Good morning, friends, and a happy Tuesday to you all. It’s another slow morning here in Egypt, with Suez Canal revenues and another local real estate developer setting up shop in the GCC leading the news well.

PSA-

WEATHER- It looks like Cairo is in for another rainy day, with the Egyptian Meteorological Authority forecasting moderate rains across the capital this evening. As for the weather, Cairo is looking at a high of 19°C and a low of 13°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 19°C and a low of 13°C.

WATCH THIS SPACE-

#1- Some progress on the plan to develop the country’s airports through PPPs: Civil Aviation Minister Sameh Elhefny met with an International Finance Corporation delegation to review the final technical and regulatory studies ahead of launching the tender to select a strategic private partner for maintaining, operating, and upgrading the Hurghada International Airport. The meeting focused on completing the requirements for the Request for Qualification documents ahead of the tender. Elhefny previously said that the tender will launch in February.

REMEMBER- The International Finance Corporation unveiled a list of 11 Egyptian airports slated for development through public-private partnerships back in March. Hurghada International Airport will serve as a pilot project for the program.

#2- The General Authority for Investment and Freezones rolled out an updated valuation framework and launched a digital review platform, according to a statement. The revised framework standardizes accounting and valuation practices for mergers, demergers, and legal restructurings and introduces unified controls for prior financial valuations. Meanwhile, the new electronic platform will allow investors to submit and track financial review requests online through a unified interface with real-time updates and notifications to reduce turnaround times and improve communication with investors.

DATA POINT-

Suez Canal revenues saw partial recovery between July and early December, coming in at USD 1.97 bn, up 17.5% y-o-y, Suez Canal Authority head Osama Rabie said during a meeting with the IMF mission currently in town for the latest reviews of our USD 8 bn loan program. The number of vessels passing by was up 5.2% y-o-y to come in at 5.9k.

Looking ahead: Rabie expects canal revenues to hit USD 8 bn in the fiscal year 2026-2027 and USD 10 bn in fiscal year 2027-2028 as traffic continues to recover with renewed stability in the Red Sea.

REMEMBER- Suez Canal transit is projected to pick up in early 2026 — driven by the easing of regional tensions and a positive regional growth forecast from the IMF, Secretary General of the Cairo Chamber of Commerce’s International Transport and Logistics Division Amr Al Samdoni told EnterpriseAM in October. Shipping lines have been encouraged by the Israel-Hamas ceasefire agreement and are “developing quarterly plans” on the premise that the war and Houthi attacks cease completely, he added.

HAPPENING TODAY-

It’s day two of European Bank for Reconstruction and Development First Vice President Greg Guyett’s three-day visit to the country, which will see him and his accompanying delegation meet with private sector players and senior state officials.

Guyett kicked off day one with the official signing of a USD 100 mn loan to the National Bank of Egypt to on-lend to SMEs, according to a statement from the Planning and International Cooperation Ministry. The agreement — which we picked up earlier in the week from a project summary from the development bank — is part of a wider USD 200 mn program that will be channeled via the state-owned bank’s Al Ahly Leasing and Al Ahly Tamkeen Microfinance, focusing on women, young people, and projects outside Cairo and Alexandria.

HAPPENING TOMORROW-

The business community and policymakers will have their eyes on November’s inflation figures, which are expected to be released tomorrow. The country’s last monthly reading showed annual headline urban inflation rising by 0.8 percentage points to 12.5%, largely on the back of higher fuel and food and beverage prices. Most analysts see inflation continuing to accelerate at a moderate pace throughout the rest of 2025, before falling again in 2026.

SUKUK WATCH-

Weekly sukuk roundup: The yield to maturity on Egypt’s February 2026 sovereign sukuk fell to 6.90% last Friday from 7.07% a week earlier, according to the Egyptian Financial Company for Sovereign Taskeek’s weekly report (pdf). The sukuk traded slightly lower at USD 100.84, down from USD 100.88 the week before.

SETTING THE RECORD STRAIGHT-

The Tourism Ministry denied reports that Egypt has raised entry visa fees from USD 25 to USD 45, clarifying that no decision has been made to increase fees. The ministry said recent amendments only set a maximum cap for visa fees and do not introduce any changes.

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CIRCLE YOUR CALENDAR-

The recently unveiled second package of tax facilities will see the light early next year, likely in January or February, Finance Minister Ahmed Kouchouk said during a meeting with the Federation of Egyptian Chambers of Commerce. The package will be presented for community dialogue this month.

REMEMBER-Kouchouk unveiled the package last week — it includes stock market incentives, streamlined tax refund procedures, corporate tax breaks, and more.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

The battle for Warner Bros continues: Paramount has launched a USD 108.4 bn rival bid to acquire Warner Bros Discovery, seeking to outbid Netflix’s USD 83 bn offer announced last week. Paramount’s USD 30 per share offer includes all of Warner’s assets, unlike Netflix’s offer which targeted Warner’s studio and streaming assets.

Warner Bros said it would review Paramount’s offer but has not withdrawn its support for Netflix’s offer. Both takeovers are expected to face close examination from US and European regulators, with concerns ranging from competition in streaming to the concentration of media power. Analysts said a merger with Paramount could give Warner the scale to rival Netflix and Disney, though the inclusion of CBS and CNN under one owner may spark political and industry debate. (Reuters | Bloomberg | New York Times | CNBC | BBC | CNN)

DIVE DEEPER- You can catch our full coverage of Netflix’s bid for Warner Bros here: Part 1 | Part 2.

Meanwhile, US President Donald Trump is threatening to impose a 5% tariff on Mexico if it fails to release more water to the US, accusing the country of violating a 1944 water-sharing treaty that requires Mexico to send 1.75 mn acre-feet of Rio Grande water every five years. (Reuters | Wall Street Journal | New York Times | CNBC)

*** 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 government efforts to expand alternative fuel production as demand accelerates.