The fruits of El Khatib’s visit to Kuwait

Monday, 3 Feb 2025

The fruits of El Khatib’s visit to Kuwait

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Today at a glance

Investment Watch

Bukhamseen is mulling USD 125 mn hotel in Egypt — and more from El Khatib’s Kuwait visit.

EARNINGS WATCH

Beltone reports “exceptional results” for 2024, reporting a nearly 5x bottom-line surge as earnings season begins.

PHARMA

Pharma sales up 42% y-o-y in 2024.

Capital markets

FRA says proposed rule changes could make it easier to start investment and VC funds.

What We're Tracking Today

Egypt’s birth rates fell below the 2 mn mark for first time in 17 years.

Also on our Radar

Gov’t to boost natgas supply to industry.

Moves

Lafarge Egypt appoints Khaled El Dokani as the company’s new CEO.

PLANET FINANCE

India’s IPO market expected to raise USD 23 bn this year.

BLACKBOARD

Universities step up to support USAID scholarship students following Trump’s foreign aid freeze.

What We're Tracking Today

Egypt’s birth rates fell below the 2 mn mark in 2024

Good morning, folks. We have another busy issue for you this morning — leading today’s issue is fresh investment news courtesy of Investment Minister Hassan El Khatib’s Kuwait trip and the kickoff of FY 2024 earnings season, with Beltone turning in a strong set of results. We also have a dive into what universities are doing to support USAID scholarship students in the wake of the Trump administration’s foreign-aid freeze.

PSA-

WEATHER- The sun is out in Cairo today, with a high of 22°C and a low of 12°C, according to our favorite weather app.

It’s also set to be a sunny day in Alexandria, with a high of 21°C and a low of 11°C.

But before the sun comes out, we’re in for a foggy start to the day across most parts of the country, so take extra care on the roads this morning

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at what the government has been doing to crack down on industrial land hoarding. Check out the story here.

DATA POINT-

Egypt’s birth rates fell below the 2 mn mark for the first time since 2007, with 1.97 mn births recorded in 2024, according to a statement from the Health Ministry. The figure for the year marks a 3.8% drop from the year before.

FACT CHECK-

No Emirati offer for BMIC? State-owned South Valley Cement Company hasn’t received any Emirati offers for its stake in Building Materials Industry Company (BMIC), it said in a disclosure to the EGX (pdf). The announcement follows a report from local media outlet Al Shorouk earlier this week that cited unnamed sources claiming that an unnamed Emirati company had submitted an offer to acquire a controlling stake in BMIC in exchange for settling its EGP 4 bn outstanding debt.

HAPPENING TOMORROW-

Investors and VCs will gather tomorrow for the two-day Egypt VC Summit, set to take place at the Sofitel Cairo Downtown Nile, according to a statement (pdf) from the organizers. Hosted by the Egyptian Private Equity And Venture Capital Association and German development agency GIZ, the event will bring together global and regional investors to attend talks, network, and partake in roundtable discussions. You can check out the agenda on the website for the event.

CIRCLE YOUR CALENDAR-

The First Arab FraudCombating Summit will take place between 21-23 February at Sharm El Sheikh’s Savoy Hotel. The event is organized by the Union of Arab Banks, along with the Central Bank of Egypt and the Federation of Egyptian Banks. The event will bring together governors, directors, and senior officials from Arab central banks to discuss emerging fraudulent practices, cybersecurity challenges, and the importance of digitization.

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

IN MEMORIAM- Please join all of us here at EnterpriseAM in extending condolences to the family and friends of Mahmoud Hosny, who passed away earlier this week. Hosny was both a good guy and a pillar of the nation’s tight-knit investor relations and corporate finance communities, having worked at Orange, KPMG, and Banglalink. He was most recently chief investment and strategy officer at EGX-listed e-Finance.

THE BIG STORY ABROAD-

Trump’s sweeping tariffs are still dominating the international press this morning, with the US facing retaliation from targeted countries and backlash from the global business community.

Canada has responded with a first round of 25% tariffs on imports worth some USD 107 bn, including USD 20 bn worth of goods that will be impacted starting Tuesday. Canada plans to implement the duties on the remaining USD 86 bn — including passenger vehicles and steel as well as vegetables and dairy — in 21 days. Mexico also retaliated with 25% tariffs, without specifying which US goods will be targeted. Meanwhile, China plans to challenge the tariffs at the World Trade Organization, vowing to take unspecified “countermeasures.”

Will the European Union be pulled into the trade war soon? The EU also responded to Trump’s statements that it would be “absolutely” going to face tariffs “pretty soon,” saying that the bloc “would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.” (FT | The Guardian | Reuters | Bloomberg)

ALSO- Another drama series is unfolding over the Panama Canal: US Secretary of State Marco Rubio demanded that Panama must curb China’s influence over the global shipping route or “face immediate consequences” in a conversation with Panamanian President José Raúl Mulino yesterday. Trump, in earlier statements, called the canal fees “a complete rip-off” and called for making the canal American again. (Associated Press | FT | BBC)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at how Trump’s 90-day funding freeze for foreign aid has affected Egyptian students on USAID-funded scholarships and what universities and the Higher Education Ministry is doing to try to minimize the impact.

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Health Ministry What We're Tracking Today

Somabay: A Community Committed to Education and a Sustainable Future

Somabay is dedicated to building a vibrant community with education at its heart through GEMS International School Somabay (GISS). As Egypt’s first GEMS school, GISS offers top-tier education via the International Early Years Curriculum (IPC) and an American diploma aligned with AERO standards. Part of the Egypt Education Platform (EEP), GISS reflects Somabay’s commitment to innovation, sustainability, and holistic development. Enroll for 2025-2026 at https://gis-somabay.com/

Investment Watch

Bukhamseen is mulling USD 125 mn hotel in Egypt and more from El Khatib’s time in Kuwait

El Khatib’s day in Kuwait: Investment Minister Hassan El Khatib spent his time in Kuwait yesterday meeting with representatives from Kuwaiti giants in an effort to drum up fresh investments. El Khatib’s time in the GCC nation was plenty fruitful — among the most significant announcements made during his visit include:

#1- Bukhamseen Group is mulling USD 125 mn hotel: Kuwait’s Bukhamseen Group is looking into establishing a USD 125 mn hotel in Egypt as part of its plan to expand its presence in the Egyptian market. This came during a meeting between El Khatib and company representatives, during which they unveiled that the group is currently developing two new projects in Cairo.

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

Bukhamseen has big plans in Egypt: The group is reportedly planning to acquire a major Egyptian tourism and hospitality investment company in a USD 4.9 bn transaction, marking one of the largest transactions in Egypt’s tourism industry, according to unconfirmed local media reports earlier this week.

Bukhamseen is no stranger to the Egyptian market: The group —- alongside the InterContinental Hotel Group — is one of the controlling shareholders in Maadi’s Holiday Inn.

#2- Jazeera Airways to expand its local presence: Kuwaiti Boodai Corp ’ Jazeera Airways wants to launch new routes that will see it take off from and land in El Alamein International Airport and Hurghada International Airport — the airline already has flights taking off from and landing in seven other Egyptian airports, El Khatib said in a statement following a meeting with company representatives.

More investments in the pipeline? The Kuwaiti player is also interested in expanding its presence in the local market — boosting investments in airport development and mulling a mass transit project similar to its existing projects in the Gulf.

#3- Aref Investment Group is eyeing expansions in Egyptian markets: Aref Investment Group is looking to expand its investments in Egypt in the fields of education, healthcare, manufacturing, and logistics, according to a statement from the Investment Ministry. The company’s investments in Egypt currently stand at USD 120 mn.

#4- Localizing the manufacture of Mitsubishi vehicles? Al Mulla Group is in talks with the Japanese Mitsubishi to localize the manufacture of its vehicles in Egypt, company representatives told El Khatib. The group is also mulling expanding its investments in the education and financial services sectors.

That’s not all: El Khatib also met with a delegation from the Egyptian-Kuwaiti Economic Cooperation Council for discussions that centered around potential economic and investment cooperation between the two sides. The meeting also saw El Khatib highlight recent efforts by the Madbouly government to improve the business climate and potential investments in the Egyptian market.

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EARNINGS WATCH

Beltone reports “exceptional results” for 2024, with bottom line up almost 5x

A record-breaking 2024 for Beltone Holding: Our friends at Beltone Holding recorded EGP 1.7 bn in net income during 2024, a 4.6x y-o-y rise, according to the financial services provider’s earnings release (pdf). Beltone turned in a strong performance across both its non-bank financial institutions and investment banking platforms, with consolidated revenues up 4x y-o-y for the year at EGP 7.2 bn.

Driving the growth: Beltone’s NBFI platform reported a 6x y-o-y surge in operating revenues, hitting EGP 5.8 bn in 2024 thanks to “the strategic expansion of its product portfolio and strong performance across leasing and factoring, consumer finance, microfinance, mortgage finance, direct investments, and venture capital” as well as the launch of its SME finance unit. Its investment bank platform reported a 2.4x y-o-y increase in revenues to EGP 1.3 bn, on the back of expanded brokerage operations and a 1.3x increase in its margin lending portfolio, as well as a broader range of equity, debt, and greenfield financial advisory services.

What they said: “Beltone’s record-breaking performance in 2024 reflects our strategic vision, data-driven approach, and operational efficiency. Our ability to capitalize on digitally scalable opportunities with strong growth potential has strengthened our market leadership. With a focus on innovation, digitalization, and client-centric solutions, we continue to differentiate ourselves, ensuring sustainable growth and long-term value creation,” Group CEO and Managing Director Dalia Khorshid said.

Geographical expansion in the cards? “As we move forward, we remain committed to accelerating our digital transformation and strategic expansion into high-growth regional markets, solidifying Beltone’s position as a leading financial powerhouse,” she continued.

ALSO- Beltone’s assembly approves big capital increase: Beltone Holding shareholders have approved a proposal to raise the company’s capital by EGP 10.75 bn to EGP 21.7 bn, according to an EGX disclosure (pdf). The new capital will be raised by offering around 5.4 bn shares at EGP 2 a piece to existing shareholders, who will be able to double their shares according to their capital contribution. If shares are not fully covered, the subscription will be reopened.

Remember: This marks Beltone’s large massive capital increase in as many years. The firm saw strong market demand for a its EGP 10 bn capital increase in 2023. This came shortly after Abu Dhabi-based investment company Chimera Investments acquired 56% of the company In 2022 and bringing in CEO Dalia Khorshid to rebuild the institution, set a new strategy, and staff it with a new executive team.

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Beltone Holding earnings earnings watch

PHARMA

Egypt’s pharma sales rise 42% y-o-y in 2024

The pharma sector’s performance last year gives us reason to believe the market is en route to normalcy. Local pharma sales climbed 42% y-o-y in 2024, coming in at EGP 292 bn, Ibnsina Pharma said in a statement (pdf) citing IQVIA reports. The increase came on the back of price rises that began picking up in the second half of the year.

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

Remember: The Egyptian Drug Authority approved several price hikes last year in response to calls from local pharma companies that the prices reflect new FX rates following the float of the EGP in March.

No price hikes 2025? Pharma prices are likely to remain stable for the time being now that the market has stabilized, Federation of Egyptian Chambers of Commerce’s pharma division head Ali Auf told EnterpriseAM. As long as the EGP / USD exchange rate is stable, the market will remain under control, he said.

But the total number of units sold was down slightly: The number of units sold throughout 2024 dipped 3% y-o-y to 4 bn, Auf said, pointing to production lines taking a hit in 1Q 2024 on the back of active ingredient shortages caused by the FX crisis at the time.

Last year’s drug shortage is a thing of the past: The number of unavailable meds has dropped from 1.5k to 200-300 thanks to successive price hikes that revived production and eased FX pressures, Auf told us.

The market leaders: Ibnsina Pharma currently holds a 30.8% market share, Pharma Overseas holds a 22% share, and the Egyptian PharmaTrading Company holds a 12% share, Auf said, explaining that drug warehouses own a collective 25% market share.

Settling dues: The Madbouly government has settled a big chunk of its dues to pharma players — it has settled some EGP 31 bn of its dues, which now stand at EGP 19 bn.

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commodities pharma

Capital markets

FRA proposes amendments to ease establishment investment, VC funds

FRA wants to make it easier to establish investment and VC funds: The Financial Regulatory Authority (FRA) is looking to simplify the process for setting up private equity and venture capital funds by amending the Capital Market Law, FRA head Mohamed Farid told the Senate on Sunday. The move is part of broader efforts to attract more investors and deepen Egypt’s capital markets.

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

What’s changing? The proposed amendments would allow funds to be established under any type of corporate structure approved by the FRA board. This would provide fund managers with greater flexibility in structuring their investments, helping stimulate growth in venture capital and private equity funds, Farid said.

The rationale: The amendments are aimed at attracting both local and foreign investors by creating a more investor-friendly regulatory environment, Farid explained. “Foreign investors will not come to the Egyptian market unless they see that Egyptian investors are investing a lot and have trust in the country’s legislation,” he said. Farid also noted that expanding venture capital activity will contribute to economic growth and generate more tax revenue for state coffers.

AND- No need for new courts: Farid rejected a proposal to set up a specialized court to resolve capital market disputes, arguing that Egypt’s existing economic courts are well-equipped to handle such cases. He added that the government could look into expanding economic court branches if necessary, while also referring to the role of the Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes in resolving disputes before they reach courtrooms.

Remember: The FRA amended the rules governing private ins. funds and the caps on their investments last month in a move aimed at helping them diversify their investment portfolios.

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capital markets Financial Regulatory Authority regulation watch venture capital

A MESSAGE FROM HSBC

Empowering widows: a catalyst for global change

The loss of a spouse is an incredibly difficult situation for anyone to have to cope with. For a very large number of widows, for whom the loss of a spouse also means the loss of the home’s main income, bereavement is compounded by financial uncertainty.

This is the reality for mns of women worldwide, and it’s one of the reasons HSBC Egypt has committed to a programme of transformative financial inclusion through our partnership with the Global Fund for Widows.

This partnership began with a simple yet powerful goal: to uplift and empower one thousand widows in Egypt’s Upper Governorates over three years. By providing widows with financial tools, training, and resources, we’re helping them reclaim their dignity, provide for their families and create sustainable futures. At its heart lies an innovative model called the Widows Saving Loan Association (WISALA), a form of community banking co-designed by widows, for widows. Through the WISALA, widows contribute a portion of funds, while HSBC matches this investment twofold. This pooled capital enables them to secure low-interest loans to establish or expand microbusinesses. The programme is bolstered by financial literacy and paralegal training.

The results have been exceptional. In the first cohort alone, widows reported a 279% increase in monthly income and a staggering 900% growth in savings. Spending on education rose by 304%, empowering children to pursue schooling, while food and healthcare expenditures climbed by 427% and 337%, respectively. These figures are proof of renewed hope and resilience in communities historically overlooked.

Beyond financial empowerment, the program fosters a sense of agency. Widows lead WISALA themselves, managing roles like treasurer and chairwoman, ensuring collective accountability. This model, with a deeply rooted community focus, has made WISALA a vehicle of ownership, empowerment and a collective support for the women engaged in it.

Looking ahead, we aim to expand the program’s reach within Egypt and beyond. By adapting the model to meet local needs, we’re creating a blueprint for scalable, global impact, laying the foundation for a smoother transition when introducing WISALA to countries outside of the Middle East.

Our ambition doesn’t stop at economic empowerment. We’re introducing sustainable farming practices to agribusinesses led by widows and digitising financial operations to enhance transparency and efficiency. These enhancements will enable even greater independence and resilience for participants, making financial inclusion a cornerstone of broader societal change.

At HSBC, we believe in the ripple effect of empowerment. When you support widows, you uplift families, strengthen communities and lay the foundation for future generations to thrive. Our work with the Global Fund for Widows is a testament to what’s possible when corporations, non-profits, and individuals come together to turn challenges into opportunities.

Cherine El Hakim, Regional Philanthropy Lead at HSBC Egypt

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A MESSAGE FROM HSBC HSBC

Capital markets

EFG Hermes retains top spot in brokerage rankings in January

EFG Hermes’ brokerage arm topped the EGX brokerage league table in January, with a market share of 15.3%, according to figures rel eased by the bours e (pdf). This marks the fifth consecutive month EFG Hermes has been in the top spot. Rounding out the top five were Thndr Securities (8.5%), Mubasher Securities (6.9%), CI Capital (6.5%) and Ostoul Securities (5.4%).

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brokerage league capital markets CI Capital EFG Holding Mubasher Capital Holding Ostoul Thndr

Moves

Lafarge Egypt appoints Khaled El Dokani as the company’s new CEO

Lafarge Egypt appointed Khaled El Dokani (LinkedIn) as its new CEO, the Holcim Group subsidiary said in a statement (pdf). The Holcim Group veteran has spent 21 years with the multinational building materials company, having most recently served as the group’s CEO for UAE, Oman, and Qatar. “His leadership will support Egypt’s transition towards a more sustainable and resilient construction industry, in line with international trends advocating for safer and more environmentally friendly building solutions,” according to the statement.

AND- Our friends at EFG Holding appointed Basant Abdelmonsef as the new head of investor relations, the company said in a disclosure (pdf) to the EGX.

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EFG Hermes LaFarge Egypt moves

EGYPT IN THE NEWS

International press spotlights Rafah reopening

Videos capturing the reopening of the Rafah border crossing drew international media attention, with the New York Times picking up the live-streamed footage showing Egyptian ambulances on Saturday carrying around 37 people — mostly wounded children — as part of the ceasefire agreement. The NYT quotes World Health Organization representative Rik Peeperkorn pointing to the roughly 12-14k Gazans in need of treatment outside the enclave.

ALSO- Arab nations’ rejection of Trump’s plan to displace Gazans continues to make headlines, with foreign ministers from Egypt, Jordan, Saudi Arabia, the UAE, Qatar, and Palestine warning the move would “threaten the region’s stability, risk expanding the conflict, and undermine prospects for peace and coexistence among its peoples” in a joint statement following a meeting in Cairo. (Associated Press | New York Times | CNN | Reuters)

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Gaza Middle East politics

Also on our Radar

Marakez unveils new hotel in District 5 — Urbane

!_ImageURLWeb_! https://ent.news/2025/2/151.jpg

HOSPITALITY-

Our friends at real estate developer Marakez signed an agreement with CredenceHospitality Developments to develop and operate Urbane, a new urban business hotel in New Cairo’s District 5, according to a press release (pdf). The 100-key project will include “state-of-the-art meeting rooms, a conference hall, a rooftop restaurant, retail outlets, a spa, and outdoor sports facilities.” The project is slated to open in early 2027.

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

DIPLOMACY-

Madbouly, UAE ministers discuss joint projects: Prime Minister Moustafa Madbouly met with the Emirati minister of industry and investment to review progress on joint projects, including the industrial projects being set up in Ras El Hekma, according to a statement. The discussion also covered the latest on joint energy, data centers, and renewable energy projects, as well as airport management.

POLICY-

The Political Affairs Committee held its first meeting yesterday, which saw its members — headed by Prime Minister Moustafa Madbouly — discuss regional developments and national security concerns, according to a cabinet statement. The discussion covered Egypt’s diplomatic efforts, including President Abdel Fattah El Sisi’s phone call with US President Donald Trump and the ministerial meeting on Palestine Egypt hosted over the weekend.

Political Affairs Committee? The committee is one of six newly-formed advisory committees that will work to ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year. We put together a rundown of the committees and their members after the news broke last week. Read the story here.

ENERGY-

The Oil Ministry increased natural gas supplies allocated for the industrial sector by 10% in 1H 2025, an unnamed government official told Al Arabiya. The notoriously energy-intensive sector — accounting for around a quarter of the country’s gas use — draws around 1.6 bn cubic feet of gas per day, according to the source.

Export-orientated industries are prioritized for receiving gas supplies, with industries like petrochemicals that open up FX revenues reportedly being at the front of the line.

INVESTMENT-

Ugreen steps foot into Egypt: Electronics and mobile accessories manufacturer Ugreen, in collaboration with Blooms Group, has officially launched in Egypt with a USD 5 mn investment, according to a statement (pdf). The company will offer a range of power banks and audio devices, with more devices to be introduced later this year.

MANUFACTURING-

Fresh has three new component factories in the pipeline: Home appliance manufacturer Fresh is planning to set up three component manufacturing plants with combined investments exceeding EGP 200 mn, Al Borsa reports. The company expects to have the factories up and running next year.

DEBT-

Agrana Nile Fruits secures EUR 3 mn loan from EBRD: Agrana Nile Fruits, a JV between Austrian food company Agrana and the UAE’s Naama Investment Holding, secured a senior unsecured loan of up to EUR 3 mn from the European Bank for Reconstruction and Development (EBRD), according to a bank website. The funds will be used to finance a new production line and refurbish the company’s Obour City factory, increasing annual production capacity and expanding its export base.

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ALSO ON OUR RADAR debt EBRD energy hospitality industry Marakez oil and gas policy

PLANET FINANCE

India’s IPO market expected to raise USD 23 bn this year despite macroeconomic headwinds

India is set for a major IPO year, with local firms expected to raise some USD 23 bn in 2025 — up over USD 3 bn from last year’s USD 19.6 bn — despite an economic slowdown and currency pressure, the Financial Times reports, citing Indian brokerage and asset management group Motilal Oswal.

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

By the numbers: At least seven companies are eyeing offerings exceeding USD 1 bn each, including online brokerage firm Groww, PayPal-backed fintech firm Pine Labs, SoftBank-backed eyewear company Lenskart, and the Indian arm of LG. Smaller debuts are also expected to add to the tally, with 34 companies already approved to raise USD 4.8 bn this year and another 55 in the pipeline that could raise an additional USD 11.4 bn.

A possible debut for Mukesh Ambani’s telecom business could dwarf all comers this year: Reliance Jio, the telecom wing of Mukesh Ambani’s sprawling Reliance Industries conglomerate, could see the country’s largest IPO this year, though no timeline for the potential offering has been confirmed. Investment bankers speaking to the salmon-colored paper said that an offering could take place in 2H 2025.

This year’s high expectations follow a bumper crop in 2024: India topped global rankings for the number of IPOs last year, recording 336 offerings compared to the US’ 240, China’s 96, and Hong Kong’s 70.

Booming domestic investment is driving sentiment: The spate of IPOs comes as Indian corporations’ equity valuations have been driven up by burgeoning domestic investment, particularly as the number of Indians who have accounts that enable them to invest in mutual funds has quadrupled to 180 mn over the last four years. This has made India’s stock market the most expensive in the world, with listed companies’ share price-to-earnings ratio — a measure of how fast a stock’s price increases relative to its earnings potential — clocking in at an average of 20, signaling either an overvalued stock or strong investor confidence in a high growth rate.

Foreign investors, for their part, have balked at the relative expense of the market, withdrawing over USD 30 bn since October alone.

Macroeconomic headwinds are part of the puzzle: The Nifty 100 index of India’s top stocks has dropped 12% since September, with GDP growth slowing to 5.4% y-o-y in 3Q 2024 — its lowest in nearly three years. The INR is under increasing pressure from a strong USD, while consumer spending and credit availability have dropped amid high inflation and an expansion in borrowing from India’s already highly leveraged urban middle class.

The volatility is giving CEOs second thoughts about listing: Leading Indian founders are considering delaying listings in hopes that the market will perk up once again. “I’m already noticing in my one-on-one conversations that many [founders], if not all, are holding back the urgency in which they wanted to launch the IPO — they are happy to delay it by a month or two,” head of institutional equities at Ambit Capital Nitin Bhasin told the FT.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning — the Nikkei is down 2.5%, the Hang Seng is down 2.0%, and the Kospi is down 2.8%.

EGX30	29,918	-0.3% (YTD: +0.6%)
USD (CBE)	Buy 50.16	Sell 50.30
USD (CIB)	Buy 50.17	Sell 50.27
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,410	-0.1% (YTD: +3.1%)
ADX	9,586	0.0% (YTD: +1.8%)
DFM	5,180	+0.5% (YTD: +0.4%)
S&P 500	6041	-0.5% (YTD: +2.7%)
FTSE 100	8674	+0.3% (YTD: +6.1%)
Euro Stoxx 50	5287	+0.1% (YTD: +8.0%)
Brent crude	USD 75.67	-0.3%
Natural gas (Nymex)	USD 3.04	-0.1%
Gold	USD 2835.00	-0.4%
BTC	USD 97,071	-3.8% (YTD: +3.9%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 3.7 bn (2.8% below the 90-day average). Regional investors were the sole net buyers. The index is up 0.6% YTD.

In the green: Rameda Pharma (+3.6%), EgyptAlum (+3.1%), and Ibnsina Pharma (+2.1%).

In the red: Beltone Holding (-2.8%), Eastern Company (-2.1%), and Fawry (-1.5%).

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Financial Markets Fintech India IPO watch Planet Finance

Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

Universities step up to support USAID scholarship students following Trump’s foreign aid freeze

What happens in Washington, sadly doesn’t always stay in Washington: Amidst the plethora of executive orders and moves to reshape Washington, newly-inaugurated US President Donald Trump signed off on a 90-day funding pause to all foreign aid from the world’s largest foreign aid donor. Although Egypt was given an exception for its annual USD 1.3 bn of military aid, there were no exceptions for any of the other programs that the United States funds in Egypt — which includes USAID funding for scholarships for Egyptians at home and abroad.

All Egypt-bound non-military aid is now in limbo: Newly appointed State Secretary Marco Rubio will now reportedly vet all US foreign aid against the new administration’s foreign policy before turning back on to the tap, according to a State Department cable.

For some Egyptians students, the foreign aid freeze hit especially close to home: There are 1.1k Egyptian students on United States Agency for International Development-funded (USAID) scholarships who did not know whether the freeze would delay or even end their studies — with some also reliant on the scholarships for housing.

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

But the heads of universities and the Higher Education Ministry were quick to step in: Shortly following the announcement from Washington, the Higher Education Ministry reassured the 877 students at Egyptian universities that they will be covered by their universities under the same arrangement — and beyond this if need be.

Support was also pledged to USAID scholarship-funded students abroad: Efforts are underway to support the seven students at US universities that have been left in financial limbo so they can complete their studies, Higher Education Ministry spokesperson Adel Abdel Ghaffar said.

The American University in Cairo also did the same for its 200 students on USAID scholarships: “Within 48 hours, we informed our students — some only in their first semester at AUC, others in their last, and everything in between — that we would cover their tuition, housing and educational expenses for Spring 2025,” AUC President Ahmad Dallal said in a message to the university students and stuff seen by EnterpriseAM. The university will do this “through budget savings and fundraising because of our deep commitment to the education and well-being of our students,” Dallal explained.

However, AUC wasn’t able to stretch its finances to also cover prospective AUC students on USAID scholarships about to enroll: “We understand the painful situation these students now face and wish we could accommodate them. We simply do not have the financial resources,” explained Dallal, referring to prospective students that had been awarded scholarships but are yet to enrol. The some 125 students about to enroll were split between students about to start their first semester and others to begin a year-long English-language bridge program before starting their degrees.

But the university was keen to stress that they’re trying to find a solution and that the door will still be open later on: Despite not being able to put together the funds to financially back the prospective students this semester, the university stated that their acceptance to the university will be deferred. AUC’s president also highlighted that it “will make every effort to fundraise to support them in joining AUC in the future.”

Efforts to fundraise seem to already be reaching a welcoming audience: Dallal pointed to a large number of alumni, previous scholarship recipients, faculty, and others that have reached out over the past week to express their interest in “contributing funds to support new and continuing students.” To aid the effort, the university set up a webpage to collect donations.

Staff are also being affected in a serious way: Grant-sponsored staff members at AUC and other institutions that administer the scholarship program have been suspended, with the university saying that it will cover the basic salaries of the 113 staff members as they search for alternative roles at the institution or elsewhere.

USAID’s technical and vocational program Egypt Workforce appears set to continue: The program, which prepares students in technical education schools for work, is expected to be less affected, a source involved in the program told EnterpriseAM. The private sector will continue covering student scholarships at institutions affiliated with their businesses, while the ministry will fund teachers’ salaries. USAID’s contribution primarily goes toward curriculum development and one-time training costs. Of the ten schools in the program, major businesses such as El Sewedy and Mountain View provide financial backing, and USAID’s direct role is limited to supporting high-achieving students and funding participation in international competitions, we were told.

Cutting off USAID funding is no small issue, considering its presence in Egypt: USAID’s partnership with Egypt has spanned over four decades, with investments surpassing USD 30 bn since 1978. The agency has played an active role in supporting programs to bolster economic growth, education, healthcare, and governance and ranks as one of the most prominent development organizations in the country.

Your top education stories for the week:

Coventry University has partnered with the British University in Egypt (BUE) to launch a Hydrogen Energy Training Hub, backed by GBP 25k from the British Council, to develop expertise in hydrogen production, storage, and transport. The hub will be based at BUE, with students also gaining access to workshops at Coventry University’s Egypt campus and online. (Statement | pdf).
SEP acquires majority stake in Riyadh int’l school: EFG Hermes-backed K-12 operator Spark Education Platform (SEP)inked definitive agreements to acquire a majority stake in Riyadh’s Qimam El Hayat International School. There is no publicly available information about the transaction size.
SIC officially increases stake in CIRA: Social Impact Capital (SIC) now owns 88.7%of CIRA Education after the transfer of 218.4 mn shares was completed. SIC held a 51.2% stake in the company prior to the EGP 3.4 bn transaction.

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Blackboard Education USAID

CALENDAR

FEBRUARY

23 January- 5 February (Thursday-Wednesday): Cairo International Book Fair, Egypt International Exhibitions Center, Cairo

29 January - 8 February (Wednesday-Saturday): Business Ya Shabab exhibition, Cairo Stadium

10 February (Monday): The Economic Forum for Industry and Investment.

13-17 February (Thursday-Monday): The 10th Annual Conference of the Businesswomen of Egypt 21 Association, the Arab League HQ, Cairo.

17 February: (Monday): Cypriot President Nikos Christodoulides will visit Egypt to sign agreements to transport Cypriot gas to Egypt to be liquefied and exported.

17-19 February (Monday-Wednesday): EGYPES Technical Conference, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): Monetary Policy Committee's first meeting.

21-23 February ( Friday-Sunday): The First Arab Fraud Combating Summit.

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

Subscription period for Your Home in Egypt initiative opens.

MARCH

Arla Foods’ deadline for Domty acquisition offer

Operation of phase one of the Amotope wind farm

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

7-10 April (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

1H 2025: EGX launches a sharia-compliant sustainability index.

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

2027

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

EVENTS WITH NO SET DATE

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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