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Remittances more than double in February

1

What We're Tracking Today

Egypt is considering anti-dumping duties on hot-rolled steel imports

Good morning, all. We kick off this Tuesday with a packed issue, led by news of remittances doubling, updates on plans to amend the property tax, and a regasification unit secured under a ten-year contract .

PSA-

The 15 May deadline for EGX-listed firms to file 1Q financials has been pushed to the end of the month, the Financial Regulatory Authority said in a statement. The two-week extension pushes the deadline to 30 May.


WEATHER- It’s another sunny day in Cairo, with a high of 35°C and a low of 20°C, according to our favorite weather app.

It’s much cooler in Alexandria, with a high of 26°C and a low of 18°C.

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WATCH THIS SPACE-

The government is considering anti-dumping duties on hot-rolled steel imports after a dip in demand for Egyptian steel exports has left local producers competing with cheaper, lower-quality steel, a government source told EnterpriseAM. Egypt had traditionally exported its hot steel output to European and other markets, while importing cheaper hot steel to meet local market demand, we were told.

European tariffs on hot rolled steel have upset the country’s import/export balancing act, leading to a study of export orders of local steel to assess the impact ahead of any market intervention.

THE BIG STORY ABROAD-

Hamas released Israeli-American Edan Alexander from captivity yesterday during a brief halt of hostilities that ended later in the day. The release — framed as “a gesture of goodwill” towards the Trump administration — is widely expected to revitalize ceasefire talks, with Israel planning to send a delegation to Doha on Thursday.

A ceasefire is crucial for Gaza: The complete blockade on food and medicine by Israel for more than 70 days sent hundreds of thousands starving, pushing the enclave to the brink of full-blown famine, a UN panel said yesterday.

ALSO IN THE REGION- Kurdish separatist group PKK decided to disarm and disband, after four decades of fighting for autonomy from Turkey. The end of the conflict is expected to bolster Ankara’s ambitions in the region and free up resources to rebuild Syria’s military and civilian infrastructure.

OVER IN BUSINESS- The US and China have agreed to a 90-day pause to their trade war after two days of talks in Geneva. We have the details on this in today’s Planet Finance.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look at what the nationwide shutting down of Chinese-standard EV fast chargers could mean for EV users.

Somabay Sports Arena steps up as a leading sports destination by welcoming new partnership with S Tennis Academy and expanding its partnership with Oneflow to manage Football Courts and the Aquatics Center. With global training camps, elite facilities, and stunning surroundings, Somabay continues to shape the future of sports tourism on the Red Sea.

2

Economy

Remittances from Egyptians abroad more than double y-o-y to record February high of USD 3 bn

Remittances from Egyptians residing abroad continued to rise in February, climbing 130.8% y-o-y to around USD 3 bn — the highest figure recorded during the month — according to a statement (pdf) from the Central Bank of Egypt. February marks the twelfth consecutive month of y-o-y remittance growth, according to the CBE. The figure was also up on a monthly basis, rising from the USD 2.9 bn recorded in January.

Remittance inflows began to return 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 through unofficial channels. Remittances have risen by 72.4% to record USD 32.6 bn transferred since the float of the currency, according to the CBE data.

Remittances are expected to continue their upward trajectory throughout the year, with Morgan Stanley forecasting USD 32 bn in inflows during the current fiscal year.

This could also be the year remittance flows surpass their pre-FX crisis peak. Last fiscal year saw remittances hitting only USD 22.1 bn as the parallel market pushed remittance flows through unofficial channels, down from a USD 31.4 bn peak in FY 2020/21.

February’s figures are a testament to a number of things — “firstly, it shows the success of the reforms taken by the CBE in March 2024,” banking expert Mohamed Abdel Aal told EnterpriseAM. “It also shows the success of the flexible exchange rate policy in achieving balance between supply and demand, and achieving stability and reassurance due to the absence of any currency shortages,” he said.

Also playing a part: “The attractiveness of Egyptian savings instruments since the decision is also one of the most important factors behind the increase in remittances from Egyptians working abroad, and we expect them to remain attractive for Egyptian expats down the line,” Abdel Aal continued. “The growth in remittances is also an indication of confidence in Egypt’s banking system, and in the Egyptian economy as a whole,” he concluded.

The country’s GDP is heavily impacted by the level of remittance inflows: Money sent from abroad is expected to have made up around 8% of the country’s entire GDP in 2024, up from 5% in 2023 and 6.1% in 2022. In terms of current account inflows, Egyptians abroad sending FX home are expected to account for 35% of inflows in 2024, up from the 25% recorded the year prior, but still a long way off the 45% recorded in 2020.

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3

Tax

Egypt’s Finance Ministry to bring in private firms to overhaul property tax valuations

New brains for a new tax map: The Finance Ministry is in the process of selecting three to four private-sector consulting firms to help reassess Egypt’s real estate assets and propose new valuation methods for the property tax system, a government source told EnterpriseAM.

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

Coming soon: The consulting firms are expected to be selected and begin work next month, the source told EnterpriseAM. The new valuations — expected to be out in 2H 2025 — are part of a broader strategic overhaul of the property tax law that will include legislative amendments. The tax code is currently under review, with work underway to re-categorize real estate into geographic zones and recalibrate tax accordingly, he added.

REMEMBER- A senior government official confirmed to EnterpriseAM in March that the ministry was mulling amendments to the property tax law in order to raise the exemption threshold to EGP 4-5 mn, up from EGP 2 mn currently, in light of rising property prices and inflation. The adjustments would come as part of a larger package of changes to property taxes, which will also include payment facilities for taxpayers and regulatory changes.

One sticking point: The government is also waiting to resolve the long-standing issue of theOld Rent Law, which the source said would have a “clear impact” on the new property tax system. The law has been at the House for discussion for some time but has been receiving a lot of pushback.

The expected windfall: The nation’s real estate assets are expected to generate some EGP 18 bn in tax revenues in the coming fiscal year, up from a targeted EGP 8 bn in FY 2024-2025, according to our source. The projected increase reflects higher valuations across key areas, including the North Coast, the new capital, Sheikh Zayed, the Fifth Settlement, and other coastal hotspots.

We’ve been on the lookout for important property tax changes for the last few months after Deputy Finance Minister for Taxes Sherif Al Kilani told EnterpriseAM that the ministry was considering either raising the cap or exempting private family residences entirely, while taxing additional properties. A phased rollout of the revised law is under consideration, starting with areas that have seen significant urban expansion, such as the North Coast, Sheikh Zayed, and the Fifth Settlement, before expanding nationwide, Al Kilani told us.

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A MESSAGE FROM SEKEM

Empowering Egypt: The Economy of Love and carbon finance

Last week, The Egyptian Biodynamic Association (EBDA) hosted a high level carbon credit event at Heliopolis University. The event was co-hosted by the SEKEM initiative and aimed at celebrating farmers that completed the Economy of Love (EoL) certification. It brought together government officials, regulators, and sustainability leaders, including Chairman of the Financial Regulatory Authority Dr. Mohamed Farid and several governors, including Major General Dr. Abdel Fattah Mohamed Serag, Governor of Sohag; Major General Hisham Abu El Nasr, Governor of Assiut; Major General Alaa Ibrahim Abdel Moaty, Governor of Kafr El Sheikh; and Mr. Hazem Mohamed Gouda El Deeb, Deputy Governor of Beheira.

The message was clear: Carbon finance, if designed with integrity, can become a cornerstone of sustainable development in Egypt as a powerful tool for promoting regenerative, organic, and biodynamic agriculture. But the real innovation lies in the EoL framework — a holistic approach that connects biodynamic farming, carbon sequestration, and community empowerment.

Egypt is already positioning itself as a player in voluntary carbon markets. What this model offers is a way to do so with local impact at the center. Through verified carbon certificates tied to regenerative farming, Egypt’s farmers are rewarded not only for reducing emissions, but for restoring degraded land and reviving rural economies. The 110 farmers that participated in the event were a testament to this impact.

The forum celebrated these “Climate Heroes” — farmers who are turning principles into practice by demonstrating outstanding commitment to carbon sequestration and sustainable biodynamic farming practices in line with the EoL standard.

Beyond climate policy, this is smart economics. If scaled properly, EoL could make Egypt a regional leader in ethical carbon finance, while ensuring that growth leaves no one behind.

EoL carbon credits are competitively priced and offer local impact with global value. Purchasing EoL carbon credits offers direct and strategic benefits for companies, banks, and partners to meet climate targets (net zero/carbon neutrality), offset unavoidable emissions and fulfill national, regional, or global decarbonization commitments and regulatory requirements. In addition to enhancing ESG ratings, it will make your business more attractive to investors, insurers, and global partners.

5

Energy

Egypt secures LNG regasification unit under 10-year contract signaling long-term reliance on natgas imports

Another regasification unit coming our way: Egyptian Natural Gas Holding Company (EGAS) has inked a 10-year agreement with global maritime energy infrastructure player Höegh Evi for an LNG regasification vessel, Bloomberg reports, citing a statement it has received from the firm. The newswire says the move signals the country’s “long-term dependency on fuel imports.”

Under the agreement, a vessel owned by Höegh Evi — dubbed the Hoegh Gandria — will dock in the Ain Sokhna’s Port of Sumed in 4Q 2026. Before then, the vessel will undergo conversion into a floating storage and regasification unit — it has been serving as an LNG carrier — with a peak daily capacity of 1 bn cubic feet of gas.

A switch-out: The unit will replace the existing Hoegh Galleon — the single operating LNG import terminal in the country — which was delivered by Höegh Evi last year.

Another sign we’re looking at long-term dependence on natgas imports: Egypt and Qatar are mulling over signing long-term contracts for Egypt to secure Qatari natural gas for domestic consumption. This came during a meeting between a delegation led by Oil Minister Karim Badawi and Qatar’s Energy Minister Saad Sherida Al Kaabi. The sit-down also focused on potential integration of energy infrastructure between the two nations to leverage possible synergies in LNG trading, liquefaction, and regasification.

Long-term contracts aren’t what we were expecting: The government has long refrained from relying on long-term natural gas imports, with a government source telling us last year that the government does not want to resort to long-term contracts despite favorable prices at the time amid hopes of new natural gas discoveries that could put Egypt once again to the global export map, along with expanding renewable capacities.

REMEMBER- The government is preparing for a surge in demand over the summer months, which has led the country to target importing 155-160 shipments of LNG this year to close the gap between demand and supply. Egypt reportedly needs around 6.2 bn cubic feet per day (bcf/d), but domestic production currently only contributes 4.4 bcf/d, increasing the need for energy imports.

We have plenty of regasification units coming our way to help us process the shipments. Egypt is in talks to lease a handful of regasification units to cover high energy demand in the summer months. Most recently, Oil Minister Karim Badawi met with CEO of US-based LNG solutions company Excelerate Energy Steven Kobos where they discussed leasing floating storage and regasification units to Egypt. We’re also looking to lease units from Germany, Cyprus, and Turkey.

PICO HAS A NUMBER OF PROJECTS IN THE PIPELINE-

Pico Petroleum is looking to establish production facility projects for three energy companies operating in the Egyptian market this year — the projects aim to yield between 30 mn to 40 mn cubic feet of natural gas per day and 10k to 15k barrels of crude oil per day, a company official told Al Arabiya. The projects will serve Khalda Petroleum, Badr El-Din Petroleum (Bapetco), and Agiba Petroleum — all of which are JVs with foreign and local owners.

Up next: The company is also undertaking work in concession areas in the Western Desert and vying for a number of projects being tendered.

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6

Startup watch

Egyptian startup Nawy secures USD 52 mn in Series A round

Local proptech platform Nawy has raised USD 52 mn in a Series A funding round led by Africa-focused VC firm Partech Africa, complemented by an additional USD 23 mn in debt financing from local lenders, the startup announced. The funding marks one of the largest Series A rounds for an African startup, according to TechCrunch.

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

The backers: The funding round saw participation from a number of regional and global venture capital firms and investment funds, including Nclude, e& Capital, Endeavor Catalyst, HOF Capital, March Capital, Outliers, Plug and Play, Shorooq Partners, VentureSouq, and Verod-Kepple Africa Ventures.

The company plans to use the funds to expand into North Africa and the Middle East, targeting Morocco, Saudi Arabia, and the UAE, TechCrunch reports. It also intends to acquire smaller companies while accelerating product development and embedding AI into its processes.

ICYMI- The funding follows Nawy’s 2022 seedround, which was led by the Sawiris family.

About the company: Founded in 2019, Nawy is a digital platform for buying, selling, and financing real estate. The company’s services include fractional ownership investments in properties — dubbed Nawy Shares — as well as financial solutions and property management services.

The company has made big financial gains since it started, with its revenues up more than 50x in USD terms over the last four years. The startup had expanded its gross merchandise value to over USD 1.4 bn in 2024 from USD 38 mn in 2020.

What they said: “This investment is a major leap forward—fueling our expansion, accelerating the transformation of our products using AI, and starting our mission to reinvent how real estate works across MENA and beyond,” Co-Founder and CEO Mostafa El Beltagy said.

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M&A WATCH

Egypt led the MENA M&A charts in 2024 in terms of volume

Egypt saw the biggest jump in M&A activity across the Middle East last year, with the number of transactions rising almost 23.7% y-o-y, according to a PwC blog post. A total of 120 transactions were logged in 2024, up from 97 the year before. While that’s still below the highs of 2022, the recovery is real — and it’s being driven by a mix of fresh reforms, growing investor interest, and Gulf money flowing into the country.

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

Some big transactions helped shape the story. In hospitality, TMG’s subsidiary IconInvestments snapped up a 51% stake in Legacy Hospitality in an USD 800 mn transaction. Over in fintech, MNT-Halan pulled in USD 157.5 mn from private investors. In financial services, B Investments snagged a 70%stake in Orascom Financial Holding for just under USD 50 mn. The report also took note of the central bank’s IPO of United Bank last year as part of the government’s privatization program.

There have been serious efforts to make Egypt’s regulatory environment more investor-friendly. The report cites the government’s pre-merger control regime, which was rolled out last year. The move “introduced greater clarity and predictability for investors, streamlined approvals, set clear thresholds for notification and ensured compliance with global best practices,” the report read.

REFRESHER- In April 2024, cabinet approved amendments to the executive regulations of the Competition Act that set the wheels in motion on the long-awaited pre-merger control regime, signing off on bringing the regime into force the following June. Under this regime, the Egyptian Competition Authority must approve any transaction resulting in an economic concentration — including mergers, acquisitions, and full-function joint ventures — that meets certain turnover thresholds.

M&A activity was also spurred by new tax incentives introduced in 2H 2024 for high-growth sectors — including tech, renewables, and manufacturing — the report notes. In September, the government introduced a new tax incentive package aimed at easing the burden on taxpayers and building greater trust in the tax system. These measures included launching a central clearing system, simplifying tax returns, and capping late payment penalties.

Another major driver? Gulf money — and lots of it. The UAE’s ADQ led a USD 24 bntransaction to develop land in Ras El Hekma, which also unlocked USD 11 bn in Emirati deposits held by the Central Bank of Egypt. Saudi’s PIF in September followed up with a commitment to invest USD 5 bn, and Qatar Energy snapped a 23% stake in a Chevron-run gas block in North El Dabaa Block in November. All of these inflows point to rising Gulf confidence in Egypt’s long-term prospects.

And the country is poised to sustain its M&A growth momentum in 2025 as transactions led by the private sector continue to rise, the report reads. The investment climate is expected to further improve, with potential investments emerging in finance, infrastructure, tourism and digital transformation.

ETHMAR INT’L BUYS INTO ARQAAM CAPITAL-

Ethmar invests in Arqaam: Abu Dhabi’s Ethmar International Holding made an undisclosed investment in Dubai-based investment bank Arqaam Capital, according to a statement (pdf). Arqaam also has offices in Egypt, Saudi Arabia, and Lebanon.

The fresh capital injection will fuel Arqaam’s growth strategy across MENA, the statement said. The firm is also looking to grow its share of the equity and debt capital markets, corporate brokerage, and investor relations segments.

Arqaam in Egypt: The firm had advised on a number of acquisitions and was one of the top 20 firms on the EGX brokerage league table in April with a 1.4% market share. At the moment, Arqaam is one of two firms leading real estate investment firm Bonyan’s upcoming IPO, slated for sometime this year.

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8

EARNINGS WATCH

CIB’s bottom line grew 39% in 1Q 2025

CIB sees bottom line jump in 1Q 2025: CIB saw its net income rise 39% y-o-y to EGP 16.6 bn in 1Q 2025, according to the bank’s earnings release (pdf). Revenues saw a 24% y-o-y jump to EGP 27 bn during the quarter.

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

The breakdown: Net interest income climbed 35% y-o-y to EGP 25.4 bn, while non-interest income fell 46% y-o-y to EGP 1.6 bn.

Loan growth remains solid: The lender’s gross loan portfolio reached EGP 426 bn by the end of March, marking a 7% increase over the quarter, while deposits rose 3% q-o-q to EGP 996 bn.

What they said: “CIB started off 2025 on a positive note, following an eventful year marked with considerable macroeconomic dynamics as well as exceptional financial performance for CIB, further reiterating the bank’s solid fundamentals and prime reliance on core performance drivers. This came evident in bottom line growing by 39%, or 30% in USD terms, and in top line by 24% or 15% in USD terms,” management said.

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LAST NIGHT’S TALK SHOWS

What would a US-China tariff truce mean for Egypt?

What happens if the US-China trade war really ends? That question was at the center of Amr Adib’s discussion with economic expert Mohamed Fouad on El Hekaya (watch, runtime: 4:07). Fouad explained how a de-escalation in tensions between the world’s two largest economies could hit Egypt.

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

The downside: Fouad explained that global oil prices are beginning to rise, gold prices are falling, and the USD index is strengthening — all of which could spell pressure on Egypt’s exchange rate. Since gold accounts for 26% of Egypt’s foreign reserves, its declining value could weigh on reserve strength, he said.

Despite the challenges, Fouad said the truce could carry some upside for Egypt. He noted that Egyptian industry and exports could still benefit from shifts in global trade flows, while higher oil prices — though a budgetary strain for Egypt — could bolster the economies of key trade partners. He also pointed to improving investor sentiment, particularly among those who had previously withdrawn from emerging markets.

READ MORE- We have the details of the US-China truce agreement in this morning’s Planet Finance.

ALSO ON THE AIRWAVES- El Sisi meets AfDB chief: Al Hayah Al Youm (watch, runtime:6:09) and Al Youm (watch, runtime: 0:37) had coverage of President Abdel Fattah El Sisi’s sit-down with African Development Bank President Akinwumi Adesina. The meeting saw El Sisi praising Adesina’s decade-long efforts to expand the bank’s role in funding development efforts across the continent.

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Also on our Radar

Hassan Allam wants to list its SPAC

CAPITAL MARKETS-

Hassan Allam is working towards listing its SPAC: Our friends at Hassan Allam Holding have officially filed to list SPAC Hassan Allam Investments & Venture Capital on the EGX’s main market, according to an EGX bulletin. The firm is seeking to list 10 mn shares at a nominal value of EGP 1 per share, bringing its total issued capital to EGP 10 mn. The move is pending the necessary paperwork and regulatory approvals.

What’s a SPAC again? A special purpose acquisition company is a type of shell company used by investors to acquire firms. SPACs raise money from the public in an IPO and then use the proceeds to merge with or acquire an appropriate company. Check out our explainer for more on how SPACs work.

REMEMBER- Egypt’s first SPAC — impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East — made its EGX debut in November.

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

REAL ESTATE-

SODIC will develop a 1k feddan-plot in West Cairo, according to a company statement (pdf) announcing the revenue share agreement with Rula for Land Reclamation for the project. The New Sphinx City project is expected to generate over EGP 353 bn in sales, with Rula receiving 21% of the revenues and SODIC the rest.

What they said: “Today's signing marks an important milestone for SODIC. The 1k feddan plot is an exciting addition to SODIC’s portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes,” said General Manager Ayman Amer.

INVESTMENT-

More Chinese investments in textile ahead? Public Enterprises Minister Mohamed Shimi met with a Chinese delegation of 37 investors representing around 25 major textile companies to discuss boosting cooperation between the two countries in the textile sector, according to a ministry statement. Shimi invited the delegation to hold meetings with representatives from state-owned textile companies to discuss potential partnerships in various stages of textile production.

HOSPITALITY-

Milango was tapped to develop the official mobile app for the Great Pyramids of Giza, CEO of the local digital services provider Amr Moustafa said following the signing ceremony with Orascom Investment Holding. The company will announce more information on the matter soon, Moustafa added.

11

PLANET FINANCE

Temporary respite as US-China trade war eases with 90-day truce

The US and China have agreed to a 90-day pause to their trade war after two days of talks in Geneva, with the US slashing tariffs it imposed earlier this year on Chinese goods from 145% to 30% — encompassing the 10% baseline US tariff and an additional 20% linked to fentanyl trafficking — while China lowered its tariffs on US imports from 125% to 10%, according to a joint statement out yesterday.

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

The agreement marks the first meaningful de-escalation since the latest round of tit-for-tat tariffs began in April, when Washington ramped up levies on Chinese goods as part of its “reciprocal tariffs” campaign, prompting an equally aggressive response from Beijing. US Treasury Secretary Scott Bessent said the recent levels had amounted to a de facto blockade of trade between the world’s two largest economies — one that neither side wanted to see hardened into a permanent rupture.

China’s public messaging struck a similarly cautious tone. A white paper published yesterday by state media underscored Beijing’s commitment to mutual respect in trade relations, while vowing to expand its toolkit to counter foreign sanctions and “long-arm jurisdiction.” At the same time, Chinese officials sought to frame the agreement as a win, with ING’s chief China economist Lynn Song noting the lack of direct concessions required of Beijing.

Bessent emphasized that Washington’s approach isn’t about wholesale disengagement. “The US is going to do a strategic decoupling in terms of the items that we discovered during Covid were of national security interests — whether it’s semiconductors, medicine, steel,” Treasury Secretary Scott Bessent told Bloomberg, underscoring the administration’s intent to maintain pressure on critical supply chains while easing tensions more broadly.

The agreement is more of a ceasefire than a lasting settlement: More Talks are expected to continue in the coming weeks, with both parties leaving the door open to extending the three-month truce if progress is made. Bessent hinted that if China were to engage more directly on curbing the fentanyl trade, further relief could be possible. Still, he described it as “implausible” that US tariffs on China would fall below the 10% mark.

Trump said upcoming talks will focus on “opening up” China to American business, noting that many of the tariffs he imposed will remain in place for now. He added that he expects to speak with President Xi Jinping later this week, but cautioned that putting a comprehensive deal on paper would take time.

HOW MARKETS TOOK ALL OF THIS-

American markets rallied on the news, with the S&P 500 jumped 3.3% by the end of trading yesterday, while the Nasdaq finished the day up 4.4% following the news. The USD gained 1.4%.

The rally came at the expense of traditional safe havens, with gold tumbling more 3.5% to USD 3,228 an ounce, pulling back from last month’s record highs, along with some safe-haven currencies.

The VIX index — Wall Street’s so-called “fear gauge” — dropped below the cutoff 20 mark yesterday for the first time since 28 March, suggesting a potential shift toward calmer market sentiment. The VIX rose to a 5-year high of 45.3 on 4 April fueled by Donald Trump’s tariff announcements. The last spike before that was in March 2020 when it reached 85.5 in reaction to Covid.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning. Japan’s Nikkei is up 1.7%, the Shanghai Composite is looking at gains of 0.2%, and Korea’s Kospi is up 0.4%. Meanwhile, the Hang Seng is down 1.3% in early trading.

EGX30

31,577

+0.5% (YTD: +6.2%)

USD (CBE)

Buy 50.44

Sell 50.57

USD (CIB)

Buy 50.45

Sell 50.55

Interest rates (CBE)

25.00% deposit

26.00% lending

Tadawul

11,489

+1.3% (YTD: -4.6%)

ADX

9,639

+0.1% (YTD: +2.3%)

DFM

5,334

+0.4% (YTD: +3.4%)

S&P 500

5,844

+3.3% (YTD: -0.6%)

FTSE 100

8,605

+0.6% (YTD: +5.3%)

Euro Stoxx 50

5,392

+1.6% (YTD: +10.1%)

Brent crude

USD 64.98

+1.7%

Natural gas (Nymex)

USD 3.65

-3.9%

Gold

USD 3,228

-3.5%

BTC

USD 102,595

-1.2% (YTD: +9.5%)

S&P Egypt Sovereign Bond Index

867.2

+0.1% (YTD: +11.5%)

S&P MENA Bond & Sukuk

143.4

-0.1% (YTD: +2.5%)

VIX (Volatility Index)

18.39

-16.0% (YTD: +6.0%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 3.2 bn (29.4% below the 90-day average). Local investors were the sole net buyers. The index is up 6.2% YTD.

In the green: ADIB (+3.6%), Egypt Aluminium (+1.4%), and Abu Qir Fertilizers (+1.2%).

In the red: Qalaa Holdings (-2.9%), TMG Holding (-1.1%), and Orascom Construction (-1.1%).

CORPORATE ACTIONS-

#1- Orascom Development will distribute a dividend of EGP 0.38 per share on the company’s earnings for 2024, amounting to EGP 434.5 mn, according to an EGX disclosure (pdf).

#2- CI Capital will distribute dividends of EGP 0.70 per share, with the first 50% paid on 29 May and the second installment on 25 September, according to an EGX disclosure (pdf).

#3- Qalaa Holdings will hold a general assembly on 4 June 2025 to consider extending the deadline for completing the issued capital increase procedures to 15 September 2025, according to a disclosure to the EGX (pdf).

12

Going Green

Egypt wants to do away with Chinese EV chargers to unify infrastructure

Chinese-standard EV fast chargers are being shut down across Egypt, following the Egyptian Electric Utility and Consumer Protection Regulatory Agency’s (Egyptera) decision to order all public EV fast-charging stations to adopt the European CCS2 protocol — a unified plug and communication standard widely used across Europe and parts of our region. The move, issued late last month, sidelines the bulk of existing fast-charging units that run on China’s GB/T standard — prompting pushback from industry players.

(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 leave around 80% of Egyptian EV users in search of alternative ways to charge, with four fifths of all EVs on Egyptian streets having come from China and much of the EV infrastructure built to cater to these drivers, Federation of Chambers of Commerce’s auto division member Montasser Zaytoon, told EnterpriseAM. The decision to shut them down effectively wipes out most of the country’s already limited charging infrastructure and will hit EV sales as a share of total vehicle sales, he added.

Electricity connections to Chinese fast chargers have already been suspended, a government source told EnterpriseAM, with the issue now under review by a specialized committee in the House.

SOUND SMART- The now-banned GB/T protocol is the fast-charging system used in most Chinese-made EVs, while CCS2 (Combined Charging System Type 2) is the standard used in Europe and much of the Middle East. Both systems are designed for rapid charging, allowing vehicles to power up much faster than regular home chargers — but they are not compatible with each other. A car built for GB/T can’t use a CCS2 charger without an adapter, and vice versa.

The move not only affects Chinese EV owners — but some European EV owners too. Several vehicles on the local market rely on Chinese-standard charging units, market experts told EnterpriseAM, even including certain Mercedes and BMW models manufactured in China and brought in via distributors or personal imports and Volkswagen’s ID4 and ID6.

EV infrastructure investments may also be delayed on the back of the uncertainty, as the sudden policy shift puts significant infrastructure investments at risk, according to head of the Clean Energy Committee at the Cairo Chambers of Commerce’s auto division Ahmed Zein.

Driving Egyptera’s decision to standardize charging protocols is an effort to streamline infrastructure and boost public safety, according to the regulator. Egyptera cited technical complications and potential risks stemming from the coexistence of incompatible Chinese and European systems.

But the Federation of Chambers of Commerce’s auto division is not happy with the move and has already lobbied to maintain the status quo, citing high vehicle prices and the growing popularity of Chinese EVs — now a key alternative for price-sensitive Egyptian consumers amid surging European car prices.

The auto division also submitted an urgent memo to the Electricity Ministry urging a transitional period and protections for existing investments, Zaytoun told us. “We met with the deputy minister to outline how the decision could derail Egypt’s EV market, limit consumer choice, and clash with the state’s clean transport goals. We’re asking that currently operating stations remain in service,” he said.

Alternative approaches are also being put forward by industry players, like auto division member Khaled Saad, who told us that a grace period would also allow Chinese EV agents to work with their parent firms to import dual-standard chargers — compatible with both European fast charging and Chinese home/slow charging. Zein also told EnterpriseAM that current infrastructure should be kept in place while new installations using the Chinese protocol should be blocked to reduce disruptions.

Lawmakers held a hearing last week with industry stakeholders to chart a path forward, with a follow-up session expected this week to review formal requests from auto sector players, our source added.

For now, home charging will have to fill the gap, Zein told EnterpriseAM. The real challenge, he said, emerges during travel and the need for frequent and fast charging.

DATA POINT- The state has been doubling down on EV adoption, with licensed electric vehicles rising to 6.1k in 2024 — nearly double the 3.2k recorded a year earlier — as it works towards localizing EV assembly and curb emissions since 2024.


Your top green economy stories for the week:

  • Ride hailing app JTNY has become the country’s first registered smart EV transport company after parent company Green Valley inked with the Land Transport Regulatory Authority. The luxury and sustainability-minded transport provider will begin with 100 company-owned EVs operating in Cairo and Giza, before expanding to other governorates. (Statement)
  • Egypt will reportedly ink contracts for a USD 50 mn, 20 MW Hurgahada solar plant by mid-2025 with a Japanese consortium that includes Mitsubishi.. The plant will be fully funded through a soft loan from Japan International Cooperation Agency.
  • The International Finance Corporation is looking into providing AMEA Power with USD 600 mn to finance its Abydos 2 solar power project. The package includes USD 120 mn in direct financing from the IFC and USD 480 mn through syndicated loans — the IFC put the project’s total cost at USD 750 mn. (Disclosure)

MAY

13-14 May (Tuesday-Wednesday): Egypt Facility Management Forum, Cairo, Egypt.

18 May (Sunday): Aqarmap’s Egyptian-Saudi real estate summit, at the Nile Ritz-Carlton.

18-19 May (Sunday-Monday): International Monetary Fund MENA Research Conference, Cairo, Egypt

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

22 May (Thursday): Central Bank’s Monetary Policy Committee to meet to decide interest rates

25 May (Sunday): Social Education Summit 2025, Cairo, Egypt

30-31 May (Friday-Saturday): Africa Business Summit, London, UK

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo

May 2025: Egyptian-US Investment Forum

JUNE

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

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

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

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

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

Realme to open smartphone factory

IFC President Makhtar Diop to visit Egypt

JULY

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

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

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

SEPTEMBER

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

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

OCTOBER

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

NOVEMBER

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

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

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

Mid-2025: EGX launches sustainability index.

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

2Q 2025: Safaga Terminal 2 to start operations

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

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

1H 2025: The Egyptian-US Investment Forum.

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

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

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

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

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

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

2027

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

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

EVENTS WITH NO SET DATE

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

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

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

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