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Tuesday, 18 Nov 2025

What We're Tracking Today
Debt Watch
Poll
Tax
Logistics
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar

Strong investor appetite for our second local sovereign sukuk issuance

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Today at a glance

1

LAST NIGHT’S TALK SHOWS

First phase of House elections face potential annulment.
2

DEBT WATCH

Our second local sukuk issuance was 11x oversubscribed.
3

POLL

Analysts split on interest rates ahead of CBE meeting.
4

Tax

FinMin to introduce a new income tax law next year.
5

What We're Tracking Today

Remittances surged 30.9% y-o-y to USD 3.6 bn in September.
6

Logistics

A new terminal in Sokhna?
7

EARNINGS WATCH

CIRA Education sees net income jump fourfold during FY 24-25.
8

Also on our Radar

NBE is looking into setting up shop in Iraq.
9

PLANET FINANCE

BTC sinks below USD 92k as traders brace for a deeper slide.
10

Going Green

Egypt’s air quality shows early improvement, but can it last?

Tuesday, 18 Nov 2025

What We're Tracking Today
Debt Watch
Poll
Tax
Logistics
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar
1

What We're Tracking Today

Remittances surged 30.9% y-o-y to USD 3.6 bn in September

Good morning, friends. It’s another busy morning here in Egypt, with a few stories competing for your attention — in a first for the country, the first round of the parliamentary elections could be deemed null after El Sisi called on the authority in charge to investigate claims of fraud, our second local sovereign sukuk issuance was 11x oversubscribed as investor appetite for the instrument show no sign of weakening, and analysts are divided over what the CBE will do when it reviews rates later this week.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 25°C and a low of 15°C.

WATCH THIS SPACE-

#1- Banking goes digital: The Central Bank of Egypt is preparing to roll out “Haweyeti,” a digital banking platform that allows users to set up bank accounts and conduct financial transactions electronically, Sub-Governor for Cybersecurity Sherif Hazem said.

#2- The CIT Ministry launched a new service allowing individuals to access their credit reports and credit scores through the Digital Egypt Platform, in partnership with credit bureau I-Score, according to a ministry statement. The service gives users instant secure access to their credit data without the need to physically visit banks’ or lenders’ branches.

DATA POINT-

#1- Remittances surged 30.9% y-o-y to USD 3.6 bn in September, continuing their post-EGP-float momentum with 19 consecutive months of y-o-y growth, according to a statement (pdf) from the Central Bank of Egypt. Over the first nine months of 2025, remittances soared 45.1% y-o-y to a record USD 30.2 bn.

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

It’s not just the post-float collapse of the parallel market driving remittances, but rising inflation also. Many Egyptians abroad have continued to increase the amount they send to their families at home to meet the rising cost of living for Egyptian households, one analyst told EnterpriseAM.

#2- The New Urban Communities Authority has so far collected EGP 13 bn in fees imposed on real estate developers for projects in the North Coast, a government official told Asharq Business.

REMEMBER- Local and foreign developers with projects in the North Coast were hit with newfees over the summer. Local developers were charged a standardized EGP 1k per sqm fee on land used for tourism developments, while foreign developers faced a flat USD 20 per sqm fee. Foreign players are currently in negotiations with the government to settle their dues in EGP.

HAPPENING TODAY-

The National Elections Authority will hold a presser today at 2pm to announce the results of the first phase of the House elections, which wrapped up last week. The presser should give more details about the status of the elections after President Abdel Fattah El Sisi called on the authority to look into alleged fraud in the voting process.

^^ We have more on El Sisi’s directives in the news well, below.

HAPPENING THIS WEEK-

Egypt will host a high-level delegation this week to review investment plans for the Climate Investment Fund’s (CIF) industry decarbonization program, according to a statement. The delegation will include representatives from the CIF, European Bank for Reconstruction and Development, African Development Bank, World Bank, and International Finance Corporation.

On the agenda: The delegation will meet with stakeholders to review Egypt's industrial carbon reduction plans, explore how to implement the program effectively, and hopefully approve the country’s investment plans under the program.

IN CONTEXT- Egypt is among the seven countries selected to benefit from the USD 1 bn developing nations-focused package, receiving USD 250 mn in concessional financing to support projects that reduce industrial emissions. This comes alongside a USD 500k technical assistance grant and additional funding from development banks and private sector partners.

SUKUK WATCH-

Weekly sukuk roundup: The yield to maturity on our February 2026 sovereign sukuk fell to 6.35% last Friday, down from 6.61% the week before, according to the Egyptian Financial Company for Sovereign Taskeek’s weekly report (pdf). Sovereign sukuk prices were almost unchanged at USD 101.22, compared to USD 101.24 a week earlier.

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THE BIG STORY ABROAD-

The Epstein files are still taking Washington, DC by storm, pushing even US President Trump to walk back his earlier stance and call for Republicans to release the full stack of documents to the public. Trump’s call comes amid wide defection in the ranks of the House’s Republicans who were poised to vote in favor of a bill to release the files.

The heat is intensifying against names mentioned in the batch released days before, with former US Treasury secretary and ex-Harvard president Larry Summers announcing yesterday he’ll step back from public commitments to take responsibility for his “misguided” actions. (Financial Times | CNBC | CNN)

CLOSER TO HOME- The UN Security Council passed a resolution endorsing Trump’s 20-point ceasefire plan for Gaza, authorizing an international stabilization force in the enclave to demilitarize and destroy military infrastructure, and calling for a “Board of Peace” to govern Gaza in a transitional period and oversee reconstruction and economic recovery.

Hamas rejected the resolution, saying it “does not meet the level” of Palestinian political and humanitarian demand, and “imposes a mechanism to achieve the occupation’s objectives.” (Associated Press | Washington Post | Reuters)

ALSO WORTH NOTING THIS MORNING-

  • Amazon will raise USD 15 bn in its first USD-denominated bond offering in three years to fund AI infrastructure expansion. (Reuters)
  • Bangladesh’s ousted PM Sheikh Hasina was sentenced to death, following a trial in absentia over protests crackdown. (BBC)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’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 dive into recent improvements in Egypt’s air quality.

Tags:

The Opening of The Kaktus Hotel marks a new destination in Somabay, inspired by active lifestyle and culinary destination offerings. The Kaktus has finally bloomed on the Red Sea.

#Lovesomalivekaktus

2

DEBT WATCH

Egypt’s second local sukuk issuance was 11x oversubscribed

Second local sovereign sukuk issuance met with strong investor appetite: The country’s second local sovereign sukuk issuance was 11x oversubscribed, attracting an order book of EGP 33 bn, according to official auction data seen by EnterpriseAM. The three-year EGP 3 bn ijara issuance — a leasing-based Islamic security — is the second tranche of the country’s first-ever local sukuk offering.

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

About the issuance: The auction drew 31 offers, and the high demand brought the yields to 21.2% — slightly below the first tranche’s 21.6%. Despite the high demand, the Finance Ministry only accepted a single order for EGP 10 bn at a yield of 21.5%.

Four Gulf banks subscribed to the issuance, reflecting intensifying regional appetite for sharia-compliant public debt, a government source told EnterpriseAM.

We’re sensing a trend: The first tranche of our maiden local sukuk issuance was almost 5x oversubscribed, attracting an order book of EGP 14.9 bn earlier this month. The Finance Ministry received 63 offers from banks participating in the auction but only accepted 10, covering its EGP 3 bn target.

Reshaping the debt market: “We are witnessing a restructuring of the domestic debt market, with sukuk attracting strong interest from banks,” the source told us, adding that the instrument is opening the door to new classes of Islamic and regional investors.

What’s next: Government sources told EnterpriseAM earlier this week that the Finance Ministry is gearing up to launch three sukuk issuances in December totaling EGP 14 bn, before shifting to weekly sukuk offerings starting in 3Q of the current fiscal year.

We knew this was coming: A senior government official told EnterpriseAM last week about the offering, adding that its settlement is scheduled for the following day.

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3

POLL

Analysts split on interest rates ahead of CBE meeting

Will the CBE cut rates again on Thursday? Analysts and economists polled by EnterpriseAM are divided about whether the central bank will cut interest rates when its Monetary Policy Committee meets on Thursday. Four out of the 11 analysts we surveyed expect a 50-100 bps rate cut, while five see policymakers leaving rates unchanged, and the remaining two undecided, saying their decision depends on how inflation and policy priorities evolve.

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

REMEMBER- The CBE cut interest rates 100 bps in its sixth meeting of the year in October, extending the easing cycle it resumed in April after a brief pause in July.

Where rates stand now: The overnight deposit rate is currently at 21.00%, the overnight lending rate at 22.00%, and the main operation and discount rates at 21.50%.

Inflation raises the odds of a hold: Last month’s inflation reading limited the central bank’s room to continue cutting rates, several analysts told EnterpriseAM. Annual urban inflation rose 0.8 percentage points in October to 12.5%, driven by higher fuel, food, and beverage prices.

In context: Al Ahly Pharos’ Hany Genena expects the CBE to keep rates unchanged this week in light of accelerating inflation. EFG Hermes’ Mohamed Abu Basha echoed this sentiment in comments to EnterpriseAM, noting that higher rents following changes to the Old Rent Law and the still-unclear impact of last month’s fuel price hike all point toward the central bank keeping rates unchanged for now.

But several analysts still see room for a cut: “Our base case for the November meeting is a 100 bps cut,” said economist and Kent Business School Advisor Ali Metwally. EG Bank board member Mohamed Abdel Aal also penciled in a 50-100 bps cut this week.

There’s more to it: “Policymakers still have room to continue the easing cycle,” Capital Economics’ James Swanston wrote in a research note seen by EnterpriseAM. The firm expects a 100 bps cut this week. The macro backdrop remains supportive of easing thanks to improving inflation dynamics, FX stability, and stronger foreign inflows amid renewed appetite for T-bills, Metwally said. Continued cuts would balance growth momentum with inflation control and help steer inflation toward the 7% (±2%) target by the end of 2026, Abdel Aal added.

Other motivations for further easing include the global trend toward looser monetary policy — including by the US Federal Reserve — which gives Egypt more room to cut without undermining foreign investment, Abdel Aal added. Lower rates would also ease the cost of borrowing, supporting investment and reducing pressure on the state budget, he said.

The CBE should keep rates unchanged, but will it? Banking expert and former chairman of Industrial Development Bank Maged Fahmy told EnterpriseAM that “technically, the central bank should at least keep rates on hold, because inflation is high and expected to rise further.” He added that headline inflation “could increase even more in the coming period,” which would normally argue against further monetary easing. Still, Fahmy said the central bank may choose to continue cutting for broader policy reasons. The US Federal Reserve “cut rates even though inflation had not fallen, saying clearly it was targeting the labor market,” he noted, adding that Egypt could follow a similar approach: “the government is targeting the budget deficit, so it is possible they continue lowering rates.”

Some see cuts, but not now: Thndr Securities’ Esraa Ahmed told us that the “current inflation levels allow room for a 100 bps cut before year-end but with rising pressures, we think the CBE could prefer to hold rates at its next meeting.”

“Although the central bank may keep rates unchanged in the November meeting, we believe there is room for a 100 bps cut to stimulate the economy and the private sector,” HC Securities’ Heba Mounir told us. She attributed this to the strength of Egypt’s external position, including the rise in net foreign reserves to a record USD 50.1 bn in October, the improvement in banks’ net foreign assets, the jump in remittances in August, the drop in Egypt’s one-year CDS spreads, and the rebound in Suez Canal revenues in November — all factors that helped the EGP strengthen nearly 8% against the USD so far this year.

Some are on the fence: Former Banque Misr Vice Chairman Sahar Al Damati expects the CBE to either hold rates or slash them by 100 bps. She told EnterpriseAM that the first scenario — a hold — reflects the impact of recent fuel price hikes on inflation. However, if the CBE opts to cut, she said it would be driven by broader economic stability, improved FX conditions following Egypt’s c. USD 30 bn agreement with Qatar to develop Alam El Roum.

AFTER THIS WEEK’S MEETING-

Most analysts expect rate cuts to continue through the final quarter of the year. Beltone Holding’s Head of Research Ahmed Hafez sees a 100-150 bps cut over the full quarter. “We are not certain about timing — it could be November or December,” he said. December’s meeting is expected to bring another 100 bps cut, followed by a cumulative 800 bps in cuts in 2026, according to Swanston. Genena sees room for a 100-200 bps cut in December, while Metwally expects an additional 50-100 bps cut if inflation remains within its current range.

Inflation outlook: Inflation is expected to continue accelerating through year-end. Capital Economics projects average inflation of 13% in 4Q. Hafez expects headline inflation to rise to 14% in November and December due to the lingering impact of fuel price hikes and a possible further VAT increase on cigarettes. Abu Basha sees inflation rising to 14.1%, then 14.3% by year-end, adding that any potential changes to rental rules could push inflation higher.

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4

Tax

Egypt to introduce a new income tax law next year

A new income tax law in the making? The Finance Ministry is drafting a new income tax law after two years of stability in tax policy, a high-level government source told EnterpriseAM. A draft of the new law will be presented for community dialogue in preparation for its referral to the House of Representatives next year as part of a package of tax amendments aimed at aligning the new law with global tax frameworks, according to another government source.

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

REMEMBER- Back in 2021, the Finance Ministry had plans to introduce a new income tax law before postponing it due to global unrest.

Why a new income tax? Given the economy's openness to foreign investment and its high flexibility, a new income tax act is necessary, as taxes significantly influence investment decisions. The new act will keep pace with global and local developments in the tax system given two years of tax reform, the issuance of the first package of tax facilities, and the progress seen with digital transformation.

The new law aims to achieve four main goals: Broadening the tax base by incorporating the informal economy, raising the efficiency of tax administration, rationalizing tax spending, and ensuring that the public treasury's dues are not foregone in favor of other countries.

What else? It will also redesign the tax brackets to become fairer through the imposition of a progressive tax that aligns with current income levels, aiming to reduce the burden on low-income groups and small business owners and enterprises.

No change to the current tax rate: The current tax rate of 22.5% and 27.5% for high-income earners will remain unchanged in order to protect investments that were planned based on the current law. Projects, too, will enjoy the same tax rates and tax treatment throughout their lifespan.

Preferential tax treatment for sectors earmarked for localization: The Finance Ministry may approve preferential tax treatment for sectors earmarked for localization, which could be temporary or permanent.

New tax rules for foreign enterprises: The draft law will include updated rules for calculating taxes imposed on foreign enterprises to prevent tax avoidance, another government source told EnterpriseAM.

The ministry will also impose new tax rules on corporate restructuring to prevent tax evasion, according to the source.

The draft law will include the imposition of a 2-5% carbon tax, which will align with the EU’s Carbon Border Adjustment Mechanism (CBAM) to capture revenue that would otherwise flow abroad.

A new law to settle tax disputes: The ministry is also working on a new law that aims to bring an end to all existing tax disputes in 2026. It will initially be valid for one year, with the possibility of extension.

The tax policy document is currently being redrafted to align with the state's investment strategies and the new National Narrative for Economic Development, according to the source. The Finance Ministry postponed presenting the document for community dialogue, with the aim of ensuring its alignment with the global tax system and the goals of the Egyptian economy, according to the source.

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5

Logistics

A new terminal in Sokhna?

Sky Ports to set up a new terminal in Sokhna: The Suez Canal Economic Zone inked a MoU and licensing agreement with Sky Ports to develop and operate a multi-purpose terminal in Ain Sokhna Port, according to a statement. The investment figure for the new terminal or project timeline was not disclosed.

(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: Under the MoU, the Sky Investments Holding subsidiary will conduct the required studies for the establishment, operation, and maintenance of the terminal. The two parties also inked a usufruct agreement to develop a berth and logistics area at the port over a period of 18 months — to follow the completion of the project’s technical study.

On the cards: The new terminal will include a 588-meter-long quay for receiving vessels and a 250k-sqm logistics yard to support cargo operations. In addition to this, the terminal will feature some 100k-sqm of warehouses within the Sokhna Industrial Zone. The hub is set to be directly linked to an integrated customs yard at the port in a bid to ease the flow of goods.

PLUS- The terminal is slated to handle some 2 mn tons per annum in its first phase of operations — serving key shipping and trade routes between the GCC, East Africa, and Asia.

IN OTHER LOGISTICS NEWS-

Shipping giants brace for tough 4Q: Global shipping companies are bracing for weaker-than-expected 4Q earnings, with global majors now lowering their forecast for the year-end. The headwinds appear to come on the heels of concerns of cooling demand and freight rates, coupled with an expected uptick in supply as new ships enter service and boost available capacity.

This could be bad news for Egypt, as weaker 4Q earnings might mean a slow return to the Suez Canal. With spot rates for containers falling more than 50% this year, shipping lines are incentivized to maintain their current voyages around the Cape of Good Hope over fears that a return to the shorter Red Sea route “would flood the market with capacity and cause freight rates to plunge even lower,” freight analytics firm Xeneta’s chief analyst Peter Sand told Bloomberg.

In perspective: A return to the Red Sea route would loosen up some 6% to 7% of the world’s shipping capacity at some 2 mn TEUs that are otherwise tied up due to the long distance of the Cape of Good Hope route.

We have been expecting Suez Canal transit to pick up in early 2026 — driven by the easing of regional tensions and a positive regional growth forecast from the IMF.

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6

EARNINGS WATCH

CIRA Education sees net income jump fivefold during FY 24-25

Our friends at CIRA Education reported a near fivefold y-o-y increase in normalized net income during the fiscal year 2024-2025 to EGP 295.7 mn, according to the EGX-listed education services provider’s latest earnings release (pdf). The jump was supported by a 41% y-o-y increase in revenue during the period to EGP 3.9 bn, driven by continued growth in student enrollment.

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

Driving the growth: Tuition fees — which represented 91.7% of CIRA’s total revenues — rose 40% y-o-y to EGP 3.5 bn during the year. Higher education remained the main growth driver, with revenues climbing 49% y-o-y to EGP 2.7 bn, backed by “strong demand at Badr University campuses in Cairo and Assiut, along with contributions from Saxony Egypt University.” The K-12 segment generated EGP 1.2 bn in revenues, up 25% y-o-y, as student numbers rose to 35.6k with a record 94% utilization rate. The nursery segment also expanded, with student enrollment growing 28% y-o-y to 852.

What they said: “FY 2024-25 stands as a landmark year for CIRA Education, one that will be remembered for its scale of achievement, resilience, and transformative direction. Despite one of the most challenging operating environments in recent history, CIRA delivered exceptional results,” CEO Mohamed El Kalla said.

CORRECTION- In the original version of this story, we incorrectly said CIRA's net income increased fourfold. In fact, net income was up nearly fivefold — 385% to be precise. We have amended the story.

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7

LAST NIGHT’S TALK SHOWS

El Sisi calls for review of recent parliamentary elections

Election chatter took center stage last night after President Abdel Fattah El Sisi called on the National Elections Authority (NEA) to review appeals filed by several candidates over alleged fraud in the first round of the parliamentary vote, according to an Ittihadiya statement. He called on the authority to “thoroughly examine all incidents and appeals submitted.”

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

What does this mean? The move could potentially see the authority fully or partially annul the first phase of the House of Representatives elections and rerun it at a later date.

REMEMBER- The first round of voting wrapped up last week and we had been expecting the results to be announced today to be followed by runoff elections. It remains unclear how the timeline will change following El Sisi’s directives.

What would warrant a rerun? NEA Executive Director Ahmed Bendary told El Sora’s Lamees El Hadidi that reruns would only be triggered by “fundamental flaws” in the voting process — violations that undermine its integrity, such as voter manipulation or major errors in vote tallying (watch, runtime: 12:52). “Exceeding the campaign spending cap does not in itself constitute a fundamental flaw requiring elections to be annulled, but it is a violation that can lead to penalties,” he clarified. The decisive factor, he said, is violating the electoral silence period, “because it directly affects the voter’s decision.”

“Reruns are expected in at least 20 districts out of the 70 where votes were casted,” journalist Akram El Alfy told El Hadidi (watch, runtime: 2:04), warning that this “undermines the integrity of the electoral process.” He pointed to “clear violations in some districts — mainly in Fayoum, Alexandria, and Sohag.”

El Hadidi praised the president’s move, adding that “the decision has put the elections back on the right track” (watch, runtime: 14:03).

El Hekaya’s Amr Adib made an impassioned plea to the NEA “to scrap the entire first phase of election and take advantage of the historic opportunity to correct course,” (watch, runtime: 35:29). “This is the first time in Egypt’s history that a president steps in and says there were violations in the elections,” he added.

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8

Also on our Radar

NBE is looking into setting up shop in Iraq

EXPANSION-

NBE eyes Iraq entry: State-owned lender National Bank of Egypt (NBE) is looking into setting up a branch or representative office in Iraq, Deputy Chairman Yehia Aboulfotouh said in statements picked up by Al Shorouk. The bank is also mulling expanding the scope of services offered by its Dubai subsidiary or converting it into a full-fledged branch, he said.

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

CAPITAL MARKETS-

#1- Mubasher Capital eyes healthcare-focused investment fund: MubasherCapital is in talks with the Financial Regulatory Authority to establish a private equity investment fund focused on the healthcare sector, the first of its kind in Egypt, according to a statement seen by EnterpriseAM. The fund will target investments in hospitals, medical services and equipment, and healthcare digital transformation.

#2- Egypt Post’s Post for Investment has launched its digital investment platform Felousy, which will allow users to invest in more than 40 investment funds, Al Arabiya reports. The funds will span various asset classes — gold, fixed-income, equity, EGX-linked, and sector-focused vehicles.

VCS-

Egyptian VC Disruptech Ventures plans to deploy USD 7 mn in early-stage tech startups in 2026, founder and Managing Partner Mohamed Okasha told Al Mal.

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9

PLANET FINANCE

BTC sinks below USD 92k as traders brace for a deeper slide

BTC plunged below USD 91.5k on Monday, wiping out all its gains for the year, writes Bloomberg. Options traders are bracing for more losses, loading up on downside bets that suggest they think the slide is far from over.

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

Traders are paying up to protect against a deeper drop: Demand for put options has surged at the USD 90k, 85k, and 80k price marks, particularly in contracts expiring later this month. More than USD 740 mn of options betting on further declines into late November have changed hands in just a few weeks, far outpacing demand for bullish calls.

Balance-sheet “BTC plays” are under pressure: The sell-off has been especially painful for listed companies that piled into BTC earlier this year to market themselves as “crypto-treasury” stocks.

Fear is now the dominant emotion: A sentiment gauge compiled by CoinMarketCap — tracking price momentum, volatility, derivatives, and other indicators — now shows crypto investors stuck in “extreme fear.” The mood is being dragged down not just by BTC’s slide, but by a broader risk-off turn across global markets. “I think the Fed and AI bubble talk are two major headwinds for crypto and risk assets heading into the end of the year,” said Kaiko research analyst Adam McCarthy. “The AI risk is likely compounding and affecting risk sentiment in crypto, adding that to the chatter from FOMC officials, you’re looking at a sustained downtrend for BTC.”

Macro jitters, not a structural crack: Despite the brutal drawdown, some in the industry argue this is more about global risk sentiment than a new existential crisis for crypto. “That riskoff tone spills into crypto markets, where sentiment remains fragile — the latest drawdown reflects broader macro jitters rather than structural flaws,” said Kraken global economist Thomas Perfumo.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning, with Japan’s Nikkei inching down 1.9%, the Kospi down 1.8%, and the Hang Seng down 1.1%.

EGX30

41,066

-0.4% (YTD: +38.1%)

USD (CBE)

Buy 46.99

Sell 47.13

USD (CIB)

Buy 47.00

Sell 47.10

Interest rates (CBE)

21.00% deposit

22.00% lending

Tadawul

11,051

0.0% (YTD: -8.2%)

ADX

9,911

-0.1% (YTD: +5.2%)

DFM

5,958

+0.1% (YTD: +15.5%)

S&P 500

6,672

-0.9% (YTD: +13.4%)

FTSE 100

9,675

-0.2% (YTD: +18.4%)

Euro Stoxx 50

5,641

-0.9% (YTD: +15.2%)

Brent crude

USD 63.98

-0.3%

Natural gas (Nymex)

USD 4.34

-0.6%

Gold

USD 4,039

-0.9%

BTC

USD 91,376

-4.0% (YTD: -1.8%)

S&P Egypt Sovereign Bond Index

963.05

+0.1% (YTD: +23.9%)

S&P MENA Bond & Sukuk

151.92

0.0% (YTD: +8.6%)

VIX (Volatility Index)

22.38

+12.9% (YTD: +29.0%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 7.1 bn (44.9% above the 90-day average). Regional investors were the sole net sellers. The index is up 38.1% YTD.

In the green: ADIB (+3.5%), Rameda (+3.1%), and Misr Cement (+2.8%).

In the red: Egypt Aluminum (-5.4%), Beltone Holding (-2.7%), and Telecom Egypt (-2.5%).

CORPORATE ACTIONS-

Domty’s board will file a demerger proposal to its shareholders at an upcoming extraordinary general meeting to split the firm into two entities based on its book value at the end of last year, according to an EGX disclosure (pdf). Under the move, Domty will be the demerging company with EGP 113 mn in capital, while a new firm — Dairy Products Euro Arabian for Food Industries — will be created with an issued and paid-in capital of EGP 438 mn.

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Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

Read going Green
10

Going Green

Egypt’s air quality shows early improvement, but can it last?

Egypt’s air quality is still among the world’s worst, but it’s marginally improving, with the country landing in the 12th spot as the most polluted globally in 2024, according to World Air Quality Report (pdf) for 2024 from IQAir, a Swiss company that monitors air quality. It scored 56 on the average air quality index (AQI) and had PM2.5 levels of 39.77 micrograms per cubic meter (µg/m³), nearly eight times the World Health Organization’s safe limit of 5 µg/m³.

That’s still an improvement from 2023, when Egypt came in ninth place and had an average PM2.5 concentration to record 42.4, signaling early progress toward the country’s Vision 2030 target of halving PM2.5 levels by the end of the decade.

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

The methodology: IQAir’s report looks at how many cities around the world met WHO air quality standards in a given year by looking at the average annual concentration of small and hazardous airborne particles known as PM2.5, one of six pollutants monitored and regulated by environmental agencies due to the significant impacts to human health and the environment. The WHO recommends that the average annual PM2.5 readings should not exceed 5 micrograms per cubic meter (µg/m³).

Why does it matter? Poor air quality isn’t just a health issue, but it is also an economic one. The World Bank estimates that the cost of air pollution in the Greater Cairo region alone equals around 1.4% of GDP each year, mainly from lost productivity and higher healthcare costs linked to respiratory and heart diseases.

What’s driving Egypt’s pollution? IQAir attributes Egypt’s pollution to a combination of emissions from vehicles and factories, open burning of waste and agricultural byproducts, natural dust storms, and limited rainfall that would otherwise help clear the air.

What drove the improvement? The improvement in Egypt’s ranking is the result of a combination of expanded monitoring, stricter enforcement, waste control measures, and upgrades in industrial compliance, a senior Environment Ministry source told EnterpriseAM. The state has also intensified efforts to stop practices such as burning rice straw and expanded the national waste management system to prevent informal burning, which contributes heavily to seasonal pollution.

We’ve had a helping hand along the way: The Environment Ministry, alongside the World Bank, are almost done implementing the six-year, USD 200 mn Greater Cairo Air Pollution Management and Climate Change Project, which wraps up next year.

Tighter environmental standards have forced some industrial facilities to shutter operations, the source said, adding that several other factories decided to upgrade their production processes to comply with environmental standards.

Monitoring is expanding: Egypt now operates around 500 environmental monitoring stations, up from 120, allowing for faster detection and response to pollutant spikes, the source noted. According to a ministry study prepared ahead of COP30, these interventions helped prevent 334k tons of carbon emissions last year. The ministry reports that particulate pollution levels in Greater Cairo and the Delta have fallen from 157 micrograms per cubic meter to around 108 micrograms today, with the goal of reducing levels to below 60 micrograms by 2030.

Tree planting also played a significant role stabilizing air quality despite the growing number of vehicles and industrial facilities. Through the 100 mn trees initiative, some 1.5 mn trees have been planted so far, helping offset rising emissions.

The shift toward greener transport is also helping: One of the most impactful initiatives when it comes to improving the country’s air quality is the electric bus program, a senior Environment Ministry source told us, adding that the World Bank-funded project to deploy 100 electric buses in Cairo is expected to cut emissions by around 23%, with expansion underway as part of Egypt’s push for cleaner public transport.

Where do we stand in terms of financing? Egypt has secured USD 4-5 bn in international financing for environmental programs to support air quality improvement initiatives, waste management systems, and pollution mitigation across development sectors. However, one of our sources said that these funds remain insufficient. Global funding for climate and environmental initiatives is still far below required levels, we were previously told.

Are we measuring air quality correctly? Some experts have questioned the reliability of IQAir’s data because it relies heavily on privately installed sensors that may differ from national methodologies. Government officials emphasize that Egypt’s official monitoring system, which has expanded significantly in recent years, follows its own standards. The lack of a unified global methodology for measuring air quality often contributes to discrepancies between official data and third-party rankings.

How does Egypt compare regionally? Egypt continues to rank among the most polluted countries in the region, but several other Middle Eastern nations also record high readings. Saudi Arabia ranked 31st on IQAir’s index, while Bahrain ranked 18th, the UAE 17th, and Iraq 13th.

What’s next? The outlook for Egypt’s air quality depends on whether the gains of the past year become structural. Continued progress will require stronger enforcement of industrial standards, increased adoption of cleaner fuels, more incentives for EVs, deeper investment in monitoring infrastructure, and greater transparency in environmental data. Expanding public transport electrification, accelerating tree planting, and improving pollution monitoring could deliver continued progress. However, without sustained financing and consistent enforcement, Egypt risks experiencing temporary dips in pollution levels rather than long-term, transformative improvement.

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CALENDAR

NOVEMBER

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

16-19 November (Sunday-Wednesday): The 12th edition of the Digital Payments and Financial Inclusion Exhibition and Forum (PAFIX 2025), Egypt International Exhibition Center.

20 November (Thursday): Monetary Policy Committee meeting.

21 November (Friday): Egypt’s Entrepreneur Awards

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

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

November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.

DECEMBER

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

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

8 December (Monday): Egypt-UK Investment Conference, Cairo.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

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

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

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

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

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

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

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

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

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

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

2026

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

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

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

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

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

30 March - 1 April: Egypt International Energy Conference and Exhibition 2026 (EGYPES)

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

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

27-29 September (Sunday-Tuesday): Egypt will host the fourth edition of the Global Conference on Population, Health and Human Development.

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

2027

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

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

EVENTS WITH NO SET DATE

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

2027: Egypt-EU Summit 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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