Trump again says he’s backing Egypt on Gerd

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WHAT WE’RE TRACKING TODAY

Egypt wants to slash arrears owed to energy players to USD 1.2 bn

Good morning, friends, and happy THURSDAY to you all. We’ve got a particularly packed issue for you this morning, starting with a rundown on President Abdel Fattah El Sisi’s appearance at the World Economic Forum yesterday with Donald Trump.

The highlights: Trump made it clearer than ever that he’s siding with us on Gerd — and El Sisi continues to single-out the importance of the private sector, signalling yesterday that he would be hosting a business conference in Egypt later this year. The president offered no details about the gathering.

We also have for you this morning news that tweaks to the VAT could be in the works (good for manufacturers and professional services firms alike) and a sit-down with the head of the Egyptian Exchange, who dropped hints about who might be next in line to list after Gourmet.

^^ All of that and lots more is below.

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WEATHER- It’s going to be a warm day in Cairo, with a high of 24°C and a low of 13°C, according to our favorite weather app. Look for cool nights and warm days (20-24°C) for the next week or so.

Watch this space

ENERGY — Egypt aims to bring arrears owed to energy companies down to just USD 1.2 bn by June 2026, Prime Minister Moustafa Madbouly said yesterday during his weekly presser. The state is following a structured repayment plan to bring arrears owed down from the USD 6.1 bn we had on the books back in June 2024. The move is part of a wider push to boost domestic production by convincing foreign oil companies to once again start investing here.

Happening today

Shareholders of Orascom Construction will meet today to vote on the proposed merger with Netherlands-listed OCI Global, the EGX and ADX-listed company said in a statement yesterday (pdf). The transaction is backed by Sustainable Capital Africa Alpha Fund — the company’s largest shareholder outside the Sawiris family — despite the fund’s reservations about the share-for-share exchange ratio.

But the fate of the deal remains an open question. The merger has been widely welcomed in MENA, but a Dutch court sided on 19 January with a group of minority shareholders opposed to the transaction. The court flagged what it said were conflicts of interest and shareholders having to go open ADX brokerage accounts to remain on the cap table. The court also took issue with the standard marketing disclaimer on a third-party research note used to explain the transaction to investors.

Where do we go from here? We can’t tell. The court appointed two temporary independent directors who effectively have veto power over any merger. The companies did not respond yesterday to requests for comment.

Egyptian-Swiss Business Circle and SwissCham Egypt will host a webinar on the future of talent and leadership today, featuring Boyden executives from Cairo and Zurich. The discussion will touch on how organizations in the Middle East and Europe are rethinking executive pipelines to identify “tomorrow’s leaders.” The webinar starts at 10am and runs until 11:30am. You can register here.

It’s day four of the World Economic Forum Annual Meeting in Davos — and senior figures from Egypt’s private and public sectors are once again taking the stage. Finance Minister Ahmed Kouchouk will join the panel A Prosperity Agenda for the Middle East, alongside CIB CEO Hisham Ezz El Arab and others.

Day three was plenty eventful, with President Abdel Fattah El Sisi sitting down with US President Donald Trump to discuss the Gerd dispute among other things. El Sisi also delivered a speech that touched on Egypt’s economic reforms and urged investors to take advantage of the facilities and incentives currently offered.

^^ We dive deeper into what went down during day three of the forum in the news well, below.

Happening next week

AmCham’s flagship real estate conference takes place next Tuesday, 27 January at the Nile Ritz Carlton, with registration from 8:30am.

Patrick, our editor-in-chief, is moderating a panel on the market for real estate as an investment, with appearances by our friend HIsham Ezz Al-Arab from CIB alongside Hazem Badran from Palm Hills Developments, and Tamer Nasser from City Edge Developments.

Tap or click here to check out the full agenda or visit this link to register.

Smart policy

A digital platform to streamline land legalization requests: The Madbouly government launched the National Platform for Regularizing the Status of State-Owned Land, allowing citizens to submit and track requests to legalize their stay on state-owned land online, according to a statement. Egypt has a massive backlog of land legalization requests, following the introduction of the regulatory framework that sets out the rules and timeline for the process last year. The framework granted citizens a six-month window to apply to legalize their status.

It’s about a lot more than just regulation: By ensuring squatters legalize their stay, the state is hoping to attract more investments into state-owned land.

** DID YOU KNOW that we cover Saudi Arabia, the UAE and the MENA-IndiaCorridor?

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The big story abroad

US President Donald Trump’s about-turn on Greenland and a potential detente between the US and the EU is dominating headlines everywhere, after he said the US has agreed on a framework for a future deal on the Danish country after meeting with NATO Secretary General Mark Rutte. Trump had earlier threatened to impose tariffs on eight European countries who had opposed his plans to take over Greenland, and the EU bloc was mulling ways to retaliate.

Market reax: US stocks rallied on the news, while the USD recovered from an earlier slump this week.

ALSO- More Middle East countries have joined the US’ Board of Peace, including Egypt, UAE, Saudi Arabia, Turkey, Jordan, Kuwait, and Qatar. The board is set to begin executing Trump’s 20-step Gaza peace plan, and then reportedly address other global conflicts. (Reuters)

In AI news, OpenAI CEO Sam Altman has been meeting with investors in the Middle East, including state-backed funds in Abu Dhabi, ahead of a new investment round that could see the ChatGPT maker raise up to USD 50 bn, Bloomberg reports.

ALSO- Siri is set to be revamped and turned into an AI chatbot as Apple looks to move ahead in the AI race. (Bloomberg)

Morning must-read

“If you’re not at the table, you’re on the menu.” When future historians try to explain the world order post Trump II, they’re going to do it through the lens of this speech by Canadian Prime Minister Mark Carney at the World Economic Forum. Invoking Václav Havel, Carney declared the rules-based order dead — a “rupture, not a transition” — and called on middle powers to stop pretending otherwise. Canada’s response: radical diversification, doubling defense spending, and building coalitions issue-by-issue with whoever shares enough common ground to act.

Carney got a standing ovation for his remarks earlier this week. He arrived in Switzerland after a swing through China and Qatar to build ties and attract investment. Tap or click here to read his remarks or catch the speech in full on Youtube (watch, runtime: 17:08).

El Sisi, Trump meet up on the sidelines of Davos

Gerd took center stage during a meeting between US President Donald Trump and President Abdel Fattah El Sisi on the sidelines of Davos yesterday (watch, runtime: 10:11).

As expected, the meeting touched on Trump’s proposal to mediate the Egypt-Ethiopia dispute over the dam, with Trump saying that it “has become a very dangerous issue … I’ll see if I can get that back on track.”

Trump seems to be backing Egypt: “We’re going to do a joint venture of sorts .. They built a dam where somebody’s not getting the water that they are supposed to get and that they’ve gotten for a mn years … I wouldn’t be happy about it,” he said.

The way forward: “I’m going to try bringing the two of you [El Sisi and Ethiopia’s leader] together, see if we can make a deal,” Trump told El Sisi

“We have peace in the Middle East,” Trump reiterated several times during the meeting. “You might have Hamas where you have a little flame here and there but basically that’ll be taken out … they will be eliminated,” Trump said.

Egypt had earlier accepted an invitation from the US to join the Board of Peace for Gaza to oversee the administration and reconstruction of the enclave, according to a statement from the Foreign Ministry.

El Sisi also delivered a special address to the forum yesterday, calling for all nations to “join forces and strengthen cooperation and joint action” to address both geopolitical and economic challenges (watch, runtime; 33:10). The issue of Palestine featured prominently in the speech, with the head of state calling for the need to “build on the gains of the Sharm El Sheikh Summit, consolidate the ceasefire, and ensure the flow of humanitarian aid to Gaza without restrictions, while accelerating the launch of the early recovery process and reconstruction in various areas of the strip.”

The president also used some of his stage time to describe how “despite the numerous regional and international crises, Egypt was able to continue implementing its ambitious economic reform program.” El Sisi added that these efforts have resulted in a “marked improvement in economic performance indicators, higher growth rates, and increased private investment flows, along with widespread praise from international financial institutions.”

El Sisi name-checked the domestic and international business community multiple times in his remarks, noting that Egypt “continues to create a business climate attractive to the private sector, considering it a fundamental partner,” per a readout from Ittihadiya.

“I urge you to seize these opportunities and take advantage of the advanced infrastructure that Egypt has developed over the past years,” he told the audience. El sisi singled out automotive, pharma, logistics, information technology, and new and renewable energy being particularly attractive to foreign investors.

Is the president planning a business conference? El Sisi made reference in his remarks to a “session dedicated to business in Egypt” that would take place under his patronage later this year. He called this an “important event” but gave no further details.

Also from day three

CIB CEO Hisham Ezz El Arab spoke to CNBC Arabia on the current macroeconomic landscape and where he sees interest rates ending the year.

On our massive debt service bill, he said that it is a revenue problem as much as it is a spending one. The core issue is structural disconnect in public finance — the Finance Ministry controls only 50% of state revenues, with the remainder trapped with government entities. Ezz El Arab also criticized the tax system for failing to tax high-value activities like land trading and real estate speculation.

The interest rate outlook: Ezz El Arab expects the central bank to continue its monetary easing cycle this year, so that the year ends with rates standing at 12-13%, as the CBE continues its efforts to anchor inflation and maintain liquidity. The bank ended 2025 with a 100 bps cut, bringing rates to 20.0% for overnight deposit and 21.0% for overnight lending.

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EGX boss drops clues on who’s listing next

EXCLUSIVE- The IPO guessing game just got a bit narrower. We sat down with EGX Chairman Islam Azzam talk over the EGX30’s historic 40% rally last year, why now is the time to launch derivatives and short selling, what’s changing on the technology front — and, most importantly, the question on everyone’s mind: which private-sector companies are heading for an IPO.

We already know eight private companies are in active discussions to list, but Azzam offered enough clues to significantly narrow the field. With premium grocer and food manufacturer Gourmet on deck to start trading as early as next month, the chairman also outlined clear profiles for the remaining candidates, giving the market its strongest signals yet on who could be next.

Is it CapitalMed? In healthcare, it’s not a diagnostics center or lab chain looking to tap the market, but a medical establishment, Azzam said. This makes us think of CapitalMed given there’s been news circulating in local media since last year about the medical hub looking to list on the bourse.

What we know about CapitalMed: CapitalMed is a large-scale integrated medical city developed by Egyptians for Healthcare Services (EHCS) and located in Badr City. The project brings together multiple hospitals, specialized medical centers, medical education, research, and supporting services. EHCS is a privately-owned joint-stock healthcare developer, led by our friend Dr. Hassan El Kalla as its chairman and managing director. CIRA holds a 28% stake in CapitalMed.

In tourism, look for landlords, with Azzam saying that interest isn’t coming from hotel operators, but rather from a property owner. Azzam wouldn’t go into more detail, but that made us think of Travco and Pickalbatros, among others.

The big picture

Don’t thank catch-up after devaluation or inflation for the EGX’s record run — thank the earnings. That’s the message from Azzam, who insists the rally was rooted in corporate profitability. In fact, despite the surge, equities remain undervalued relative to peers and their own history, the exchange boss told us, pointing to robust corporate profitability as the real engine of growth. “The market is currently trading at a price-to-earnings (P/E) ratio of 7x, well below its 10-year average of 8.6x,” Azzam noted, adding that Egypt currently holds the lowest valuation multiple among regional peers.

SOUND SMART- Think of the P/E ratio as the price tag for every EGP 1 of income a company makes. Calculated by dividing the current share price by earnings per share (EPS), the metric is a quick way to gauge if a stock is cheap or expensive relative to its actual performance. A low P/E — like the 7x figure Azzam cited — typically suggests a stock is undervalued, signaling a potential bargain where the market hasn’t yet priced in the company’s full earning power. Conversely, a high P/E usually means investors expect massive future growth and are willing to pay a premium now to get in on the action, though it carries the risk that the stock is simply overpriced if that growth doesn’t materialize.

It comes down to efficiency: The top 100 listed companies (EGX100) are delivering an average return on equity of 30% — outpacing both inflation and interest rates, said Azzam. “The price is supposed to increase more,” he added, suggesting that the market has yet to fully price in corporate performance.

New toys landing on the EGX

Why should you care about the launch of derivatives + short selling? The answer is liquidity. Azzam expects the introduction of derivatives to deepen the market significantly. “In some markets, liquidity for index derivatives is typically 6x that of the spot market,” Azzam explained. These tools will allow asset managers to hedge systematic risk or speculate on market direction, adding layers of depth to the exchange. The exchange is gearing up to launch index futures and short selling, with Azzam targeting a rollout in the next two months.

Don’t fear the shorts: Addressing concerns that short selling could be used to hammer specific sectors like banking, the chairman was dismissive. He likened the mechanism to margin trading — a neutral tool that aids price discovery rather than distorts it. “Liquidity will increase with short selling,” he said, arguing that short sellers provide a floor during downturns by buying back shares to close positions.

New tech products

If you’ve been frustrated by the EGX website freezing, relief is on the way. A complete overhaul is expected within three months, alongside a new EGX Gate mobile app for quotes. And to prep the market for more complex instruments, the exchange is launching Stock Rider, a simulation tool that will allow investors to test-drive futures and short selling before committing real capital.

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Egypt’s Finance Ministry is tweaking the VAT again, and it’s good news for the private sector

The Finance Ministry is reviewing the VAT Law with a view to scrap exemptions on some goods and services, a senior government source tells EnterpriseAM. The move is designed to bolster tax revenues while allowing for income tax brackets adjustments to support low-income earners, the source added.

Why it matters: VAT is one of the state’s primary revenue engines, contributing EGP 428 bn out of a total EGP 961.6 bn in tax revenue during the first five months of the current fiscal year. Despite cooling inflation, revenues are growing due to July’s legislative reforms affecting crude oil, cigarettes, and construction, according to our source.

What’s in the cards?

A break for professional services firms? The study proposes reducing the number of table tax items and moving toward the standard rate of 14% instead of the current 10% for industries including professional services and cinema production. The firms would also be allowed to deduct input taxes, boosting their competitiveness against imports.

Scrapping training services exemptions: A proposal to end exemptions for training services — deferred last year — is back under review, with plans to move these services from a zero-rate to the standard VAT rate.

A simplified sugar tax: The Ministry is looking at a unified rate (10% or 14%) for sugar used in manufacturing (juices and beverages) to bypass the complexity of progressive tiers. “We are moving toward a unified rate to ensure accurate accounting,” the source noted.

Good news for manufacturers: The source expects the proposed VAT amendments to be “well-received by the private sector.” Currently, goods under the reduced table tax do not enjoy input tax deductions, which can squeeze their margins compared to fully finished imported goods. Moving these items to the standard regime will enhance the competitiveness of local manufacturers by allowing them to recover taxes paid on production inputs.

Our take: The shift is in line with the Finance Ministry’s recent push to hit the “reset” button with the private sector. It also aligns with the IMF recommendations to review tax treatments for 19 specific commodities to raise revenue by 1-2% of GDP annually.

What’s next: Expect the finalized study to be part of the FY 2026-27 budget draft, as the changes require legislative amendments and parliamentary approval.

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Egypt preps tender for USD 380 mn Semla-Salloum Railway

The Transport Ministry is preparing to take the USD 380 mn Semla-Salloum Railway to a global tender, a government source tells EnterpriseAM. The move signals that the state is moving to lock in the logistics required to support Qatari Diar’s USD 29.7 bn Alam El Roum project.

What we know: The Madbouly government is launching a feasibility study on the project. Once wrapped, a tender may be next, offering the project under the public-private partnership model. The project is scheduled to take around two years to complete once construction begins, the source added.

REMEMBER- Diar has paid USD 3.5 bn for the land and will contribute USD 26.2 bn in in-kind investments to develop the project.

What else is in store?

We’re revamping the outdated 262-km railway line to accommodate for the sprawling urban space. A EGP 48.8 mn direct award contract has been issued internally by the Transport Ministry to launch preliminary rehabilitation operations on the project, in anticipation of the launch of a major tender.

The rail project has been in the pipeline since 2023, when it was originally included in the government’s transport and road network plans. However, economic conditions have delayed the project’s rollout till now, the source said.

It’s a pull to attract FDI

Why does it matter? The North Coast is no longer just a summer getaway — it has become a top destination for large-scale foreign investment, including the landmark USD 35 bn Ras El Hekma agreement with ADQ back in 2024. Efforts are underway to attract further agreements to transform the coast into a year-round global destination — gradually upping population density in tandem with infrastructure expansion.

A possible link to Libya?

What’s next? The ministry is mulling plans to extend the rail line to Libya, the source tells us, alluding that the project could be the needed momentum to push the larger project into fruition. As it stands, the project would link the railway to the anticipated Gargoub Special Economic Zone and Al Jawf Dry Port via the Salloum Land Port.

This could also serve as a link to wider African trade. The Madbouly government plans to invest EGP 6 bn in the first phase of a new road project connecting Egypt to Libya and Chad.

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NowPay lands in Saudi with USD 20 mn JV with Tas’heel

Cairo-based payroll-focused fintech NowPay is launching in Saudi Arabia through NowAccess, a joint venture with our friends at United International Holding Company — better known as Tas’heel — according to a joint statement (pdf). The move has been in the works since at least January of last year, when the two first signed an MoU for the venture.

Saudi has “accelerating demand for modern payroll, HR, and fintech infrastructure,” and NowAccess is in a prime position to take advantage, NowPay CEO Mostafa Ashour tells EnterpriseAM. NowAccess has an edge that sets it apart from traditional HR and payroll vendors because of its “operating experience building employee wellness products at scale across MENA” and its partnership with local Tas’heel which provides “operational depth and local expertise,” he said.

The move is backed by a USD 20 mn investment from Tas’heel, which will hold a 75% stake in the new entity, while NowPay holds 25%. They’ll use the cash to build a Saudi engineering and operations team as well as for product localization, and to support their launch in the kingdom. The injection brings NowPay’s total fundraising to USD 31 mn to date.

Why this matters: While we’re always keen to hear of Egyptian companies expanding abroad, the move stands out as clever play to bypass the typical hurdles faced by foreign fintechs entering the Kingdom. By partnering with Tas’heel — the second-largest consumer finance provider in Saudi Arabia with over 310 service locations — NowPay gains immediate access to a shariah-compliant balance sheet and deep regulatory expertise.

What’s next? NowAccess is currently in its market-entry phase, focusing on Saudi-specific market requirements and integrations. Employer partnerships for the Saudi market will be announced as part of the formal rollout.

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

Egyptian producers call for an export lifeline as chicken prices dip below cost

The poultry surplus — while great for consumers — is creating serious challenges for producers. Chicken is trading at EGP 65 per kg — roughly 7% below the EGP 68-70 cost of production, Egyptian Poultry Association (EPA) President Mahmoud El Anani tells EnterpriseAM. While that means consumers will see the cheapest Ramadan poultry and eggs in two years (with prices down 30-35% year-on-year), it has pushed the industry into a supply glut that producers tell us is unsustainable.

But the good news for consumers may be short lived, with breeders potentially stopping future production cycles if the “bleeding” continues, leading to a sudden price spike later down the line, El Anani told us.

The escape hatch? Exports. The EPA has submitted an urgent memo to Agriculture Minister Alaa Farouk — seen by EnterpriseAM — calling for an immediate push to open export markets in seven African nations, including Ghana, Kenya, and Ivory Coast. The industry has reached 100% self-sufficiency and is currently sitting on a 20% production surplus, which if sold abroad could help raise prices locally so producers can break even.

Some relief may soon come from Saudi Arabia, with a meeting set to take place with officials from the Kingdom to discuss their import needs, El Anani said.

It’s also in the state’s financial interests, argues El Anani, pointing to the promotion of poultry exports as a way to turn the sector from a net consumer of hard currency through feed imports to a source of hard currency coming into the country.

But any move to begin exporting Egyptian chicken is going to require the necessary logistics infrastructure, as raw chicken — as anyone who’s left chicken out to defrost a little too long knows only too well — needs proper refrigeration to not spoil. To export to Africa, Egypt needs the necessary cold storage infrastructure and support, we were told.

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Medlog gets golden license for Tenth of Ramadan dry port

Logistics giant Medlog secured the golden license to build and operate the Tenth of Ramadan dry port. The company broke ground on the USD 130 mn, 250-feddan project last year, after inking the contract for the public-private partnership in 2023. It is designed to handle up to 500k TEUs annually once operations begin in 2027.

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GCC debt markets to hit USD 1.25 tn this year

GCC debt markets are on track to break the USD 1.25 tn mark in 2026 as the region leans into borrowing to fund growth, up from USD 1.1 tn last year, according to Fitch Ratings’ GCC Debt Capital Markets MENA Monitor 2026 report (pdf). Issuers are borrowing to refinance maturing debt, fund deficits, and bankroll large projects at home, the report said. “Continued investor diversification, a wider range of funding tools and a potentially more supportive global rate environment should help sustain momentum,” Sarah Alyasiri, capital markets analyst at CF Trade, told EnterpriseAM, pointing to “a positive outlook for 2026 and beyond.”

Why it matters: In addition to a larger issuance volume, the flashing signal is the funding mix for the region’s massive infrastructure pipeline. With Fitch forecasting oil prices to stay range bound around USD 63/bbl in 2026, governments and corporates are pivoting to debt to plug funding deficits and keep giga-projects moving. The expected US Federal Reserve rate cuts (forecasted at 3.25% for 2026) will lower borrowing costs just as oil revenues soften, making the bond and sukuk markets the most attractive route for capital.

Saudi Arabia and the UAE are expected to be the primary engines, holding a combined 75% of the region’s outstanding debt (Saudi at 46%, UAE at 29%). Qatar comes at a distant third, with 12%, followed by Bahrain at 5%, and Kuwait, and Oman at 4% each. Sukuk now make up a record 41% of the total market, with USD-denominated sukuk issuance surging 72% last year, significantly outpacing the 26.1% growth seen in conventional bonds. The GCC accounted for 35% of emerging markets (ex China) USD issuance last year.

Who’s buying: As global portfolios branch out, Asian money has emerged as a steady source of support for GCC debt, Alyasiri added. Gulf bonds and sukuk offer “an attractive combination of relatively higher yields, strong credit quality and economic stability,” she said, helping position the region as a competitive alternative to comparable debt in both Asian and developed markets. Quality remains high, with 84% of Fitch-rated sukuk sitting in the investment-grade category, Fitch said.

Kuwait is back: After an eight-year hiatus, Kuwait re-entered the chat with USD 11.25 bn in sovereign bonds, signaling a broader regional return to international markets.

Downside risks: Fitch flagged that local-currency issuance is uneven and largely sovereign-driven, with limited participation from banks and corporates. Outside Saudi Arabia — where SAR issuance is more active — most issuers remain reliant on USD markets, leaving funding strategies exposed to global liquidity and rate cycles. The ratings agency also highlighted widening gaps in market sophistication, with Saudi Arabia and the UAE pushing ahead with structural reforms, including fixed-income market-making in Saudi and a broader Islamic finance strategy in the UAE. Qatar expanded its primarydealer framework and, alongside the UAE, issued digitally native notes.

What’s next

Watch for a rise in alternative funding: While public markets are growing, Fitch notes that Saudi issuers are increasingly utilizing private credit and syndicated financing to diversify their toolkit.

Also expect a surge in capital instruments: “If economic growth continues north of 4%, [Saudi] banks need to expand their capitalization and revisit their risk matrix so it fits better with what’s going on in the economy, which is very serious,” Ihsan Buhulaiga, a Saudi economist, told the Financial Times. “You cannot just sit pretty and say ‘OK, we’ll continue as usual as we used to do in 2010.’ No, things are different now.” Saudi banks’ loan-to-deposit ratio climbed to around 106.2% by 9M 2025, well above UAE peers at roughly 75%, according to a report by Alvarez & Marsal, reflecting how credit growth has outpaced deposit inflows and pushed banks toward external funding sources.

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MARKETS THIS MORNING-

Markets are rebounding from this week’s bout of volatility, riding the high of US President Donald Trump walking back on previous threats to impose tariffs on EU countries over Greenland. Asia-Pacific markets are uniformly in the green in early trading, led by South Korea’s Kospi, buoyed by Samsung SDI, Samsung Electronics, and Doosan. US markets are also on track to open in the green later today on the same tailwinds.

EGX30	46,049	+0.3% (YTD: +10.1%)
USD (CBE)	Buy 47.32	Sell 47.46
USD (CIB)	Buy 47.34	Sell 47.44
Interest rates (CBE)	20.00% deposit	21.00% lending
Tadawul	10,948	+0.3% (YTD: +4.4%)
ADX	10,206	+0.1% (YTD: +2.1%)
DFM	6,397	+0.4% (YTD: +5.8%)
S&P 500	6,876	+1.2% (YTD: +0.4%)
FTSE 100	10,138	+0.1% (YTD: +2.1%)
Euro Stoxx 50	5,883	-0.2% (YTD: +1.6%)
Brent crude	USD 65.28	+0.1%
Natural gas (Nymex)	USD 5.04	+3.3%
Gold	USD 4,787	-1.1%
BTC	USD 89,988	+1.8% (YTD: +2.7%)
S&P Egypt Sovereign Bond Index	1,003.71	+0.1% (YTD: +1.1%)
S&P MENA Bond & Sukuk	515.17	-0.3% (YTD: -0.5%)
VIX (Volatility Index)	16.90	-15.9% (YTD: +13.0%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 8.6 bn (58.7% above the 90-day average). Regional investors were the sole net buyers. The index is up 10.1% YTD.

In the green: Abu Qir Fertilizers (+3.6%), Arabian Cement (+3.1%), and Palm Hills Developments (+2.8%).

In the red: Orascom Construction (-2.8%), Egypt Aluminum (-2.1%), and Beltone Holding (-1.6%).

My Morning Routine: Mohamed Aladdin, general partner at DPI Venture Capital

Mohamed Aladdin, general partner at DPI Venture Capital: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is DPI Venture Capital General Partner Mohamed Aladdin (LinkedIn). Edited excerpts from our conversation:

My name is Mohamed Aladdin. I’m a general partner of DPI Venture Capital — the venture capital arm of Development Partners International. We are a fintech-enabled-focused fund. As a general partner, I look after many topics across the firm — from investments to portfolio management, fundraising, and fund operations.

I’ve been working in the venture capital space in the Middle East and Africa since 2020 — first for a Dubai-based fund that operates in the Middle East and Africa, where I covered early-stage investments, with a main focus on series A and beyond. Prior to MENA, I worked with a couple of corporate venture capital firms based out of Germany investing in late-stage and growth-stage technology companies across the US and Europe, which spanned multiple domains, such as SaaS, fintech, mobility, and other sectors.

I then moved and shifted my focus toward emerging markets. I started with Southeast Asia and some parts of Africa before moving back to the region to join Global Ventures, then Development Partners International to build the venture capital platform alongside my partner, Ashley Lewis. Now as DPI Venture Capital, we advise the biggest fintech-focused venture capital fund in Africa, the Nclude fund. I think of myself more as an operator-turned-investor, rather than following the traditional finance path to crack into the world of private equity and venture capital. Given my background, which spans tech strategy, business development, product management, and venture capital, among other things, I’m really passionate about unlocking capital to empower mission-driven founders to build innovative solutions that solve real problems in underserved markets.

DPI is a private equity firm founded in 2007. We’ve been in the market for 18 years. It started as a private equity fund manager advising multiple funds focusing on Africa, which has been the main market. Now, after eighteen years, DPI has grown to advise more than USD 3.3 bn in assets under management. The firm has portfolio companies in more than 20 countries in Africa that are active in 44 markets across the continent. This year was big for DPI on the VC side, with the official launch of DPI Venture Capital. We’ve completed the transaction of advising the Nclude fund, the largest fintech-focused fund for Africa, and advised on 12 new VC investment transactions.

We are very long-term partners in the Egyptian market. We’ve contributed over USD 1 bn out of our total assets under management to investments just in Egyptian markets. On the investment side, I primarily focus on venture capital. I look into sourcing and screening new investment windows, vetting their investment rationale, conducting due diligence and negotiating transaction terms, as well as assessing and vetting follow-on capital into our existing portfolio companies.

The portfolio management side takes a big portion of my day, as I work across our 13 portfolio companies to date. I look at their needs and how we can help and support them. I’m also an active board director and observer across multiple boards within our portfolio companies.

We have our first fund, which is called Nclude — it’s a fintech-enabled fund that focuses on Egypt, the Middle East, and Africa. DPI acts as the fund’s advisor. We invest all the way from seed stages to series C, and we’re very long-term partners to our companies.

One of the biggest trends within the fintech space that we are currently focusing on at DPI — and are very excited about — is how AI will enable big changes in core financial services. AI is redefining major software concepts and business models that the entire technology market was heavily relying on, such as SaaS. It’s redefining how we think about solutions and the way that we solve problems — not only from an efficiency perspective, but from accuracy, speed, and scalability too. It’s also solving new problems that were not visible prior to unlocking AI capabilities.

I like to wake up early, but I also believe in a good amount of sleep and a good sleep cycle, so I like to get at least seven hours a day. It really helps a lot with my focus and energy. I usually wake up around 6:30am, and I’m up and running by 7am. I take one hour just for myself, in silence — getting my coffee, reflecting on yesterday, and thinking of the priorities I would like to achieve, and what I need to do today.

Then, I take the second hour of the day to get a sense of where the market is at, since my job demands a lot of market awareness. If there is no major news that I need to dive deeper into, I use the second hour to either read a little bit about a new topic of interest, or to listen to podcasts — it really depends on my mood and the day. With everything that’s been happening over the past few years — from trade wars to macroeconomic shifts and changes in market microdynamics — it helps us a lot as fund managers to stay on top of global and local market dynamics on a daily basis.

Then, I check my email and set two or three priorities for the day, balancing between personal and professional targets. I then kick off my day with external meetings, usually at 10am.

I have yearly goals, but I try to break them down into smaller tasks. By the end of the day, I look at one or two things that I’ve done differently. I do the same reflection on a weekly and monthly basis. Measuring progress and reflecting on route optimization, if required, to achieve my yearly goals. It doesn’t have to be work-related; it can be anything personal — whether it’s family or a call to a friend I haven’t been in touch with for a while.

Coffee is for sure a constant in my day, as well as my hour of silence in the morning. I also like to call my mom and make sure that she’s ok and having a good morning. On the professional side, it’s definitely checking emails, making sure that we’re on top of things, and setting a priority for each day. If I don’t set my priorities and daily goals, the day will kind of scramble in different directions.

In order to achieve a goal, it’s not easy. You need to make some sacrifices and understand that sometimes you need to work very long hours. But you also need to be conscious that sometimes, you need to have a break, because resting is working. You can go for two or three weeks, maybe without a proper weekend, and that’s fine, but you also need to understand your limitations, your body’s needs, and feel them accordingly. Keeping your physical and mental health in line is really important.

About 70-80% of my holidays and days off are spent going on a quick scuba diving trip. Being under the water is a type of meditation; you disconnect completely from whatever is on the ground. Looking at how marine life interacts with each other puts me in a very different mindset.

One book that I really like is The Lean Startup by Eric Ries. It’s kind of a playbook that’s great not only from a business-building perspective, but also for life generally. The first concept it introduces is the mindset of trying out things in a very minimal way, instead of going all in, and how it can help shape our perspectives. I’ve applied these concepts in my personal life, even more so than in my professional life.

I also like to spend some time whenever I can to listen to the 20VC podcast; it’s a great way to hear diverse investor perspectives.

On a professional level, my priority in the near future is to ensure that DPI Venture Capital delivers on its promise of generating meaningful returns for its investors, as we’re looking at an almost 10-year fund cycle. I’m also focusing on creating impact through our investments, whether by opening new doors for growth, building new kinds of regional players, changing the way that people interact, and making life easier for businesses and consumers in a healthy and meaningful way.

I really believe a lot in ethical investment, and it’s something I work toward. It is all too common for technology to use visual triggers to encourage impulsive buying, placing profit over the actual well-being of the user. I strive to operate differently by prioritizing the customer’s needs over playing on the impulsiveness of the consumer.

My favorite advice that I’ve been given in my professional career is to not chase what’s popular, but solve what’s painful. It was given to me by a previous manager and mentor I was working with many years ago. There is a lot of hype-driven investing in our industry, and I think it’s always a matter of checking if a startup is simply popular or if it is actually solving a major pain point.

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CALENDAR

2026

JANUARY

19-23 January (Monday-Friday): World Economic Forum Annual Meeting, Davos-Klosters, Switzerland

22 January (Thursday): ESBC SEEING webinar, From Zurich to Cairo: How Global Executive Research Shapes Tomorrow’s Leadership.

25 January (Sunday): Revolution Day / Police Day.

FEBRUARY

3 February (Tuesday): S&P Global to release PMI figures for January.

10 February (Tuesday): Capmas expected to release inflation data for January.

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

12 February (Thursday): Monetary Policy Committee’s first meeting of 2026.

19 February (Thursday): First day of Ramadan (TBC).

MARCH

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

21 March: (Saturday): Eid El Fitr starts (TBC).

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

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE:

30 June (Tuesday): National holiday in observance of June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

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

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

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

Early 2026: The government will launch the second package of tax breaks.

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

1Q 2026: Turkish President Tayyip Erdogan to visit Egypt

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

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.

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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