Remittances surge in 2024

Tuesday, 25 Feb 2025

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Today at a glance

Economy

Remittances from Egyptians abroad surge 51.3% in 2024.

Manufacturing

Electrolux won’t be exiting Egypt after all.

INVESTMENT WATCH

China’s Haier plans to invest USD 500 mn expanding its complex in Tenth of Ramadan.

INVESTMENT WATCH

Qalaa Holdings inaugurates two factories with combined investments of EGP 427 mn.

Real estate

Housing Ministry sees USD 2.5 mn in deposits within 48 hours of launching Your Home in Egypt initiative.

What We're Tracking Today

The House greenlights draft Criminal Procedures Law.

DEBT WATCH

Tasaheel completes EGP 7 bn social sukuk issuance, Africa’s largest.

ALSO ON OUR RADAR

Cheiron Energy wants to up its oil and gas output.

PLANET FINANCE

It’s Qatar’s turn to stake its claim in global finance.

Going Green

Egypt’s urban heat problems are growing — and the gov’t is searching for solutions.

What We're Tracking Today

Gov’t to launch fresh LNG tender for summer shipments

Good morning, friends. In today’s issue we have the latest remittances figures, fresh investment news, and news of Electrolux deciding to stay in the Egyptian market.

PSA-

Ramadan hours kick in next week: Banks will be open to clients from 9:30am to 1:30pm (9am to 2pm for staff) throughout Ramadan. Shops, restaurants, and cafés will be allowed to stay open until 2am during Ramadan and Eid Al Fitr. Trains will also shift their schedule to better accommodate passengers during Ramadan — the National Railway Authority shared the updated timetable yesterday.

WEATHER- Brace for another cold day in Cairo, with a high of 16°C and a low of 9°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 16°C and a low of 10°C.

Warmer days ahead: The Egyptian Meteorological Authority sees temps rising 2-4 degrees starting Wednesday.

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

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

WATCH THIS SPACE-

Gov’t to launch fresh LNG tender for summer shipments: The Egyptian General Petroleum Corporation is set to launch a tender in 2Q 2025 for additional LNG shipments on behalf of the Egyptian Natural Gas Holding Company, CNN Business Arabic reports, citing an unnamed government official. The planned shipments, which are scheduled for 3Q 2025, aim to meet the heightened summer demand.

ICYMI- Egypt reportedly signed agreements with Shell and TotalEnergies in December to purchase a total of 60 LNG shipments in 2025 for around USD 3 bn. The agreements, which reportedly came into effect in early January, require the two companies to supply around five shipments per month.

IN THE HOUSE-

House kicks off discussions of the redrafted Labor Law today: MPs will weigh in on the bill’s general framework before diving into the details. The draft law, which aims to modernize labor regulations while balancing worker rights and business interests, has already received the green light from the Manpower Committee.

“The draft reflects a new vision that aligns with Egypt’s economic realities,” said Manpower Committee head Adel Abdel Fadil. He described it as a balanced framework that safeguards workers’ rights while creating an attractive climate for investors. The bill addresses a range of workplace issues, from maternity leave and child labor to strikes, working hours, and wage regulations.

ALSO- The House’s Economic Committee will discuss two information requests regarding the procedures for transferring six ports currently under the authority of the Suez Canal Economic Zone to the Transport Ministry to bring all Egyptian ports under one authority, Al Mal reports.

FROM YESTERDAY’S SESSION- MPs give the thumbs up to landmark Criminal Procedures Law: The House of Representatives approved the long-debated Criminal Procedures Law yesterday, concluding four months of extensive discussions on the 544-article legislation. The draft law — which lays out the framework for investigating, prosecuting, and trying criminal cases — now awaits a final vote from MPs in an upcoming session.

A sweeping glance: The bill encompasses six chapters covering criminal prosecution, evidence collection, courts, appeals, enforcement, and international judicial cooperation.

An expanded rulebook: The bill, which initially consisted of 540 articles, recently gained four new articles during the review process. Two of these were proposed and approved in yesterday’s session — one giving the Justice Minister authority to issue executive orders for implementing the law and another reducing death penalties when reconciliation is accepted by victims’ families in accordance with shariah.

HAPPENING TODAY-

#1- Give your little ones the chance to stock trade: EFG Hermes has partnered with KidZania Cairo to introduce the first-ever stock trading experience in MENA region designed for children aged 8-14, according to a joint press release (pdf). The mock stock market will include 35 real companies and allow children to build up their trading portfolios, giving them a taste for investing and stock trading. Trading activities will take place in KidZania Cairo’s new EFG Hermes branch.

What they said: “By partnering with KidZania in Cairo … we are taking a meaningful step toward empowering the next generation with essential financial knowledge in an engaging and interactive manner. Educating children about money, how to manage it, and making it work for them from a young age is crucial for cultivating a new generation that is informed and empowered,” EFG Holding Group Chief Marketing and Communications Officer May El Gammal said.

#2- Everything you need to know about the CEMS Master in International Management: The AUC Onsi Sawiris School of Business and Newton Education Services are hosting a virtual information session on the CEMS Master in International Management today from 7-8pm. The session will explore the program's structure, global network, interdisciplinary curriculum, and career opportunities with input from the program’s Academic Director Marina Apaydin, as well as former and current students. Find the link to register on the school’s LinkedIn page.

THE BIG STORY ABROAD-

It’s shaping up to be a calm morning in international news, with the main focus on the Trump administration’s shift away from traditional EU allies to warmer ties with Russia.

US, EU not on the same page: US President Trump’s meeting with France’s Emmanuel Macron saw the two leaders interrupt each other a few times. Macron insisted Ukraine should be compensated by Russia as the aggressor, and corrected Trump’s statements that Europe “is loaning” the money to Ukraine and will get it back. Meanwhile, Trump said Washington is close to snapping up a share of Kyiv’s natural resources, with Ukrainian President Volodymyr Zelensky visiting in a few days to sign the agreement.

ALSO- Apple announced yesterday it will be investing USD 500 bn in the US over the next four years, in a bid to mitigate the impact of tariffs on its supply chains. Trump confirmed that postponed tariffs on Canada and Mexico “will go forward” when the delay expires next week.

MEANWHILE- The EU agreed to partially lift sanctions on Syria’s energy sector, including oil exports and energy tech imports. (Bloomberg)

*** 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 take a look at some new data on Cairo’s urban heat islands — and delve into the steps the government is taking to address rising urban temps.

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oil and gas

Somabay at ITB 2025: A Destination for Every Traveler

Somabay is making a splash at ITB 2025, bringing its diverse hotel offerings to the global stage. From serene wellness retreats and action-packed adventures to family-friendly escapes and refined seaside stays, our world-class resorts cater to every kind of traveler. Set against the breathtaking backdrop of the Red Sea, Somabay promises unforgettable experiences tailored to your journey. Visit our stand 317 at Hall 6.2 B to discover bespoke stays, exclusive experiences, and the essence of Somabay hospitality.

Economy

Remittances from Egyptians abroad surge 51.3% in 2024

Remittances from Egyptians abroad jumped 51.3% y-o-y in 2024, reaching USD 29.6 bn — up from USD 19.5 bn in 2023, according to a statement from the Central Bank of Egypt (pdf). Inflows from Egyptians abroad increased as they started sending more of their remittances through official channels after the float of the EGP in March last year put an end to the parallel market that had pushed remittance flows through unofficial channels.

Remittances also continued to pace upward in December, doubling on a y-o-y basis to USD 3.2 bn — an all-time high for the month. On a monthly basis, remittances rose 24.5% compared to the USD 2.6 bn recorded in November.

Rising inflation could have played a part: “I believe that the significant increase in inflation over the past two years may have prompted workers abroad to increase the remittances they send to their families to help them cope with the rising cost of living,” Al Ahly Pharos Senior Economist Esraa Ahmed told us.

REMEMBER- Annual headline urban inflation dipped to 24.0% in January, marking a marginal 0.1 percentage point drop from December. The figure marks the nation’s lowest inflation reading since December 2022 when inflation recorded 21.3%, which marked the beginning of an upward trend that has been slowing down for three consecutive months. The central bank decided to extend its inflation targets last December to an average of 7% ±2 percentage points by 4Q 2026 and 5% ±2 percentage points by 4Q 2028.

We had been expecting the monthly drop in November to be a blip: The one-off drop recorded in November compared to the previous month should be little cause for concern, economists and analysts told EnterpriseAM last month, including economist Mona Bedeir, who told us that a “slight monthly decline” should only worry us if it “sustains for the next few months.” HC Securities’ Heba Mounir agreed with Bedeir, noting that “it is just a one-off drop, and should not be considered alarming as long as there is no trend.”

Remittance money makes up a big chunk of our GDP: Remittances are expected to have made up 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 before remittance inflows starting falling with the onset of the FX crisis and appearance of the parallel market taking remittance flows away from official channels.

Egypt is in need of an uptick in remittances, especially considering the roughly USD 7 bn drop in Suez Canal revenues last year spurred on by Houthi attacks on passing vessels that saw the world’s major shipping lines reroute around the Cape of Good Hope. Aside from Suez Canal revenues, increased remittance inflows would help reassure policymakers that there are still other sources of FX it can tap to fund commodity imports, meet external debt obligations, keep the parallel market at bay, assure investors they can repatriate earnings, and improve FX liquidity and by extension the stability of the EGP.

The rebound could be happening soon: Remittances are expected to surpass pre-2022 levels during the current fiscal year, with Morgan Stanley forecasting USD 32 bn in inflows from workers residing abroad in FY 2024-25 (amounting to around USD 8 bn per quarter).

Other sources of revenue have begun to recover as well: Revenues from the tourism sector rose 8.2% y-o-y to USD 4.8 bn in 1Q FY 2024-2025, with the number of tourist nights spent in Egypt up 8.2% y-o-y to 51.6 mn. Meanwhile, Suez Canal Authority head Osama Rabie said this week that 47 ships changed course this month to pass through the Suez Canal instead of sailing around the Cape of Good Hope, and said earlier that he sees Suez Canal traffic gradually normalizing by late March and fully recovering by mid-year.

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Manufacturing

Electrolux won’t be exiting Egypt after all

GOOD NEWS- Leading home appliance maker Electrolux has decided to stay in the Egyptian market, scrapping plans to sell its local operations after a final review, opting instead to ramp up growth and exports, it said in a statement (pdf).

The Swedish giant had been exploring a potential exit since July 2023 but cited strong market fundamentals and brand equity — particularly for Zanussi — as key reasons for staying. CEO Yannick Fierling said Electrolux sees greater value in scaling up its Egypt operations, tapping into rising consumer demand while using the country as an export hub.

The group currently ships to 20 markets and dominates key segments, with Olympic Electric leading in water heaters, Zanussi in automatic washing machines, and Ideal in single-door fridges, Maissam Hannawi, Managing Director of Electrolux Egypt, said.

A 14-year presence: Electrolux has been active in Egypt since 2011 when it acquired Egyptian home appliances manufacturer Olympic Group.

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Manufacturing

INVESTMENT WATCH

China’s Haier plans to invest USD 500 mn expanding its complex in Egypt’s Tenth of Ramadan

Haier to invest USD 500 mn in expanding Tenth of Ramadan complex: Chinese appliance manufacturer Haier plans to inject USD 500 mn over the next five years to expand its industrial complex in Tenth of Ramadan to increase its production capacity 5x, Haier Egypt General Manager Ahmed El Gendi told Al Borsa. Haier will acquire additional land through the Industrial Development Authority and begin operating the second phase of the complex in 4Q 2026.

Remember: Haier laid the foundation stone for the USD 40 mn second phase of its eco-industrial complex in Tenth of Ramadan City last September.

And the preparations for launching the third phase are already underway: The Industrial Development Authority has already allocated 45k sqm for the third phase of the complex, El Gendi said at the time. The third phase will produce 22k air conditioning units a year with an investment of USD 60 mn, El Gendi added.

Between meeting local demand and exporting: The company plans to export 30% of its output with the remaining 70% allocated to meet domestic demand, El Gendi said, adding that the company has started exporting to a number of countries namely Tunisia and Kenya, with plans to soon tap the Algerian and Jordanian markets. He also mentioned plans to export to central African and European markets.

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China Haier investment watch Manufacturing

INVESTMENT WATCH

Qalaa Holdings inaugurates two factories with combined investments of EGP 427 mn

Qalaa Holdings opens new herb drying facility with EGP 400 mn in investments: EGX-listed Qalaa Holdings inaugurated a new herb drying facility for its subsidiary Dina Farms, completing the EGP 400 mn first phase of the project, according to a statement (pdf). The factory has received the needed international certifications to begin production for export, the release added.

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

Qalaa also inaugurated a new EGP 27 mn production line for glass wool pipe insulation at Glass Rock Insulation, a subsidiary of Qalaa’s ASCOM.

Both facilities stand to boost FX revenues: “We expect export revenues from insulation products and the new herb drying facility to reach around USD 40 mn,” Qalaa Holdings founder and chairman Ahmed Heikal said, adding that the company’s export revenues reached USD 47.7 mn in the first nine months of 2024.

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investment watch Manufacturing Qalaa Holdings

Real estate

Housing Ministry sees USD 2.5 mn in deposits within 48 hours of launching Your Home in Egypt initiative

High demand for the Your Home in Egypt initiative: The Housing Ministry received USD 2.5 mn in reservation deposits within 48 hours of opening online reservations for the first phase of the Your Home in Egypt initiative, according to a ministry statement.

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

FX for real estate: The initiative — first revealed in December — aims to generate USD 500 mn in revenue from selling 5k residential units to Egyptians abroad. The highest demand came from expats in Saudi Arabia, the UAE, and Bahrain, Housing Minister Sherif El Sherbiny said in a presser on Sunday (watch, runtime: 22:09). The project is part of the government’s push to generate USD 2 bn from its new real estate export platform this year.

REFRESHER- The Your Home in Egypt initiative provides Egyptians abroad the chance to purchase units priced 3-10% lower than market rates and offers payment plans that extend to 10 years. The initiative spans across 12 developments in the new capital, New Alamein, New Mansoura, 6th of October City, Sheikh Zayed, New Cairo, and other areas. Transfers must be made in USD, and applicants are required to have a foreign bank account that has been active for at least six months.

Making payments easier: Banque Misr, the New Urban Communities Authority and eFinance have signed a cooperation protocol aimed at facilitating payments and collection processes for the initiative, according to a press release (pdf).

The details: Buyers can reserve, contract, and pay for units through a new website developed with Banque Misr, the initiative’s exclusive banking partner. Payments will be collected in USD via international bank cards, exchange offices, and SWIFT transfers.

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Housing Ministry real estate

A MESSAGE FROM THE AMERICAN UNIVERSITY IN CAIRO

Quality, relevance, and impact of higher education: towards a unique student learning experience

The Egyptian higher education market is evolving rapidly, with a greater number of Higher Education Institutions (HEIs), rising tuition, and more diverse specializations. This is coupled with intensified competition for top faculty, staff, and students and a growing societal inclination towards studying abroad.

In this context, one critical question emerges: how can HEIs stand out and provide a truly transformative experience? Drawing on The American University in Cairo’s (AUC) legacy; the answer lies in providing a genuinely transformative learning experience rooted in quality, relevance, and impact.

These elements are manifested in the following six dimensions present at AUC:

1. Legacy and academic rigor: Institutions with a long history are often better positioned to navigate change and challenges. A century of educational expertise inspires confidence among students, faculty, and the broader community. This legacy is reinforced by highly qualified faculty and staff who shape a truly impactful learning experience.

2. Liberal arts combined with a strong portfolio of programs: A higher education experience that integrates the broad foundation of liberal arts with focused specializations like AUC, produces graduates capable of critical thinking and the agility of transferring skills among different careers and professions.

3. Student life and well-being: Whether through advanced research labs, sustainable facilities, or dynamic living spaces, institutions must ensure that their campuses reflect their educational priorities. The balance between academic rigor and character building is upheld by co-curricular activities and a supportive infrastructure which promotes student well-being. AUC has an active center for Student well-being, which is accredited by the International Accreditation of Counseling Services (IACS) as well as a Student Accessibility Services (SAS) unit.

4. International exposure and accreditation: Institutions must embrace internationalization through diverse faculty, student bodies as well as adhering to international standards through accreditations. Almost 50% of AUC’s faculty are international, alongside a vibrant student community with members from over 60 countries and a variety of international accreditations which ensure global relevance and quality.

5. Experiential learning and networking: Institutions like AUC believe that learning is not confined to the walls of classrooms; opportunities such as internships, cooperative education (CO-OP) programs, and real-world projects prepare students for professional opportunities. Furthermore, institutions should provide students with a supportive network; in the case of AUC, graduates join more than 48k prominent alumni who are leading impactful roles in various fields in Egypt and worldwide.

6. An inclusive student financial support model: Educational excellence must be accessible to the best talent regardless of financial ability. At AUC, we truly believe this and, to ensure that AUC is always accessible to the most outstanding students, the university offers a diverse set of competitive and generous student financial support opportunities.

Higher education is about unlocking potential, critical thinking, and inspiring individuals to create positive change. By focusing on quality, relevance, and impact, institutions can shape a generation of leaders and problem-solvers who are ready to navigate the complexities of the modern world.

Ahmed Abdel-Meguid

Associate Provost for Enrollment Management and Professor of Accounting at the Onsi Sawiris School of Business

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AUC

DEBT WATCH

Tasaheel completes EGP 7 bn social sukuk issuance, Africa’s largest

Tasaheel takes EGP 7 bn worth of social sukuk to market: Tasaheel Finance Company completed a EGP 7 bn social sukuk issuance, marking the largest issuance of its kind in Africa, according to press release (pdf) from the transaction’s financial advisor CIB.

(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: The issuance was 1.2x oversubscribed. The issuance was rated A by Middle East Rating and Investors Service (MERIS) and received a top-tier sustainability rating (SQS1) from Moody’s.

Who bought in? Among those who subscribed to the issuance were First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Bank ABC, and SAIB Bank.

What they said: “This issuance represents a milestone in Egypt’s sustainable finance journey,” said CIB Deputy CEO and Managing Director Amr El Ganainy. “We remain committed to financial innovation and inclusion. Through our partnership with Tasaheel, we are reshaping the landscape of Islamic and structured finance, providing financial solutions that drive sustainable development and serve local communities.”

Advisors: CIB, Arab African International Bank (AAIB), Banque du Caire, Al Baraka Bank, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, SAIB Bank, and Bank ABC were underwriters. Meanwhile, CI Capital and AAIB were advisors and co-arrangers. Matouk Bassiouny & Hennawy provided legal counsel, and KPMG was the auditor. Elite Financial Services was independent advisor and the Arab African Investment Management Company was investment manager.

IN OTHER DEBT NEWS-

Attijariwafa Bank Egypt secured USD 20 mn from the International Finance Corporation in tier 2 subordinated debt to strengthen its capital base and expand financing for SMEs and climate projects, according to a statement. The capital injection will enhance Attijariwafa Egypt’s lending capacity, with a focus on women-owned businesses and climate finance.

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debt debt watch sukuk Tasaheel

EARNINGS WATCH

Talaat Moustafa Group’s net income more than quadruples to EGP 14.5 bn in 2024

TMG’s net income climbed 4.4x last year: Real estate giant Talaat Moustafa Group Holding (TMG) reported a net income of EGP 14.5 bn in 2024, a 4.4x y-o-y increase from EGP 3.3 bn in 2023, according to the company’s latest earnings statement (pdf). The company’s revenues jumped 50% y-o-y to EGP 42.6 bn during the period.

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

The hospitality sector was the main driver of growth, recording total revenues of EGP 11.5 bn in 2024, up 225% y-o-y. This increase was underpinned by the group’s acquisition of a majority stake in Legacy Hospitality last year, which generated some EGP 719 mn of additional net income.

ICYMI- TMG’s subsidiary Icon Investments inked the final contract for acquiring a 51% stake in Legacy Hospitality — a group of seven historic hotels — back in February 2024.

Also supporting top line growth: Revenues from recurring income streams — malls, sporting clubs, utilities, contracting, and other services — grew 101% y-o-y in 2024, while the development sector’s revenues climbed 14% y-o-y. TMG also recorded significant net foreign currency gains in 2024, including USD 255 mn in hospitality revenues and SAR 5.1 bn in real estate sales booked in Saudi Arabia.

A strong year for sales: The company’s record 2024 sales of EGP 504 bn were fueled by the Benan sustainable city project in Saudi Arabia, which generated over EGP 68 bn in sales during the year, and the North Coast’s SouthMed, which has recorded EGP 281 bn in sales since its launch in July. TMG sold a total of 29k units in 2024, up from 17k in 2023, accounting for 43% of all sales made by the country’s top real estate developers.

Sound smart- In real estate, sales ≠ revenues: Most real estate companies book a sale when you sign a contract to buy a home, but only record (some or all) of the value of the unit they sold when they (a) deliver the unit to you or (b) hit a percentage of completion of the overall project.

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earnings watch Talaat Moustafa Group

ALSO ON OUR RADAR

Bokra has EGP 20 bn worth of sukuk issuances in the pipeline

DEBT-

Local fintech startup Bokra plans to issue EGP 20 bn in sukuk across five offerings this year, founder and CEO Ayman Elsawy said during a presser attended by EnterpriseAM. The firm is expected to take its first EGP 3 bn issuance to market within a month.

Also in the pipeline: Bokra is gearing up to launch two investment funds, one focused on real estate and another on precious metals, in 1H 2025.

ENERGY-

Cheiron Energy plans to increase its oil and gas output by 33% by the end of 2025, bringing output to 160k barrels of oil and gas equivalent per day, an unnamed company official told Al Arabiya. The company is set to pump USD 300 mn into drilling and exploration this year, including drilling seven new exploratory wells and engaging in further exploration in three newly acquired blocks in the Western Desert.

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

The company has been looking to expand in Egypt as of late: We got word late last year that Cheiron was eyeing further investments in Egypt’s oil and gas sector, with the company securing a USD 80 mn syndicated loan in December and another USD 75 mn syndicated loan in February to fund further exploration activity.

CONSTRUCTION-

Orascom Construction to build AUC’s campus extension: Orascom Construction will build the American University in Cairo’s 65-feddan expansion, which is set to include what have been dubbed the NextGen Student and Learning Living Spaces, as well as the Technology, Research, and Innovation Lab Building, and the Extended Education Hub, the company said in a statement (pdf). The project will feature five new buildings, an underground service tunnel, and infrastructure and landscaping works, all built in line with sustainable and green architectural standards

FINTECH-

Concrete Plus to launch Ultratech Plus with EGP 100 mn in initial investments: Local construction company Concrete Plus will make an initial investment of EGP 100 mn to launch fintech startup Ultratech Plus, which will specialize in digital financial services, according to a statement (pdf). Ultratech Plus will introduce a social financial app, digital solutions for SMEs, and financial solutions for the logistics and heavy transport sectors in its first phase.

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ALSO ON OUR RADAR Cheiron Energy Concrete Plus construction energy Fintech oil and gas Orascom Construction

PLANET FINANCE

It’s Qatar’s turn to stake its claim in global finance

Qatar wants a slice of the cake: It’s Qatar’s turn to stake its claim in global finance, as its sovereign wealth fund pours capital into firms, drawing financiers to set up shop in Doha in exchange for backing, the Financial Times writes.

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

The Qatar Investment Authority (QIA) has already committed nearly half of its USD 1 bn fund-of-funds to attract VCs, aiming to turn the country into a regional VC hub. “There is a different level of engagement when [the partners] are prepared to invest into the country and help diversify your own economy,” said Mohsin Pirzada, head of funds at the QIA.

The Gulf state is following in the footsteps of its regional rivals, Saudi Arabia and Abu Dhabi, which have used their sovereign wealth funds to bring global finance players into their markets. Saudi Arabia’s Public Investment Fund and BlackRock launched BlackRock Riyadh Investment Management last year after the PIF committed USD 5 bn to BlackRock and Abu Dhabi has become a magnet for hedge funds and asset managers like Brevan Howard and PGIM.

Now, Qatar’s making its own push — backing six VC firms so far, including Builders VC and B Capital. Two have already opened offices in Doha, while the others are finalizing their move.

Qatar isn’t just looking at venture capital — it also wants private equity-backed companies to set up shop. “If these underlying companies want to expand into the Middle East, then we would roll out the red carpet and say, consider Doha as a choice,” Pirzada said.

Qatar’s latest play for venture capital aligns with other Gulf nation’s ambitions to diversify their economies, with Pirzada calling the intra-regional competition to attract fund managers “healthy.”

PLUS- JPMorgan muscles into the USD 2 tn private credit market: The largest US bank is setting aside some USD 50 bn of its own capital, and another USD 15 bn from outside investors, to lend directly to private equity-backed firms, Financial Times reports. CEO Jamie Dimon framed the move as giving corporate clients “more options and flexibility from a bank they already know.” While rivals like Citigroup have partnered with private credit giants, JPMorgan is leveraging its own balance sheet to bypass traditional debt markets.

MARKETS THIS MORNING-

Asian markets are broadly in the red in early trading this morning — Japan’s Nikkei is down 1%, the Shanghai Composite is looking at losses of 0.5%, the Hang Seng is down 1.9%, and the Kospi is down 0.2%.

EGX30	30,925	-0.3% (YTD: +4.0%)
USD (CBE)	Buy 50.55	Sell 50.69
USD (CIB)	Buy 50.55	Sell 50.65
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,319	-0.6% (YTD: +2.4%)
ADX	9,595	-0.2% (YTD: +1.9%)
DFM	5,335	-0.5% (YTD: +3.4%)
S&P 500	5,983	-0.5% (YTD: +1.7%)
FTSE 100	8,659	0.0% (YTD: +6.0%)
Euro Stoxx 50	5,454	-0.4% (YTD: +11.4%)
Brent crude	USD 74.88	+0.6%
Natural gas (Nymex)	USD 3.99	-5.7%
Gold	USD 2,969	+0.5%
BTC	USD 93,246	-2.7% (YTD: +0.1%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 3.7 bn (1.9% above the 90-day average). International investors were the sole net sellers. The index is up 4.0% YTD.

In the green: Orascom Development Egypt (+5.6%), Sidpec (+3.9%), and Orascom Construction (+1.2%).

In the red: Juhayna (-2.5%), EFG Holding (-2.3%), and Rameda (-1.8%).

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Financial Markets JPMorgan Planet Finance Qatar

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Going Green

Egypt’s urban heat problems are growing — and the gov’t is searching for solutions

Yes, Cairo summers are indeed getting hotter — and there’s hard data to prove it. The Urban Heat Snapshot (pdf) from British engineering consultancy Arup confirms what every Cairene already knows: the city is trapping heat at an alarming rate. The report takes a data-driven, street-level approach to understanding how heat is distributed across different urban environments, identifying the worst hotspots and highlighting cooling solutions that actually work.

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

The method: Arup’s researchers analyzed a 150 sq km area in each city, selecting the hottest day of a recent extreme heat event and breaking the city down into 60k sqm hexagonal grids. Using their UHeat climate modeling tool — designed to capture how people actually experience heat, not just surface temperatures — they factored in variables like building heights, reflectivity, green and blue spaces, impermeable surfaces, and population density. The results offer a stark picture of how some neighborhoods are turning into heat traps, while others — through smarter urban planning — stay significantly cooler.

The findings: The study found that Boulaq El Daqrur is Cairo’s ultimate heat sink, registering temperatures a full 5°C higher than its surroundings at the peak of a June 2022 heatwave. The culprit? A complete lack of green space or water. On the other end of the spectrum, Qorsaya Island — where nearly 60% of the surface is covered in vegetation and water — was 6°C cooler than the city’s worst heat pockets.

This isn’t just a Cairo problem — climate change is turning up the heat across Egypt. The World Bank estimates that by mid-century, Egypt could see 1.5-3°C temperature increases, along with an average of 40 extra scorching-hot days per year. That means more extreme heat, longer heatwaves, and higher risks for vulnerable communities.

Urban de-greening has exacerbated the issue: According to a Reuters piece published last year, the three years leading up to 2020 saw Cairo lose some 911k sqm of green space as the government carried out projects to expand main roads, slashing the governorate’s trees in the process. This has left the country with 1.2 sqm of green space per capita — far below the World Health Organization’s recommended 9 sqm. This loss of green space and the resulting “urban heat island” effect can have significant health implications, something that will only be exacerbated as heat waves become more frequent with climate change.

THE GOVERNMENT’S RESPONSE-

The gov’t is responding by aiming to build smarter, cooler cities: Egypt’s urban planners are taking note of concerns about heat safety — and doubling down on green architecture to combat rising temperatures. A government source at the Housing Ministry told EnterpriseAM that the country’s urban expansion strategy is prioritizing climate-resilient construction.

The push for green architecture isn’t new: Egypt started integrating sustainability measures into its new cities as early as the 1990s, incorporating tree cover, spatial planning, and urban aesthetics. But now, with extreme heat becoming a growing threat, the approach is getting a major upgrade.

COP27 was the turning point: Egypt’s green-building push got a major boost at COP27, where policymakers emphasized the importance of environmentally friendly construction materials and better building standards to improve climate resilience. Since then, urban planners have accelerated efforts to develop new, climate-conscious communities — especially in desert-adjacent areas — which the government sees as crucial buffers against climate change, according to the source.

The shift isn’t just about aesthetics: The Housing Ministry is revising its building codes to integrate low-cost green construction into the country’s expanding smart city strategy, a government official told EnterpriseAM. The move aims to reduce energy consumption and promote sustainability by mandating the use of recycled natural materials and higher-efficiency raw materials in new urban developments.

Meet Egypt’s new wave of green cities: Four cities — Hadayek Al Asimah, New Obour, New Aswan, and Hurghada — are leading the charge of integrating green building codes into their master plans. These cities are part of a broader push to relocate informal settlements and high-density areas into developments designed with climate-smart materials, architectural solutions tailored to local conditions, and enhanced green spaces. So far, over 25k housing units have been built with these sustainability principles, with more on the way.

Private developers are also catching on: It’s not just the government pushing for greener cities; the private sector is also stepping up, the Housing Ministry official told us. Real estate developers are expanding green spaces in their projects, boosting water efficiency, and implementing waste recycling systems to reduce environmental impact. This shift is driven by both regulatory changes and market demand as more homebuyers seek energy-efficient, sustainable housing.

Solar power is taking off: Egypt’s new urban communities are also seeing a surge in solar energy adoption, thanks to government incentives that have slashed the cost of solar panels. With low-voltage rooftop solar stations now encouraged for residential use, more homeowners are investing in clean energy solutions.

Sustainable materials = better cooling: Building materials are also a key part of the equation. Tarek El Sokkary, director of the Raw Building Materials and Technological Processing Research Institute, told EnterpriseAM that his team is working on low-emission construction materials that help regulate heat while reducing thermal emissions.

Clay bricks, for instance, are gaining traction as an alternative to traditional materials. The bricks’ thermal properties help keep buildings cooler by reflecting sunlight and retaining cool air, head of the Federation of Egyptian Industries’ Refractories and Bricks division Ali Singer told EnterpriseAM. He also pointed out that the Western Desert holds vast reserves of raw materials, which would help reduce reliance on imported construction inputs.

Egypt’s urban footprint is expanding: These initiatives are part of Egypt’s broader smart cities strategy, which aims to increase the country’s urbanized land from 7% in 2014 to 16% by 2030. That shift is giving private developers a bigger role in shaping sustainable urban growth, particularly as some national megaprojects slow down.

A helping hand: The Housing Ministry is set to unveil the results of a nationwide green housing design competition soon, with winning designs expected to be incorporated into upcoming residential projects, our source said.

Tags:

Climate climate change going green

CALENDAR

FEBRUARY

24-26 March (Monday-Wednesday): Sports Expo 2025, Egypt International Exhibition Center, Cairo, Egypt.

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

MARCH

3 March (Monday): Central bank to publish foreign reserve data for February.

4 March (Tuesday): Egypt will host emergency Arab League summit on Gaza.

4 March (Tuesday): S&P Global to release Egypt’s PMI figures for March.

10 March (Monday): Capmas expected to release inflation data for February.

Arla Foods’ deadline for Domty acquisition offer.

Operation of phase one of the Amotope wind farm.

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

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

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

APRIL

10 April (Thursday): Capmas expected to release inflation data for March.

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

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

Saxony Delegation visit to Egypt.

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

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

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

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

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

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

MAY

10 May (Saturday): Capmas expected to publish inflation data for April.

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

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

Egyptian Exporters Association (Expolink) exhibition, Italy

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

JUNE

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

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

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

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

JULY

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

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

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

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

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

AUGUST

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

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

SEPTEMBER

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

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

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

NOVEMBER

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

DECEMBER

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

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

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

EVENTS WITH NO SET DATE

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

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

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

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

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

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

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

1Q 2025: The Egyptian-Italian business forum

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mid-2025: EGX launches sustainability index.

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

2Q 2025: Safaga Terminal 2 to start operations

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

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

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

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

1H 2025: The Egyptian-US Investment Forum.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2026

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

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

2027

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

EVENTS WITH NO SET DATE

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

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

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

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