The IMF weighs in on our growth outlook

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What We're Tracking Today

Egypt welcomed 3.9 mn tourists during 1Q 2025 — up 25% y-o-y

Good morning, all. We kick off May with a brisk issue led by what the IMF thinks of Egypt’s economy and its growth prospects, some startup news, and the ratification of the new Labor Law.

BUT FIRST- We’ve switched up our Planet Finance market table to add three major indices to help you stay on top of the shifting fixed income landscape: the S&P Egypt Sovereign Bond Index, the S&P MENA Bond & Sukuk Index, and VIX. These give you a clear snapshot of Egypt’s sovereign debt, regional bond and sukuk performance, and overall market volatility.

PSA-

WEATHER- Cairo is in for a sunny day, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 23°C and a low of 15°C.

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NEWS TRIGGERS-

It’s the first proper workday of May — here are the key news triggers to keep your eyes on throughout the month:

Are interest rates in store for a second cut in a row? After the Central Bank of Egypt kicked off its long-awaited easing cycle in March with a 225 bps cut — its first since 2020 — attention now turns to the MPC’s third meeting of the year on 22 May. The committee is set to meet later this month to decide whether to continue cutting rates or hit pause as inflation showed signs of edging back up in March and global risks — from a deepening US-China trade war to rising regional tensions — continue to cloud the outlook. While most analysts still expect the easing cycle to continue, the pace of cuts could slow as the central bank balances disinflation at home with volatility abroad.
Inflation creeping back up? The business community and policymakers will have their eyes on April’s inflation figures due on 10 May after headline inflation ticked up 0.8 percentage points to 13.6% in March from 12.8% the month before. However, March also recorded core inflation dipping to 9.4% — its lowest since February 2022 — hinting that underlying pressures may be starting to ease.
We will get an insight into the effect Trump’s tariffs are having on the country’s non-oil private sector activity with the release of S&P Global’s PMI data for April — the first such release since what the US head of state called Liberation Day. Activity fell back down into contraction territory in March, after a brief two-month stint in the green, as demand and weaker output weighed on private businesses.

WATCH THIS SPACE-

Egypt emerged as one of the top investment destinations for private equity firms over the next three years, according to an Africa-fo cused survey from the African Private Cap ital Association. Some 50% of the investors polled named Egypt and Nigeria as a top investment target, behind only South Africa and Kenya with 65%.

HAPPENING TODAY-

#1- The House of Representatives will start discussing amendments to the Old Rent Law today. Housing Committee Deputy and MP Tarek Shoukry said last week that the proposals under discussion include setting a minimum rent of EGP 500 per month for residential units in rural areas and EGP 1k in major cities. The increases would be introduced gradually over five years, Shoukry said.

REMEMBER- The legislation follows a Supreme Constitutional Court ruling last November that deemed the current fixed rental values for residential units unconstitutional, calling on lawmakers to amend the law.

#2- The Egyptian-Moroccan Investment Forum will be held today, bringing together officials from both sides and giving the Egyptian side the chance to showcase facilities and incentives provided to investors in efforts to boost trade and economic ties between the two nations, according to a statement.

The forum follows a recent flare-up in trade tensions that spurred on efforts to rebalance the lopsided trade relationship between the two countries in favor of Egypt.

DATA POINT-

#1- Tourist footfall rose 25% y-o-y in 1Q 2025 to 3.9 mn, Tourism Minister Sherif Fathy told Asharq Business. Looking at the entire year ahead, Fathy expects the 5% y-o-y increase in 2024 to be outdone by an 8% y-o-y increase in 2025 — which by our math is around 17 mn tourists.

#2- Demand for gold coins and bars in Egypt fell around 9.6% y-o-y in 1Q 2025 to 4.7 tons and saw a 20.3% decline from the previous quarter, according to the World Gold Council’s latest gold demand trend re port. Over the same period, demand for gold jewelry decreased by 20% y-o-y to 6.4 tons while inching up 1.6% from the previous quarter.

“Relative economic and currency stability” is behind the drop in appetite for the precious metal as demand fell for safe-haven assets, according to the report.

#3- The Madbouly government’s local wheat purchases have fallen 37% y-o-y since the start of the procurement season in mid-April to 466k tons, according to an official document cited by Reuters. The government remains optimistic about meeting its target of purchasing between 4-5 mn tons of local wheat, up from its usual 3.5 mn tons.

Why the dip? Farmers have been moving away from wheat and toward more profitable crops like beet, whose cultivated area rose to 700k feddans this year from 500k.

CIRCLE YOUR CALENDAR-

The International Monetary Fund (IMF) will host its first MENA Research Conference in Cairo this month, the fund said in a statement. The two-day conference, organized by the IMF and the Onsi Sawiris School of Business at the American University in Cairo, will bring together academics, researchers, and policymakers to discuss regional and global economic issues. The forum also aims to bolster economic research skills in finance ministries and central banks in the region. The event will take place on 18-19 May, and you can check out the full agenda on the IMF’s website.

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

THE BIG STORY ABROAD-

Warren Buffett blindsided investors with a surprise announcement that he wants to stepdown as CEO of Berkshire Hathaway by the end of the year, to be replaced by Vice Chairman Greg Abel. The 94-years old Wall Street icon has spent some 60 years at the helm of Berkshire — which he turned from a textile manufacturer into a USD 1.2 tn conglomerate with a super-successful investment strategy that earned him the nickname “Oracle of Omaha.”

OVER IN POLITICS- Australia’s Anthony Albanese secured a second term in the prime minister’s office, continuing a streak of gains for left-leaning parties after Mark Carney swapped up Canada’s elections last week.

CLOSER TO HOME- Israel is reportedly getting ready to expand its military operations in Gaza within days and call on tens of thousands of reservists. The news comes after an escalation in Syria that saw Israel hit unidentified targets near the presidential palace in Damascus on Friday, in a bid to “send a message” to the new government.

Somabay Sports Arena steps up as a leading sports destination by welcoming new partnership with S Tennis Academy and expanding its partnership with Oneflow to manage Football Courts and the Aquatics Center. With global training camps, elite facilities, and stunning surroundings, Somabay continues to shape the future of sports tourism on the Red Sea.

Gaza spillovers, reform delays weigh on Egypt’s growth outlook, say IMF

A slower reform momentum and a strained geopolitical environment have dampened the IMF’s outlook for Egypt’s 2025 growth prospects, the Fund said in its latest Regional Economic Outlook (pdf), adding that “economic activity is expected to pick up but remain modest” this year. The cascading effects of the war on Gaza and a heavier debt service burden have further “complicated” Egypt’s post-pandemic fiscal consolidation efforts, the report noted.

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REMEMBER- The IMF has revised up its growth forecast for Egypt this fiscal year to 3.8%, up 0.2 percentage points from its January outlook. The fund’s projection for the coming fiscal year also rose by 0.2 percentage points to 4.3%.

Regional spillovers produced an unfortunate twin deficit. A pronounced slowdown in Suez Canal receipts — driven by regional geopolitical tensions — significantly impacted the state’s fiscal revenues. The same tensions also contributed to suppressing exports, which widened the current account deficit, which has been partially offset by the landmark, one-off USD 35 bn Ras El Hekma agreement.

IN CONTEXT- Egypt lost around USD 7 bn (c. EGP 350 bn) in Suez Canal revenues in 2024, contributing to a drop in non-tax revenues. Receipts from the vital trade route are expected to partially recover to USD 6.3 bn in FY 2025-26 in the draft budget — up from an estimated USD 3.7 bn this year.

Investor confidence was further dented by contractionary monetary policy and a persistent FX crunch, the report said. At the same time, soaring debt service costs — exceeding 9% of GDP — widened the fiscal deficit, while tighter spending controls helped deliver a higher primary surplus; the figure, nonetheless, fell short of projections.

Egypt is among a group of countries that will likely need to refinance maturing debt at higher yields, alongside Tunisia, Jordan, and Pakistan, the Fund warned. Gross public financing needs across the region for emerging markets and middle-income countries (plus Pakistan) are set to rise to USD 263 bn in 2025 — up from USD 249 bn in 2024 — and balloon to USD 303 bn by 2029. The IMF flagged this as a key debt sustainability risk, particularly in light of heightened global uncertainty and investor sensitivity.

So, what is to be done? The IMF wants Egypt to move faster on fiscal reforms, meaning broaden the tax base and rein in state-owned enterprise risks. On the monetary front, it recommends keeping the rates high until inflation is clearly under control while continuing to lay the groundwork for inflation targeting.

But the Fund also had some optimistic forecasts, singling out Egypt as a potential beneficiary of an improved regional security environment over the medium term. A gradual recovery in exports, Suez Canal activity, and tourism inflows is expected to help narrow the country’s current account deficit, the IMF said.

ON A REGIONAL BASIS- The Fund notes strengthened economic activity across the region, albeit at a slower pace than anticipated in October of last year — amid spillovers from escalating global trade tensions, prolonged regional conflicts, and a more gradual recovery in oil production. Regional growth is now projected at 2.6% in 2025, sharply down from the 4.0% forecast in October, and at 3.4% in 2026.

Chefaa joins i3’s third cohort of pharmacy-focused startups

i3 unveils latest cohort of growth-stage healthcare startups and Chefaa is in the mix (again): Pan-African healthtech initiative Investing in Innovation Africa (i3) announced its third cohort of seven growth-stage companies focused on transforming pharmacy services across the continent, the program said in a statement (pdf). Local startup Chefaa is among the selected companies — making this its second time to be tapped by the initiative.

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REFRESHER- i3 launched its third call for applications earlier this year, offering up to USD 225k in grant funding, customer introductions, and guidance to a number of growth-stage and early-stage firms. The initiative is backed by the Gates Foundation, MSD, Sanofi’s Global Health Unit, Cencora, Endless Foundation, HELP Logistics, and Chemonics.

How will Chefaa use the money? Chefaa will use the fresh funds to “accelerate its proven impact digitizing the supply chain in a data-driven approach to improve patient accessibility and compliance,” the company told EnterpriseAM. The digital pharmacy platform is also planning to expand its services and business lines to ensure long-term sustainability through diversified revenue streams.

The startup is already tapping big data, data mining, and machine learning and has launched a Business Intelligence Hub used by global pharma clients. It’s running case studies with partners to empower patients — with deeper AI integration and end-to-end automation next on the roadmap, they said.

When can we expect another funding round for Chefaa? The woman-led startup is penciling in a 2026 round after securing some USD 5.3 mn in December 2023 from international investors, they told us.

The other six selected startups include Ghana’s mPharma, Kenya’s myDawa, Nigeria’s RxAll and Sproxil, Ivory Coast’s Meditect, and Tanzania’s Dawa Mkononi, which were all tapped for their tech-driven health solutions.

For this year’s cohort, i3 focused on pharmacy-driven technology across four categories — omnichannel pharmacy models, digital direct-to-consumer platforms, product protection and market intelligence, and supply chain efficiency tools like inventory and financing solutions, they told us.

Startups were selected based on African leadership, data-driven operations, social impact, and scale-readiness. Impact is tracked through metrics like new partnerships, revenue growth, capital raised, and expanded patient access — “These data points help us understand what’s working, adapt our support accordingly, and demonstrate value to program sponsors and stakeholders,” they said.

MARK YOUR CALENDAR- The cohort is set to join i3’s Access to Markets event in December 2025, where they’ll get the chance to forge partnerships with healthcare players, governments, donors, and multilateral organizations.

Welcoming the transformative power of 5G

Vodafone is bringing the future of connectivity to Egypt with the rollout of its advanced 5G network, and it’s set to revolutionize the way we live, work, and play. With 5G networks already operating in several markets to date, Vodafone’s extensive global experience allows it to offer Egyptian consumers and businesses the technology and connectivity speeds that they’ve been waiting for.

For individuals, 5G means a richer digital lifestyle. Vodafone engineers have already achieved impressive results in Germany with 5G usage, measuring a throughput improvement of around 20% on their commercial network over a distance of up to 600 meters. This enhanced capacity, facilitated by Vodafone's global network optimization can translate into significantly improved user experience in bustling areas such as shopping centers and entertainment venues in Egypt. With this technology, users can expect reliable, high-speed connectivity even in the most crowded spaces. As 5G continues to roll out in Egypt, we will discover even more ways to leverage this technology, transforming how we stream, game, and create.

Vodafone's 5G technology powers the Dusseldorf Opera House's production of “Die Tote Stadt,” enabling AR glasses to deliver instant subtitles, plot details, actor bios, and immersive stage overlays, all controlled via smartphones for a seamless, real-time experience. In the world of gaming, Vodafone and Nokia's L4S technology slashes lag time, cutting latency from 550ms to just 12ms over Wi-Fi, ensuring ultra-responsive gameplay even during peak hours.

Businesses, too, are stepping into a 5G-powered future. From predictive maintenance in factories to automated logistics at manufacturing plants like Škoda Auto, Vodafone’s expertise ensures industries are more efficient and resilient. Healthcare is also being reimagined. In Milan, Vodafone’s 5G-powered AR visors enabled remote heart surgeries, showcasing the potential for life-saving innovations that could revolutionize medical practices in Egypt.

This technology is also about empowerment. Vodafone’s 5G enhanced connectivity for visually impaired fans at Wimbledon, streaming live footage from the cameras over its 5G network to GiveVision headsets, then enhancing it to suit the person's specific sight profile. Vodafone also debuted 5G-enabled haptic suits at a London music festival that allow deaf and hard-of-hearing music fans to experience live music through vibrations felt across touchpoints on their bodies, enabling users to feel both the music and the crowd's atmosphere in real-time.

At Vodafone, we're committed to staying ahead with our expertise and partnerships. The potential of 5G is vast, and we're thrilled to explore it with you. Welcome to a world where everything works more smoothly, quickly, and intelligently.

Discover Vodafone 5G.

EFG Hermes retains its top spot in the EGX brokerage rankings in April

EFG Hermes’ brokerage arms led the EGX brokerage league table in April, with a 24.6% market share, according to figures released by the bourse (pdf). Thndr Securities came in second place with a 7.4% market share, followed by Mubasher Securities with 7.0%, Pioneers Securities with 4.5%, Ostoul Securities with 4.4%, and CI Capital with 4.4%.

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Throughout the year (pdf) so far, EFG Hermes also came on top with 29.2% of the market share in the first four months of 2025. Rounding out the top five were CI Capital with 7.3%, Thndr Securities with 6.4%, Mubasher Securities with 5.9%, Cairo Capital Securities with 4.1%.

AFCM elects Ghada Hammouda as chairperson of its Sustainability Committee

The Arab Federation of Capital Markets (AFCM) tapped Ghada Hammouda (LinkedIn) as the chairperson of its Sustainability Committee, the federation said. Hammouda is the chief sustainability and marketing officer at Qalaa Holdings and brings over 30 years of experience across global corporations and emerging markets. She is also a Global Climate Reality Leader and serves on the EGX Sustainability Committee.

What they said: “At a time when some global players are stepping back from sustainability commitments, our region has a powerful opportunity to lead with purpose — advancing responsible investment, long-term resilience, and shared value creation,” Hammouda wrote. “For capital markets, ESG and sustainability are no longer optional — they are strategic imperatives and foundational to long-term value creation, market stability, and investor confidence.”

The Old Rent Law dominates the conversation on the airwaves

Legislative affairs once again took center stage on the airwaves last night, with the nation’s talking heads focusing on the latest regarding the Old Rent Law and the newly-ratified Labor Law.

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ِAmending the Old Rent Law is a “bold move by the political leadership” to address a long-standing issue and restore balance to tenant-landlord relations, Kelma Akhira’s Lamees El Hadidi said (watch, runtime: 4:21). The proposed amendments would help bring some 450k closed units back to the market, helping boost supply and ease rental prices, Ashraf El Sokary, head of the association of those affected by the old rent laws, told El Hadidi.

Not everyone’s on board: Sherif El Ga’ar, head of the Old Rent Tenants Union, voiced his discontent with the proposed amendments, especially that which sets a minimum rent of EGP 500 per month for residential units in rural areas, explaining that many homes in rural areas don’t even follow the old rent system, he told El Hadidi (watch, runtime: 3:57).

More flexibility could be coming: MP Amr Darwish told El Hadidi that his fellow MPs are weighing multiple ideas to ease the burden of the amendments on vulnerable tenants — including a rent-to-own system or tailored support programs for low-income renters (watch, runtime: 1:08).

ALSO ON THE AIRWAVES- The ratification of the revamped Labor Law marks a “turning point” for workplace relations and will deliver “positive outcomes,” Abdel Moneim El Gamal, head of the Egyptian Trade Union Federation, told Al Hayah Al Youm’s Lobna Asal (watch, runtime: 6:45).

Shining the light on the USD 51 mn revamp of the Pyramids visitor experience

A more pleasant experience for those visiting the pyramids: The Telegraph is out with a piece highlighting the USD 51 mn revamp to improve the visitor experience at the Giza Pyramids, including setting up a new entrance through the Fayoum Desert Road, introducing electric shuttle buses, and implementing tighter restrictions on hawkers and unlicensed guides. The revamp aims to address long-standing complaints of harassment at the site by local vendors, who have vehemently protested the changes. Naguib Sawiris — head of Orascom Pyramids Entertainment Services, which had planned to inject some EGP 1.5 bn into the site by February — defended the overhaul, saying preserving the Pyramids takes precedence over protecting “2k individuals who have caused harm for years.”

Egypt’s El Sisi ratifies new Labor Law

LEGISLATION-

El Sisi signs off on new Labor Act: President Abdel Fattah El Sisi has given the final approval for the revamped Labor Law, marking a “qualitative leap” in labor rights, the president said in a speech during Labor Day celebrations. The legislation, which was passed by the House last month, will come into effect within 90 days of its publication in the Official Gazette, alongside its executive regulations.

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What does the new law entail? We dive into the ins and outs of the new law in our coverage here.

That’s not all: The president instructed the government to fast-track five labor-related measures — completing the draft law regulating domestic labor, expanding social protections for informal workers, launching an initiative offering scholarships to equip youth with skills in line with market needs, accelerating labor dispute resolution, and forming a permanent committee to follow up on the implementation of the national employment strategy once it is launched.

MANUFACTURING-

#1- A EGP 1.4 bn factory for blood collection bags is in the works: Japanese medical device manufacturer JMS, its local agent Interpharm, and the Egyptian Company for Medical Investments will set up a EGP 1.4 bn factory for blood collection bags and tubes in Ain Sokhna’s industrial zone, according to a cabinet statement. The factory aims to meet local demand for blood bags while exporting to neighboring markets in the MENA region, with production targets of 7 mn blood bags by the seventh year — 3 mn earmarked for domestic use and 4 mn for export.

#2- Locally produced MRI devices are also in the pipeline: Chinese firm XinGaoyi Medical Equipment (XGY) and the Arab African Company for Medical Industries (AACMI) inked a partnership agreement to establish a factory to locally manufacture medical equipment, according to a statement. The agreement represents the initial phase toward establishing a joint manufacturing facility for the production of MRI, X-ray, and CT scan equipment at the premises of the state-owned Arab Organization for Industrialization — AACMI’s parent company. The agreement will allow these devices to be locally produced for the first time, according to the statement.

RENEWABLES-

Chinese solar tech player TrinaSolar is looking to up its solar panel sales in Egypt by 20% y-o-y this year, to reach USD 600 mn, the company’s MENA sales manager Karim El Tantawi told EnterpriseAM. Distributed solar generation capacity in Egypt is expected to at least double this year, reaching around 300 MW from just over 150 MW in 2024, he said.

OIL AND GAS-

International oil giants Chevron, Shell, and Eni have submitted offers for exploration blocks in the Mediterranean, with Chevron eyeing more than one area, an unnamed government official told Asharq Business.

ICYMI- Egyptian Natural Gas Holding Company launched bids for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta in August last year, offering 10 offshore and two onshore areas. The results of the offering will be announced this month, according to the source.

LAW-

Emirati law firm Habib Al Mulla and Partners expands into Egypt: UAE-based law firm Habib Al Mulla and Partners set up shop in Egypt to strengthen its regional presence, driven by the growing Emirati investments in the country, the firm said in a statement (pdf). The new office will provide legal support for businesses operating in key sectors like finance, real estate, energy, and technology.

What they said: “Our expansion into Egypt is a natural step in our firm’s journey. Egypt’s economic potential, combined with its deep legal talent pool, aligns seamlessly with our vision of offering strategic legal guidance across borders. As UAE investment in Egypt continues to rise, we are committed to supporting businesses with our deep regional expertise and industry-specific legal teams,” Founder and Chairman Habib Al Mulla said.

REAL ESTATE-

IL Cazar launched its EGP 20 bn residential, commercial complex WestDays in Sixth of October, according to a statement. The 80-acre project will be carried out across four phases and is expected to generate EGP 5 bn in sales this year. The project will offer sports courts, swimming pools, walking trails, and social clubs to accompany its residential and commercial spaces.

HEALTHCARE-

Mental health startup Shezlong launched “the region’s first AI-powered therapy assistant,” it said in a statement (pdf). The module is designed to support mental health professionals by analyzing patients' emotional patterns, tracking their progress, and producing individualized treatment reports. “We believe the human element is at the core of the therapeutic journey for our clients. This innovation gives our therapists superpowers to enhance the experience for both therapists and clients,” said Mohamed El Sheikh, Shezlong’s Chief Medical Officer.

Big plans ahead: The startup has plans to commercialize the AI assistant, rolling it out to users across its platform in the near future. It is also gearing up to raise a new funding round to boost growth efforts and scale its tech, with the startup currently in “advanced discussions with several prominent venture capital firms.”

FINANCIAL SERVICES-

Another way to invest in gold: Private ins. provider Axa Egypt launched investment ins. policies, allowing clients to invest in already-existing gold investment funds, it said in a s tatement (pdf). The move came in response to the “increasing demand for integrated and flexible financial solutions in the Egyptian market,” CEO Omar Shelbaya said.

GCC share of emerging market USD debt climbs to 35% in 1Q -Fitch

Gulf countries accounted for over 35% of all non-China emerging market USD debt issued in 1Q 2025, up from 25% in 2024, according to Fitch Ratings’ latest debt capital markets (DCM) analysis. Governments and corporates in the region are increasingly turning to capital markets to fund budgets, diversify financing, and support major infrastructure projects, the rating agency said.

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By the numbers: The GCC’s total debt market size surpassed USD 1 tn across all currencies by the end of March, up 10% y-o-y. Quarterly issuance stood at USD 89 bn, up 11% from 4Q 2024 but down 3% y-o-y.

Sukuk under pressure, conventional bonds rising: Islamic bonds made up 40% of total debt, though sukuk issuance slumped 51% y-o-y in 1Q to USD 18.2 bn. In contrast, conventional bond issuance rose 29%. Still, 83.5% of Fitch-rated GCC USD sukuk are investment-grade, with 57.8% rated in the A category and the majority carrying stable outlooks. Kuwait Financial Center Markaz pegged the figure at USD 17.8 bn.

Sustainability-linked issuance is gaining ground: ESG-related issuance across the GCC has now exceeded USD 50 bn, driven by initiatives such as the UAE’s Sustainable Islamic M-Bills and Qatar’s green finance framework. Fitch also highlighted growing investor and regulatory support for green and socially responsible debt.

Market maturity varies across the bloc: The UAE and Saudi Arabia continue to lead in terms of market depth and development. In contrast, foreign investor participation in local currency DCMs in Kuwait, Bahrain, Qatar, and Oman remains limited due to the lack of Euroclear or Clearstream links. In Saudi Arabia, foreign holdings of local government debt rose to 7.7% in 1Q from 4.5% in 2024.

Looking ahead: Fitch expects issuance momentum to continue, citing a “healthy pipeline,” supported by strong regional and Islamic investor liquidity. While the agency noted that “the region’s credit quality remains resilient” — with no rated sukuk or bonds defaulting in 2024 or 1Q 2025 — fiscal pressure could intensify due to global macro uncertainties. Brent crude is forecast to average USD 65 through 2026, a level that may widen deficits in Saudi Arabia and Bahrain. By contrast, Abu Dhabi, Qatar, and Kuwait are expected to remain fiscally buffered due to their sovereign wealth assets.

BACKGROUND- Fitch had said earlier the UAE will be the most active among emerging markets in 2025 — particularly in sukuk. The UAE’s DCM grew 8.3% y-o-y to USD 309 bn in 1Q 2025, with issuances surging 109% y-o-y to USD 29.1 bn. The country ranked as the second-largest DCM in the GCC and fourth among emerging market USD debt issuers (ex-China), buoyed by sukuk growth, ESG momentum, and robust USD-denominated issuance.

EGX30	32,126	+0.3% (YTD: +8.0%)
USD (CBE)	Buy 50.74	Sell 50.88
USD (CIB)	Buy 50.74	Sell 50.84
Interest rates (CBE)	25.00% deposit	26.00% lending
Tadawul	11,544	-1.1% (YTD: -4.0%)
ADX	9579	+0.2% (YTD: +1.7%)
DFM	5291	+0.4% (YTD: +2.6%)
S&P 500	5687	+1.5% (YTD: -3.3%)
FTSE 100	8596	+1.2% (YTD: +5.2%)
Euro Stoxx 50	5285	+2.4% (YTD: +8.0%)
Brent crude	USD 61.29	-1.4%
Natural gas (Nymex)	USD 3.63	+4.3%
Gold	USD 3243.30	+0.7%
BTC	USD 96,210	-0.5% (YTD: +2.9%)
S&P Egypt Sovereign Bond Index	EGP 861.9	+0.1% (YTD: +10.8%)
S&P MENA Bond & Sukuk	USD 143.7	-0.2% (YTD: +2.7%)
VIX (fear gauge)	USD 22.68	-7.8% (YTD: +30.7%)

THE CLOSING BELL-

The EGX30 rose 0.3% on Wednesday’s close on turnover of EGP 3.9 bn (12.2% below the 90-day average). Local investors were the sole net buyers. The index is up 8.0% YTD.

In the green: Rameda (+4.0%), Eipico (+2.3%), and Alexandria Container and Cargo Handling (+1.3%).

In the red: Qalaa Holdings (-2.7%), Madinet Masr (-2.3%), and Egyptalum (-2.2%).

CORPORATE ACTIONS-

Rameda’s general assembly approved distributing EGP 160 mn in dividends for its 2024 earnings at around EGP 0.11 per share, according to an EGX disclosure (pdf). The dividends will be distributed in two equal installments in June and November. The assembly also greenlit issuing EGP 122 mn in bonus shares at a ratio of 0.3 shares per one share.

CALENDAR

MAY

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

3-5 May (Saturday-Monday): A Moroccan business delegation will visit Cairo to strengthen economic cooperation

6 May (Tuesday): S&P Global to release PMI data for April recording non-oil private sector activity

7-10 May (Wednesday-Saturday): Egypt hosts the 24th Pan Arab Junior and Ladies Golf Championship

8-10 May (Thursday-Saturday): RiseUp Summit at the Grand Egyptian Museum

10 May (Saturday): Capmas expected to publish inflation data for April

13-14 May (Tuesday-Wednesday): Egypt Facility Management Forum, Cairo, Egypt.

18-19 May (Sunday-Monday): International Monetary Fund MENA Research Conference, Cairo, Egypt

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development

22 May (Thursday): Central Bank’s Monetary Policy Committee to meet to decide interest rates

25 May (Sunday): Social Education Summit 2025, Cairo, Egypt

30-31 May (Friday-Saturday): Africa Business Summit, London, UK

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo

JUNE

3 June (Tuesday): S&P Global to release PMI data for May recording non-oil private sector activity

10 June (Tuesday): Capmas expected to publish inflation data for May

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

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

Realme to open smartphone factory

IFC President Makhtar Diop to visit Egypt

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

SEPTEMBER

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

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.

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

DECEMBER

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

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

EVENTS WITH NO SET DATE

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

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

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.

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

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

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.

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.

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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