBA from the Arab Academy for Science, Technology, and Maritime Transport and an MPA from Ain Shams University.

I founded MCS in 2007 to focus on cybersecurity technologies, which at the time were not widespread. I believed this field would be transformative for the tech industry and critical for institutions, companies, and individuals alike.

After launching the company, I realized the field was far deeper and larger than I had imagined. This pushed me to expand, recruit specialized talent, and invest heavily. Today, MCS is one of the leading companies in this field in Egypt and across the Middle East.

My starting point was joining Cisco after graduation, where I gained valuable experience and exposure to diverse perspectives. That role gave me the confidence to take the leap and start MCS, even with all the risks involved.

Working at a global company like Cisco was a comfortable choice, but I wanted to take a bold step into the unknown. The beginning of MCS wasn’t easy, as we faced challenges related to the industry itself, and also a lack of experience, the company’s young age, and the difficulty of building client trust. Over time, our expertise grew, and people’s trust in us increased. The passion we started with became the launchpad for a successful venture.

AI has brought a major shift to cybersecurity. It’s now an essential tool for detecting and responding to cyberattacks faster and more accurately than humans can. It also enables systems to address new forms of attacks, such as behavioral attacks and zero-day attacks. AI-powered systems can detect abnormal behavior and react, unlike older protection systems that relied only on signature-based monitoring.

So far, there is no evidence that AI-powered tools used in operations have caused internal breaches. But technically, the risk remains, since we don’t fully understand the depth of these tools. That makes caution necessary, even in the absence of proof. AI is multidimensional, so if the tools themselves contain vulnerabilities, they could lead to breaches.

I’m a very routine-driven person. I wake up at 7:30am, but it doesn’t take long for me to leave the house. I just have a light breakfast and coffee. On my way to the office, I use the time to make calls to early risers, check in on my mother and close friends, and organize my day. I wasn’t a regular EnterpriseAM reader before, but recently I’ve been paying a lot more attention, thanks to friends’ recommendation. I miss my children a lot since they study abroad, but when my son Ahmed is home, we start the day with some activity or breakfast together. That’s the closest thing I get to a family morning routine.

I’m from a traditional generation that prefers working from the office, which I believe boosts productivity. That said, MCS gives employees the flexibility to work remotely. Once I get to the office, I start with emails and any overdue tasks, then sync with the team to review work plans and set priorities for the day.

Reading is the habit I try to maintain daily. I have also recently adopted water fasting, where I abstain from everything but water for a day every two weeks or at least once a month. It gives me more energy and relaxation. In the evenings, I love spending time with friends whenever possible. Our get-togethers usually include playing cards or backgammon, which helps me unwind and clear my head from work stress.

For me, balance comes from clearly separating work and personal life. I make sure to start my workday early, then carve out time in the evenings to relax with friends. This separation helps me recharge and stay focused.

History and technology are my main interests when it comes to reading. Some of my all-time favorite books are by Mohamed Hassanein Heikal, including From New York to Kabul and Us…and America. I also recommend works by Moamen El Mohamady.

I also enjoy documentaries, especially those on history — like the world wars, the origins of the universe, or dinosaurs. They help me understand the present and anticipate the future.

The best piece of advice I ever received is “If you consult others, you reap the fruits of their minds.” I don’t recall exactly who said it to me, but I think it captures the value of seeking people’s opinions and expertise. Listening to different perspectives helps you form a deeper, more comprehensive vision before making decisions.

CALENDAR

OCTOBER

29 September-6 October (Monday-Monday): Egypt Innovation Week.

29 September-6 October (Monday-Monday): Capital Connect.

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

4-6 October (Saturday-Monday): Techne Summit Alexandria, Alexandria Bibliotheca, Alexandria.

5 October (Sunday): S&P Global releases PMI figures for September

7 October (Tuesday): 2025 EnterpriseAM Egypt Forum.

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

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

12 October (Sunday): Capmas expected to release inflation figures for September.

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

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

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

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

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

16-19 November (Sunday-Wednesday): Cairo ICT 2025, Egypt International Exhibition Center

20 November (Thursday): Monetary Policy Committee meeting.

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

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

DECEMBER

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

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

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

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

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

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

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

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

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

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

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

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

2026

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

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

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

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

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

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

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

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

2027

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

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

https://entlaq.com/events/2

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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