Valu to temporarily list shares on the EGX starting today

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WHAT WE’RE TRACKING TODAY

Egypt’s central bank will review rates today

Good morning, all. We have an issue busy with capital markets news — Valu got the green light to temporarily list its shares on the EGX and Bonyan announced its intention to float.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 32°C and a low of 20°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 27°C and a low of 17°C.

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WATCH THIS SPACE-

#1- Egypt and China are in talks to bring a Chinese bank to the local market to support companies operating in the Suez Canal Economic Zone (SCZone), SCZone head Walid Gamal El Din told Al Arabiya. The move would make it easier for Chinese firms to transact in CNY and would further support bilateral trade, he said. Gamal El Din added that Egyptian banks have recently started allowing companies to open CNY-denominated accounts — a step that has already helped some Chinese firms operate more efficiently.

We first heard about plans to open up a Chinese bank last year, when then-trade minister Ahmed Samir floated the idea in a meeting with his Chinese counterpart.

#2 – Fertilizer producers want to import gas directly: Several fertilizer manufacturers are preparing to submit a formal request to the government to import natural gas directly from global markets, sources told Al Borsa. The move comes after the government cut gas supplies to local fertilizer and methanol factories by 50% for a 15-day period. Abu Qir Fertilizers (pdf) and Mopco (pdf) both said that the move will result in a 30% drop in production.

HAPPENING TODAY-

To cut, or not to cut, that is the question facing the central bank’s Monetary Policy Committee (MPC) today. The committee will meet later today to decide whether or not to extend the easing cycle it kicked off in April with a 225 bps cut — its first since 2020. But with inflation inching up in April and external risks still in play, policymakers face a balancing act.

Most analysts are penciling in another cut — but not everyone agrees on how much. Five of eight analysts polled by EnterpriseAM this week expect the Central Bank of Egypt (CBE) to cut rates again today, penciling 100-200 bps reductions. A rate cut now would help “stimulate economic growth, given a relative stability in the domestic and international economic conditions compared to the previous month,” HC Securities’ Heba Mounir told us. Ahly Pharos’ Hany Genena added that real interest rates are nearing 10%, global commodity prices are steady, and the EGP is appreciating — all factors that strengthen the case for a cut.

But not everyone is convinced the CBE will move again so quickly. With annual urban inflation rising for a second straight month in April to 13.9%, some observers are cautioning against rushing to cut again. Economist Hany Abou El Fotouh thinks that a second cut when the MPC meets today is unlikely, echoing the IMF’s warning against premature easing. Others say a short pause after a cut now could give the bank space to monitor fiscal changes ahead — including fuel price hikes and VAT adjustments — before resuming the cycle in the summer.

CIRCLE YOUR CALENDAR-

A US Chamber Business Delegation will be heading our way next week to take part in the two-day US-Egypt Policy Leaders Forum kicking off next Sunday at the Four Seasons Nile Plaza. The forum will bring together big names from the cabinet — Prime Minister Moustafa Madbouly and the whole Economic Ministerial Group, and much more — members of the US business community, and officials from the IFC, IMF, and World Bank.

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-

Another dramatic White House meeting unfolded yesterday, as President Donald Trump dimmed the lights in the Oval Office to watch a video of what he claimed was evidence of genocide and “horrible death” of white farmers in South Africa.

His guest — South Africa’s Cyril Ramaphosa — rejected the claims made in the video and a stack of papers Trump shuffled through, albeit in a calm, less confrontational manner than the full-display tussle with Ukraine’s Zelenskyy last February. Ramaphosa tried to get the conversation back on track to focus on trade relations with the US.

SPEAKING OF THE US- The Trump administration formally accepted Qatar’s USD 400 mn Being 747 jet, gifted to be used as the President’s Air Force One. He will not be using it any time soon, though — experts put the cost of installing the necessary systems at over USD 1 bn, with the process taking years.

“I am sorry I don’t have a plane to give you,” Ramaphosa said when Trump was asked about the jet by reporters during the meeting.

CLOSER TO HOME- Pressure on Israel is mounting after the military fired shots at a delegation of Arab and European diplomats near the Jenin refugee camp in the West Bank, triggering wide international backlash. Meanwhile, Israeli PM Netanyahu said Israel “probably” killed Hamas’ de facto leader Mohammed Sinwar, and vowed to establish complete control over Gaza.

OVER IN TECH- OpenAI will fully acquire AI startup IO — founded a year ago by ex-Apple executive John Ivy — for USD 6.5 bn, its largest transaction to date. Ivy and his team will join OpenAI to work on “a new family of products” designed to bring artificial general intelligence into physical, everyday-use gadgets.

ALSO- US export controls on semiconductors “backfired,” Nvidia CEO Jensen Huang said yesterday, adding they encouraged China’s companies to accelerate development.

The Somabay Endurance Festival returns for its 7th edition from Thursday, May 29 to Saturday, May 31, 2025, at the Red Sea. Organised by The TriFactory, the event features Super Sprint, Sprint, Olympic, Youth, 1K Kids, and 10K races—uniting athletes of all ages for a weekend of competition, fitness, and fun at Somabay.

Valu to temporarily list 2 bn shares on the EGX starting today

Fintech giant Valu has gotten an initial green light from the EGX’s listing committee to list its shares on the bourse, according to an announcement. The shares will have the ticker VALU.CA and the company will have up to six months to meet listing requirements and obtain regulatory approvals before the shares start trading.

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

The details: Valu will list 2 bn shares with a nominal value of EGP 0.10 per share — bringing its issued capital to EGP 200 mn.

We have an idea when Valu may start trading: EFG Holding Group CEO Karim Awad told us in March that he expects the company to begin trading sometime in June.

This isn’t an IPO: EFG Holding will take U Consumer Finance — which owns and operates the Valu brand — public by giving its shareholders stock in U equivalent to about 20.5% of the company. EFG is giving its shareholders stock in U as a dividend, with the stock set to begin trading on the EGX that same day the shares are granted. The “move unlocks value for EFG Holding shareholders by crystallizing the true market worth of a key asset,” Awad told us.

EFG Hermes shareholders are set to approve the offering this weekend: Shareholders meeting at EFG Holding’s general assembly will vote this Saturday on the firm’s plan to distribute 20.5% of U Consumer Finance to shareholders, CFO Mohamed AbdelKhabir told Al Arabiya (watch: runtime: 5:34).

Bonyan to debut 33% stake on EGX

Bonyan announces intention to float: Bonyan for Development and Trade is looking to list up to 33% of its shares in a secondary offering on the EGX, whereby the sole shareholder Sky Realty Holding will rake in all of the proceeds from the sale, according to its intention to float (ITF) document (pdf). Once the firm secures final regulatory approval, some 551.3 mn ordinary shares will be up for grabs in an offering open to both retail and institutional investors. The company expects the offering to take place in 2Q 2025.

We knew this was coming: Bonyan hit the road for its IPO after Eid, kicking off investor meetings with local institutions ahead of a regional push in Saudi Arabia, the UAE, and Oman. The firm first announced plans to IPO in January, initially targeting a February-to-April window. Bonyan’s CEO Tarek Abdelrahman told us in March that 90% of the offering will be allocated to institutions via private placement, with the remaining 10% reserved for retail buyers. Subscription details and dates are yet to be disclosed.

Where the math lands: The stake on offer clocks in at EGP 4.4 bn according to our calculations based on a fair value of EGP 7.94 a share, per a Mubasher note seen by EnterpriseAM. That pegs Bonyan’s market cap at EGP 13 bn, according to our math, though the IPO’s mid-point pricing points to a leaner EGP 12.3 bn, as flagged by a separate CI Capital note we’ve seen.

This is a first for the EGX: Bonyan is on track to be the first real estate operating company (REOC) to hit the EGX — a model that differs from developers and REITs by focusing on owning, managing, and leasing out income-generating properties.

Backed by bulk buys, FCY + high occupancy: The company says it operates a portfolio of commercial assets with a 93% occupancy rate and focuses on bulk acquisitions, which it claims allows it to purchase assets 30-40% below market value. Roughly 60% of Bonyan’s rental contracts are USD-linked, providing a degree of insulation against local inflation, according to the ITF.

A snapshot of its financials: Bonyan’s bottom line came in at EGP 2.7 bn in 2024, while its top line stood at EGP 4.1 bn. The firm’s EBITDA margin rose to 93% last year, up from 82% in 2021.

A capital increase will follow: Sky Realty Holding is partially divesting its stake in the real estate investment firm with plans to reinvest a portion of the IPO proceeds back into Bonyan by subscribing to a capital increase at the same offer price.

The plan for the proceeds: Bonyan is looking to acquire 20-30k sqm of leasable space annually, valued at over EGP 4 bn, allowing it to double its 15k sqm footprint as of January, the CEO previously said. The company is also in talks to acquire four to five buildings, with a focus on administrative and logistics assets.

ADVISORS- CI Capital and Arqaam Capital are leading the IPO as coordinators and bookrunners, with Mubasher acting as the offering agent. Matouk Bassiouny & Hennawy will act as counsel.

What they said: “Although real estate remains one of the largest and most preferred investment sectors in Egypt, real estate investment companies are notably underrepresented on the EGX. We believe that Bonyan’s offering will address this gap, and help overcome many of the challenges currently associated with traditional real estate investments,” Abdelrahman said.

The 2025 IPO pipeline: Several private companies announced plans to go public on the EGX this year, including Saudi-owned Rakhaa, El Attal Holding, Al Ahly Group for Modern Agriculture, Go Green for Agricultural Investment, Korra Energi, Smart Villages, Al Ahly Sabbour, Enara, Basata Holding for Financial Investments, Tabarak Holding,

Damietta Container and Cargo Handling, Friday Ice Cream, Sunway Egypt, National Printing, and Port Said Container & Cargo.

The outlook for IPOs is still bright beyond 2025, with GoBus, MO Group for Food Industries, SIAC Holding, Adeer, Arabia Holding, Al Gioshy Steel, and Canal Company for Mooring and Lights also planning to hit the market.

EFG Holding’s revenues rise 31% y-o-y in 1Q 2025 after adjusting for last year’s float-related FX windfall

1Q 2025 was good to our friends at EFG Holding, where revenues for the quarter would have been up 31% y-o-y if you set aside the impact of a one-off FX windfall booked in 1Q 2024 on the back of the devaluation of the EGP, the company said in an earnings release (pdf). Factoring in the exceptional FX gain last year, the company’s top line was down 34% y-o-y in 1Q 2025 at EGP 5.6 bn, while net income after tax and minority interest declined at the same pace to EGP 1.2 bn.

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

EFG Hermes saw solid operational growth: Adjusted for the windfall, investment bank EFG Hermes’ revenues would have risen 30% y-o-y in the quarter. The unit’s sell-side division turned in a 46% y-o-y rise in revenue at EGP 2 bn, while buy-side revenues grew 50% y-o-y to EGP 449 mn. The firm’s brokerage business had strong quarters in Kuwait and the UAE, while its private equity business booked its first quarter of management fees from its Saudi Education Fund. Including revenues from holding and treasury activities, revenues at the investment banking platform were down 54% y-o-y to EGP 2.9 bn.

The group’s NBFI arm EFG Finance saw its top line jump 23% y-o-y to EGP 1.3 bn during the three-month period, driven largely by growth at microfinance provider Tanmeyah, where revenues rose 51% y-o-y to EGP 625 mn. Fintech platform Valu turned in 26% y-o-y growth in revenues at EGP 485 mn. EFG Finance’s bottom line more than doubled y-o-y to EGP 297 mn in the quarter.

And Bank NXT delivered steady growth: The company’s commercial banking arm Bank NXT reported EGP 1.4 bn in revenues for the quarter, up 11% y-o-y. The growth was supported by higher net interest income following a combined 800 bps of hikes rolled out by the central bank last year. The bank’s bottom line rose 5% y-o-y to EGP 498 mn, with EFG Holding’s share standing at EGP 255 mn.

What they said: “Our first quarter results reflect the strength and resilience of EFG Holding’s diversified platform and geographic footprint, even as we cycle a uniquely high base from last year,” Group CEO Karim Awad said (pdf). “When adjusted for these extraordinary items, our performance this quarter demonstrates solid operational growth across all lines of business and a clear trajectory of growth.”

1Q highlights: Awad highlighted several milestones hit across the company’s subsidiaries during the quarter, including Valu’s progress toward the EGX debut (see story above). Meanwhile, EFG Hermes executed landmark transactions including the IPO of Nice One in KSA and the Adnoc Gas’ USD 2.8 bn offering in the UAE.

EASTERN COMPANY LOGS A EGP 7 BN BOTTOM LINE-

IN OTHER EARNINGS NEWS- Tobacco giant Eastern Company’s net income climbed 36% y-o-y to EGP 7 bn in 9M FY 2024-2025, according to the company’s latest financial statement (pdf). Revenues climbed 74% y-o-y during the nine-month period to EGP 78.5 bn, which the company attributed to “pricing adjustments rather than an expansion in sales volume.”

Margins came under pressure: Despite the top line growth, headwinds that included a significant rise in costs eroded the company’s gross income margin to 31%, down from 37% in the same period last year, the company noted. “The company is fully aware of these challenges” and will prioritize improving margins and operational efficiency going forward, the statement reads.

Jameel Motors, GAC to launch vehicle assembly operations in Egypt

Jameel Motors and GAC Motor will launch knocked-down vehicle assembly operations in Egypt, under a recently signed MoU, Ahram Online reports. Under the MoU, the two sides will work with a local assembler and component suppliers to assemble GAC vehicles locally.

To oversee operations: The two sides will set up a JV to oversee operations, with Jameel Motors continuing as GAC’s exclusive distributor in Egypt.

The timeline: The project will initially focus on assembling one GAC model, with plans to expand production to a broader range of advanced vehicles over time. Assembly is slated to begin in 2H 2026, pending regulatory approvals.

We first heard about this partnership in September 2024, when reports emerged that Jameel Motors plans to begin assembling between two to three GAC models locally, with plans to manufacture 10-15k vehicles a year.

ICYMI- GAC Motor plans to invest USD 300 mn to set up a car manufacturing plant in Egypt to serve both local and export markets.

Egypt is emerging as an automotive hub, attracting major investments. Most recently, Kasrawy Group and China’s Jetour announced that they are setting up a USD 123 mn local assembly plant, and Al Mansour Automotive unveiled plans to invest USD 150 mn in new factories — an MG assembly plant and a USD 10 mn vehicle filter facility. The government is also rolling out new incentive criteria and additional perks for automakers under its Automotive Industry Development Program.

A look into the government’s economic targets for the next four fiscal years

New medium-term targets set for the next four fiscal years: The government has laid out its targets starting from the upcoming fiscal year until FY 2028-2029, detailing its predictions for growth, employment, investment, and private sector participation, among other key facets of the economy, according to a document seen by EnterpriseAM.

The gov’t is optimistic about Egypt’s growth prospects: The Madbouly government expects GDP growth to come in at 4.5% in FY 2025-26, before rising further to 5.0% in FY 2026-27 and 6.0% by the end of its medium term plan in FY 2028-29, according to the document. At current price levels, GDP is targeted to reach EGP 30.1 tn in FY 2025-26, up from an expected EGP 25.5 in the current fiscal year, before rising further to EGP 47.3 tn by the end of FY 2028-29. This will come in tandem with an increase in per capita real GDP at a rate of approximately 3.0% in FY 2025-26, before reaching 4.5% in FY 2028-29.

This means more jobs: The document shows a target to increase the labor market’s capacity to provide about 900k new jobs annually during the next four fiscal years, with the unemployment rate continuing to decline to about 6.2% at the end of the medium-term period.

The government is also planning on increasing its national savings from 8.1% in FY 2025-26 to 15.5% at the end of FY 2028-29 and plans on raising the investment to GDP ratio to 17.1% in FY 2025-26, before having it rise further to 19.3% by FY 2028-29. The rate currently stands at 15% of GDP as of the current fiscal year.

The gov’t’s inflation target is less ambitious than it was previously: The government is now eyeing an inflation rate of 13% in the next fiscal year, before declining further to 10% by the end of FY 2028-29. This is down from the Central Bank of Egypt’s inflation target of 7.0% (±2 percentage points) for 4Q 2026.

More private sector participation is also in the cards: The private sector is expected to have a larger contribution to overall economic activity, with the government looking to increase the private sector’s contribution to overall investments to 68% by FY 2028-29, up from 63% in FY 2023-24. The government also plans to increase investments in priority sectors that include industry, tourism, and communications and information technology from about 40% to exceed 50% of total GDP in the final year of the medium-term plan.

FDI is set to be on the rise in the medium-term: Net foreign direct investments are expected to reach USD 42 bn in the upcoming fiscal year, before rising further to USD 55 bn in FY 2028-29, which is expected to be driven by increased interest from foreign investors in Egypt — particularly from Gulf countries including the UAE, Saudi Arabia, and Qatar.

Total private sector investment until June 2024 amounted to around EGP 2.4 tn — 75% of which came from local private sector players, 11% from Arab investors, and the remaining 14% coming from foreign contributions, the document reads.

Remittances from Egyptians residing abroad are expected to reach USD 35 bn in the upcoming fiscal year, before rising further to USD 45 bn in FY 2028-29, according to the document.

The country’s GDP is heavily impacted by the level of remittance inflows: Money sent from abroad is expected to have made up around 8% of the country’s entire GDP in 2024, up from 5% in 2023 and 6.1% in 2022. In terms of current account inflows, Egyptians abroad sending FX home are expected to account for 35% of inflows in 2024, up from the 25% recorded the year prior, but still a long way off the 45% recorded in 2020.

The ceiling for public investment is set to rise during the period: The ceiling for public investments is set to rise slightly to EGP 1.1 tn in FY 2025-26, with a projected increase to EGP 1.8 tn in FY 2028-29, up from EGP 1 tn in the current fiscal year. Meanwhile, the state’s share in investments will decline to 32% from 43.7% in FY 2024-25.

The government also plans to up its targeted exports: The document showed a goal to lower the gap between exports and imports, with the government aiming to almost double merchandise exports to just under EGP 6.8 tn, up from EGP 3.4 tn, while imports are set to reach EGP 8 tn, up from EGP 5.2 tn in the current fiscal year.

Other goals include:

Reducing poverty rates to 29% by the end of FY 2025-26, and to 28% by the end of 2028-29, down from 33% in FY 2021-22;
Directing 55% of investments towards the green economy, with the goal of turning Egypt into a regional hub for green hydrogen in 2026;
Upping FX reserves to reach USD 52 bn by the end of FY 2028-29, compared to USD 47.4 bn in February 2025;
Lowering the population growth rate to 1.5% in FY 2025-26, and down to 1.4% by the end of FY 2028-29.

Chinese textile firm to set up a USD 17 mn factory in Qantara West

Another Chinese textile project is coming to Qantara West: Chinese firm Hightex Co., Ltd Hangzhou will set up a USD 17 mn factory for decorative fabrics and furniture in the Qantara West Industrial Zone under a contract inked with the Suez Canal Economic Zone (SCZone), according to a statement.

By the numbers: The facility will produce over 20 mn meters of fabrics annually — with 100% of output earmarked for export — and is expected to generate 300 direct jobs.

A textile hub for Chinese investors: A long list of Chinese players have inked agreements to set up textile factories in the Qantara West Industrial Zone — including GS Global Sourcing, Guangdong Hongxin Textile, Top New Garment Group, Jiangsu Guotai, and Di Seta.

DATA POINT- The SCZone has now inked contracts for a total of 20 projects in the Qantara West Industrial Zone, with investments totaling USD 596.5 mn. The new facilities are expected to generate over 27.6k direct jobs.

Another decision to sweeten the pot for foreign energy players

Another busy Wednesday at the cabinet: The Madbouly cabinet approved a number of decisions during its weekly meeting yesterday. Among the most significant are:

#1- More incentives for energy players: Cabinet agreed to implement the R-Factor mechanism in specific oil agreements and approved amendments to two exploration agreements in the Mediterranean for the Cairo and Masry offshore concession areas between Egyptian Natural Gas Holding Company and ExxonMobil to apply the R-Factor system.

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R-Factor? It is a contractual mechanism that is used to determine the revenue breakdown from an oil or gas project between an foreign oil player and the government. It is a more flexible mechanism than the usual fixed profit share and shares the risk between the government and foreign oil players — under the mechanism, the government receives a larger share of the revenue the more the project proves successful. The new system is expected to encourage companies to invest in untapped areas in the Mediterranean, the cabinet statement read.

REMEMBER- The Oil Ministry has been offering new incentives to energy players that include increasing production sharing ratios with foreign companies in exchange for new investments, enhancing exploration efforts, and increasing extraction rates, with the aim of boosting local production.

#2- Fresh auto incentives: The cabinet approved a new incentives program to support local car manufacturing. The new program raises the value-added metric to 60%, increases local industrial content to over 35%, boost annual production volume to 100k vehicles, encourages production of eco-friendly vehicles, and supports factories in priority development zones. Exporters will get extra perks and companies that exceed targets will receive additional incentives.

You heard it here first: EnterpriseAM reported earlier this month that the government is putting together new incentive criteria and additional benefits for automakers participating in the Automotive Industry Development Program in a bid to boost local component rates.

#3- Vocational education for high schoolers: The cabinet approved draft amendments to the law governing pre-university education to introduce a third track for high schools students — vocational education — to accompany the science and arts tracks in a bid to meet labor market needs.

#4- A bunch of new unis are coming to life: The cabinet approved draft presidential decrees to establish the private Egyptian-Chinese University, Orouba University in New Mansoura, and Masr El Gedida University in 6th of October City.

ALSO DURING THE CABINET MEETING- Investment Minister Hassan El Khatib presented the revamped export subsidy program to run until the fiscal year 2027-2028, under which exporters will receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities. Under the new program, subsidy disbursements will be made in no more than 90 days and will be paid in full without tax deductions. The program, which would have an annual budget of EGP 45 bn, tailors support to each sector’s needs, starting with engineering and chemicals.

Egyptian auto platform Sylndr closes USD 15.7 mn funding round

Local auto platform Sylndr raised USD 15.7 mn in a series A funding round led by Africa-focused private equity giant Development Partners International (DPI) via its newly-acquired Nclude Fund, Sylndr said in a statement (pdf). The round also saw participation from our friends at Beltone Venture Capital, the tech-focused local VC Algebra Ventures, Emirati-Saudi VC firm Nuwa Capital, Saudi VC Raed Ventures, EGBank’s investment arm Egyptian Gulf Holding, the Africa-focused Uncovered Fund, and the local fintech-focused VC Camel Ventures.

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

Sylndr? Founded in 2021 by ex-banker Omar El Defrawy and startup veteran Amr Mazen, Sylndr has evolved from a used-car marketplace into a full-stack mobility platform offering digital car financing, after-sales services including maintenance, and dealer tools.

Where will the money go? Sylndr will channel the funding into ramping up its nationwide expansion, enhancing its pricing and financing tech stack, and broadening its used-car offerings — all while deepening ties with dealers, financial institutions, and service providers to scale up its mobility ecosystem.

The round will support Sylndr’s push to become “the go-to platform for mobility in Egypt,” CEO Omar El Defrawy said, adding that the capital will help the company scale nationally and broaden its product offering. DPI Venture Capital Managing Partner Ashley Lewis said, “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership.”

BACKGROUND- The series A round builds on Sylndr’s rapid capital deployment over the years, including its USD 12.6 mn pre-seed round in 2022 and a EGP 370 mn working capital facility arranged by EFG Hermes in November 2024. Both sets of financing were used to scale inventory and build operational capacity.

** El Defrawy was our Founder of the Week back in 2022. You can check out our interview with him here.

Advisors: Matouk Bassiouny acted as legal counsel to DPI Venture Capital in the funding round.

Egyptian fintech Valu raises EGP 1 bn in its fifth securitized bond issuance of its current program

Valu closed a EGP 1 bn securitization issuance as part of its EGP 16.0 bn program, according to a st atement (p df). The 10-month bond is backed by a receivables portfolio, carries a Prime 1 rating, and offers a fixed interest rate.

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Issuance #5: This is the fifth issuance of the current program which began in August 2024, the local fintech firm’s 15th ever securitized bond issuance.

ICYMI- Valu raised EGP 463.3 mn in its fourth securitization issuance of its current program in March.

ADVISORS- EFG Hermes acted as sole financial advisor, transaction manager, bookrunner, underwriter, and arranger. Arab African International Bank was the underwriter and custodian bank, Dreny & Partners provided legal counsel, and Baker Tilly was the auditor.

What they said: “This transaction is a testament to our longstanding and strategic partnership with EFG Hermes. As we continue to scale and diversify our operations, securitization remains a vital component of our funding strategy, enabling us to deliver more innovative financial solutions and reach wider segments of consumers in Egypt and beyond,” CFO Karim Riad said.

Mark Bryson-Richardson to become the new UK ambassador starting August

The UK appointed Mark Bryson-Richardson (bio) as its next ambassador to Egypt, according to a statement. In August, he will take over from Gareth Bayley, who has held the role since 2021. Bryson-Richardson is a career diplomat with more than 25 years of experience, having most recently served as the foreign secretary’s representative for humanitarian affairs in the occupied Palestinian territories. His other roles include being the ambassador to Iraq and other senior roles in Baghdad, Mogadishu, Khartoum, and Kabul.

All about the Mostaqbal Misr’s industrial zone

A glimpse at the Mostaqbal Misr Industrial Zone: The nation’s talking heads spent a lot of time covering the inauguration of the first phase of Mostaqbal Misr’s industrial zone and the beginning of the wheat harvest season. The 2 mn-feddan project is expected to see its area more than double by 2027, Agriculture Minister Alaa Farouk told Yahduth Fi Misr’s Sherif Amer (watch, runtime: 9:30).

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

Mostaqbal Misr is getting an additional 800k feddan for agricultural purposes by September, Ala Mas’ouleety’s Ahmed Moussa reports (watch, runtime: 3:37).

Six Egyptian players set up new entity to expand into African markets

EXPANSION-

#1- Six local companies formed the Egyptian Industrial Export Hub to expand into Kenya, Nigeria, Ghana, Al Borsa reports, citing Managing Director Mona Wahba.

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The alliance will begin by exporting building materials and chemical products during the first six months and will later broaden its offerings to match the needs of each market. The alliance is also planning to open a logistics warehouse in Nairobi to encourage Egyptian exports to Kenya, Uganda, Tanzania, and South Sudan, she added.

#2- Our friends at Egypt Kuwait Holding (EKH) have taken their first step into the Saudi market after having secured a 35-year exclusive concession to develop and operate a natural gas distribution network in Dammam through their subsidiary Egyptian Kuwaiti Advanced Operation and Maintenance Company, CEO Jon Rokk told Al Arabiya. The first phase will come at an investment cost of SAR 60.3 mn, which has already been fully deployed.

F&B-

Edita’s frozen food arm Edita Frozen Food Industries has launched a new premium line of frozen croissants, viennoiseries, and breads targeting hotels, restaurants, cafés, and catering services, according to a company statement (pdf). The new line of products will leverage Edita’s nationwide cold-chain distribution network.

Nvidia CEO says export controls failed and fueled China’s rise

US chip export controls helped, instead of hindering, China’s growing chip dominance, says Nvidia CEO Jensen Huang. The head of one of the world’s most valuable companies doubled down on criticism of US chip export restrictions, calling the policy a “failure” that has cost American firms bns of USD and accelerated China’s domestic chipmaking efforts during a speech at Computex 2025 in Taipei (watch, runtime: 1:42:51). Huang argued that the curbs undermined US competitiveness, adding that if the US doesn’t sell, “the competition will come.”

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

Nvidia itself has had the hard end of much of the restrictions, having taken a USD 5.5 bn hit after the Trump administration expanded controls to cover its H20 chip — a downgraded model initially designed to comply with earlier rules, according to the Financial Times.

“Fundamentally flawed” assumptions drove the policy, according to Huang, who said said the now-scrapped “AI diffusion rule” — which imposed a three-tier licensing system blocking China from accessing US-made chips — ultimately cost US companies bns of USD in lost sales, including for Nvidia and AMD, and turbocharged China’s domestic chipmaking push.

Chinese manufacturers filled the vacuum as Nvidia’s share of the Chinese AI chip market dropped from 95% to 50% since 2022, according to Huang. He pointed to Huawei as one of its several fast-moving rivals, adding, “local companies are very determined, and export controls gave them the spirit, and government support accelerated their development.”

So, what’s next? The Trump administration is reportedly working on a new global licensing system based on government-to-government agreements, replacing the Biden-era AI diffusion rule — a move that has drawn support from Huang.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 0.8%, Korea’s Kospi is looking at losses of 1.3%, the Hang Seng is also in the red, down 0.5%, while the Shanghai Composite is flat.

EGX30	31,837	+0.7% (YTD: +7.1%)
USD (CBE)	Buy 49.80	Sell 49.93
USD (CIB)	Buy 49.8	Sell 49.9
Interest rates (CBE)	25.00% deposit	26.00% lending
Tadawul	11,304	-1.2% (YTD: -6.1%)
ADX	9,666	-0.4% (YTD: +2.6%)
DFM	5,438	-0.5% (YTD: +5.4%)
S&P 500	5,845	-1.6% (YTD: -0.6%)
FTSE 100	8,786	+0.1% (YTD: +7.5%)
Euro Stoxx 50	5,454	0.0% (YTD: +11.4%)
Brent crude	USD 64.63	-1.2%
Natural gas (Nymex)	USD 3.37	-1.7%
Gold	USD 3,342	+0.9%
BTC	USD 108,273	+1.6% (YTD: +15.6%)
S&P Egypt Sovereign Bond Index	867.1	-0.1% (YTD: +11.5%)
S&P MENA Bond & Sukuk	143.3	+0.2% (YTD: +2.4%)
VIX (Volatility Index)	20.87	+15.4% (YTD: +20.3%)

THE CLOSING BELL-

The EGX30 rose 0.7% at yesterday’s close on turnover of EGP 4.3 bn (7.3% below the 90-day average). Local investors were the sole net buyers. The index is up 7.1% YTD.

In the green: Fawry (+5.0%), ADIB (+4.7%), and Beltone Holding (+4.3%).

In the red: Abu Qir Fertilizers (-2.4%), Rameda (-2.0%), and Eipico (-1.5%).

CORPORATE ACTIONS-

MM Group for Industry and International Trade (MTI) is looking to increase its authorized capital 5X to EGP 5 bn, up from EGP 1 bn, and raise its issued capital to some EGP 1.2 bn, up from EGP 936.6 mn, by issuing some 377.7 mn new shares at a nominal value of EGP 0.62 per share, the company said in an EGX disclosure (pdf).

My Morning Routine: Abdellatif Olama, CEO of Jumia Egypt

Abdellatif Olama, CEO of Jumia Egypt: 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 Abdellatif Olama (LinkedIn), CEO of Jumia Egypt.

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

My name is Abdellatif Olama — I’m the CEO of Jumia Egypt and the group managing director of JumiaPay. I’m responsible for all Jumia companies and business in Egypt. This means I’m responsible for our core e-commerce marketplace offering. As the group managing director for JumiaPay, I also oversee all the nine countries in Africa where Jumia has operations and I’m responsible for payment enablement there.

I think Jumia is trying to bridge the gap between global technological innovation and the local needs of Egypt and Africa. We are trying to make sure that the solutions we have are relevant and that we have answers to the most challenging questions — especially for logistics, payment, and trade facilitation.

We’re making sure that the solutions are localized, and that they’re really catering to the needs of the consumers in Egypt. Our role also extends to empowering small and medium businesses by giving them the tools to scale digitally, access new customer bases, and operate more efficiently through technology.

I think the most interesting trend right now is the introduction of AI. We are figuring out how to best use it to deliver packages in a more cost-efficient and convenient way to someone in Upper Egypt or in the Delta — places where it was either not possible or quite expensive previously. We’re also testing AI internally — from customer support automation to forecasting and fraud detection — allowing teams to save time and focus on strategic, value-driving work.

When it comes to managing my morning routine, I’m not the most standardized of people. I like to wake up usually around 7:30am and have some time for myself to prioritize and organize the day ahead. I exercise for a short period in the morning and then start with some calls with people to help structure my day and to help me decide what I really want to accomplish on the day. I start as many threads as possible that I can follow up on and pick up later. This structure helps me stay focused — especially when balancing both operational goals and longer-term initiatives, such as partnerships or policy-related work that I oversee as part of my role in the wider ecosystem.

I like to be present everyday at the office. I move from home when the traffic is a little lighter, then I do a lot of calls on the road, making sure I’m using all my time in the best way possible. Sometimes it feels like this time in the car is some of the most productive of the day. I arrive at the office between 10:30-11am. Then, after managerial tasks, I either have one or two meetings scheduled, or I go right into handling high priority items that come up.

A big part of my day involves balancing high-level management with hands-on problem solving — staying close enough to the ground to identify real challenges, while keeping the bigger picture in focus. I also work closely with our HR team on internal engagement — making sure teams feel empowered, recognized, and aligned with the broader vision. We invest a lot in motivation and ownership because people are at the heart of everything we do.

We’re a company listed on the New York Stock Exchange — which means that we have a quarterly cycle of reporting. Every month has a function. There are months where you’re really pushing to ramp up and make sure that you’re closing the quarter in the right way, with the right numbers in place, while trying to have the long-term view. I try to organize the day depending on which season of the course it is, to be most relevant and effective.

That long-term view also includes how we contribute to Egypt’s digital and financial inclusion roadmap — whether through expanding access to online payments or collaborating with banks to offer installment solutions that reach underserved communities.

I usually stay at the office maybe past 8pm, which is when I get the chance to have longer conversations with people from the leadership team and catch up with countries that are a bit behind us in terms of timezones to understand what is happening there and how we can learn from each other. I do that until I feel that I’m very exhausted for the day, or satisfied — and that signals my time to leave.

I keep thinking about what’s next for my company, the country, and even the whole of Africa — where I’m currently very immersed. I want to see a bigger impact, more development in bringing together the different streams we work on. It’s not just about growing the platform — it’s about building infrastructure that enables SMEs, empowers youth, and helps consumers access affordable, relevant services through technology.

I like to go back and read books that I’ve read before. I like to explore how a book — which had a different meaning for me a few years ago — sounds today and influences my thinking process differently.

A piece of advice I’ve been given by a few people, including my father, is to make sure to not let work take up time on weekends. I always remind myself of this and following this rule helps to keep me fresh and motivated.

I’m hopeful that technology can improve our lives a lot — and I hope to play a role on that front.

CALENDAR

MAY

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

May 2025: Egyptian-US Investment Forum

JUNE

2-4 June (Monday-Wednesday): Manufacturing and packaging forum ProPak MENA and Fi Africa 2025, Egypt International Exhibition Centre.

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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