The economy grew 4.4% last fiscal year

Wednesday, 1 Oct 2025

The economy grew 4.4% last fiscal year

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Today at a glance

ECONOMY

GDP growth accelerate to 4.4% in FY 2024-25 despite regional and global headwinds.

Energy

LPG cylinders may be exempt from upcoming fuel price hikes.

INVESTMENT WATCH

Qantara West is getting USD 40 mn Turkish recycling plant.

Education

CIRA sees largest-ever annual increase in enrolments this academic year.

WHAT WE’RE TRACKING TODAY

IMF mission expected to land in town today.

Moves

Telecom Egypt appoints Tamer El Mahdi as its new CEO.

PLANET FINANCE

Record wave of megadeals pushes M&A past USD 1 tn.

HARDHAT

Port Said Port ranked as the world’s third best in the annual Container Port Performance Index.

WHAT WE’RE TRACKING TODAY

Acwa to break ground on its SCZone green hydrogen project next year

Good morning, all, and welcome to October. While we have a brisk issue to kick off the month, we suspect the coming weeks will be anything but with an IMF mission landing in Cairo soon for the fifth and sixth reviews of our loan program, the House back in session, and the CBE meeting to review rates within days.

IN TODAY’S ISSUE- The Planning Ministry is out with the latest figures for last fiscal year, detailing growth and the biggest factors contributing to it; we have more on the upcoming fuel price hike; and yet another Turkish project is coming to the Qantara West Industrial Zone, this time a USD 40 mn recycling plant.

PSA-

Attention executives, today is your last chance to apply for the Onsi Sawiris School of Business’ Executive MBA program. The program offers senior executives, entrepreneurs, and professionals the chance to hone their leadership skills, learn how to drive real strategic change in their organizations, and gain a new global perspective on business. The 20-month program tailored for working professionals is set to kick off in mid-October.

WEATHER- It’s another cool day in Cairo, with the capital looking at a high of 32°C and a low of 21°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 30°C and a low of 22°C.

WATCH THIS SPACE-

#1- Acwa to break ground on its green hydrogen project next year? Saudi renewables giant Acwa Power plans to start working on its green hydrogen project in the Suez Canal Economic Zone by mid-2026, Executive Business Development Director Ayman Fayek told Hapi Journal. The project is still in the study phase, he said.

REMEMBER- It was lastly reported that Acwa expects to complete the first, USD 4 bn portion of its green hydrogen project in the SCZone by 4Q 2028. Under the framework agreement inked in 2023, the company will invest at least USD 4 bn in the first phase of the project, which will have a production capacity of 600k tons of green ammonia annually. The second phase of the project will add another 2 mn tons of green ammonia to the plant’s production capacity.

#2- Telecoms giant Telecom Egypt is mulling merging its tower network with two other mobile operators to lure in international investments, Al Borsa reports, citing unnamed sources. The company reportedly believes that the larger network of towers would be able to bring in much larger bids, after previous bids for its tower portfolio fell short of expectations.

REMEMBER- The state-owned company received several non-binding offers for its tower portfolio back in 2023, with three bidders reportedly competing to buy the majority of Telecom Egypt’s cell towers in a sale and leaseback agreement that could’ve been worth between USD 150-250 mn. Unconfirmed reports last year also claimed that the company was in advanced talks with the National Telecom Regulatory Authority to expand the legal framework to allow unregulated companies to own cell towers.

#3- Chinese and Turkish steel sheet exporters are still not off the hook over dumping allegations, with the Investment Ministry extending its year-long anti-dumping investigation by another six months, according to a decision published in the Official Gazette. The investigation into cold-rolled, galvanized, and coated steel sheets originating in or exported from China and Turkey will now run for a total of 18 months and wrap up by the end of April.

The news follows a raft of incentives for the three types of steel sheets announced last week, courtesy of the Industry Ministry, which said it was seeking to expand Egypt’s industrial base, cut reliance on imports, and boost exports. Also helping local producers are recently introduced safeguard tariffs, with an 11.1% tariff on cold-rolled steel, a 12.6% levy on galvanized steel sheets, and a 4.9% charge on colored steel sheets coming into effect last month.

#4- Carbon bonds for GEM? The environment and tourism ministries are coordinating with the Grand Egyptian Museum’s management to issue carbon bonds once it receives all required international emissions certifications, a government source told EnterpriseAM.

Africa’s first green museum: The museum had secured an Edge Advanced Green Building Certification from the IFC, making it the first green museum in Africa and the Middle East. It also aims to become the world’s first museum to achieve zero carbon certification.

NEWS TRIGGERS-

It’s the first work day of October — and there’s a long list of key news triggers to keep your eyes on this month:

The House of Representatives will convene today to open the sixth session of its second legislative term, which will kick off with MPs hearing presidential objections to parts of the Criminal Procedures Law.
An IMF mission is expected in town today to complete the fifth and sixth reviews of the country’s USD 8 bn Extended Fund Facility Arrangement, with its eye on progress on the privatization front and the phasing out of our fuel subsidies.
All eyes are on the central bank’s Monetary Policy Committee this week ahead of its interest rate decision on Thursday, which most analysts polled by EnterpriseAM think will result in a 100-200 bps cut.

Non-oil private sector activity to break its six-month streak in the red? S&P Global will release PMI figures measuring non-oil private sector activity for September on 5 October. Last month’s report saw the country’s headline figure contracting to 49.2, taking us further away from the 50.0 threshold that separates growth from contraction, which it has only passed two times since November 2020.
We’re also days away from our flagship annual EnterpriseAM Egypt Forum, scheduled to take place on Tuesday, 7 October. With Egypt at a turning point, we’re going to dig into the issues that will set the tone for 2026 and well beyond. And for those not fortunate enough to attend, we will be relaying all the most important takeaways in your morning issue of EnterpriseAM.
The business community and policymakers will have their eyes on September’s inflation figures, which we expect will be released on 12 October. Annual headline urban inflation eased again by nearly two percentage points in August to 12.0%, bringing the country’s headline figure to its lowest reading since March 2022 and marking the third consecutive month of easing price growth.
Could we see the last fuel price hike this month? Prime Minister Moustafa Madbouly last month confirmed that the government has a clear reform plan for fuel prices and signaled that the next scheduled increase, likely this month, could be the last major hike if global prices remain stable as it cuts fuel subsidies once and for all — excluding diesel and probably LPG.

DATA POINT-

Egypt’s startups have attracted USD 2.2 bn in investments since 2020, according to a Planning Ministry statement.

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THE BIG STORY ABROAD-

One story is on every front page this morning: The US government is on the verge of shutting down after lawmakers failed to reach a consensus on funding talks. US President Donald Trump told reporters the shutdown is “likely,” warning Democrats that his administration could take “irreversible” action — including mass firings of federal workers and the elimination of “programs they like” — if Congress fails to keep the government open. “We can get rid of a lot of things that we didn’t want and they’d be Democrat things.”

This would be the US’ first shutdown since 2019, when a shutdown lasted around five weeks during Trump’s first term. This time around, the stakes are slightly higher: The US Federal Reserve is set to meet at the end of October to discuss and make a decision on interest rates, and with a delay in government data expected — as well as potentially worse jobless data in light of Trump’s warnings — the Fed’s judgment could be further clouded ahead of the crucial decision. (Reuters | Bloomberg | BBC | The Guardian | Financial Times)

ALSO WORTH NOTING- Warren Buffett’s Berkshire Hathaway is reportedly closing in on a USD 10 bn deal to buy Occidental Petroleum’s petrochemicals arm OxyChem — a move the Financial Times says would be the conglomerate’s largest acquisition in three years. Occidental is offloading the unit as part of efforts to trim its USD 24 bn debt load. Berkshire, already Occidental’s biggest shareholder with nearly 27% of its stock, is said to be negotiating a cash purchase.

AND- Trump has given Hamas three to four days to respond to his proposed peace plan for Gaza, warning of a “very sad end” if it does not accept the proposal. The 20-point plan, which calls for an immediate ceasefire and Hamas’ disarmament, Israel’s staged withdrawal, and a transitional foreign-led government in Gaza, has received widespread global support, including from the Palestinian Authority. Hamas was not involved in the negotiations that led to the proposal. (Reuters | Guardian)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We dive into the World Bank and S&P Global’s annual Container Port Performance Index and look at how Egypt’s ports measured up to their global counterparts.

Tags:

ACWA Power WHAT WE’RE TRACKING TODAY

As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer

ECONOMY

Egypt’s GDP growth accelerate to 4.4% in FY 2024-25 despite regional and global headwinds

The economy grew at a 4.4% clip during the fiscal year 2024-2025, outpacing the 4.2% targeted in the draft budget and the 2.4% growth recorded in FY 2023-2024, according to the Planning and Economic Development Ministry’s quarterly GDP note (pdf)

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

Lower than preliminary figures: The figure is 0.1 percentage point below the preliminary figure announced by Finance Minister Ahmed Kouchouk in August.

On a quarterly basis, the economy grew 5.0% in 4Q FY 2024-25, more than double the 2.4% recorded a year earlier.

Despite the regional and global headwinds, our economy posted a robust performance during 2024-2025, boosted by macroeconomic reforms, governance of public investment expenditure, and increased private sector participation in the economy, according to the report. “This positive performance reflects an economic model centered on higher-productivity sectors and tradables with greater export potential,” according to the report.

Key drivers: This economic expansion was mainly buoyed by tourism, which grew 17.3% during the year, non-oil manufacturing, which grew 14.7%, and CIT activity, which recorded growth of 13.8%. Financial intermediation, ins., electricity, and construction also got a mention for seeing notable growth during the year.

Tourism was the fastest-growing sector during the fiscal year, boosted by large investments into tourism infrastructure and increased hotel capacity, enabling the nation to host more than 17 mn tourists over the year. We expect tourism to grow even further in the months to come with the official inauguration of the Grand Egyptian Museum only weeks away.

Non-oil manufacturing activity rebounded from a contraction of 5.2% during FY 2023-2024, making it the largest contributor to GDP growth during the fiscal year. “This progress was supported by measures introduced during the year, including the streamlining of customs clearance procedures for industrial goods, in addition to increased investments in the industrial sector,” the report said. The offering of subsidized loans to priority sectors and support for SMEs also played a part in reviving activity.

A structural shift in investments: Public investment slipped to 43.3% of the total during FY 2024-2025, while private investment climbed to 47.5%, hitting its highest level in five years. This reflects the government’s commitment to rationalizing public investment and boosting the private sector’s contribution to the economy, which is a key requirement by the IMF under our USD 8 loan program.

By the numbers: Public investment inched down to hit EGP 526.6 bn last fiscal year, down from EGP 627.5 bn a year earlier. Meanwhile, private investment climbed to EGP 590.7 bn in FY 2024-2025, up from EGP 474.7 bn.

Key headwinds: The Suez Canal contracted by 52% during FY 2024-2025, revenues fell 47.7% to USD 3.8 bn during the fiscal year as geopolitical tensions in the region continued to impact maritime trade. Meanwhile, the contraction of the global waterway eased to just 5.5% in 4Q FY 2024-2025, compared to a sharp contraction of 68.2% in the same period a year earlier.

Tags:

Energy

LPG cylinders may be exempt from upcoming fuel price hikes

Will the trusty ‘anbooba’ be exempt from the upcoming fuel price hike? The government is currently studying the impact of exempting liquefied petroleum gas (LPG) cylinders — most commonly used for cooking — from the upcoming fuel price hikes to help contain inflation, three government sources told EnterpriseAM. The sources stressed that the 1.2 mn LPG cylinders distributed daily by the government are sold at less than 30% of their actual cost, excluding distribution and transportation.

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

We’ve been on the lookout for news of a price hike at the pumps, after a senior government source told us late last week that the government could raise fuel prices in the coming days as part of its plan to fully liberalize pricing and recover production costs. The government has kept fuel prices unchanged for the past six months since the last hike in April.

It looks like diesel will also be spared the planned price hikes — again in the interests of keeping inflation at bay. A government source told us late last week that diesel may also be excluded from the coming hike, with other petroleum products shouldering a larger portion of the increase.

The government is also thinking about converting its vehicles to run on natural gas in the interests of slimming down expenses. Authorities are now surveying all vehicles owned by government entities to convert them fully to natural gas, which is cheaper than gasoline or diesel, to reduce fuel expenses across the state apparatus, another source told us. The Finance Ministry’s General Authority for Government Services will oversee the conversion process to keep costs low.

REMEMBER- The government cut its fuel subsidy allocation to EGP 75 bn this fiscal year, down from the EGP 154.5 bn it spent last year.

Tags:

energy fuel oil and gas

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INVESTMENT WATCH

Egypt’s Qantara West is getting USD 40 mn Turkish recycling plant

More Turkish investments incoming: Turkey’s Hiper Plastic will invest USD 40 mn to set up a recycling facility in the Qantara West Industrial Zone, according to a statement. The project was announced during the SCZone’s promotional tour in Turkey, which kicked off this week.

(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 project will be implemented in two phases on a total area of 100k sqm and will create 700 jobs. It will recycle PET, packaging materials, polypropylene, and high-density polyethylene.

Why it matters: The project is the first recycling investment in Qantara West, which the SCZone is positioning as an integrated, sustainability-focused industrial cluster.

More Turkish investments to come? On the roadshow, SCZone head Walid Gamal El Din pitched the zone’s selling points to Turkish investors — skilled labor, affordable energy, and Egypt’s freetrade agreements that help manufacturers keep costs down and reach global markets. The tour is targeting Turkish investment in priority sectors earmarked for localization, including textiles, packaging, building materials, ports, and logistics, according to a statement.

DATA POINT- Qantara West has so far locked in USD 1.1 bn in investments across 41 projects spanning industry, services, and logistics, Gamal El Din said. These projects cover 2.6 mn sqm and provide more than 56.5k jobs, he said.

REMEMBER- Turkish companies have invested some USD 500 mn in Egypt so far this year. Four Turkish factories worth USD 200 mn are under development in the SCZone, and a dedicated Turkish industrial zone is on the drawing board. With banks in Turkey tightening credit to industry, Egyptian manufacturing is looking increasingly attractive to Turkish investors.

IN OTHER INVESTMENT NEWS-

A Turkish-Chinese consortium is seeking approval from the Investment Ministry to build a USD 150 mn facility specializing in cast fittings, steel angles and sections, and flat stainless products, Al Borsa reports.

Tags:

China investment watch recycling Suez Canal Economic Zone Turkey West Qantara Industrial Zone

Education

CIRA sees largest-ever annual increase in enrolments this academic year

Our friends at CIRA Education recorded the largest-ever annual increase in enrolments in Egyptian private education history, welcoming more than 10k new students in the 2025-26 academic year to serve over 72k nationwide, according to a press release (pdf). Enrolment at CIRA’s higher education platform surged 33% y-o-y on the back of the launch of Saxony Egypt University, while its K-12 arm grew with the acquisition of L’École Française d’Hurghada and the launch of Futures School in Gardenia.

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

New projects in the pipeline: CIRA plans further expansion this year, adding four to five nurseries to its portfolio and launching new projects such as the Seneca International Campus in East Cairo and the Sci-Tech Hub in Damietta.

What they said: “As we look ahead, our strategy remains clear: to grow sustainably, expand inclusivity, and deliver excellence. By serving new regions and segments, we aim to raise the standards of accessible education nationwide. Above all, our mission remains to nurture the next generation of Egypt’s leaders, innovators, and global citizens,” CEO Mohamed El Kalla said.

Tags:

CIRA Education Education

A MESSAGE FROM ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION AT THE AMERICAN UNIVERSITY IN CAIRO

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A MESSAGE FROM ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION AT THE AMERICAN UNIVERSITY IN CAIRO AUC

Moves

Telecom Egypt appoints Tamer El Mahdi as its new CEO

Tamer El Mahdi (LinkedIn) will replace Mohamed Nasr at Telecom Egypt as the telecom giant’s new CEO and managing director, the state-owned company said in a statement (pdf). El Mahdi boasts over 30 years of experience, having been the founder and chairman of Trade Global and Terrawaves Networks, group CEO of Orascom Telecom Media and Technology, CEO of Djezzy, and more.

What they said: “El Mahdi’s strong track record and wide-ranging expertise qualify him to lead Telecom Egypt into a new phase of growth and expansion, maximize the value of its assets and investments, and drive the company’s ambitious strategy to strengthen its customer base and enhance service quality at both local and international levels, meeting the aspirations of our shareholders and customers alike,” said Chairperson Lobna Helal.

Tags:

moves Telecom Egypt TELECOMS

ALSO ON OUR RADAR

Eastern Company gets a new shareholder

M&A WATCH-

Eastern Company’s union workers sold their entire 5.2% stake in the tobacco giant to Fidelity Investments in a EGP 6.24 bn transaction, according to an EGX disclosure from the buyer (pdf) and another from the seller (pdf). EFG Hermes brokered the transaction.

AUTOMOTIVE-

NTRA greenlights IoT-enabled smart cars: The National Telecom Regulatory Authority (NTRA) has licensed seven global carmakers to roll out Internet of Things (IoT) services in Egypt, according to a statement. The licenses will allow drivers to access navigation, tracking, and emergency call functions while ensuring user data protection.

DIPLOMACY-

Gaza tops the diplomatic agenda: President Abdel Fattah El Sisi pushed for the two-state solution during a meeting yesterday with South Korean special envoy Park Beom Kye, who visited Cairo to mark 30 years of diplomatic ties between the two nations, according to an Ittihadiya statement. During the meeting, El Sisi urged countries to recognize the Palestinian state. Meanwhile, Foreign Minister Badr Abdelatty discussed US President Donald Trump’s Gaza ceasefire plan during a call with US Secretary of State Marco Rubio. Abdelatty welcomed Trump’s efforts to end the war and pressed for urgent de-escalation, full humanitarian aid access, an Israeli withdrawal from Gaza, and no displacement of Palestinians.

Tags:

ALSO ON OUR RADAR automotive DIPLOMACY Eastern Company Gaza

PLANET FINANCE

Record wave of megadeals pushes M&A past USD 1 tn

Global M&A activity rose past USD 1 tn in 3Q 2025, fueled by a record wave of megadeals, the Financial Times reports. A total of 14 acquisitions worth more than USD 10 bn were announced over the past few months, led by the USD 55 buyout of gaming giant Electronic Arts by a consortium of the PIF, US private equity firm Silver Lake, and Affinity Partners — the largest take-private this year. Other headline tie-ups included Union Pacific’s USD 85 bn takeover of Norfolk Southern, Anglo American’s USD 50 bn merger with Teck, and Palo Network’s USD 25 bn acquisition of CyberArk.

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

It’s been a busy year so far: There were 47 transactions worth more than USD 10 bn in the first nine months of the year — the most since London Stock Exchange Group (LSEG) began tracking. Total global M&A activity climbed to nearly USD 3.1 tn YTD, a 35% increase y-o-y, putting 2025 on pace to be the strongest year for M&A since 2021.

Corporate restructuring is also fueling the flurry of activity: Kraft Heinz will split into two publicly traded companies in 2026 through a spin-off following challenges “to allocate capital effectively, prioritize initiatives and drive scale in our most promising areas” due to a complicated internal structure. At the same time, Keurig Dr Pepper is acquiring JDE Peet’s in an allcash USD 18.3 bn transaction and plans to spin off its USD 16 bn coffee arm into Global Coffee Company. Meanwhile, the company will focus on North America’s USD 300 bn refreshment market, anchored by Dr Pepper and Canada Dry.

Advisory firms say sentiment has shifted: M&A activity was subdued earlier in the year as trade tariffs, high borrowing costs, and regulatory uncertainty made boards and private equity firms cautious, with many large transactions delayed or shelved pending clearer guidance on antitrust reviews and macro conditions, according to Reuters. That cautiousness is easing as financing costs moderate, regulators signal a lighter touch, and executives refocus on growth initiatives, including megadeals and AI-driven acquisitions, EY Global Financial Services Strategy and Transactions Leader Andre Veissid told Reuters. Clients are “dusting off” old plans as they adjust to today’s market conditions and lighter antitrust scrutiny, a Skadden partner told the Financial Times.

Banks are cashing in: Fees have already reached USD 95.4 bn this year, the second-highest total on record. Bank of America could earn USD 130 mn if the Norfolk Southern transaction clears regulators, topping JP Morgan’s USD 123 mn payday from AbbVie’s 2019 acquisition of Allergan.

The upshot: “M&A is infectious,” said Latham & Watkin’s Charles Ruck, who advised on three of this summer’s largest acquisitions. “The market is rewarding companies for pursuing mergers again.” Co-chair of Wachtell Lipton’s M&A practice Jacob Kling put it more bluntly, “the M&A market is on fire at the moment — and I don’t think that’s changing anytime soon.”

ALSO FROM PLANET FINANCE-

Kuwait is returning to international debt markets for the first time in eight years with a bond sale that raised USD 11.25 bn, Bloomberg reports, citing a person it says is familiar with the matter. The three-part offering, with maturities of three, five, and 10 years, drew orders of more than USD 27.7 bn. The bonds are expected to be rated A+/AA by S&P and Fitch and were priced as much as 35 basis points tighter than initial guidance, according to the source.

Kuwait currently has only one outstanding international bond, a USD 4.5 bn note due in 2027, which trades at a yield of around 4.3%.

The bond sale follows the government’s approval of a long-delayed debt law earlier this year, ending years of political gridlock that blocked new borrowing. To cover budget deficits, the country has been tapping its General Reserve Fund and even selling assets to its Future Generations Fund, both overseen by the Kuwait Investment Authority.

MARKETS THIS MORNING-

It’s a mixed start for Asia-Pacific markets this morning, even after US markets closed in the green overnight. Japan’s Nikkei and Topix are both down more than 1% in early trading, while South Korea’s Kospi is up. Markets in China and Hong Kong are closed today for China’s National Day. Futures suggest Wall Street will open in the red later today as the US government inches closer towards a shutdown.

EGX30	36,760	+0.8% (YTD: +23.3%)
USD (CBE)	Buy 47.81	Sell 47.94
USD (CIB)	Buy 47.80	Sell 47.90
Interest rates (CBE)	22.00% deposit	23.00% lending
Tadawul	11,503	+0.6% (YTD: -4.4%)
ADX	10,015	+0.2% (YTD: +6.3%)
DFM	5,840	-0.5% (YTD: +13.2%)
S&P 500	6,688	+0.4% (YTD: +13.7%)
FTSE 100	9,350	+0.5% (YTD: +14.4%)
Euro Stoxx 50	5,530	+0.4% (YTD: +13.0%)
Brent crude	USD 67.02	+0.2%
Natural gas (Nymex)	USD 3.34	+1.2%
Gold	USD 3,892	+0.5%
BTC	USD 113,824	-0.5% (YTD: +21.6%)
S&P Egypt Sovereign Bond Index	927.39	+0.1% (YTD: +19.3%)
S&P MENA Bond & Sukuk	150.69	+0.2% (YTD: +7.7%)
VIX (Volatility Index)	16.28	+1.0% (YTD: -6.2%)

THE CLOSING BELL-

The EGX30 rose 0.8% at yesterday’s close on turnover of EGP 6.2 bn (40.7% above the 90-day average). Local investors were the sole net sellers. The index is up 23.3% YTD.

In the green: Adib (+4.1%), Sidpec (+3.9%), and Mopco (+2.9%).

In the red: Orascom Construction (-1.9%), GB Corp (-1.3%), and Eastern Company (-0.9%).

CORPORATE ACTIONS-

Abu Qir Fertilizers will distribute a dividend of EGP 6 per share on its FY 2024-2025 earnings, to be paid out in three installments, according to a disclosure (pdf) to the EGX. The first installment of EGP 2 per share will be paid on 26 October, the second installment of EGP 1.5 per share will be paid on 31 December, and the third installment of EGP 2.5 per share will be paid on 26 February.

Tags:

Financial Markets M&A Watch Planet Finance

HARDHAT

Port Said Port ranked as the world’s third best in the annual Container Port Performance Index

It’s a new dawn for Egypt’s ports in the World Bank’s port performance index. Five of Egypt’s ports — including Port Said, Damietta, Alexandria, Dekheila, and Ain Sokhna — made it to the World Bank and S&P Global’s annual Container Port Performance Index (CPPI) 2024 (pdf).

But first, how does the index work? The index takes into account time spent in port and the efficiency with which port hours are spent, deploying operational time stamps to track movement across ports and metrics like crane productivity to approximate the efficiency of hours spent at port. The index includes 403 of the 529 ports for which S&P Global has data, excluding all ports with less than 24 valid port calls within a calendar year.

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

Port Said Port now ranks third globally and first in the region, jumping 13 spots from last year’s 16th place — driven largely by strategic investments and reforms, as well as eased pressure on its services due to Red Sea tensions, the report states. The port at the northern end of the Suez Canal is behind only China’s Yangshan Port and Fuzhou Port.

In total, four ports in the region made the top 20, with Port Said joined by Morocco’s Tanger-Med Port in fifth place, Qatar’s Hamad Port in 11th place, and Oman’s Salalah Port in 15th place, after falling from being ranked in second place globally last year.

New expansions at the port allowed it to continue operating smoothly even as Suez Canal traffic dropped due to tensions in the Red Sea, a source told us back in May. The port managed to double trips to and from Saudi Arabia as an alternative route amid disruptions that pushed ships away from the Bab El Mandeb Strait.

The port’s performance was boosted by recent expansion projects, a senior official from the port told EnterpriseAM. More expansions are also lined up, with East Port Said undergoing a major expansion in its Suez Canal Container Terminal — backed by a loan from the International Finance Corporation. The project will increase the capacity of the port’s existing 2.4 km container berth by 2.1 mn TEUs to allow an annual capacity of 6.6 mn TEUs. Recent expansion work added 6.3 km to the port’s length, which helped increase its overall handling capacity to 9-10 mn containers last year.

Infrastructure development for the new expansions has cost some USD 500 mn, according to our source. Several projects under construction are set to launch this half of the year, including a general cargo terminal, a dry bulk terminal, and a ro-ro terminal.

Global shipping alliances have been tapping the port, signaling confidence in its operations, the source told us. For example, East Port Said’s container terminal is already operated by AP-Moller and Maersk Line — under their joint Gemini Alliance, and acts as a key transshipment point at the port.

An alliance led by Hapag-Lloyd is working on an agreement for a new terminal in Port Said — expected to be finalized by either the end of this year or early 2026, the source added.

Transit trade continues to grow at Port Said, with business operating normally at the port despite regional disruptions through the Bab El Mandeb Strait, a senior port official told EnterpriseAM. Container traffic increased at the port, which accounts for nearly 80% of the country’s transit trade, the source said. Handling rates also rose, with faster loading and unloading operations.

Three logistics zones — spanning some 24 sq km — are nestled in the port’s vicinity. The opening of a new ro-ro terminal at the port is driving up investment activity and encouraging automotive and electronic manufacturers to invest in the country, said the source.

Sky Logistics and Reliance Logistics are also working on a multipurpose terminal — which is expected to be operational by the end of the year. A pilot phase has already handled six mn tons of cargo, drawing fully integrated supply chains to the area.

Other Egyptian ports also saw major improvements over the previous year, with Dekheila Port seeing the largest improvement — jumping up 151 spots to settle at 190th place on the worldwide ranking. Similarly, Damietta Port climbed up 142 spots to land at 245th place overall. The growth comes after two consecutive years of significant drops at both ports, indicating improved operational health.

But other Egyptian ports recorded significant dips in their comparative performance, including Alexandria Port, which fell some 75 spots to rank in 247th place, while Sokhna Port dropped some 97 spots to 217th place.

Your top infrastructure stories for the week:

Egypt, Greece wrap up GREGY studies: Egypt and Greece signed an agreement to conclude the technical and economic studies for the 3 GW Egypt-Greece Interconnector (GREGY).
Matrouh is getting a special economic zone: A 402k-feddan area in Gargoub in Matrouh governorate has been designated as a new special economic zone.
CPC Industrial Development Company will build a new 1.2 mn sqm industrial zone in Sadat City, and has already had the land for the project allocated by the Industrial Development Authority.

Tags:

Hardhat infrastructure logistics maritime trade

CALENDAR

OCTOBER

29 September-6 October (Monday-Monday): Egypt Innovation Week.

29 September-6 October (Monday-Monday): Capital Connect.

1 October (Wednesday): House of Representatives convenes for the sixth session of the second legislative term.

1 October (Wednesday): IMF mission expected to visit Egypt for talks on combined fifth and sixth reviews of the EFF arrangement.

1 October (Wednesday): Applications for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.

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

5 October (Sunday): S&P Global releases PMI figures for September

4-6 October (Saturday-Monday): Techne Summit Alexandria, Alexandria Bibliotheca, Alexandria.

7 October (Tuesday): 2025 EnterpriseAM Egypt Forum.

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

12-16 October (Sunday-Thursday): Cairo Water Week, Cairo.

12 October (Sunday): Capmas expected to release inflation figures for September.

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

23-25 October (Thursday-Saturday): Stone Africa Expo, Cairo International Conference Center.

October: The third iteration of the Export Smart Exhibition and Conference.

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

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

20 November (Thursday): Monetary Policy Committee meeting.

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.

DECEMBER

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

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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.

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.

https://entlaq.com/events/2

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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