Tens of global services providers want to set up base here

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WHAT WE’RE TRACKING TODAY

An Egyptian logistics zone in South Africa?

Good morning, friends. After a few busy days, we have a brisk issue for you to close out the week. Investment news continues to lead the news well — sources told us that tens of digital services providers are looking to make Egypt their main base of operations. We also have fresh details on the long-awaited second package of tax facilities and South Africa’s Standard Bank opening its first local office.

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PSA-

WEATHER- Brace for unpredictable weather today and for the coming few days, with the Egyptian Meteorological Authority warning of rain and thunder. Today, Cairo will see highs of 25°C and lows of 17°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 23°C and a low of 17°C.

WATCH THIS SPACE-

#1- An Egyptian logistics zone in South Africa, and a South African one in Egypt to match? Industry Minister Kamel El Wazir and his South African counterpart floated a joint project to establish joint logistics zones in each other’s countries to promote trade between the two sides, according to a statement from the Egyptian Industry Ministry. The proposed zone in Egypt could be located at a port and focus on automotive manufacturing projects and their feeder industries, according to El Wazir.

The two sides also pointed to potential joint industrial projects, and El Wazir highlighted the automotive industry and steel and iron manufacturing as areas of future cooperation. It may be more than just talk, with a joint working group between the ministries to be set up to explore the idea further with input from groups like the Federation of Egyptian Industries.

#2- Egypt plans to cultivate up to 1 mn feddans of strategic crops in Sudan’s northern states over the next three years, assuming security conditions in the country have improved, Asharq Business reports, citing an unnamed government official. The crops will include wheat, corn, soybeans, and rice, with the first phase projected to kick off next year, covering 250k feddans.

An agreement for the project was reached between the two sides during a meeting between Agriculture Minister Alaa Farouk and his Sudanese counterpart in October, under which Egypt will mobilize private investors, while the Sudanese government will provide the required farmland for the project, according to the government official.

Sudan also wants to boost fertilizer imports from Egypt to reach between 200k-250k tons, along with large imports of wheat and corn seeds.

HAPPENING TODAY-

#1- Tawasoa Factoring will begin trading on the EGX’s SME Exchange this morning, the factoring company said in a statement seen by EnterpriseAM. This follows the company listing a 25% stake in an IPO that was nearly 15x oversubscribed and brought in around EGP 32.4 mn, according to a disclosure (pdf) to the EGX.

#2- It’s day two of the Global Congress on Population, Health, and HumanDevelopment in the New Capital, hosted under the theme Empowering People, Advancing Progress, and Unlocking Opportunities. The event will run until 15 November, bringing together global leaders, policymakers, and health experts to discuss strategies for advancing sustainable development, equitable access to healthcare, and more.

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THE BIG STORY ABROAD-

Shutdown to end as soon as today: The US House of Representatives voted 222-209 to reopen the government, passing the funding bill through the Congress and to US President Trump’s desk for signature. The vote ends a stalemate that led to the longest government shutdown in history — entering its 44th day — affecting food aid, economic reports and airport flights, as well as causing layoffs of federal workers which are set to be reversed under the bill. (Bloomberg | NYTimes | Financial Times | CNN | Reuters)

Another US story is dominating headlines: A new trove of emails from Jeffrey Epstein was released by lawmakers, reigniting scrutiny into The Donald’s ties with the disgraced financier as content hinted at Trump’s knowledge of Epstein’s activities at the time. Trump responded to the release by accusing Democrats of attempting to lure attention away from the end of the government shutdown. (Reuters | Washington Post)

ALSO WORTH NOTING THIS MORNING-

Anthropic plans to spend USD 50 bn on AI infrastructure in Texas and New York. (CNBC)
A severe water shortage crisis is hitting Tehran, threatening to make the Iranian capital uninhabitable for its 10 mn residents. (Reuters)

39 global digital services providers look to use Egypt as their main base of operations

The country’s efforts to boost its offshoring industry are bearing fruit, with 39 global digital services companies planning to use Egypt as their main base of operations, a senior government official told EnterpriseAM. We had initially been told yesterday that the number was 23, but we were told later that it has actually reached 39.

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

The sector is at a “pivotal moment” as it witnesses an uptick in the interest of foreign companies and big-ticket investments, Information Technology Industry Development Agency CEO Ahmed El Zaher told EnterpriseAM. Looking ahead, these commitments will help turn Egypt into a regional hub for digital service exports.

And the data backs El Zaher up, with offshoring export revenues having doubled from USD 2.4 bn in 2022 to USD 4.8 bn this year. During the same period, the number of offshoring and outsourcing companies operating in Egypt more than doubled from 90 to more than 240, covering IT services, business process outsourcing, and engineering R&D.

The news shortly follows the Madbouly government inking 55 MoUs with 55 local and international companies in the field of offshoring and digital exports during the Global Offshoring Summit this week. The agreements are expected to create over 70k jobs.

European companies dominated the list, accounting for 40% of the agreements signed, according to a list of the companies obtained by EnterpriseAM. North American companies made up 20% of the companies, just ahead of Gulf companies with 18%, and Asian players with 9%.

Among the companies looking to either transfer operations to or expand in Egypt are some big names, including Accenture, Capgemini, Deloitte, DXC, PWC, Luxoft, Teleperformance, and VOIS.

The interest from global digital services companies follows USD 6 bn in technological infrastructure upgrades in Egypt, in addition to expanding training programs in the sector. Since FY 2018-19, the number of training programs has increased 200-fold, growing from 4k trainees to 500k trained in over 20 languages in the last fiscal year, according to data from the CIT Ministry.

More details on upcoming package of tax facilities

What can we expect from the second package of tax facilities? The second package of tax facilities will mainly focus on issues related to tax refunds, e-invoicing, and private sector support, a senior government source told us.

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

AN OVERVIEW- The new package is primarily focused on resolving issues experienced by the tax community when it comes to following the VAT Law by introducing new facilities and removing hurdles facing businesses, Deputy Finance Minister for Taxes Sherif Al Kilani has previously told EnterpriseAM.

Where does it stand? The package will be up for public dialogue later this month, the source said.

REMEMBER- It first came to light in September of last year that the government is readying another tax relief package, one targeting the real estate sector, shortly after it unveiled the first package of tax facilities aimed at simplifying the tax system and easing the burden on taxpayers.

Under the latest round of facilities, some products will be exempt from invoicing, including agricultural crops, dairy products, and certain handicrafts.

Tax refunds, easier than ever: The package will simplify the tax refund process, delinking refunds from tax audit processes. The step aims to reduce the documents required for issuing a refund and accelerate taxpayers' access to their tax entitlements, according to the source. The government is currently updating the electronic system related to submitting tax returns, allowing taxpayers to complete procedures online easily while avoiding issues with uploading e-invoices.

A new mechanism to accelerate tax refunds: The government is also working on formulating mechanisms to address obstacles to the tax refund process, including tackling the issue of fraudulent invoices, which arise from the inability to identify the companies issuing these invoices, the source added.

South Africa’s Standard Bank opens Cairo office

Standard Bank plants its flag in Egypt: South Africa’s Standard Bank Group, the continent’s largest banking group by assets, opened its representative office in Cairo yesterday during an event attended by EnterpriseAM.

The office will act as a bridge between Egyptian companies and Standard Bank’s network across Africa, providing information, introductions, and advisory support to help local firms enter African markets safely and efficiently, according to the lender’s MENA CEO and head of the Cairo representative office, Rassem Zok. The office will not offer direct banking services, he explained.

The decision to expand into Egypt was driven by rising client demand, particularly from multinational and regional corporations showing increased interest in the Egyptian market, especially in the energy, infrastructure, industrial, and financial-services sectors, said Luvuyo Masinda, Standard Bank’s head of corporate and investment banking.

And why Egypt? The lender picked Egypt as its regional gateway thanks to its central role in Africa and its position as a natural link between North Africa, the Gulf, and Sub-Saharan Africa, said Standard Bank Group CEO Sim Tshabalala. He praised Egypt’s “clear regulatory environment, strong financial institutions, and excellent, reassuring economic management.”

What does Standard Bank bring to the table? Standard Bank’s strength lies in its wide geographic footprint — the group operates in 21 African countries through the continent’s largest banking network, holds more than USD 200 bn in assets, and maintains a strategic partnership with the Industrial and Commercial Bank of China (ICBC), Tshabalala said. This reach allows the bank to finance large-scale projects and facilitate trade and investment flows between Africa and Asia.

The Cairo office will facilitate the flow of capital, goods, and ideas across Egypt, the Gulf, and Sub-Saharan Africa, reinforcing Egypt’s role as a regional hub. The office will focus on infrastructure, energy, industry, and financial services — sectors Masinda described as offering the greatest potential for Egypt–Africa integration. The bank’s strong presence in Africa gives it a competitive edge in supporting Egyptian companies looking to expand south, offering advisory, trade-finance, and risk-management services to facilitate cross-border investments.

That’s not all: The bank’s strategic partnership with ICBC — which owns around 20% of Standard Bank — provides a strong financing network linking Asia and Africa that could be leveraged to boost trade between China, Egypt, and other African countries, Tshabalala said. And with Gulf sovereign wealth funds becoming key drivers of capital flows into Africa, Standard Bank aims to connect their capital to development opportunities in Africa, particularly in energy, mining, and infrastructure.

What’s next: The Cairo office will initially function as a “relationship-building and market-understanding center,” with a transition to a full branch possible once the bank deepens its understanding of the local market and as activity grows, Tshabalala said. He noted that the group followed a similar phased approach in markets such as Angola, where it began with a representative office before becoming one of the country’s largest banks.

! Egypt ranked third in MENA for AI-linked startup funding in 1H 2025

Egypt’s startups ranked third in the MENA region for AI-linked startup funding in 1H 2025, raising USD 69 mn across seven transactions, with Nawy’s USD 52 mn series A funding round accounting for 75% of the total, according to Magnitt’s MENA Artificial Intelligence Venture Capital report. AI-focused startups raised USD 14 mn out of the total, while AI-enabled ventures — which integrate AI into their operations — secured USD 55 mn.

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

AI startups across the region secured USD 302 mn in funding during the period, marking a 152% y-o-y increase. AI funding accounted for 17% of total MENA venture capital, with AI-native startups capturing 58% of total AI funding and AI-enabled ventures accounting for 42%.

The UAE was the region’s biggest market for AI funding in 1H 2025, with USD 125 mn raised across 35 transactions, a 64% y-o-y increase. In close second was Saudi Arabia with USD 96 mn in AI funding raised across 29 transactions, more than 4x the investments raised in 1H 2024. The two countries with Egypt rounding up the top three collectively accounted for 96% of MENA’s total AI funding and 85% of its transaction activity.

Pre-seed funding accounted for a record 27 rounds, with the UAE (11 rounds) and Saudi (12 rounds) capturing most of the early-stage activity. This early-stage trend, alongside expanding series A activity, signals a “healthier investment funnel” that seeds new ventures while scaling proven AI players, Magnitt said.

The most popular industries within AI? Fintech saw investments jump sixfold to USD 77 mn, according to a separate press release (pdf). Enterprise software followed, securing 30 of the 84 investments during the period and raising USD 58 mn — up 164% y-o-y and accounting for 36% of all AI transactions. The two sectors dominated due to robust data availability, clear use cases, and strong enterprise demand. Real estate ranked third with USD 56 mn, followed by edtech at USD 32 mn and construction and infrastructure at USD 29 mn.

Emerging AI sectors are expected to thrive: Real estate, edtech, law, construction, healthtech, and govtech are all promising industries, despite being capital-intensive with long development cycles, Magnitt’s Research Manager Farah El Nahlawi told EnterpriseAM. She pointed to government support, solid data infrastructure, and integration with corporate systems as potential investment drivers in the future. “Policy tailwinds and ecosystem build-out with government-led programs such as Saudi Arabia’s Humain and the UAE’s Stargate AI Campus set the tone for investor confidence by demonstrating long-term national commitment to AI,” she said.

The main investors? Private VC dominated AI funding, with corporate participation and indirect sovereign capital playing supporting roles, El Nahlawi told us. Seven of the top 10 investors by capital deployed are MENA venture or growth funds. Meanwhile, sovereign wealth funds, including Mubadala, PIF, and ADQ, channeled capital indirectly through venture arms and funds-of-funds. Private and domestic institutional capital remain the main drivers of AI investment across the region.

More to come: AI is set to become a defining pillar of MENA’s VC landscape over the next three to five years, El Nahlawi told us. Funding is expected to be concentrated in fewer, larger rounds as mid-stage startups grow into regional scale-ups, with series A and B rounds rising as local investors gain confidence and international funds seek co-investments, she added. Further integration of AI into finance, energy, healthcare, and logistics will also boost its share of total VC activity, while corporate investors and government-linked programs will continue to bridge early-stage funding gaps, El Nahlawi noted.

TMG, Orascom Development, Fawry report 9M earnings

Earnings season is in full swing: In today’s issue we have earnings from Talaat Moustafa Group, Orascom Development, and Fawry.

TALAAT MOUSTAFA SEES A JUMP IN NET INCOME-

Real estate giant Talaat Moustafa Group (TMG) reported a net income of EGP 12.6 bn in the first nine months of the year, up 70% y-o-y, according to its latest earnings release (pdf). Revenues for the period grew 37% y-o-y to EGP 38.3 bn, driven by an increase in real estate and hospitality revenues.

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

Real estate sales recorded EGP 324 bn in 9M 2025, down from the EGP 454 bn recorded in the same period last year, “a remarkable achievement considering the absence of any new destination launches in 2025 and relying solely on the organic volume and pricing growth in existing projects.” The launch of the second phase of its SouthMed project in the North Coast recorded EGP 120 bn in new sales during the nine-month period, bringing total sales from the project to around EGP 400 bn since its launch in July of last year.

TMG recorded EGP 9.9 bn in revenues from its hospitality operation in 9M 2025, marking a 27% y-o-y increase. The company’s total recurring revenues reached an “unprecedented” EGP 16.8 bn.

Also supporting top line growth: Revenues from recurring income activities and service-related operations — think sporting clubs, malls, and non-residential properties, transportation, and other services — recorded EGP 6.95 bn during the nine-month period, marking a growth of 68% y-o-y.

ODE SEES NET INCOME JUMP 70% IN 9M 2025-

EGX-listed Orascom Development Egypt (ODE) saw its net income jump 70.4% y-o-y in 9M 2025 to reach EGP 3.8 bn, according to the company’s latest earnings release (pdf). Revenues for the nine-month period recorded EGP 17.2 bn, up 11.6% y-o-y, marking a “strong performance within a challenging economic environment,” the company said.

The hospitality segment recorded revenues of EGP 4.1 bn during the period, marking a 38% y-o-y increase, which the developer attributed to an “ongoing recovery in Egypt’s tourism sector,” high occupancy rates, and price adjustments.

Revenues from the commercial assets segments grew 46.4% y-o-y to reach EGP 3.1 bn during the first nine months of the year, continuing to act as “steady source of cashflow, supporting the group's expansion efforts and helping offset the effects of economic downturns caused by unforeseen events.”

Meanwhile, real estate revenues dipped 6% y-o-y to EGP 8.6 bn in 9M 2025, and real estate sales saw a 30% y-o-y dip to EGP 16.2 bn. “International sales continue to be a critical aspect of our operations, accounting for nearly 46% of total real estate sales, up from 42% in 9M 2024.”

What about 3Q? ODE recorded net income of EGP 771 mn in 3Q 2025, marking a 40.3% y-o-y dip, while revenues rose 8.9% y-o-y to EGP 5.7 bn. Hospitality revenues recorded EGP 1.4 bn during the quarter, marking a 25.8% y-o-y increase, while revenues from commercial assets jumped 53% y-o-y to EGP 1.2 bn.

FAWRY SEES A JUMP IN NET INCOME, REVENUES-

Fintech giant Fawry saw its bottom line grow 84% y-o-y during the first nine months of the year to EGP 2.0 bn, according to its latest earnings release (pdf). Meanwhile, revenues rose 57.6% y-o-y to EGP 6.1 bn, driven by strong performances across all of its business segments.

Its financial services segment more than doubled its revenues during the nine-month period to EGP 1.7 bn, accounting for 27.4% of total revenues. Banking services saw revenue jump 48.3% y-o-y to EGP 2.4 bn, fueled by a 64.3% rise in acceptance and a 32.7% jump in agent banking. The alternative digital payments segment recorded revenues of EGP 1.5 bn, up 21.5% y-o-y, while supply chain solutions revenues rose 41.1% y-o-y to EGP 357.5 mn.

Zooming in: The fintech saw its net income increase 63% y-o-y in 3Q 2025 to EGP 778.6 mn and revenues rise 48.4% y-o-y to EGP 2.3 bn.

Looking ahead: “We are scaling services and revenue smartly – expanding our offerings and market reach while deepening customer value through upselling and high retention. At the same time, we continue to pursue targeted customer acquisition and practice strict cost management to ensure high ROI on growth initiatives,” CEO Ashraf Sabry said.

ALEXCONTAINER SEES DIP IN INCOME & REVENUES IN 1Q 2025-2026

Alexandria Container and Cargo Handling saw its net income after taxes fall 9% y-o-y to EGP 1.7 bn during the first quarter of the fiscal year 2025-2026, according to the company’s latest earnings release (pdf). Revenues also dipped 6% y-o-y to EGP 1.9 bn during the period.

Concrete Fashion taps Mohamed Hatab as new CFO

Concrete Fashion Group has appointed Mohamed Hatab (LinkedIn) as its new chief financial officer, according to an EGX disclosure (pdf). Hatab brings over 30 years of experience in financial management and strategic leadership across the food and beverage and consumer goods sectors. He moves to the position after having most recently served as CFO at Kraft Heinz for nearly four years. Hatab has also held the position of CFO at Olayan Saudi Holding Company and Beyti.

What they said: “Mr. Hatab joins us at an exciting time of growth and transformation, and I believe he will play a key role in driving our financial strategy and supporting our vision for sustainable success. His leadership and global perspective will undoubtedly add great value to our organization,” said Group CEO Alaa Arafa.

Maait sees recovery now, relief for citizens next

A conversation with Maait: IMF Executive Director and former Finance Minister Mohamed Maait joined Sherif Amer on Yahduth Fi Masr last night to talk all things economy (watch, runtime: 22:02 | 16:40).

The IMF and Maait agree — we’re on the right track: “The Egyptian economy is now heading in a better direction,” Maait said, pointing to a “phase of recovery and restored stability” after a two-year disruption that began in March 2022 and lasted until February 2024. He noted that the IMF shares this positive view of Egypt’s current trajectory, citing falling debt levels, a narrower budget deficit, and lower interest rates as tangible indicators of recovery.

When will people feel the difference? Egyptians should start feeling the results of economic reforms in early 2026, Maait said, adding that “as the recovery gains momentum, we expect prices of goods and services to decline gradually next year,” bringing a greater sense of stability and relief to households.

El Sisi ratifies new Criminal Procedures Law

LEGISLATION WATCH-

The revamped Criminal Procedures Law is now law of the land: President Abdel Fattah El Sisi has signed into law the new Criminal Procedures Law after it got the green light from the House, according to an Ittihadiya statement. El Sisi had previously sent the law back to the House to address objections over several articles related to governance, clarity, and practicality, which the House addressed before sending it back to be ratified. The law will come into effect at the start of the 2026 judicial year to give courts and prosecutors time to implement the new framework.

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

REFRESHER- The new law replaces a decades-old legislation, setting a unified framework for investigations, prosecution, appeals, and enforcement. It was first passed by MPs in April after months of debate, then sent back by the president in September for further refinement. We dove into some of the key provisions of the draft law in our previous coverage — check it out here.

DIPLOMACY-

Foreign Minister Badr Abdelaty met with Turkish President Recep Tayyip Erdogan in Ankara yesterday, delivering a letter from President Abdel Fattah El Sisi on ways to deepen ties and finalize preparations for the second Egyptian-Turkish High-Level Strategic Cooperation Council, set to take place in Cairo in 2026, the Foreign Ministry said in a statement. During the meeting, the two sides touched on the latest developments in Gaza, Sudan, and Libya.

Abdelaty co-chaired the first meeting of the Egypt–Turkey Joint Planning Group alongside his Turkish counterpart Hakan Fidan, which brought together senior officials from both governments. The meeting saw both sides reaffirming plans to expand cooperation across industry, energy, transport, and tourism, and explore joint ventures in green transition and renewable energy. Abdelaty underscored Egypt’s commitment to attracting fresh Turkish investment into Egypt.

REGULATION WATCH-

Life insurers can now invest in gold: The Financial Regulatory Authority (FRA) has issued a decision authorizing life ins. firms to directly invest in precious metals — including gold — for the very first time, the regulator said in a statement. Under the decision, firms can allocate a fraction of their investment-linked premiums towards gold following FRA approval and under a strict regulatory framework designed to balance innovation, transparency, and client protection.

ENERGY-

Our friends at renewables giant Infinity Power have secured a USD 372 mn refinancing facility from African financial services group Absa Corporate and Investment Banking to optimize financing for its 368 MW wind portfolio in South Africa, according to a press release (pdf). The portfolio — which includes three wind farms — falls under South Africa’s national energy procurement plan Bid Window 3.

What they said: “This refinancing reflects the strength of Infinity Power and the confidence our partners place in us. It enhances our financial position, enabling us to expand clean energy solutions across Africa while ensuring lasting value for the communities we serve,” Infinity Power Chairman Mohamed Mansour said.

REAL ESTATE-

Proptech startup Partment has launched PartmentX, a real estate investment platform allowing users to invest in properties starting from EGP 50k, according to a statement (pdf) from the startup. “[The platform] introduces a fractional investment product in residential real estate, creating income-generating pathways and empowering a new generation of investors to participate in the market growth shaping the country’s real estate landscape,” the statement read.

MICROFINANCE-

Local microfinance provider Tamweely Financial Services raised its paid-up capital to EGP 225 mn, up from EGP 150 mn, aiming to strengthen its capital base and support its upcoming expansion plans, according to a statement (pdf) from the company. The increase — fully funded from the company’s own reserves — raises the capital allocated to SME financing to EGP 150 mn, and to EGP 75 mn for microfinancing. This follows approval from the Financial Regulatory Authority and the General Authority for Freezones and Investments.

The company plans to open 50 new branches across 19 governorates in 2026, bringing its total network to 280. It is preparing to launch new products, including medical equipment financing and shariah-compliant financing. It will also be able to double its maximum loan limit per SME client from EGP 7.5 mn to EGP 15 mn, following the capital increase.

Emerging market disinflation momentum outpaces developed nations, boosting local bonds

A reversal in global inflation trends is pushing investors to look toward emerging market bonds for better returns, and many — including Ninety One and Morgan Stanley Investment Management — see plenty of road ahead for the rally to continue, Bloomberg reports.

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

For the first time in 35 years — bar a small Covid-era blip — prices grew slower in emerging nations than their developed counterparts for two straight quarters, according to indexes tracked by the business news service’s mighty terminal. During 3Q, inflation in EMs averaged 2.5%, while developed nations saw prices rise at an average of 3.3%

Lower EM inflation has cranked up forecasts of interest rate cuts, with the list of emerging nations deciding to begin cutting rates growing and their central banks cutting at a faster speed than the US. But there’s still plenty of wiggle room, according to Ninety One Emerging Market Sovereign and FX Co-Head Grant Webster, who estimates that real policy rates in EMs are their highest in 20+ years.

In turn, this has helped push the average returns on EM local bonds in some countries like Egypt to over 20%. The average across all EMs comes out at around 7%, which is a decent peg above US Treasuries for the year so far. Good news for EM local bonds is also good news for EM currencies, with many strengthening against the greenback following investor appetite for their debt.

EM disinflation outpacing developed nations is also helping increase interest in assets outside of Wall Street and Europe. The difference in risk between equities from EMs and developed countries is narrowing, and the “emerging world looks relatively less risky than DM for the first time in a long time,” Allspring Global Investments Senior Portfolio Manager Derrick Irwin told the outlet.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning as investors react to the US House passing a funding bill that will end the government shutdown. Japan’s Nikkei is leading gains, up 0.3%, with the Shanghai Composite and Kopsi trailing behind. The Hang Seng is in the red, down 0.5%.

EGX30	40,229	-0.1% (YTD: +35.3%)
USD (CBE)	Buy 47.16	Sell 47.29
USD (CIB)	Buy 47.19	Sell 47.29
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,255	-0.1% (YTD: -6.5%)
ADX	9,994	-0.4% (YTD: +6.1%)
DFM	6,042	-0.5% (YTD: +17.1%)
S&P 500	6,851	+0.1% (YTD: +16.5%)
FTSE 100	9,911	+0.1% (YTD: +21.3%)
Euro Stoxx 50	5,787	+1.1% (YTD: +18.2%)
Brent crude	USD 62.71	-3.8%
Natural gas (Nymex)	USD 4.54	0.0%
Gold	USD 4,205	-0.2%
BTC	USD 101,605	-1.2% (YTD: +8.7%)
S&P Egypt Sovereign Bond Index	961.57	0.0% (YTD: +23.7%)
S&P MENA Bond & Sukuk	151.90	+0.1% (YTD: +8.5%)
VIX (Volatility Index)	17.51	+1.3% (YTD: +0.8%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 6.0 bn (24.6% above the 90-day average). Local investors were the sole net sellers. The index is up 35.3% YTD.

In the green: Misr Cement (+17.4%), Arabian Cement (+13.4%), and Palm Hills Developments (+3.3%).

In the red: Eastern Company (-3.5%), EFG Holding (-1.8%), and Telecom Egypt (-1.5%).

My Morning Routine: Walaa El Husseiny, country director of UN Global Compact Network Egypt

Walaa El Husseiny, country director of UN Global Compact Network Egypt: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is the UN Global Compact Network Egypt Country Director Walaa El Husseiny (LinkedIn). Edited excerpts from our conversation:

I’m Walaa El Husseiny. I’m a mother and researcher. I’m a proud graduate of the faculty of economics and political science at Cairo University, and I lead the UN Global Compact in Egypt. It is the local arm of the UN initiative that works with companies to make sustainability part of how they do business. Simply, I spend my time helping businesses to grow responsibly and to profit with purpose.

I don’t have a fixed daily schedule. I do strategies, meetings, budgeting, and coaching for my team. I'm connecting with businesses, I'm creating ideas, as well as initiating projects; every day is different.

The initiative was born from the belief that the private sector can be a real force for good. It should be given the right guidance, partnerships, and accountability tools. When we started, our goal was a simple but ambitious one. We wanted to make sustainability a language that every Egyptian company speaks fluently.

When our network started, we had a very strong belief that Egyptian businesses can compete globally if they embrace sustainability, innovation, and integrity. We built it locally, step by step, with the guidance of our global office and with the trust and partnerships we managed to have across Egypt. For me, what I like about it is that we are bridging between global goals and what we talk about when we want to take a local action for sustainability.

Trends are evolving every day, and they're all interesting. For instance, before the COP climate summit, we had never heard of some concepts like mitigation, adaptation — but now it's becoming the norm. We were not used to talking about diversity and inclusion, but now it’s also become a norm.

My mornings are my quiet time. I'm a person who’s in love with silence, so I need to have a calm restart. I wake up around 5 to 6 in the morning, then I pray. I try to make it a habit to read the Quran, although sometimes it's hard. Then I have my mug of milk tea, which is my friend throughout the day. Then I try to listen to some light music, like Fayrouz. Then I stay calm for five minutes, without talking to anyone, and just enjoy stillness. I then drive my son to school, walk for 20 minutes in the club, and go back home around 8:45am.

I’m not an organized person by nature, so I spend some time in the morning writing down on paper everything that comes to my mind — my priorities, plans for the days, what I missed yesterday. I'm old school; I love to use my pencil and my notes, and write everything down. I then go to work around 10:30am. I start my day with Zoom calls, team meetings, stakeholder meetings, or talking with my team.

I delegate and empower my team. They take care of the job unless they need something on a strategic level or something that they cannot sort out on their own, which is when they come to me. I learned not to do everything on my own, but it was difficult.

There is nothing called work-life balance, especially for me, maybe because every day is different for me. I think it’s about rhythm, not rules. So some weeks are full of work. Others are slower. I’ve learned not to punish myself for that, which is something I used to always do, along with feeling guilty.

I'm naturally a workaholic, and used to work like 14 hours a day without blinking. When there is a big project or agreement I want to close, I can work day and night until it's done. But once you have a family, you realize that this pace is not fair to them, and for you as well, because you want to enjoy time with your family.

The key for me is being present. When I'm at work, I give it my all. When I'm home, I try to be there not only physically, but mentally too. I learned to accept that there are seasons when work is going to take more time and more space.

I love personal development books like The 7 Habits of Highly Effective People, ThePower of Habit, The 5 AM Club, and other books like this. I also used to love reading Naguib Mahfouz and Anis Mansour, but I haven’t read them for a while. I’m planning to come back to them soon.

On a professional level, I want to take the Global Compact to a regional level, and really see a big impact across the private sector in Egypt — and this is not an easy mission. It's very difficult, but I believe in our vision, and I believe in my team.

On a personal level, I love learning, so I plan to learn more and more. I’m digging more into corporate governance, which is a big interest of mine. And I’m also going to work on my master's in economics as well. I had started it ten years ago, but stopped when my father passed away. Economics is another passion of mine, and I’m looking forward to the challenge.

There are two pieces of advice that really changed how I see the world. First, the idea that if it will not matter in five years, don't spend five minutes worrying about it. I used to be this person who used to worry about everything. I used to think a lot and feel guilty for everything. I’ve come to realize that I have to trust the process and that everything happens for a reason. The second piece of advice that had an impact on me is to lead with empathy, but not to lose my edge, which my father told me. You can be kind and still be firm, care deeply, and make tough decisions.

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.

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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