The Grand Egyptian Museum opens its doors with a grand celebration

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Egypt inaugurates GEM with a grand celebration

Good morning, friends. We kick off the first workday of November with a brisk issue, with the official opening of the Grand Egyptian Museum taking center stage.

Last night Egypt inaugurated the Grand Egyptian Museum — the world’s largest museum for a single civilization — with a grand celebration, marking the end of two decades of work and anticipation.

Lasers, fireworks, and drones took over the sky while an orchestra performed and sopranos took the stage with tens of world leaders watching. In the midst of it all, President Abdel Fattah El Sisi delivered his opening speech, describing the museum as “a new chapter in the story of this ancient nation's present and future.”

Want your chance to check it out for yourself? The museum will be open to the public starting Tuesday from 8:30am to 7pm and until 10pm on Saturdays and Wednesdays. You can book your ticket through the official GEM website.

Want to dive deeper? Our second of four weekly EnterpriseAM special issues about the GEM will land in your inboxes later this week, diving into the museum’s journey from the launch of a record-breaking international design competition to the final stages of completion and capturing the challenges, milestones, and unwavering ambition that brought it to life. Check out issue one here.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 29°C and a low of 21°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 28°C and a low of 20°C.

WATCH THIS SPACE-

#1- Israel is hitting pause on its USD 35 bn gas export agreement with Egypt “until Israeli interests are secured and a fair price for the Israeli market is agreed upon,” Israeli Energy Minister Eli Cohen’s office said in a statement. While political tensions between Cairo and Tel Aviv already complicated the agreement, this most recent road block is from internal commercial disputes in Israel, the usually well sourced Financial Times cites an unnamed insider as saying.

The US isn’t happy, with US Energy Secretary Chris Wright canceling an upcoming trip to Israel because of it, according to the ministry statement. Cohen’s office alleged that the US officials — which has de facto lobbied on behalf of US energy giant and Leviathan gas field co-owner Chevon — had been “exerting a great deal of pressure on Israeli officials” to greenlight the deal.

REMEMBER- The agreement, signed in early August, would see Leviathan partners — led by Chevron and Israel’s NewMed Energy — export 130 bcm of gas to Egypt between 2026 and 2040. Flows will first increase from 4.5 bn cubic metres in 2025 to 6.5 bn cubic metres as early as 2026 under the first 20 bn cubic meter phase of the agreement. Shortly after the agreement was signed, Prime Minister Moustafa Madbouly said that it will in no way affect Egypt’s stance on Palestine.

#2- Sanctioned Russian oil giant Lukoil has agreed to sell its international assets to energy trader Gunvor Group, accepting an offer for its Lukoil International GmbH unit — the subsidiary holding its overseas portfolio — and committing to halt talks with other bidders, according to a press release.

REMEMBER- Lukoil, Russia’s second-largest oil producer, has built a notable presence in Egypt’s oil fields, through a 24% interest in the Meleiha oil concession in the Western Desert, with Eni as operator holding the remaining 76%. And in the Eastern Desert, Lukoil operates the West Esh El Mallaha concession near Hurghada through a 50-50 partnership with state-owned EGPC. An adjacent block, WEEM Extension, is split equally between Lukoil and Tharwa Petroleum, with Lukoil as operator.

THERE’S MORE TO THE STORY- We did a deep dive into what US sanctions on Russia’s biggest oil companies means for us in a story published last week — check it out here.

#3- New year, new taxes: The Finance Ministry is preparing to tax alcoholic beverages based on their alcohol percentage in accordance with the amended VAT law starting 1 January, according to a document seen by EnterpriseAM. The tax percentage is set to rise by 15% annually for the next three years — after which the annual increase will be reduced to 12%.

DATA POINT- The Finance Ministry expects the move to push tax revenues from alcoholic drinks to EGP 4.9 bn, up from EGP 3.6 bn last fiscal year.

REMEMBER- The VAT amendments, which were ratified in July, will also impact cigarettes, crude oil, and construction and contracting services. The amendments will help the government bring in an additional EGP 200 bn in tax revenues.

HAPPENING TODAY-

Chapter Zero Egypt will hold its flagship annual conference under the theme Net Zero or Net Loss? today. The event will bring together board members and CEOs from Egypt’s leading private-sector firms, ministers, diplomats, development partners, and climate experts to discuss how to accelerate measurable climate action and sustainable leadership.

HAPPENING TOMORROW-

Want to pursue an MBA but not sure where to start? Then you may want to clear your Monday afternoon to attend the SEED Business School Festival at the Dusit Thani Lakeview. The event will give you the chance to discover Master’s programs, get your application fee waived, and take part in workshops. The event is free to attend, but make sure to register through the SEED Global Education website. The event will run from 4:30-9pm.

NEWS TRIGGERS-

It’s the first work day of November — and here are the news triggers to keep your eyes on this month:

Non-oil private sector activity to break its seven-month streak in the red? S&P Global will release PMI figures measuring non-oil private sector activity for October on 4 November. Last month’s report saw the country’s headline figure contracting to 48.8, taking us further away from the 50.0 threshold that separates growth from contraction, which it has only passed two times since November 2020.
The business community and policymakers will have their eyes on October’s inflation figures, which we expect will be released on 10 November. Annual headline urban inflation eased again for the fourth consecutive month in September to 11.7%, but analysts are expecting recent fuel price hikes to temporarily ratchet up inflationary pressures.
To cut, or not to cut? That is the question for the Monetary Policy Committee. The central bank committee in charge of deciding interest rate policy will meet on 20 November to decide on whether to cut rates during its second to last meeting of the year. Most analysts seem to be in agreement that the CBE will hit pause on rate cuts this month to assess the impact of the recent fuel price hikes.

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THE BIG STORY ABROAD-

Another day, another wave of Big Tech earnings is upon us:

#1- Amazon’s shares soared 14% in afterhours trading after the company posted the fastest increase in cloud revenues in three years and forecast quarterly sales above estimates. (Reuters | Bloomberg | Wall Street Journal)

#2- Apple expects next quarter to be its best ever in terms of iPhone sales as holidays spur buying, with double-digit growth forecast — double analyst estimates. The company narrowly beat analyst expectations with its net income and sales figures in its fiscal fourth quarter. (Reuters | Bloomberg | WSJ)

Meanwhile, Netflix has reportedly tapped Moelis & Co to mull a bid for Warner Bros Discovery’s studio and streaming business, potentially giving it control over plenty of franchises, from Harry Potter to DC Comics. (Reuters | Bloomberg)

PLUS- A day after saying it plans to hike spending on AI next year, Facebook owner Meta raised USD 30 bn in bonds, marking the biggest bond sale of the year, with some USD 125 bn in orders placed. (Bloomberg)

And across the pond, Prince Andrew is prince no more: King Charles stripped Prince Andrew from his royal title and evicted him from his royal residence in a rare move aiming to salvage the royal family’s reputation amid fresh revelations about his friendship with Jeffrey Epstein and [redacted] abuse allegations from Virginia Roberts Giuffre, one of Epstein’s victims. (Financial Times | AP | Guardian | New York Times | WSJ)

Edge Holding to acquire 30% of Basata Microfinance

Edge Holding for Investments signed an agreement to acquire a 30% stake in Basata Microfinance, a subsidiary of Basata Financial Holding (BFH), through a capital increase, according to a joint statement (pdf). Edge will take on management duties to support Basata’s nationwide expansion. There’s no publicly available information about the size of the transaction and the number of new shares that will be issued.

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

The transaction aims to broaden Basata’s product offerings, integrate digital financial services, and enhance governance and operations as part of efforts to ramp up financial inclusion for SMEs and underserved individuals, the statement reads. Basata also plans to create synergies with sister company Basata Pay to integrate payment solutions and develop cross-platform financial products.

About the companies: BFH invests in Egypt’s non-banking financial services sector, founded in 2017 as a joint venture between EGX-listed companies B Investments and MM Group. It holds a 70% stake in Basata Microfinance. As for Edge Holding for Investments, it has launched ventures in consumer finance, leasing, and real estate solutions. The firm plans to raise over EGP 300 mn to expand into SME, consumer, and mortgage finance.

IN OTHER M&A NEWS-

Tunisian private equity firm AfricInvest made “one of Egypt’s largest foreign direct investments in the education sector to date” in the British University in Egypt, according to a statement (pdf) from financial advisor Zilla Capital. The transaction was executed through a capital increase, although its value and stake acquired were not disclosed, it was highlighted that the Khamis family will remain majority shareholders.

The funds will help the university “strengthen its position in the higher education sector in Egypt and regionally,” which will be done by expanding existing facilities and building new ones. The university will also broaden its curriculum and improve governance.

ADVISORS- Alongside Zilla Capital as transaction advisor, Baker McKenzie provided counsel to the university, and Matouk Bassiouny & Hennawy provided counsel to AfricInvest.

Qalaa Holdings and Abu Qir Fertilizers post their earnings

The latest round of quarterly earnings is starting to pick up the pace, with Qalaa Holdings and Abu Qir Fertilizers all posting their earnings over the last few days.

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

QALAA HOLDINGS ENDS 1Q IN THE RED-

Qalaa Holdings’ revenues remained largely stable y-o-y in 1Q 2025 at EGP 37.2 bn, as lower revenue from Egyptian Refining Company (ERC) offset top-line growth across all other subsidiaries, according to the company’s latest earnings release (pdf). Excluding ERC, revenue rose 24% y-o-y to EGP 3.9 bn, driven by solid performances at ASEC Holdings, ASCOM, Taqa Arabia, and CCTO.

Qalaa reported a net loss of EGP 43 mn during the quarter, down from a net income of EGP 7.2 bn in 1Q 2024. The company’s bottom line was brought down by a fall in revenues from its ERC arm due to a decline in global refining margins and lower product prices, despite the group noting growth across all of its other subsidiaries during the period. The bottom line was also impacted by EGP 492 mn in interest expenses related to debt settlement and restructuring agreements signed in 2024.

What’s next? Qalaa aims to cut its debt by about EGP 30 bn in FY 2025, supported by continued repayments at ERC, which is on track to fully repay its senior debt by early 2026. The company also plans to list four of its fast-growing subsidiaries over the next two years to raise funds and boost flexibility. ERC is also working on new projects to improve margins, with better results expected by the end of 2025, while Qalaa’s liquidity has improved and is set to strengthen further once ERC starts paying dividends in 2026.

What they said: “Building on this promising start to the year, we will continue executing our growth strategies across our diverse platforms. I am confident that the group can continue to leverage its resilience and agility to navigate market challenges and capitalize on improving macroeconomic conditions. In parallel, we will continue pushing ahead with our strategy of undertaking targeted, incremental investments with the aim of continuously enhancing Qalaa’s investments portfolio,” said Chairman and founder Ahmed Heikal.

ABU QIR FERTILIZERS’ NET INCOME INCHES UP IN 3Q-

Abu Qir Fertilizers reported a 2.0% increase in net income to EGP 1.3 bn for the quarter ending 30 September 2025, according to its latest financials (pdf). Revenues rose 8.0% y-o-y in the same period to EGP 3.9 bn.

The company attributed the results to operating plants at full capacity, cost optimization efforts, and a successful marketing strategy that expanded exports and secured better product prices. Operating cash flow stood at EGP 619 mn, reversing a negative EGP 640 mn in the same period last year.

GEM takes over the airwaves

The long-awaited inauguration of the Grand Egyptian Museum (GEM) dominated the airwaves last night, with the nation’s talking heads offering wall-to-wall coverage, live commentary, and interviews with officials, archaeologists, artists, and cultural figures.

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

“It was glorious… worthy of Egypt’s greatness,” El Sora’s Lamees El Hadidi said, describing the opening ceremony (watch, runtime: 4:02). El Hadidi praised the performances, stage direction, and musical segments, adding that audience members were left in awe by the scale and spectacle of the event.

“The ceremony was magnificent,” said Ala Masouleety’s Ahmed Moussa, adding that “it left the whole world dazzled,” as mns across Egypt and abroad tuned in to the live broadcast (watch, runtime: 1:08).

A call for more efforts on the tourism front: El Hekaya’s Amr Adib stressed (watch, runtime:25:12) that the GEM opening should be treated as “just the beginning,” and urged the government to double down on tourism promotion efforts in the wake of the high-profile event.

The foreign press looks at GEM from the economic and political angles

All eyes on GEM: As expected, the grand inauguration of the Grand Egyptian Museum got a lot of coverage from the international press. In front of tens of world leaders, Egypt officially opened the doors of the USD 1 bn museum with a memorable ceremony that blended history with song and dance and captured the world’s attention. Here are some of the headlines worth noting:

Le Monde framed the opening as both an architectural and political statement — a project two decades in the making that cements Egypt’s cultural prestige while anchoring its economic recovery. The museum’s scale and timing, it wrote, underscore Egypt’s bid to project stability and reclaim its place on the global tourism map.

Bloomberg, meanwhile, took a wider view, portraying the event as part of Cairo’s broader geopolitical balancing act. The piece drew parallels between the towering statue of Ramses II at the museum’s entrance and Egypt’s modern-day diplomacy — a “friends-to-all” approach that lets it leverage ties with the US, China, Russia, and the Gulf amid shifting global power dynamics.

Qatari German Medical Devices joins Egyptian-US pharma partnership

PHARMA-

QSE-listed Qatari German Medical Devices joined HoldiPharma and Dawah Pharma’s export-focused JV, according to a statement from the Public Enterprises Ministry. The Egyptian-US-Qatari strategic partnership inked between the three will see them work towards “establishing an integrated production and supply system inside and outside Egypt.”

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

REMEMBER- An earlier agreement between the state-owned pharma manufacturer HoldiPharma and US-based Dawah Pharma saw the two form a joint venture aimed at producing and exporting meds and supplements to international markets, with a focus on North America and Europe.

REAL ESTATE-

Emaar Misr is in talks with Saudi Arabia’s Dallah Albaraka Holding to explore a potential partnership to develop a new mixed-use project, Emaar said in a disclosure (pdf) to the EGX. The project will be with the Saudi company’s subsidiary Samla and Alam Al Rum for Urban Development on a 380-feddan area in east Cairo and is expected to generate around USD 3.4 bn in revenues, Emaar founder Mohamed Alabbar told Asharq Business. Dallah Albaraka owns the land while Emaar Misr will handle development and management in exchange for 67% of the project’s revenues, two sources familiar with the matter told the outlet

MANUFACTURING-

Unionaire Group Technology signed a USD 10 mn contract with a US-based company to supply around 50k refrigerators to the US market in 2026, Al Mal reports, citing Vice President Youssef Osman. Unionaire also invested more than EGP 100 mn over the past year to upgrade its production lines and launch a new range of dual cooling refrigerators — the first of their kind produced domestically, according to a separate report from the outlet.

LOGISTICS-

Mostakbal Misr Agency for Sustainable Development is considering offering 5k feddans to investors for the development of logistics zones, Executive Director Mohamed Abdel Hady told Asharq Business. Infrastructure work on the areas is currently underway, with the zones expected to leverage the surrounding road network to transport goods to Egyptian ports.

CAPITAL MARKETS-

CI Capital Holding’s CI Asset Management has opened subscriptions for its new sharia-compliant gold investment fund, the company said in a statement (pdf). Dubbed Gold Misr, the fund invests in bullions and offers cumulative daily returns with a prizedraw system for investors. Subscriptions open today for up to two months, with CI Capital Brokerage acting as the initial receiving agent.

DEBT WATCH-

The Egyptian Bioethanol Company and a syndicate of seven banks signed a USD 135 mn long-term financing agreement for Egypt’s first bioethanol plant in Damietta, according to an Oil Ministry statement. The syndicate includes NBE, CIB, Banque du Caire, QNB, AAIB, Al Baraka Bank, and the Housing and Development Bank. The project will produce 100k tons of bioethanol annually from sugar beet molasses, generating around USD 100 mn in added value each year.

Saudi IPOs drive MENA’s strongest run since the financial crisis -EY

The MENA IPO market recorded its strongest performance since the global financial crisis during 9M 2025, according to EY Global’s latest IPO Trends report (pdf). The region (including Israel) saw 54 IPOs in the first three quarters of the year, raising USD 6.3 bn. The surge reflected continued diversification across sovereign wealth investment, energy, and technology-driven sectors as well as ongoing regulatory reform and active listing pipelines across the GCC.

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

3Q 2025 saw 17 IPOs, generating a combined USD 1.1 bn in proceeds — up 38% in transaction count and 19% in value compared with the same quarter last year. Saudi Arabia continued to lead the region, accounting for nine listings — six on Nomu and three on main market Tadawul — with total proceeds reaching USD 646.5 mn. The largest of these was Dar Al Majed Real Estate, which raised USD 335.8 mn on the main market Tadawul. Saudi’s market capitalization stood at USD 2.7 tn.

Saudi IPOs this year are concentrated in real estate, industrials, retail, hospitality, and construction, compared to 2024 when healthcare, transport, and mobility were in the lead, EY MENA IPO Leader Gregory Hughes said.

Despite macro headwinds, several IPOs are expected to come to market in the next six months, signaling an active pipeline, EY said. On Saudi, Hughes added that despite KSA’s weakened fiscal position, we can still expect a healthy pipeline in 4Q 2025.

Worldwide, IPO activity rose to 914 listings in 9M 2025, raising USD 110.1 bn, up 41% y-o-y in proceeds. 3Q alone saw 370 IPOs raising USD 48.2 bn, an 89% increase y-o-y. The US, India and China remain the three largest markets by volume and proceeds, EY said. The report described the rest of 2025 and early 2026 as “a period of gradual re-opening rather than a straight-line rebound,” adding that well-prepared issuers with solid fundamentals and transparent business cases are most likely to perform well.

EGX30	38,268	+0.1% (YTD: +28.7%)
USD (CBE)	Buy 47.16	Sell 47.28
USD (CIB)	Buy 47.19	Sell 47.29
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,656	-0.8% (YTD: -3.2%)
ADX	10,100	-1.1% (YTD: +7.2%)
DFM	6,059	-0.8% (YTD: +17.5%)
S&P 500	6,840	+0.3% (YTD: +16.3%)
FTSE 100	9,717	-0.4% (YTD: +18.9%)
Euro Stoxx 50	5,662	-0.7% (YTD: +15.7%)
Brent crude	USD 64.77	+0.6%
Natural gas (Nymex)	USD 4.12	+4.3%
Gold	USD 3,997	-0.5%
BTC	USD 110,000	+0.4% (YTD: +17.7%)
S&P Egypt Sovereign Bond Index	954.04	+0.1% (YTD: +22.7%)
S&P MENA Bond & Sukuk	152.05	-0.2% (YTD: +8.7%)
VIX (Volatility Index)	17.44	+3.1% (YTD: +0.5%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 6.1 bn (29.6% above the 90-day average). Regional investors were the sole net buyers. The index is up 28.7% YTD.

In the green: E-finance (+3.2%), Credit Agricole (+2.0%), and ADIB (+1.3%).

In the red: Beltone Holding (-3.6%), Qalaa Holdings (-2.7%), and EFG Holding (-2.3%).

CALENDAR

NOVEMBER

2 November (Sunday): Chapter Zero Egypt holds its 2025 annual conference under the theme Net Zero or Net Loss?

4 November (Tuesday): S&P Global to release PMI data for September.

9-11 November (Sunday-Tuesday): The sixth edition of the TransMEA 2025 forum and exhibition, Egypt International Exhibition Center.

10 November (Monday): Capmas expected to release inflation data for October.

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

16-19 November (Sunday-Wednesday): The 12th edition of the Digital Payments and Financial Inclusion Exhibition and Forum (PAFIX 2025), Egypt International Exhibition Center.

20 November (Thursday): Monetary Policy Committee meeting.

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

November: Egypt to join the EU’s Horizon Europe research and innovation program.

November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.

DECEMBER

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

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

8 December (Monday): Egypt-UK Investment Conference, Cairo.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

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

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

2026

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

30 March - 1 April: Egypt International Energy Conference and Exhibition 2026 (EGYPES)

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

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

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

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

2027: Egypt-EU Summit 2027

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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