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Tuesday, 7 Oct 2025

What We're Tracking Today
Energy
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The EnterpriseAM Egypt Forum kicks off in a few hours

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Today at a glance

1

What We're Tracking Today

The 2025 EnterpriseAM Egypt Forum kicks off in just a few hours.
2

Energy

Scatec’s solar project for EgyptAlum secures IFO backing.
3

Startup watch

Tagaddod raises USD 26.3 mn to support regional expansion.
4

DEBT WATCH

Halan closes EGP 3.4 bn securitization issuance.
5

Moves

Khaled El Anany elected Unesco Director-General.
6

Also on our Radar

Foreign reserves increase to USD 49.5 bn in September.
7

PLANET FINANCE

Fed to lead rate-cutting wave as global monetary policy diverges.
8

Going Green

Egypt and the wider region have the potential to lead an emerging green iron and steel industry.

Tuesday, 7 Oct 2025

What We're Tracking Today
Energy
Startup Watch
Debt Watch
Moves
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar
1

What We're Tracking Today

The 2025 EnterpriseAM Egypt Forum kicks off in just a few hours

Good morning, wonderful people.

We have a schedule change for our EnterpriseAM Egypt Forum, which gets underway in just a few hours’ time.

Hassan El Khatib, the nation’s minister of investment and foreign trade, will be making a surprise appearance right after our mid-morning coffee break.

One year ago, Hassan was the first minister we ever invited for a live interview on our stage. Still new to the job, he wowed many of us with his candor — and outlined an ambitious agenda for change.

Last Thursday, we spoke with him at length about what he’s done in his first year — and what his priorities look like going forward. Readers will see that interview soon. And this morning, we’ll have the minister back on stage to take stock of the last 12 months and explain why he thinks digital transformation and a sharp focus on “where we can win” are among the keys to building a better future. From privatization to inward investment and trade, it will all be on the table.

** IMPORTANT PROGRAMMING NOTE- This morning’s gathering gets under way at 9am sharp, when we will be joined by Dr. Rania Al-Mashat, minister of planning, economic development and international cooperation and a past guest on our podcast. Please be on time so you don’t miss our one-of-a-kind networking breakfast. Breakfast begins at 8am — and will end in time for us to start on stage with Dr. Rania by 9am.

We look forward to seeing many of you in just a few hours’ time. Please make certain to bring the personal PIN code you received on email or WhatsApp to ensure you are admitted to the venue.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 32°C and a low of 22°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- The Finance Ministry will reveal the second package of tax facilities by the end of this month, before opening it up for public dialogue in November, Finance Minister Ahmed Kouchouk stated. The measures will help build confidence in the tax system and tackle tax uncertainty, he added.

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.

#2- The Sovereign Fund of Egypt (TSFE) is in talks to invest in the North Africa Fund III (RNAFIII), a private equity vehicle managed by RMBV, a source with knowledge of the matter told EnterpriseAM. The exact size of TSFE’s stake is still under negotiation. Representatives for RMBV declined to comment on the matter when we reached out to them.

RNAFIII is targeting at least USD 400 mn in total fundraising, with plans to deploy USD 200-240 mn in Egypt, Asharq Business reports, citing two government sources. The fund will focus on education, healthcare, financial services, and consumer industries. RMBV will leverage its existing assets to support its expansion, the source told us.

So far, RNAFIII has lined up around USD 275 mn in commitments, including USD 80 mn from the European Bank for Reconstruction and Development, USD 20 mn from the German Development Agency, and contributions from South Suez Capital, the Arab Fund for Economic and Social Development, and AfricaGrow, Asharq reports.

ALSO FROM THE TSFE- The fund is looking to attract investors through its Pre-IPO Fund, with the aim of boosting overall asset value without selling stakes in companies, the source told us. The fund was established in 2022 to offer stakes in state-owned companies to strategic investors ahead of listing them on the bourse.

#3- The Egyptian-Saudi Supreme Coordination Council’s Economic Committee held its first meeting in Cairo yesterday to discuss ways to deepen trade and investment ties, according to a statement. Investment Minister Hassan El Khatib chaired the meeting, where he highlighted recent efforts to resolve the challenges Saudi investors face when investing in Egypt, adding that the government already resolved around 90% of them. The committee also outlined a five-pillar framework covering trade balance, coordination between the Sovereign Fund of Egypt and Saudi Arabia’s Public Investment Fund, industrial integration, and cooperation in logistics, customs, and digital trade.

DATA POINT- Saudi investments in Egypt currently stand at around USD 25 bn.

DIPLOMACY-

Gaza peace talks kick off in Egypt: Delegations from Israel and Hamas have begun indirect negotiations in Egypt over the US-drafted plan to end the war in Gaza. The talks, mediated by Egypt, the US, and Qatar, come after both sides showed initial support for the plan, which calls for a ceasefire, hostage and prisoner exchanges, and humanitarian aid access. US President Donald Trump has urged all parties involved to “move fast,” saying that he expects the first phase to conclude this week.

Where things stand: The first phase would see Hamas release the remaining 48 Israeli hostages in exchange for Palestinian prisoners. Hamas has partially accepted the proposal but has not agreed to key demands including disarmament and withdrawing from Gaza’s governance. Negotiations are set to resume today, with most of the first-phase terms reportedly agreed upon, including the framework for a ceasefire and hostage release. (Associated Press | BBC | Reuters)

SUKUK WATCH-

Weekly sukuk roundup: Egypt’s USD 1.5 bn double-tranche sovereign sukuk issuance saw strong demand, attracting over USD 9 bn in subscription requests and coinciding with a rise in the price of Egypt’s sovereign sukuk to USD 101.56 and the yield to maturity falling to 6.78% from 8.07% a week earlier, according to the weekly report (pdf) on Egypt’s sovereign sukuk performance.

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THE BIG STORY ABROAD-

A big AI transaction is making headlines across the front pages of the international business press: OpenAI is getting hundreds of thousands of chips from Advanced Micro Devices (AMD), bringing AMD tens of bns of USD in revenue and giving the ChatGPT maker the option to buy up 10% of the chipmaker. Shares of AMD surged 34%, while Nvidia’s — which invested recently in OpenAI — slipped 1% on the news, as OpenAI reduces its reliance on the chipmaker. (Bloomberg | Reuters | Financial Times)

Meanwhile, political turmoil in France is also getting attention. French Prime Minister Sébastien Lecornu resigned after only 27 days in office and only a few hours after his cabinet announced. He’s the third prime minister to be elected since French President Emmanuel Macron dissolved parliament and called snap elections last summer. Tasked with passing an austerity budget amid a divided national assembly, with no party claiming majority, Lecornu — like his two predecessors — had his work cut out for him, while a cabinet that failed to provide a turning point from past politics and stoked criticism was the nail in the coffin.

Market reax: France’s CAC 40 stock index fell 2% on the news, while the EUR weakened 0.7%. The country is facing looming debt problems, with its debt-to-GDP ratio at twice the 60% permitted under EU rules. (Guardian | Reuters | Bloomberg)

*** 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 take a look at how Egypt and the wider region may have the potential to lead an emerging green iron and steel industry, with the EU’s Carbon Border Adjustment Mechanism fast approaching.

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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.

2

Energy

Scatec’s solar project for EgyptAlum secures IFO backing

Scatec’s USD 650 mn Naga Hammadi solar project for EgyptAlum secured financial backing from a host of international financial organisations (IFOs), according to a joint statement from the planning and public enterprises ministries. The European Bank for Reconstruction and Development, the African Development Bank, and the European Investment Bank each signed letters of intent to finance the project, with energy produced directed toward the state-owned aluminum producer’s nearby aluminum complex.

(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 still unknown how much the three IFOs are willing to put down, but the project is expected to be 80% financed through non-recourse project debt, with the remainder to be covered by equity from Scatec and partners. Scatec will be the sole owner initially, but it is planning on offloading some stakes to other equity investors in the long run.

We’re expecting Scatec to soon break ground on the 1 GW solar plant and 200 MWh battery energy storage system, after it inked an agreement with offtaker EgyptAlum to begin implementing the project in July. The project will be executed over 24 months in two 500 MW phases.

This project to power EgyptAlum’s complex comes in preparation for the EU’sCarbonBorder Adjustment Mechanism (CBAM), set to come into effect at the start of next year. Considering that EgyptAlum works in a notoriously energy-intensive sector and exports 60% of its production to Europe, greening production lines now doesn't just make environmental sense, but economic sense too.

Think you’ve already heard this news? You may be thinking of Scatec’s other Nagaa Hammadi project. The Norwegian renewables player has — confusingly — two 1 GW solar projects in the Nagaa Hammadi area in Upper Egypt, with one of the projects channeling all its output to EgyptAlum and the other sending all electricity to the grid via the Egyptian Electricity Transmission Company (EETC). The project for the EETC — and not EgyptAlum — reached financial close in June.

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3

Startup watch

Tagaddod raises USD 26.3 mn to support regional expansion

Homegrown used cooking oil recycler Tagaddod raised USD 26.3 mn in a series A funding round led by the Arab Energy Fund, according to a statement (pdf) from the startup. The round also saw participation from Dutch entrepreneurial development bank FMO, pan-African VC VKAV, and MENA-based VC A15.

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

The funding will support Tagaddod’s regional expansion across new markets, including Saudi Arabia, Jordan, and key European markets, as well as specific Asian and African markets, “as part of the first wave of expansion following the funding round,” Chief Business Officer Mahmoud Hossam El Din told EnterpriseAM.

The funding will also go toward enhancing the firm’s AI-powered tech stack. Tagaddod’s tech platform “uniquely solves the feedstock bottleneck, enabling reliable supply amid rising demand for sustainable aviation fuel (SAF) and renewable diesel,” Hossam El Din said. By leveraging AI to optimize collection, logistics, and forecasting, Tagaddod achieves faster, cheaper, and more reliable feedstock supply than its competitors, he told us.

The startup aims to increase its operational capacity to supply larger volumes of certified renewable feedstocks, such as used cooking oil, acid oils, and animal fats. It will do this by expanding its collection hubs, increasing its storage in key markets, strengthening logistics to handle all feedstock formats, and leveraging tech for real-time optimization. “At the same time, we’re standardizing quality, embedding sustainability, and building strong teams and partnerships to support growth,” Hossam El Din said.

“Egypt and the region are at an inflection point,” Hossam El Din told us. Egypt consumes over 2.2 mn tons of vegetable oil annually and still holds considerable untapped potential for used cooking oil collection, while Saudi Arabia is rapidly progressing in implementing circular economy initiatives, he added. “Together, these markets can become key global supply engines for SAF and biofuels.”

“This is more than just a funding milestone — it's a strategic partnership that empowers us to take bold steps toward building the infrastructure, technology, and supply chains needed to support a cleaner energy future,” CEO Nour El Assal said.

What’s next? “We want Tagaddod to be the partner that solves the renewable feedstock bottleneck in MENA and beyond, scaling structured collection and connecting it seamlessly to global SAF and biofuel demand,” Hossam El Din told us.

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4

DEBT WATCH

Halan closes EGP 3.4 bn securitization issuance

Halan, the consumer finance arm of MNT-Halan, has closed a EGP 3.4 bn securitized bond issuance, the fourth under a EGP 8 bn program, according to a statement (pdf) from counsel Matouk Bassiouny & Hennawy.

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

The details: The issuance came in five tranches with tenors ranging between 6 and 36 months and ratings ranging from P1 and A- from Middle East Rating & Investors Service (Meris).

ADVISORS- CIB and CI Capital acted as financial advisors, lead arrangers, general coordinators, issuance managers, and offering promoters. Matouk Bassiouny & Hennawy acted as legal counsel and Baker Tilly as auditor. CIB and Suez Canal Bank were underwriters.

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5

Moves

Egypt’s Khaled El Anany elected Unesco Director-General

Former tourism minister Khaled El Anany was elected Director-General of Unesco, becoming the first Egyptian and Arab, and the second African, to hold the position, the Foreign Ministry said in a statement. El Anany got backing from 55 out of 57 member states of Unesco’s executive board. The election follows a 30-month campaign led by the ministry under the president’s guidance, which included visits to 65 countries.

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

President Abdel Fattah El Sisi congratulated El Anany on what he called a “historic achievement,” describing it as a “well-deserved triumph” that reflects “Egypt’s standing as a great civilization.”

The new director is set to face a funding shortage following US President Donald Trump’s decision in July to pull his country out of the agency, claiming it supports “woke, divisive cultural and social causes.” The US withdrawal is set to take effect on 31 December 2026.

Swedish telecom and networking giant Ericsson appointed Dalia Merheb (LinkedIn) as its new country manager and head of sales for its Egypt office, according to a statement seen by EnterpriseAM. Merheb brings over 14 years of experience in the telecommunication industry, specializing in core and radio networks, and has led several senior roles across the Middle East, Africa, North America, and Europe during her career at the company.

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6

LAST NIGHT’S TALK SHOWS

Al Mashat breaks down Egypt’s National Narrative for Economic Development

Our National Narrative for Economic Development under the spotlight: Before joining us on stage later this morning, Planning Minister Rania Al Mashat joined El Hekaya’s Amr Adib last night to discuss the government’s National Narrative for Economic Development (watch, runtime: 5:37).

A greener energy mix ahead: Al Mashat said Egypt wants to see renewables and alternative energy make up 42% of its energy mix, including 12% from nuclear power generated by the Dabaa plant. “Alternative energy sources are being utilized by the private sector,” she said, adding that since the launch of the NWFE initiative, companies operating in clean energy have secured more than USD 5 bn in financing.

Managing expectations is key: Al Mashat said one of the most important aspects of economic policy is managing expectations, which is reflected in the clearly defined plans within the national narrative. She added that ongoing structural reforms, clearer policies, stronger competitiveness, and sectoral support will help Egypt reach its goal of boosting exports to USD 145 bn by 2030 (watch, runtime: 4:55).

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7

Also on our Radar

Egypt’s foreign reserves increase to USD 49.5 bn in September

BANKING-

Foreign reserves inched up again to USD 49.5 bn at the end of September, marking a USD 283 mn increase from August, according to data (pdf) released by the Central Bank of Egypt. The uptick was driven by a USD 1.8 bn increase in gold reserves to USD 15.8 bn, which helped offset a USD 1.5 bn dip in foreign currency holdings. Special Drawing Rights inched up USD 1.0 mn during the month.

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

MANUFACTURING-

Amseo Medical Industries plans to invest EGP 1.2 bn by the end of this year to add new lines to its orthopedic supplies production at its Sixth of October factories, as it aims to boost its output and meet rising local and regional demand, Al Borsa reports, citing Chairman Tamer Abuhamella. The money will also go toward setting up a smaller factory to manufacture medical furniture and equipment.

The company also plans to expand in Saudi Arabia with a new subsidiary, having earmarked SAR 10.3 mn for its Saudi expansion next year, which also includes establishing a medical supplies factory.

PPPS-

More PPPs in the pipeline: The government plans to invite bids for six projects under the public-private partnership framework — five to operate transformer stations and power networks in Sadat, Aswan, Mansoura, and 6th of October, as well as a desalination plant in Alamein with a capacity of 180k cbm per day, according to a cabinet statement.

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8

PLANET FINANCE

Fed to lead rate-cutting wave as global monetary policy diverges

Central banks to extend rate-cutting cycle through year-end: The Federal Reserve and several major central banks are expected to continue lowering interest rates for the remainder of 2025, according to Bloomberg Economics. Some 15 banks are projected to cut borrowing costs, while most of Western Europe pauses to gauge inflation trends. Only the Bank of Japan is expected to raise rates.

The drivers: Common factors influencing these decisions include persistent inflation concerns, the economic impact of US trade tariffs under President Trump, and domestic political pressures. While the overall direction is toward lower borrowing costs, the pace is tempered by economic resilience and lingering price pressures, Bloomberg’s analysts say.

#1- Fed to deliver two more cuts amid political pressure: The US Federal Reserve is forecast to reduce rates twice more this year after its September cut, bringing the federal funds rate down to 3.75% by year-end from its current 4.25%. Markets expect quarter-point cuts at each of the two remaining 2025 meetings, as officials aim to balance labor market support with inflation risks tied to Trump’s tariff. “The Federal Open Market Committee is in a bind — cut too fast and tariffs could fuel inflation; move too slowly and the labor market weakens,” Bloomberg Economics’ Estelle Ou said.

#2- ECB, BOE hold steady as inflation lingers: The European Central Bank is expected to keep its deposit rate at 2% through next year, with policymakers signaling comfort with current levels as inflation steadies near target. The Bank of England is also expected to hold its 4% rate amid renewed inflation concerns, with Governor Andrew Bailey warning of caution ahead of November’s budget. Bloomberg Economics’ Dan Hanson sees the BOE’s terminal rate at 3.5%, noting cuts may resume only after clearer disinflation signs emerge.

#3- Japan set to tighten policy amid rising prices: The Bank of Japan could raise its benchmark rate to 0.75% this year from 0.5%, as inflation stays near 3%. Governor Kazuo Ueda’s hawkish tone and dissent within the board have strengthened expectations for a hike, possibly in October. “Even dovish board members now see a case for tightening — the BOJ probably thinks it’s safe to move,” said Bloomberg Economics’ Taro Kimura.

#4- Asia’s outlook is mixed: The People’s Bank of China is expected to deliver limited 4Q easing, trimming its 7-day reverse repo rate to 1.3% from 1.4% as it balances deflation risks with stock market stability. The Reserve Bank of India could cut rates twice before February, lowering its repo rate to 5.25% from 5.5% after a sharp downward revision to inflation forecasts. The Bank of Korea is also leaning toward further cuts, potentially reducing its policy rate to 2.25% from 2.5% as soon as this month or the next to support domestic demand.

#5- Canada, Australia to continue gradual easing: The Bank of Canada — which lowered its key rate to 2.5% in September — is expected to cut once more in December to 2.25% before pausing in 2026 as growth weakens under tariff pressures. The Reserve Bank of Australia is nearing the end of its easing cycle, with one final 25-basis-point cut expected in November to bring the cash rate to 3.35%, as policymakers assess inflation momentum, with Bloomberg projecting a gradual decline to 3.35% by the end of 2025.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with both Japan’s Nikkei and the Shanghai Composite up over 0.5%, while Hong Kong’s Hang Seng is inching down 0.7%. Wall Street futures are indicating a slightly lower opening after record highs for the S&P 500 and Nasdaq.

EGX30

37,095

-0.3% (YTD: +24.7%)

USD (CBE)

Buy 47.55

Sell 47.68

USD (CIB)

Buy 47.56

Sell 47.66

Interest rates (CBE)

21.00% deposit

22.00% lending

Tadawul

11,605

+0.7% (YTD: -3.6%)

ADX

10,063

-0.1% (YTD: +6.8%)

DFM

5,908

-0.2% (YTD: +14.5%)

S&P 500

6,740

+0.4% (YTD: +14.6%)

FTSE 100

9,479

-0.1% (YTD: +16.0%)

Euro Stoxx 50

5,629

-0.4% (YTD: +15.0%)

Brent crude

USD 65.47

+1.5

Natural gas (Nymex)

USD 3.38

+0.7%

Gold

USD 3,992

+0.4%

BTC

USD 124,786

+1.1% (YTD: +33.5%)

S&P Egypt Sovereign Bond Index

929.55

+0.1% (YTD: +19.5%)

S&P MENA Bond & Sukuk

150.83

0.0% (YTD: +7.8%)

VIX (Volatility Index)

16.37

-1.7% (YTD: -5.7%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 5.1 bn (14.2% above the 90-day average). Regional investors were the sole net sellers. The index is up 24.7% YTD.

In the green: Orascom Construction (+4.2%), Emaar Misr (+1.3%), and Fawry (+1.2%).

In the red: Qalaa Holdings (-2.4%), Beltone Holding (-1.6%), and TMG Holding (-1.4%).

CORPORATE ACTIONS-

Qalaa Holdings increased its authorized capital to EGP 50 bn, up from EGP 10 bn, and raised its issued and paid-in capital to EGP 21.1 bn from EGP 9.1 bn, according to an EGX disclosure (pdf).

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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
9

Going Green

Egypt and the wider region have the potential to lead an emerging green iron and steel industry

The iron and steel industry’s emissions are at the heart of our climate challenge, pumping out some 2.6 bn tons of carbon dioxide a year and accounting for 7% of global energy-related emissions, according to the International Energy Agency’s (IEA) Iron and Steel Technology Roadmap (pdf). To meet the IEA’s net zero targets by 2050, the sector as a whole needs to reduce emissions 25% by 2030 and 91% by 2050 from a 2022 baseline. However, the sector is notoriously energy-intensive, with no easy routes to greener production lines.

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

Egypt’s iron and steel industry, in particular, will come under increased focus with the launch of the Carbon Border Adjustment Mechanism (CBAM) at the start of next year, with the sector’s exports to the EU — reaching USD 862.9 mn in 2024, according to UN Comtrade data — potentially set for a major disruption. Steel and iron exports, along with fertilizers, cement, and aluminum, heading to the EU will have a carbon mission tax imposed on them starting 1 January, followed by a similar program for exports to the UK at the start of 2027.

But first, what exactly is the CBAM? Often referred to as the carbon border tax, the CBAM is a carbon emission tax imposed on goods that are imported into the EU. It is designed to put a “fair price” on emissions from the production of carbon-intensive goods that are imported into EU member countries and aims to “encourage cleaner industrial production in non-EU countries,” according to the EU Commission. The carbon border tax will make up the difference between the local carbon price — if there is one — and the EU’s carbon price.

Egypt and its MENA neighbors have the potential to become a powerhouse of green steel and iron, according to a new policy paper (pdf) by the Carboun Institute. Cheap renewables and green hydrogen, entrenched direct reduced iron capacity, and central geography can help the region not just adjust to the incoming CBAM, but establish a promising new industry.

Green steel and iron isn’t an alien concept to Egypt, with companies like Jindal Steel and Power announcing their interest in setting up complexes fueled by renewables like green hydrogen, often with exports in mind.

And the Carboun Institute is not the first to suggest that the region is a good candidate for a green iron and steel industry. The Institute for Energy Economics and Financial Analysis highlighted in a 2023 report (pdf) our abundant solar resources and an already established iron market that can be gradually transitioned to clean energy. The Institute also argued that focusing on exporting green iron and steel makes more financial sense than the en vogue push to export green hydrogen.

One reason why the steel and iron industry makes up around a quarter of global industrial emissions is its reliance on coal, but this is also what could give the region’s green steel and iron industry an edge. The region accounts for just 3.6% of global crude steel output, but the direct reduced iron market — known as DRI — produced 44% of the world’s DRI last year, accounting for some 62.5 mn tons, according to the Carboun Institute. Egypt leads the region in DRI capacity, behind only Iran.

Unlike other methods, DRI technology normally uses natural gas as its feedstock, which is cleaner than more traditional methods of producing iron using coal. Natural gas still pollutes, but what DRI technology offers Egypt and the region is an easy route to replace natural gas with green hydrogen as its feedstock, opening the door to green steel. Competitors in Europe, China, and elsewhere, on the other hand, have a longer road to creating a green industry, as they have to create new plants to incorporate green hydrogen as an input.

The region’s renewables potential also gives the region an edge, opening the door up to cheaper green hydrogen production and, in turn, a more competitive green steel and iron industry, according to the report. The region receives 22-26% of the world’s solar energy, and many areas — including the Gulf of Suez — are perfect sites for wind projects.

As proof of concept, Saudi Arabia’s Al Shuaibah solar complex boasts the world’s cheapest solar-produced electricity at just USD 0.0104/kWh in 2025. The Kingdom’s Al Ghat wind farm also boasts the world’s cheapest wind power at USD 0.0156/kWh. Considering that 50% of green hydrogen costs stem from the cost of renewables, cheaper renewables can mean significantly cheaper green hydrogen for the green steel and iron industry.

The region — and Egypt, in particular, thanks to the Suez Canal — is also in a prime position to give it a major logistical edge, with ports in the region able to reach Asia or Europe in a much quicker time than suppliers further afield. Cutting down freight times also helps trim fuel consumption and improves warehousing strains.

Shorter routes to markets also reduce emissions, which is taken into account by carbon tariffs that factor in the emissions by the time the product lands at the intended market. The region’s role in planned green iron hubs will only grow, according to the report.

Your top green economy stories for the week:

  • Chinese renewables firm Sungrow has broken ground on the USD 120 mn first phase of its battery storage factory, which is expected to launch with a production capacity of 2 GW.
  • French renewables firm Voltalia plans to invest USD 250 mn to develop its 3.2 GW renewables Suez project with Taqa Arabia. The project to repower the existing 545 MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power is expected to cost more than USD 2 bn.
  • 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.
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CALENDAR

OCTOBER

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.

October: The tenth session of the Egyptian-Lebanese Joint Higher Committee.

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.

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.

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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