Remittances continue to rise in July

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WHAT WE’RE TRACKING TODAY

Remittances from Egyptians abroad hit USD 3.8 bn in July

Good morning, all. We have made it to the end of what has been a very busy week and we can’t wait to slide into the last weekend of September.

IN TODAY’S ISSUE- Remittances rise again, hitting USD 3.8 bn in July, continuing a trend analysts think will persist, and the government wants to liberalize the natural gas market in a bid to bring more foreign investors into the sector.

A HELPING HAND FOR INDUSTRIES- The Industry Ministry unveiled a package of incentives targeting sheet metal producers and we have word that the government is mulling ways it can further support fertilizer players.

PSA-

WEATHER- It's another cool day here in Cairo today, with a high of 31°C and a low of 22°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 28°C and a low of 21°C.

WATCH THIS SPACE-

UAE’s Modon is looking to tap local partners for the development of Ras El Hekma, the company’s Egypt General Manager Shehab Elorabi said on the sidelines of the Cityscape exhibition. The North Coast megacity is too large for any one developer to handle alone and will require a network of partners to execute projects at speed and scale, according to Elorabi.

REMEMBER- ADQ tapped Modon Holding to be the master developer on its landmark USD 35 bn Ras El Hekma project on the North Coast last October, with the firm also tasked with developing the first 50 mn sqm phase of the 170 mn sqm city. ADQ said last year that the remaining 120 mn sqm will be developed in partnership with leading developers from Egypt, the UAE, and global partners, under the supervision of ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.

DATA POINT-

Remittances rose 26.3% y-o-y to USD 3.8 bn in July, marking 17 consecutive months of y-o-y remittance growth, according to a statement from the Central Bank of Egypt. Over the first seven months of 2025, remittances are up 49.7% y-o-y to USD 23.2 bn.

REMEMBER- Remittance inflows began returning to official channels after the float of the EGP back in March 2024, which effectively put an end to the parallel market that had pushed remittance flows to unofficial channels.

Analysts see inflows holding strong: Ahly Pharos Head of Research Hany Genena told EnterpriseAM that if the current pace of monthly inflows continues, Egypt could record USD 40 bn in remittances this year — up from the “low-30s” average just a few years ago. He attributed the surge to the unified exchange rate, which encouraged transfers back into official channels, a larger Egyptian workforce abroad, and stronger inflows from neighboring markets such as Libya.

HAPPENING TODAY-

#1- Willkommen in Deutschland, Herr Finanzminister Kouchouk. The Egyptian-German Business Forum kicks off today in Germany with Finance Minister Ahmed Kouchouk in attendance, according to a statement. The two-day German-Arab Chamber of Industry and Commerce-hosted event spread between Munich and Frankfurt will bring together government officials, representatives from German companies, and investors to explore opportunities for strengthening bilateral relations.

What’s on the agenda? Kouchouk will present Egypt’s latest tax incentives and fiscal policies designed to support production and exports, while also promoting priority investment opportunities for German companies. The forum will also highlight joint government efforts to cut trade costs, streamline procedures, and boost competitiveness.

#2- It’s day two of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report launch summit. Organized by Entlaq in partnership with El Gouna — which is hosting the event — the three-day summit will bring together government officials, investors, development partners, and startup founders to discuss the findings of the report on the country’s entrepreneurial community.

What to expect from the report? The report “maps macro indicators, legal frameworks, access to finance and markets, institutional enablement, and regional dynamics — delivering actionable, evidence-based recommendations benchmarked against peer markets such as Morocco, Kenya, and India.”

#3- The country’s largest real estate exhibition, Cityscape Egypt, is now well underway at the Egypt International Exhibition Center. The expo is expected to welcome 40k visitors over its four-day run and host more than 80 developers showcasing over 1k projects. The event will come to a close on Saturday.

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THE BIG STORY ABROAD-

International pages are leading with news of a deadly shooting at a US immigration office — a gunman opened fire at an ICE facility in Dallas, killing one and critically injuring two others before taking his own life. FBI investigators are pointing to anti-ICE messages at the scene as evidence of a politically motivated attack. President Donald Trump pledged in a post on Truth Social an executive order to “dismantle these domestic terrorism networks.” (Financial Times | Reuters | New York Times | The Guardian | Associated Press | Bloomberg)

LOOKING TO APPLE FOR A LIFELINE- Intel has held early talks with Apple about a potential investment as part of its comeback strategy, a week after Nvidia announced an agreement that will see it invest USD 5 bn in the chipmaker, Bloomberg reports. Such a deal would be symbolically powerful: Apple abandoned Intel’s processors in its Macs five years ago but has touted big plans for US manufacturing.

ALSO WORTH NOTING THIS MORNING- Taiwan reels after deadly typhoon: At least 17 people were killed when a barrier lake burst in a Taiwan town, prompting residents to seek shelters and an inquiry into what went wrong with evacuation orders. (Reuters | BBC | New York Times | The 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.

Could Egypt liberalize the natgas market?

The Madbouly government is looking to liberalize the natural gas market, by allowing multiple suppliers to make direct sales to private-sector customers, a government source told EnterpriseAM. The new system would give large industrial players the option to secure their gas needs through direct contracts with suppliers if they can land better prices or terms, we were told.

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

The move will support Egypt’s efforts to one day become a regional energy hub, the source argued. Creating a market where private-sector suppliers — both local and foreign — sell directly to end users will develop the logistical, financial, and also bureaucratic networks to facilitate the government’s long-planned return to being an energy exporter — and a leading regional hub at that.

The decision is also being presented as a W for the budget, with the introduction of private suppliers creating price flexibility and helping reduce the strain on the state budget, the source said. At present, Egypt still heavily subsidizes gas for industries, particularly energy-intensive ones, at prices well below global levels.

REMEMBER- The government raised natural gas prices for factories starting 15 September, according to a statement from the Industry Ministry.

Regulatory changes are also in the pipeline for the gas market to drum up foreign investments, the source added without expanding further. The move coincides with the Oil Ministry targeting USD 4 bn in exploration commitments this fiscal year from an upcoming tender for 12 concessions, which includes a hoped for return to Red Sea exploration and production.

The state is confident in an uptick in local gas production, but LNG imports will continue until 2030. Upcoming discoveries are expected to lift reserves and domestic output, helping Egypt cover its local demand, though the country will continue importing gas until 2030 under medium-term contracts signed with foreign suppliers, our source told us.

Pharaonic Petroleum Company thinks it may have struck (black) gold, with the recent results from a seismic survey indicating a reservoir with 1.5 tn cf of gas, our source told us. Work is ongoing to analyze the data ahead of drilling a deep exploratory well. The company also plans new development work, including recompleting the Tort-6 well and drilling the Osiris-3 well, which together are expected to add some 100 mn cubic feet of gas per day and 3.9k barrels per day of condensates to the national grid.

Egypt mulls moves to support the fertilizer sector

More support for fertilizer producers? The Madbouly government is currently mulling ways it can further support fertilizer players, boost production, and attract new investments to the sector, three government sources told EnterpriseAM. The end goal is to boost sector exports to meet rising global demand for fertilizers.

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

Pricing remains an issue: Producers are once again asking for the state to increase the price of subsidized fertilizers in light of rising gas prices, the sources said, adding that the brief period this summer when factories had to halt production due to gas shortages resulted in some costly fines, which in turn increased production costs. Fertilizer producers want to price subsidized fertilizer at EGP 6k per ton up from EGP 4.5k at the moment — they also want higher export quotas.

IN CONTEXT- Subsidized fertilizer prices remain set administratively — leaving a clear gap with freemarket prices. This risks leakage of subsidized stock to the black market, an issue the Agriculture Ministry continues to battle.

The state’s plan: The government is looking into a plan that would divide production into three tranches — the smallest tranche will go to the Agriculture Ministry, which will supply the fertilizers to farmers at a subsidized rate, the second smallest tranche will be sold in the freemarket through public auctions, and the third and largest tranche will be earmarked for export.

In order to keep both producers and farmers happy, the Agriculture Ministry could start paying more for subsidized fertilizer, while still selling it to farmers at the subsidized rates with the Finance Ministry bearing the difference in prices, one of the sources said.

The quantities supplied to the Agriculture Ministry may shrink to 37-40% of companies' production, which would still be enough to meet farmers’ needs, according to one source. At the moment, suppliers need to sell 55% of their supplies to the ministry — a quota they haven’t been able to meet due to production declines.

Nothing is set in stone: The government is still mulling all these scenarios and is yet to make a final decision.

A priority sector: The sector is under the government’s spotlight as it anticipates the entrance of new players, which will in turn boost production.

The government raised natural gas prices for factories starting 15 September and has directed all fertilizer-producing companies to sign a protocol that sets the quantities supplied to the Agriculture Ministry, freemarket, and export, according to a statement. While the statement didn’t provide any details regarding the gas price increase, EnterpriseAM earlier this week reported that the Oil Ministry will raise natural gas prices for factories by USD 1 per mn British thermal units (BTU).

Fertilizer companies are yet to be notified of the price hike or the new quotas, officials from three different fertilizer players told EnterpriseAM.

Egypt rolls out fresh incentives for sheet metal production

The Industry Ministry has unveiled a package of incentives to encourage investment in cold-rolled, galvanized, and colored sheet production, the ministry said in a statement. The move aims to expand Egypt’s industrial base, cut reliance on imports, and boost exports.

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

Investors will receive competitive pricing and priority access to industrial land, flexible payment terms, and facilitated loans for working capital and production lines. Operating licenses will be issued within 24 hours of meeting requirements, while utilities including electricity, water, gas, roads, and telecoms will be provided immediately. Local producers will also be given priority in supplying major national projects.

Local manufacturers of metal sheets are also being supported by recently introducedsafeguard tariffs, with a 11.1% tariff on cold-rolled steel, 12.6% levy on galvanized steel sheets, and 4.9% charge on colored steel sheets coming into effect earlier this month. The decision is meant to protect local industry and encourage domestic production at a time when both Egyptian and foreign players are planning new steel investments in Egypt, a government source told EnterpriseAM.

Sheet metal is used in many industries, so the impact of plentiful and cheaper sheet metal will be felt across the economy. Sheet metal is metal that is processed into thin, flat pieces, which makes it easy to cut, bend, and form into different shapes. Because of its strength, formability, and relatively low cost, sheet metal is used in auto manufacturing, construction materials, household appliances, furniture, and even airplanes.

Localizing sheet metal production helps us localize feeder industries, which in turn can help us localize major strategic industries, Industry Minister Kamel El Wazir said.

Avanz Capital backs Algebra Ventures’ Fund II

Avanz Capital joins Algebra Ventures’ Fund II: Private equity outfit Avanz Capital has joined tech-focused Egyptian VC Algebra Ventures’ second fund as a secondary limited partner (LP) through its direct investment arm Avanz Manara, according to a joint statement (pdf).

REMEMBER- Algebra Ventures’ Egypt-focused second fund reached a USD 100 mn first close in 2022, surpassing its USD 90 mn initial target. The close was backed by international limited partners including the IFC, EBRD, and EAEF as well as FMO, BII, MSMEDA, DGGF and regional family offices. At the time, Algebra said it plans to back 31 startups pursuing early-stage investment opportunities in sectors like fintech, agritech, edutech, and e-commerce.

What they said: “We are proud to partner with Egypt’s leading tech-focused venture capital firm. This transaction represents not only one of the first secondary LP investments in Egypt, but also a milestone that reflects the strength and growth of the local ecosystem,” Managing Director of Avanz Capital Haytham Wagih said in the statement.

“We've known Avanz for a very long time, we’ve been friends and co-investors in portfolio companies. We've always talked about the potential LP position and it felt like the right time,” Tarek Assaad, Managing Partner at Algebra Ventures, told EnterpriseAM.

New market activated: “Part of our role is bringing local investors into the market — foreign investors typically follow locals — and activate the secondaries market in VC and PE,” Wagih noted. Liquidity can come from primary exits (a fund exits an investment and returns capital to LPs) or secondary exits, where LPs sell their stakes to other LPs, Wagih explains. The secondary LP market is inactive in Egypt, though active in developed markets and in some developing ones like South Africa, he added.

The process getting here: “We’ve screened Egypt-focused funds, including Algebra, which we consider among the best and we found the opportunity to invest,” Wagih told us. “We also want to help activate LP-led secondaries in Egypt — to show there are feasible LP-to-LP opportunities and to ease general partners (GP) pressure for constant exits that may not always serve fund performance.” Algebra is one of the few experienced fund managers in Egypt and the region and we have a strong relationship with them, he added.

“Egypt needs higher allocations to private capital,” Wagih said. Across most GPs, the majority of capital in private markets (VC, PE, private debt) comes from outside Egypt. We need local institutional investors to allocate — it benefits the macroeconomy, not just individual GP/LP performance, Wagih added.

“From a GP perspective, it’s great that 90-95% of our capital is international — it signals confidence — but we want to increase local capital,” Assaad said. Local investors need to understand tech VC as an asset class and its long-term potential. It’s early and risky, but important. Also, in very tough times, the ecosystem needs local capital: international investors can be spooked by sharp currency moves; locals better understand that a 50% hit may cost a year-and-a-half of growth, but doesn’t kill a company growing 2-3x annually. “Lack of product-market fit kills businesses, not just FX shocks. This is when the local capital should step in. Avanz is taking a leading role here, and we hope to see more,” Assaad told us.

“Many fundamental issues in Egypt won’t be solved without technology,” Assaad noted. Banks/retailers won’t set up shop in distant villages, but mobile infrastructure and app familiarity are widespread. Tech enables communication, news, purchasing, payments, and credit. Turbulence can happen, but tech startups solving fundamental problems remain attractive, he added.

What’s next for Avanz Capital? We’ve started working on our next fund — a blend of our fund-management experience and a direct-investment strategy — leveraging relationships with GPs in Egypt and Africa, Wagih said. We see a big gap at the growth stage (between VC and PE) — the “forgotten middle” — with financing and support gaps for companies graduating from VC but not yet PE-scale. We’re fine-tuning our strategy to launch the new fund, focusing on size and sector gaps, including export-focused and import-substitution sectors, and companies exporting to Europe that need to reduce costs and compete, Wagih told us.

And what’s next for Algebra Ventures? Through Fund II, we deployed investments in 14 companies, two of which are in Morocco, Assaad said. While 80% of the fund will target startups in Egypt, we want to do more in Morocco, and we are looking at Nigeria, Kenya, South Africa as expansion opportunities beyond Egypt, Assaad explained.

Egypt’s first SPAC raises capital more than 10x to over EGP 3 bn

Egypt’s first SPAC announces capital increase following maiden M&As: Catalyst Partners’s SPAC Catalyst Partners Middle East (CPME) raised its capital more than 10x to over EGP 3 bn, up from EGP 235 mn, marking one the largest restructurings the local market has seen this year, according to a press release (pdf).

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

REMEMBER- CPME became Egypt’s first SPAC after securing FRA approval in September of last year before listing on the EGX two months later.

A swap for scale: The EGP 2.8 bn hike, which secured board approval earlier this week, was executed via share swap to complete CPME’s first-ever acquisitions: Qardy for Digital Applications and Catalyst Partners Holding.

The pitch: CPME called the capital hike a milestone that strengthens its regional position, opens space for new investments, and sets the stage for its EGX trading debut while widening its investor base.

Transaction mechanism: The SPAC issued 278.4 mn new shares at a par value of EGP 10 each, all of which were allocated to the shareholders of Qardy and Catalyst Partners Holding, according to an EGX disclosure (pdf). This raised CPME’s issued and paid-up capital to EGP 3 bn across 302 mn shares.

What’s next? The SPAC is currently gearing up for its trading debut with plans to raise EGP 1 bn. Chairman Maged Shawky previously told EnterpriseAM the vehicle was eyeing six to ten acquisitions, including fintech and NBFS firms, as part of its long-term plan to broaden its portfolio. Shawky also said CPME intends to expand into regional markets, either directly or via acquisitions of companies with existing operations abroad.

Visa notes uptick in summer spending

Spending on Visa premium consumer cards rose 44% y-o-y during the summer holiday period, according to Visa Consulting & Analytics’ Retail Spend Monitor (pdf). The uptick reflects the growth of digital payments, along with higher value transactions, and changing travel and lifestyle preference, according to the report. Visa sees the jump as a clear signal that Egyptians are opting for convenience, security, and premium experiences in how they spend.

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

This summer saw a 27% y-o-y jump in travel — across outbound tourist destinations and staycations. Some 78% of travelers started planning their trips less than one month in advance. Longer trips made up two-thirds of travel spend, while short-haul destinations including France, Germany, the UK, and Greece saw a 54% increase in short-trip spending.

Outbound spend grew 28% y-o-y, with premium cardholders accounting for nearly 81% of the total. Inbound travel spend also picked up, with visitors from the UAE, Kuwait, and Jordan spending 35% more y-o-y. European visitors — led by France, Italy, and the Netherlands — drove a 139% increase in inbound spend.

Digital and e-commerce kept gaining ground: Digital spend among premium cardholders rose 85%, while e-commerce spending grew 55% y-o-y. Premium cardholders accounted for almost half of total summer spending.

EFG Hermes’ conferences, research division, and analysts rack up the awards in Extel’s 2025 survey

Buy-side investors voted EFG Hermes’ One-on-One Conference as the best investor conference for emerging markets in the Middle East, Europe, and Africa in Extel’s 2025 research survey, the investment bank said in a statement (pdf). The EFG Holding subsidiary’s recent Annual London Investor Conference ranked third in the Conferences Corporate View category.

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

“This recognition underscores our commitment to building the most effective bridge between global investors and high-potential companies across the MENA region,” said EFG Hermes Co-CEO Mohamed Ebeid.

The investment bank’s research arm also maintained its leading ranking in Extel’s survey for the year, while Industrials Research Director Ahmed Hazem Maher was recognized as the top transport analysts in the EMEA region and as the second best analyst for utilities, EFG Hermes said in a another statement (pdf). Healthcare Research Associate Director Ahmed Moataz secured the number two spot in healthcare and pharma, while Managing Director and Research Deputy Head Hatem Alaa was recognised as the third best transportation analysts in the region.

A one-on-one interview with Investment Minister Hassan El Khatib

One on one with El Khatib: Masa’a DMC’s Osama Kamal hosted Investment Minister Hassan El Khatib, who outlined his plans to overhaul trade infrastructure, cut customs clearance time, and boost export competitiveness.

El Khatib’s priorities: Egypt needs to double down on infrastructure, trade agreements, and its “genius geographic location” to localize competitive industries and boost exports to the EU, Africa, and the Gulf, El Khatib told Kamal (watch, runtime: 4:00). El Khatib said the government is focused on boosting trade competitiveness as part of a broader strategy to attract investment into high-value industries.

Egypt’s trade needs an overhaul: El Khatib recalled his remarks when he took office — calling for an “overhaul” in trade management to bring Egypt into the ranks of the top 50 nations in terms of trade competitiveness. To that end, “clear monetary policies are essential,” he said, adding that trade performance hinges on clearance times. El Khatib said traditional solutions will no longer cut it — and that the country needs to take “big decisions” to move forward.

Customs clearance time slashed — but more to come: El Khatib said his ultimate target is to bring customs clearance time down from 16 days to just a few hours, though a more realistic short-term goal is to slash it by 75-80% within a year. “We’ve already cut clearance times from 16 days to 5.8 days after coordinating with 27 institutions involved in the customs process,” he said (watch, runtime: 2:54 | 3:25).

IHG Hotels, Jadeer to set up 120-key hotel in New Cairo

HOSPITALITY-

IHG Hotels & Resorts signed an agreement with developer Jadeer Group to set up a new hotel with 120 rooms, according to a statement. The Hotel Indigo-branded hotel is scheduled to open as part of Jadeer’s RedG mixed-use project in New Cairo in 2031. IHG currently operates eight hotels in Egypt under the brands InterContinental, Crowne Plaza, Holiday Inn, and Staybridge Suites, in addition to 22 hotels under construction that are set to open in the coming years, according to the statement.

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

MANUFACTURING -

#1- CPC Industrial Development Company will build a new 1.2 mn sqm industrial zone in Sadat City, and has already had the land for the project allocated by the Industrial Development Authority, CEO Moataz Baha El Din told Al Arabiya The company will invest EGP 2.5 bn to develop the zone and plan to open it up to investors in the first quarter of next year.

The zone is expected to attract EGP 30 bn in industrial investments over three years, and will include projects in the food, pharma, building materials, and chemical and engineering industries.

#2- LG wants to expand its footprint in Egypt by increasing local production and maintaining competitive pricing, LG Egypt General Manager Billy Kim said yesterday during a presser attended by EnterpriseAM. LG invests annually in new production lines and advanced models to “deliver high-value products at competitive prices,” reinforcing Egypt’s position as a regional manufacturing hub.

DEVELOPMENT FINANCE-

Egypt signed a financing agreement with the Japan International CooperationAgency for the fourth tranche of funding for phase one of Cairo Metro Line 4, which will run 46.5 km across four phases linking 6th of October to New Cairo via central Cairo, according to a Transport Ministry statement. The line is expected to serve 1.5 mn passengers daily once complete, with the first phase covering 19 km and 17 stations.

FINTECH-

MNT-Halan has rolled out what it says is Egypt’s first secured lending product from a non-banking financial institution, letting users instantly borrow against up to 80% of their investments directly through the Halan app, according to a statement seen by EnterpriseAM. The new feature gives customers an instant credit limit of up to EGP 500k on their Halan Card at rates below traditional credit facilities.

AVIATION-

Egypt and Oman signed an MoU to expand cooperation rights for their national carriers, according to a Civil Aviation Ministry statement. The agreement also covers cooperation in civil aviation, including safety, sustainability, and increased air traffic between the two countries.

Family offices stay the course amid volatility, lean into private equity -Citi Wealth

Family offices keep calm and hold steady as tariffs bite: Global family offices sat tight through a year of tariff tremors, inflation worries, and geopolitical noise, choosing resilience over reallocation, according to Citi Wealth’s 2025 Global Family Office report (pdf). The report surveyed 346 family offices — 23% of which are from EMEA — with an average net worth of USD 2.1 bn.

Private equity takes the crown: Allocations to private equity rose sharply, with 36% of respondents saying they boosted exposure and only 10% cutting back — a net increase of 26%. Growth equity drew the biggest share (28%) of fund allocations, followed by buyouts (21%) and venture capital (19%).

Direct transactions stayed hot: 70% of family offices said they’re active, with four in 10 stepping up activity last year. The sweet spot? Growth (52%) and early-stage companies (37%) remain the most popular targets, while secondaries (30%) outpaced pre-IPO transactions (22%), as families looked for liquidity amid a stalled IPO market.

Public equities still account for the largest share of portfolios, with a 27% average allocation, followed by private equity (20%, split between funds and direct), fixed income (15%), real estate (14%), and banknotes and equivalents (13%). Alternatives such as hedge funds (5%), private credit (3%), and commodities (1%) round out the mix. Meanwhile, digital assets are still marginal at just 1%.

EMEA families dialed up allocations to both banknotes and bonds — popular at times of volatility — signaling a more cautious stance, with fixed income allocations rising to 19% and banknote holdings up by four percentage points. Meanwhile, PE allocations stood at just 22%, the lowest of any region.

Other regional trends worth noting:

Asia Pacific offices sat on the highest liquidity buffers, with banknotes at 18% of portfolios amid tariff uncertainty;
Latin America leaned into private equity (24% allocation) and trimmed both banknotes and bonds;
North America remained equity-heavy, with public markets at 29% and real estate allocations (funds + direct) reaching 18%.

Returns? Still bullish. Nearly half of respondents expect returns of 5-10% this year, while another 30% are anticipating 10-15% returns. Larger offices are more optimistic: 10% of those with more than USD 500 mn in AUM anticipate gains above 15%. Negative return expectations were almost nonexistent across all regions. Meanwhile, only 70% of EMEA respondents expected portfolio returns above 5%, compared with nearly 90% in other regions.

Risks shift: Trade disputes and tariffs topped the worry list (60%), pushing last year’s bogeyman — interest rates — into fourth place. US-China relations (43%) and resurgent inflation (37%) rounded out the top concerns. By contrast, wars in the Middle East (14%) and Ukraine (9%) were seen as lesser risks than in 2024, suggesting investors feel markets have already priced them in.

Professionalization gap: Investment functions are getting sharper, with more family offices adopting investment committees and policy statements. But gaps remain elsewhere: 58% flagged shortcomings in risk management and cybersecurity, and nearly three-quarters still lack formal succession planning. Family unity and next-gen prep were also identified as major service gaps — despite being top-of-mind for principals.

Tech and AI edge in: Artificial intelligence is no longer hypothetical: 22% of offices said they’re already using AI for investment analysis or forecasting, and another 22% said they use it for automating operational tasks. But adoption is far from universal, with barriers ranging from lack of expertise to cybersecurity fears.

REMEMBER- Family offices surveyed by Goldman Sachs survey are rotating heavily into public equities (31%) while trimming private equity (21%), with strong exposure to AI and rising crypto holdings, particularly in APAC. Risk views also diverge, with Goldman Sachs respondents most concerned about geopolitical conflict. Overall, respondents in the Goldman Sachs survey showed a “pro-risk” tilt, while Citi’s survey respondents shifted towards boosting resilience and governance gaps.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, save for Hong Kong’s Hang Seng, which fell marginally in early trade. Meanwhile, China’s CSI 300 was flat. Over on Wall Street, futures are little changed as investors await unemployment data set to be published today.

EGX30	35,949	+1.8% (YTD: +20.9%)
USD (CBE)	Buy 48.10	Sell 48.23
USD (CIB)	Buy 48.13	Sell 48.23
Interest rates (CBE)	22.00% deposit	23.00% lending
Tadawul	11,426	+5.1% (YTD: -5.1%)
ADX	9,978	-1.3% (YTD: +5.9%)
DFM	5,872	-1.5% (YTD: +13.8%)
S&P 500	6,638	-0.3% (YTD: +12.9%)
FTSE 100	9,250	+0.3% (YTD: +13.2%)
Euro Stoxx 50	5,465	-0.1 (YTD: +11.6%)
Brent crude	USD 69.10	-0.3%
Natural gas (Nymex)	USD 2.88	+0.6%
Gold	USD 3,773	+0.1%
BTC	USD 113,089	+0.6% (YTD: +20.9%)
S&P Egypt Sovereign Bond Index	925.73	+0.1% (YTD: +19.1%)
S&P MENA Bond & Sukuk	150.63	0.0% (YTD: +7.6%)
VIX (Volatility Index)	16.18	-2.8% (YTD: -6.7%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 3.5 bn (19.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 20.9% YTD.

In the green: Mopco (+6.5%), Sidpec (+3.3%), and CIB (+3.2%).

In the red: Orascom Construction (-1.7%), Raya Holding (-1.1%), and Fawry (-0.6%).

CORPORATE ACTIONS-

Qalaa Holdings has wrapped up the second phase of its planned EGP 14 bncapital increase with a combined total subscription rate of 85.95%, according to a disclosure (pdf) to the EGX. Subscriptions reached EGP 12.0 bn across 2.4 bn shares at EGP 5.0 a pop. The fair value study (pdf) from financial advisor Graviton set the fair price for Qalaa’s shares after the capital increase at EGP 4.5 apiece.

My Morning Routine: Shady William, CEO of Industrial Development Group

Shady William, CEO of IDG: 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 Industrial Development Group (IDG) CEO Shady Willam (LinkedIn). Edited excerpts from our conversation:

My name is Shady William, I am currently the CEO and managing director of IDG. I've been within the group for the past 10 years in different roles after I moved here from Canada. I first went to university for a bachelor's degree in biochemistry, hoping to continue in the medical field, but along the way I realized I'm more business driven. So, I switched paths and did management degrees, and ended up working in pharma, then corporate investments and business development, and now industrial real estate development.

My responsibility — which I believe should be also the responsibility of other CEOs too — is to look at three main stakeholders: my shareholders, my clients, and my employees. Everything is done to help the three stakeholders. For our clients, we need to continuously develop a better and bigger product that serves their needs and addresses their demands. My employees need to feel like they work in the best environment they can possibly work in, they're well treated and respected, and that they have room to grow. As for shareholders, they care about the profitability and sustainability of the company. Balancing these three is the main role of the CEO in a company.

IDG started in 2007 to fill a gap in the market — industrial land demanded by industrialists and manufacturers. There was a scarcity of land, and the government was not able to meet the demand at a large scale. So they invited the private sector to enter into this field and to contribute by taking a piece of land in the desert, developing it, and getting the infrastructure and utilities in place to attract investors.

At the moment, we are working on our latest project, e2 New October — a 1.6 mn square meter industrial park — our newest addition that brings next-generation infrastructure and services to manufacturers. It reflects how we continue to anticipate and deliver on investor needs

I think the challenge in any industry is to be innovative and to try to understand the value addition that you bring to the business you're in. In one way, industrial land is simply just a piece of land on which people build factories on. But you also have to look at how you can make things better for them — to help them do what they do best, have a sustainable business, and ensure they're growing in their field.

I start my day like most people, I wake up early in the morning, catch up with market news, and try to plan my day ahead. Throughout the day, I have meetings that I need to prepare for, so I usually take the morning time to reflect on what I have coming up that day.

One constant in my day is that I try to learn something new every day. I try to read about something, I try to understand something better, regardless of what field or what sector. Reading and building my understanding in different topics is something that I've always been interested in.

I think I'm doing a good job maintaining a work-life balance. When I walk out of the office and go home, I don’t take my work responsibilities with me. I try not to take business calls in the evening and focus on myself during that time.

Since a young age, I've always taken interest in how companies innovate and create that differentiation between a good product and a great product. It's always that 5% at the end that makes all the difference. Paying attention to these small details makes a big difference, that's what really makes a product unique and distinct.

I believe a product addresses a problem. So for any problem that exists, a product is created to address it. In our business, we're continuously trying to collect data. We're trying to find out more about the challenges that exist, whether it's on an operation level, or dealing with different entities that are stakeholders in the product.

We’re looking at how we can improve things — how we can go from good to great. That journey requires a lot of research and a lot of thinking. In every development that we're doing, we're going back to the drawing board and we're starting from where we ended, we're trying to see what we can do better and how we can keep an eye on the future.

A lot of manufacturers are looking at sustainability, as well as energy and uninterrupted power. They're looking at the ease of doing business. It's not just about labor costs. It's a lot more on how to improve the efficiency of the factory.

We have around 270 investors within our parks, and 50% of them are foreign investors. We understand the market facing foreign investors, what they need, as well as all the different concerns they have as an international company.

I've been given a lot of advice, and I've been fortunate enough to meet different mentors. I try to always stay focused and to see how I do something better. Don't stop at just accepting things the way they are, look at how you can improve them.

CALENDAR

SEPTEMBER

24-26 September (Wednesday-Friday): The launch of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report at El Gouna.

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

25-26 September (Thursday-Friday): Egyptian-German Business Forum, Munich and Frankfurt, Germany.

29-30 September-6 October (Monday-Tuesday): Techne Summit Cairo, Sultan Hussein Kamel Palace, Cairo.

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

30 September (Tuesday): The Egypt-South Korea Economic Cooperation and Partnership Forum.

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

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

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

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

OCTOBER

1 October (Wednesday): IMF mission expected to visit Egypt for talks on combined fifth and sixth reviews of the EFF arrangement.

1 October (Wednesday): Applications for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.

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

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

7 October (Tuesday): The 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.

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.

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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