US strikes on Iranian nuclear facilities spark regional escalation fears

1

WHAT WE’RE TRACKING TODAY

Trumps says three targeted Iranian nuclear sites “totally obliterated”

Good morning, all. It doesn’t look like calm is on the horizon anytime soon, as the regional war took a sharp turn overnight with Washington entering into direct confrontation with Tehran. Just hours ago, the US struck three Iranian nuclear sites. We’ll all be watching closely over the coming days to see how this escalation plays out — both here at home and on the global stage.

SETTING THE TONE-

“The situation is under control and the budget has strong buffers,” Finance Minister Ahmed Kouchouk told EnterpriseAM in his first public comments following the war between Iran and Israel. The government is carefully monitoring current developments and has “a flexible budget and robust reserves that will be deployed with extreme precision,” he added.

We’ve faced similar challenges before with Covid-19 and Russia’s invasion of Ukraine, and in those cases we moved quickly to secure the country’s basic needs, he told us. This time round, the country has also been proactive in booking in energy imports, with the country effectively hedged against the possibility of further volatility in oil prices. We’re also about to wrap up the fiscal year, having raised more than EGP 2 tn in taxes throughout the 12-month period.

Diversification will also help us manage rising interest rates on public debt, with sukuk, fixed- and variable-return instruments, among other debt instruments set to minimize the impact of events, Kouchouk explained.

PSA-

We’re in store for another shorter-than-usual workweek, with this Thursday off in observance of the Islamic New Year, according to a decision from Prime Minister Mostafa Madbouly.

And we’ve got another long weekend the week after too, as the twelfth anniversary of the 30 June Revolution will be commemorated a few days before on Thursday, 3 July.

WEATHER- It’s another warm — but not too warm — day in Cairo today, with a high of 35°C, a low of 23°C, and partly cloudy skies, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 31°C, a low of 21°C, and partly cloudy skies forecast for the day.

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

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

Sahel – what was once Egypt’s summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we’re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.

In a special four-part summer series we’re taking the insights you’ve come to expect of us seaside. Think everything from Ras El Hekma’s impact and investment opportunities to exclusive interviews with key players. And it wouldn’t be Sahel season without a sprinkling of what’s shaking up socially.

Expect us in your inbox Tuesday, 24 June.

See you, Sahel-side.

EGP WATCH-

The EGP weakened against the greenback again on Thursday, falling around EGP 0.10-0.12 by the end of trading. The USD was sold for around EGP 50.70-50.73 and bought for EGP 50.60 at state and private banks.

Ongoing uncertainty in the region is continuing to weigh on the exchange rates, a source in the banking sector told EnterpriseAM, noting that the Middle East is currently seeing investment outflows as investors seek more stable markets. Interbank USD transactions jumped to around USD 2.5 bn over the week — considerably higher than the weekly average of nearly USD 1 bn.

DEBT WATCH-

The Central Bank of Egypt sold EGP 38.5 bn in 6- and 12-month EGP-denominated treasury bills in Thursday’s auction; the amount sold is less than half the EGP 80 bn the bank was after, according to central bank data. The bank sold EGP 24.0 bn worth of six-month t-bills at an average yield of 28.27%, down and EGP 14.5 bn worth of one-year bills at an average yield of 25.23%.

Investors demanded yields several percentage points higher than the central bank was willing to accept — they had placed bids for EGP 66.7 bn worth of six-month bills at an average yield of 29.269% and bids for EGP 62.0 bn for one-year bills at an average yield of 27.113%.

WATCH THIS SPACE-

#1- The government is looking to lower the incoming stamp tax on EGX transactions to 0.1% for both buyers and sellers, down from an initially proposed 0.125%, a senior government official told EnterpriseAM. The move to lower the proposed tax is part of broader efforts to stimulate trading and accelerate IPO activity, the official added.

What’s next: The proposed legislative changes are set to be finalized in a meeting with the Financial Regulatory Authority next week, the source said.

READ MORE- We dive deeper into the planned stamp tax on EGX transactions in a story published last month. Check it out here.

#2- Israel gas flows are back on — just about. Israel resumed gas exports on Thursday after a six-day pause, with most surplus energy heading to Jordan, while Egypt received “tiny volumes,” an Israeli Energy Ministry source told Reuters on the day.

As of Thursday, Israel’s Leviathan field remained shut, with the limited esports coming from its Tamar field, Bloomberg reported, citing unnamed sources.

#3- Egypt will receive a fourth LNG regasification vessel in August — which we understand will be the vessel booked from Turkish state-owned energy firm BOTAS — to help stabilize and diversify energy supplies amid current global challenges, according to a cabinet statement. The awaited unit will be deployed in Damietta, Oil Minister Karim Badawi said.

DATA POINT-

Egypt was the top destination for FDI in Africa and Middle East, with USD 47 bn in FDI coming into the country, according to the UN’s latest World Investment Report (pdf). The country also ranked ninth globally for inflows.

This marks a significant jump from Egypt’s position in 2023, when it landed in the 32nd spot with USD 10 bn in FDI.

But there’s little mystery as to why Egypt so quickly climbed the ranks, with “this exceptional growth … largely attributable to a single megaproject: the Ras El Hekma urban development,” the report said.

HAPPENING TOMORROW-

U Consumer Finance — which owns and operates the Valu brand — will begin trading on the EGX tomorrow under the ticker VALU.CA at a reference price of EGP 0.777, according to an EGX b ulletin (pdf). In its first session, the share price will be allowed to move between a floor of EGP 0.10 and a ceiling of EGP 7.40, with no temporary trading halt mechanisms in place.

** In today’s issue, we’ve got the first part of a one-on-one interview with Valu CEO Walid Hassouna to discuss the firm’s growth strategy, and what else it has in the pipeline. Check out the story in the issue below.

CIRCLE YOUR CALENDAR-

The Finance Ministry is set to finalize a new package of custom facilities within the coming weeks, with a separate real estate tax relief package expected in 1Q FY 2025-2026, Finance Minister Ahmed Kouchouk said.

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-

US strikes on three Iranian nuclear sites at Fordow, Natanz, and Isfahan are dominating the headlines across the globe this morning, which Trump said in a televised address had been “totally obliterated” (watch, runtime; 4:12). “Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater, and a lot easier,” Trump warned.

UN Secretary-General António Guterres called out the action as a “dangerous escalation in a region already on the edge,” and further warned that without a diplomatic solution the conflict could further spiral out of control. Criticism also came from within the ranks of the Republican Party, with a select few, including Kentucky Representative Thomas Massie, who criticized the strike without congressional approval as unconstitutional. (Washington Post | Reuters | Associated Press | Financial Times | Bloomberg)

AND- Columbia University graduate and pro-Palestine activist Mahmoud Khalil has been released on bail after a federal judge called his three-month detention in the immigration facility unconstitutional. Khalil, who has become a symbol of Trump’s crackdown on both foreign residents and those who have voiced pro-Palestinian support, was reunited with his son and wife and vowed to carry on advocating for Palestinian rights. (Reuters | New York Times | Bloomberg | Guardian)

PLUS- While over in the business news, Trump is once again flirting with the possibility of firing US Federal Reserve chair Jerome Powell, saying in a post on Truth Social that, “Maybe, just maybe, I’ll have to change my mind about firing him?” The comment is the latest in a string of criticisms Trump directed towards Powell, attacking him for not lowering interest rates, which were kept steady for a fourth meeting last week. (Reuters)

Valu CEO Walid Hassouna on how the fintech became a household name — and what’s still to come

Coffee With: Walid Hassouna (LinkedIn), CEO of fintech giant Valu. Back in the days of Covid, everyone was very worried, but Valu had the best growth. Hassouna headed the NBFI at the time, and his message to the board of EFG Holding was that it was time to grow, and more importantly, that it would be the most inexpensive time to grow.

In a way, 2023 and 2024 were great for Valu despite interest rate hikes and inflation. Not because of the interest rate hikes, but because people were thinking, “should I buy now or should I buy later?” — and everyone decided to buy now because there was the risk of scarcity of products, and there was the risk of massive price increases. And those who bought things in 2023 and 2024 didn’t regret it.

And 2025 has been a pretty eventful year for the fintech player, which is 24 hours away from making its trading debut on the EGX. The fintech player currently has around 800k active customers, who are concluding 16k transactions a day — double the amount of transactions it was seeing in 1Q 2024. It closed 1Q 2025 with a 25% market share of Egypt’s consumer finance market.

EnterpriseAM sat down with Hassouna to learn more about the listing, the firm’s growth strategy, and what else it has in the pipeline for a two-part interview. Edited excerpts from our conversation, below:

EnterpriseAM: What was your vision when you founded Valu in 2017?

Walid Hassouna: We built Valu on two pillars — the first was to reduce friction and make it easier for many more people to access credit. And for that to happen, we needed to be able to do it with less documentation and faster processing. We don’t guarantee our clients will get the loan, but we guarantee they’ll get an answer in five to ten minutes.

E: That was new at the time.

WH: It was disruptive to the extent that some financial institutions, some banks, were very much against us. They were concerned about the change we were bringing to the market. We were lucky enough that we had the support of the Central Bank of Egypt and the Financial Regulatory Authority, which allowed us to go ahead with our plans.

E: You said there were two pillars. If speed was the first, what was the second?

WH: We wanted to transform into a payment method. That’s why we always try to avoid the word “installment.” We use the word “pay” — “Pay with Valu” — not “installment.” True, you can pay us in as few as one month or as many as 60, but at the time the purchase is made? That’s the key: “Pay with Valu.”

E: Why is that distinction so important?

WH: Paying is different. Whether in the Arab world, in the West, or even in the US, you take a loan maybe once a year? We want our customers to use us to pay every single day.

And it’s working. As we speak today, we are running 11 transactions per minute, or 16k transactions per day — this time last year, the comparable figure was 7k transactions per day, so we’re growing at about a 100% clip in terms of the number of transactions per day.

Our prepaid card processes 4-5k transactions daily, making it the fastest-growing prepaid card in Egypt, despite being available only to approved customers.

That was the plan — offer finance with less friction, less documentation, a fast turnaround, and then change it into a payment method. Today, we’re the fourth-largest payment scheme in the country, behind Mastercard, Visa, and Meeza.

E: What’s profitability like on a standalone basis?

WH: We’re growing all of our KPIs 100% year-on-year — we managed to do this and remain profitable. We’ve been profitable since 2020, when we had EGP 8 mn on the bottom line. We were in the EGP 20 mn range in 2022, we hit EGP 230 mn in 2023, and we turned in a net income of EGP 420 mn last year. We wanted to grow, but it wasn’t VC-backed “growth at any cost.”

E: How do you keep your competitive metabolism high in this market?

WH: A major differentiator between us and our competition is that we have a very young, bold, and innovative team. They’re not afraid to bring big ideas to the table and figure out how to make them work. Whatever works, we roll it out. Whatever doesn’t work, we roll it back. Additionally, we’re well-backed by EFG Holding and have a nice corporate parent.

We created what is effectively the first cash loan product in Egypt offered by a consumer finance company, aligning with regulatory guidelines while meeting market needs. While consumer finance regulations traditionally focus on product and service financing, we innovated within this framework by introducing a unique approach — reverse consumer finance. Customers can now purchase items, upload their receipts via our app, and receive funds directly into their accounts. This innovative model has since inspired similar offerings in the market, demonstrating its value and effectiveness.

Another innovation is our consumer-to-consumer car finance product. I can sell you my car, and Valu comes in the middle to finance the transaction without the dealership in the middle. It’s a six-month-old product and represents 50% of our car sales. We’re doing more than EGP 350 mn in auto loans monthly, half of which is consumer-to-consumer through our Shift program.

E: What’s the growth strategy going forward?

WH: If growth, profitability, and innovation are the first half of our story, the second half is breadth. We want to do everything from the USD 1 transaction to the USD 1 mn transaction. We want people to use their Valu card to top up their mobile phone credit, and we’re also seeing them use our app to buy yachts.

Think of it in the same terms that Uber does. Everyone has the same Uber app, but you can decide if you want an Uber Bus, an Uber Pool, UberX, or Uber Black. It’s the same thing with Valu — everyone has the same app, and you decide what you want to do with it.

E: I think the conventional wisdom in the industry was to have a sector-specific focus?

WH: We received a lot of criticism of our strategy from people who said we must focus on specific segments. By going broader, we effectively hedge our risk. In 2023-2024, if we had not had very big tickets with very affluent clients, we would have faced many issues because everyone was struggling at the bottom of the pyramid.

E: If you’re looking for USD 1 to USD 1 mn? Who is your center of gravity?

WH: Our center of gravity is always people between the ages of 25 and 35. Those are our bread and butter. We have a program that starts financing people at the age of 16 — the only program in Egypt that finances people who are not graduates yet. The reason we want those people to be part of our portfolio is that it’s very inexpensive to bring those guys on board and you build a lifelong relationship with them.

Young people really want to be part of the financial ecosystem. They want to build their credit score — Gen Z and Gen Alpha really care about that. And we have a mission to underwrite the unbanked. What truly sets us apart is that 40% of our customer portfolio had never borrowed a penny before partnering with us. This highlights our genuine commitment to expanding financial inclusion and reaching those who have historically been underserved.

E: How has that impacted your non-performing loans?

WH: We take pride in our robust underwriting practices, which have consistently delivered exceptional results. With non-performing loans at just 0.7% and a cost of risk at 0.9%, our performance speaks for itself. When we hear unfounded rumors, like claims of having a 20% default rate, it’s hard not to laugh.

Our figures are out there. Our segment reporting with EFG Holding is there. We have been applying IFRS 9 and a credit-loss model since 2020. And we’re tightly regulated by the FRA — do you think they would tolerate a 20% default rate, let alone me saying we have a 0.7% default rate if that wasn’t the case?

That’s why we currently use our platform to offer underwriting as a service. We underwrite the co-branded card with Bank Next, which is also part of EFG Holding Group. And we have two other banks in the pipeline that want us to work for them, underwriting a service. So, this is going to be totally off our balance sheet. I can’t say right now which banks these are, but this segment is very important to our margins — it’s a high-margin segment.

** Part II of our conversation with Walid Hassouna will be out in tomorrow’s issue to coincide with Valu beginning trading on the EGX. Watch this space.

Qatar mulls USD 3.5 bn tourism project on Egypt’s North Coast

Qatar is in advanced discussions to develop a USD 3.5 bn tourism project on the North Coast, Bloomberg reported on Thursday, citing sources it says are familiar with the matter. The Qatari side could ink the project’s agreement by the end of 2025, the sources said without disclosing the breakdown and exact location of the project.

If the agreement goes through, Qatar would make a USD 1 bn payment to Egypt upon signing the agreement, with the remaining amount to be delivered over the following year.

But this isn’t a complete surprise, with Prime Minister Moustafa Madbouly saying late last year that Qatar is working on a “very important” real estate project on the North Coast.

Qatar also previously agreed to work toward a USD 7.5 bn package of direct investments in Egypt in the near future, without providing details of the investment plan. The GCC country’s investors are also reportedly eyeing majority stakes in terminal operators.

Investments from the GCC are expected to have a greater footprint in the coming years. Kuwait was previously reported to be in discussions to turn the USD 4 bn of deposits it holds in Egypt’s central bank into direct investments across several sectors. Meanwhile, Saudi Arabia plans to convert some of its USD 10.3 bn deposits in the central bank into investments.

REMEMBER- Egypt aims to attract USD 42 bn in net FDI during the next fiscal year, with plans to boost that figure to USD 55 bn in FY 2028-2029. The FDI growth is expected to be fueled by interest from foreign investors, particularly from Gulf countries such as the UAE, Saudi Arabia, and Qatar.

Beltone Leasing and Factoring secures USD 20 mn from Finance in Motion-backed funds SANAD and Green for Growth

SANAD, GGF back Beltone Leasing and Factoring with USD 20 mn: Beltone Leasing and Factoring secured USD 20 mn in funding from impact investment funds SANAD Fund for MSME and the Green for Growth Fund (GGF) — both managed by Germany-based impact asset manager Finance in Motion, according to a statement (pdf) from parent company Beltone Holding. Each fund provided a USD 10 mn package, with a repayment tenor of five years.

Where will the money go? The financing from SANAD — established by Germany’s KfW Development Bank — will go towards supporting “the financial inclusion for micro, small, and medium enterprises and low-income households across the Middle East and North Africa”, the release said. Meanwhile, the funding from GGF — a PPP between the European Investment Bank and KfW — will be earmarked for projects focused on renewable energy, energy efficiency, and sustainable resource management across MENA and nearby regions.

What they said: “Securing foreign currency funding from institutions like SANAD and GGF enhances our ability to diversify our capital base and offer more competitive financing solutions. This funding will enable us to strengthen our support for MSMEs while accelerating green projects that contribute to a more sustainable and resilient future,” Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance Amir Ghannam said.

Contact Financial’s net income more than doubles in 1Q 2025

Non-banking financial services firm Contact Financial Holding saw its normalized net income rise 143% y-o-y in 1Q 2025, increasing to EGP 66.2 mn, according to the company’s latest earnings release (pdf). The strong performance was underpinned by a standout quarter for the group’s ins. arm, with additional support from a shift toward higher-margin products at its financing division.

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

The breakdown: The group’s ins. division saw its net income jump 767% y-o-y during the quarter to EGP 43 mn, as the division “continued to benefit from the success of our strategic investments, achieving strong growth through an expanded market presence, enhanced cross-selling capabilities, and a diversified product offering.” Meanwhile, the financing segment saw its net income grow 33% y-o-y in 1Q 2025 to EGP 27 mn. New financing at the auto, trucks, mortgage, and working capital segments saw declines, though medical lending increased 181% y-o-y due to “an increase in medical businesses from factoring,” the company said.

What they said: “While overall volumes were moderated by our deliberate shift in focus towards higher-margin products, we successfully maintained our momentum, supported by gradually improving market conditions and a more stable macroeconomic environment,” the company’s management said. “As we head further into 2025, we are optimistic that the positive momentum will continue, and we remain confident in our ability to deliver on the group’s short and long-term targets.”

Visa taps Tareq Muhmood as regional president for CEMEA

Visa appointed Tareq Muhmood (LinkedIn) as its new regional president for Central and Eastern Europe, the Middle East, and Africa (CEMEA), the payment card services company said in a statement (pdf). Muhmood brings over 30 years of experience in banking and payments to the role, having most recently served as head of value-added services for Visa Europe. He takes over from Andrew Torre, who was tapped as president of Visa’s value-added services business.

What they said: “We are delighted to appoint a leader with Tareq’s deep experience at the intersection of financial services, technology and high growth markets to lead Visa’s fastest growing region and continue our journey to advance the future of digital payments across CEMEA,” Visa’s Group President of Global Markets Oliver Jenkyn said.

Abou Ghaly Motors to locally assemble the UAE’s Sandstorm autos

AUTOMOTIVE-

Locally-assembled Sandstorm-branded vehicles? Local automotive player Abou Ghaly Motors plans to invest USD 26 mn to set up a factory in the north of the Gulf of Suez to assemble models from the UAE’s Sandstorm Motor Vehicles Manufacturing, a company official told Asharq Business.

The company has already invested 40% of the total amount since the beginning of the year and plans to complete the remaining investment by year-end. Production is scheduled to begin in 1Q 2026, and the company plans to dedicate the factory’s entire production capacity to exports, with a focus on African markets.

Sandstorm made its manufacturing debut with the UAE’s first ever locally made SUV — the Sandstorm Alreem, which was designed with the country’s hot and desert climate in mind. We’re yet to find out what models Sandstorm is planning to roll out from Egyptian assembly lines, but it could also include its planned pickup truck in the works: the Sandstorm S24.

** It has been brought to our attention that the news published by Asharq Business is inaccurate.

ENERGY-

New awards to drill at least 17 exploration wells: The Oil Ministry has awarded seven new exploration and production blocks affiliated with the Egyptian General Petroleum Corporation, according to a ministry statement. The new awards will see firms funnel fresh investments into the blocks and bring at least 17 new wells online. Cheiron, Apache, Pharos Energy, IPR Energy, and a consortium of Egypt’s NPC Energy and UK-based GHP all secured blocks.

More up for grabs: Other explorations — including undeveloped Mediterranean fields and new blocks in the Gulf of Suez and Western Desert — remain open, with bids due by 2 July. The ministry is expected to announce four additional Mediterranean block awards soon under the Egyptian Natural Gas Holding Company’s latest bid round.

TRANSPORT-

A new digital parking management system in Cairo is here: Cairo Governorate launched a new digitized system to regulate informal parking attendants, requiring them to be registered with companies contracted with the governorate to manage parking spaces, according to a statement from the governorate. All parking areas are getting integrated into an official framework, preventing unauthorized fees and providing clear pricing — capped at EGP 10 for the first hour, with lower rates for the second hour.

El Sisi calls for diplomatic solutions in call with Iranian president

President Abdel Fattah El Sisi held a phone call with Iranian President Massoud Pezeshkhian over the weekend, where he expressed Egypt’s rejection of the ongoing Israeli escalation against Iran and highlighted how it threatens regional security, according to an Ittihadiya statement yesterday before the US’ strikes on Iran. El Sisi called for an immediate ceasefire and de-escalation of the conflict to resume negotiations — stressing “that military solutions are not viable.”

Foreign Minister Badr Abdelatty was also on a diplomatic offensive over the weekend, holding separate calls with US Special Envoy to the Middle East Steve Witkoff and Iranian Foreign Minister Abbas Araghchi to push for de-escalation amid rising Israel-Iran tensions, according to a Foreign Ministry statement. Abdelatty stressed the importance of utilizing all diplomatic means to prevent wider regional conflict.

Foreign demand for US Treasuries held firm in April despite tariff turmoil

The number of US Treasuries held by foreign investors was near record highs in April, even as US President Donald Trump’s Liberation Day tariffs triggered one of the steepest sell-offs in the asset class in over two decades, Bloomberg reports. Foreign holdings came in at USD 9.0 tn — just shy of March’s all-time high following sales of US bonds and notes, according to US Treasury data. This came despite concerns over a wave of outflows from American debt and equity markets following the tariff announcements.

IN CONTEXT- Trump’s tariff announcement in early April triggered a historic sell-off, with Treasuries posting their worst weekly performance in over 20 years. A weak 20-year bond auction in May added to the sell-off, though 30-year and 20-year offerings later saw better take-up.

But no mass exit: Despite this, official institutions were net buyers of long-term Treasuries. Foreign investors were net sellers of US agency bonds and equities, but increased their exposure to long-term corporate debt, suggesting selective rebalancing rather than a broad retreat.

Big buyers didn’t blink: Japan, still the top holder, increased its holdings by USD 3.7 bn to USD 1.1 tn. The UK added USD 28.4 bn, overtaking China for the number-two spot with USD 807.7 bn. Belgium — often seen as a proxy for Chinese custodial accounts — rose USD 8.9 bn to USD 411.0 bn.

China pulled back, Canada dumped: China’s holdings dropped by USD 8.2 bn to USD 757.2 bn, continuing a multi-year retreat. Canada posted the largest decline, offloading nearly USD 57.8 bn to bring its total to USD 368.4 bn. The Cayman Islands — a hub for hedge funds — also reduced holdings by USD 7.0 bn.

“The ‘Sell America’ narrative is an over-exaggeration,” Morgan Stanley’s Vishal Khanduja told Bloomberg elsewhere, though warning of “slow and bumpy [USD] depreciation” ahead. Jamie Patton of TCW Group also pushed back on talk of capital flight, saying there’s a “big difference between valuation and the reserve status of the USD or Treasuries as a de facto safe asset.”

Concerns that US Treasuries’ “safe haven status” is in jeopardy still abound, with the latest red flag being the lack of a rally during the Israel-Iran flare-up — which would typically be a haven bid moment.

EGX30	30,248	-1.9% (YTD: +1.7%)
USD (CBE)	Buy 50.60	Sell 50.73
USD (CIB)	Buy 50.60	Sell 50.70
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	10,611	+0.2% (YTD: -11.9%)
ADX	9513	+1.0% (YTD: +1.0%)
DFM	5352	+1.6% (YTD: +3.7%)
S&P 500	5968	-0.2% (YTD: +1.5%)
FTSE 100	8775	-0.2% (YTD: +7.4%)
Euro Stoxx 50	5234	+0.7% (YTD: +6.9%)
Brent crude	USD 77.01	-2.3%
Natural gas (Nymex)	USD 3.85	-3.6%
Gold	USD 3385.70	-0.7%
BTC	USD 102,858.30	-0.8% (YTD: +9.9%)
S&P Egypt Sovereign Bond Index	878.77	+0.1% (YTD: +13.0%)
S&P MENA Bond & Sukuk	144.12	-0.1% (YTD: +3.0%)
VIX (Volatility Index)	20.62	-7.0% (YTD: +18.9%)

THE CLOSING BELL-

The EGX30 fell 1.9% at Thursday’s close on turnover of EGP 4.5 bn (5.8% below the 90-day average). Foreign investors were the sole net sellers. The index is up 1.7% YTD.

In the green: Edita (+1.6%), Mopco (+0.4%), and Credit Agricole (+0.1%).

In the red: TMG Holding (-5.8%), Oriental Weavers (-4.6%), and Eastern Company (-4.0%).

CALENDAR

JUNE

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

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.

12-16 October (Sunday-Thursday): Cairo Water Week, Cairo.

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

NOVEMBER

16-19 November 2025: Cairo ICT 2025, Egypt International Exhibition Centre.

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

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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