We’ll know more on Egypt’s Gaza reconstruction plan this week

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What We're Tracking Today

PwC is planning to expand its Egypt operations

Good morning, all. We have a brisk issue for you this morning as we kick off one of our last work weeks before we welcome Ramadan. But we don’t expect the news cycle to stay calm as the week goes by — we have a lot to stay on the lookout for this week, most notably Egypt presenting its Gaza reconstruction plan during a meeting in Riyadh on Thursday and the central bank’s Monetary Policy Committee meeting to review rates.

PSA-

WEATHER- It’s another cold day in Cairo, with a high of 21°C and a low of 12°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 20°C and a low of 11°C.

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WATCH THIS SPACE-

#1- Big Four accounting firm PwC is planning to expand its Egypt operations, Tax Services Leader for Egypt and Kuwait at PwC Sherif Shawki told EnterpriseAM. The move to expand the company’s already 2k employee-strong presence comes in response to growing demand from investors for its services both within and outside Egypt.

Our growing — albeit still comparatively small — outsourcing industry has the ability to compete with India, the world’s undisputed global outsourcing leader, Shawki argued. Egypt is well placed to be a digital outsourcing hub for Eastern Europe and the US and has a sufficient and skilled labor force, low operating costs, and a more stable exchange rate following the EGP float that persuaded PwC and others to choose Egypt.

SPEAKING OF- The number of outsourcing companies operating out of Egypt has increased 181.3% over the last three years, with the number of companies now standing at 180, Prime Minister Moustafa Madbouly said at his most recent weekly presser. This is good news for the government, which wants to see digital exports bring in USD 9 bn into the economy annually as of 2026 and then up to USD 13 bn by 2030.

#2- Stamp tax amendments set to replace the planned capital gains tax will be issued within days, Deputy Finance Minister for Tax Policies Sherif El Kilani said at PwC Middle East’s annual Tax and Legal Seminar that was attended by EnterpriseAM. The cabinet held a meeting on Thursday with officials from the Finance Ministry, the EGX, and Misr for Central Clearing, Depository, and Registry to discuss the mechanisms for reinstating a stamp tax on stock market transactions as an alternative to the capital gains tax, sources familiar with the matter told EnterpriseAM.

REMEMBER- A government source told EnterpriseAM earlier this month that officials are now considering reinstating a 0.15% stamp tax on all EGX transactions as a simpler alternative to the capital gains tax, which has been repeatedly delayed. Our source at the time told us that the government plans to finalize the collection mechanism and submit draft legislation to the House soon to avoid disrupting the upcoming corporate tax filing season, which ends on 30 April.

HAPPENING TODAY-

#1- Impact investor Catalyst Partners’ special purpose acquisition company Catalyst Partners Middle East’s shares will begin trading on the EGX today, priced at EGP 10 a pop, according to an EGX bulletin. The offering is only open to qualified and institutional investors.

ICYMI- CPME became the first SPAC to be listed on the EGX in November, after it listed 1 mn shares with a par value of EGP 10 per share, bringing its total issued capital to EGP 10 mn.

#2- Prime Minister Moustafa Madbouly is in Ethiopia for the African Union Summit, which wraps its two days of meetings between African heads of states and senior officials today.

#3- It’s the fourth day of the Businesswomen of Egypt 21 Association annual conference, which takes place across venues in Cairo, Luxor, and Aswan and wraps up tomorrow, according to a statement. This year’s conference is being held under the theme of Megatrends Shaping Women’s Economic Potential and hosts delegations from across the world.

HAPPENING TOMORROW-

Private and public energy players from across the globe are landing in Cairo for the Egypt Energy Show, set to kick off tomorrow at the Egypt International Exhibition Center. The three-day event will welcome 47k visitors, feature over 300 speakers, and host more than 500 exhibiting companies.

This year’s show is under the theme Building a Secure and Sustainable Energy Future and will see senior ministers from Egypt, the region, and notably Cyprus take to the stage. Some of the region’s biggest energy names in the private sector will also participate in the event, including Infinity Power CEO Mohamed Mansour, Fertiglobe CEO Ahmed El Hoshy, Eni CEO Claudio Descalzi, and Scatec CEO Terje Pilskog — to name but a few.

We’ll be on the lookout for: Egypt will sign an agreement to liquefy Cypriot gas in local facilities during day one of the event — we have the details in the news well, below.

CORRECTION: In Thursday’s issue of EnterpriseAM Egypt, we incorrectly said that ASEC Holding sold APM in 3Q 2023. The entity that sold APM was ASCOM. The story on our website has been amended.

CIRCLE YOUR CALENDAR-

#1- The central bank’s Monetary Policy Committee will meet on Thursday to review interest rates. The CBE left rates unchanged when it last met in December — marking the sixth consecutive meeting to keep rates steady — but most analysts see the central bank starting to cut rates sometime this quarter.

#2- Exploring business potential between Egypt and Switzerland: The Egyptian-Swiss Business Circle and Kickstart Innovation are hosting a series of online events on 20 February under the theme Innovate Together: Business Opportunities Between Egypt and Switzerland. The events aim to strengthen business ties between the two nations, bringing together startups, investors, and public and private players.

#3- Egypt is hosting an emergency Arab summit on 27 February to discuss the latest developments in Gaza. We have more on what to expect from the summit in the news well, below.

THE BIG STORY ABROAD-

It’s all about geopolitics in the foreign press this morning, with the Gaza ceasefire agreement seemingly back on track, Ukraine negotiating US trade demands, and Trump unveiling plans for reciprocal tariffs in his latest tariff salvo in the brewing trade war.

Ukraine turns down a bold offer: Ukrainian President Volodymyr Zelensky reportedly rejected a request by the US to get more than half of the country’s mineral resources, with Ukraine working on a counterproposal. Negotiations over security guarantees for Kyiv come as US President Donald Trump’s Ukraine envoy Keith Kellogg confirmed the EU will not be part of anticipated peace talks with Russia. (Washington Post | FT | Reuters)

Again with the tariffs: Trump also unveiled on Thursday plans to customize import tariffs according to a host of factors, including its trading partners’ subsidies, exchange rates, and taxes. This is in addition to new charges on cars, semiconductors, and pharma — with more details set to be announced after 1 April. (Bloomberg | Reuters | FT | CNBC)

CLOSER TO HOME- Hamas and Israel moved forward with the planned prisoner exchange yesterday, which saw the release of three Israelis in return for 369 Palestinians. The Palestinian group re-committed to the exchange after talks with mediators in Qatar and Egypt, following earlier disagreements that threatened to put the ceasefire in jeopardy. (BBC | Bloomberg | AP | The Guardian)

Somabay proudly hosts the World Aquatics Open Water World Cup for the third consecutive year, reinforcing its status as a top watersports destination. The training camp will run from 18-22 February at Somabay’s state-of-the-art OneFlow Aquatics Centre, preparing athletes from 21 countries for the competition. From 21-22 February, they will compete in three races, further cementing Somabay’s appeal for international swimming events.

Egypt will present its reconstruction plan at a key meeting in Riyadh this Thursday

Egypt’s proposal to rebuild Gaza is emerging as key to the Arab push for an alternative to Trump’s Gaza strategy, with the plan calling for a national Palestinian committee to govern Gaza without Hamas, international reconstruction efforts that don’t involve displacing Palestinians, and progress towards a two-state solution, three unnamed Egyptian sources told Reuters.

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

The proposal also reportedly includes a buffer zone along Gaza’s border with Egypt, temporary living areas, and a potential reconstruction fund which may even be named the Trump Fund for Reconstruction. Jordan's King Abdullah reportedly told US President Donald Trump that the Arab proposal would be “cheaper and faster” than the American proposition, Reuters reported separately, citing unnamed European diplomatic sources.

Remember: Last week Egypt said it will propose “a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights.”

What do we know about the plan? Egypt’s proposal follows a structured three-phase approach, “the first involves early recovery, intensifying medical support, delivering aid, and providing temporary housing for displaced residents. The second phase includes debris removal, paving the way for the final and longest phase — reconstruction — which will require Arab and international funding,” Kelma Akhira’s Lamees El Hadidi said (watch, runtime: 13:14).

The clock is ticking ahead of the emergency Arab summit: “The next 12 days will be critical in shaping the Arab consensus before the emergency summit in Cairo on 27 February,” El Hadidi noted. A preparatory meeting in Riyadh will set the stage for the final proposal that will be presented during the summit.

“Egypt will present its reconstruction plan at a key meeting in Riyadh this Thursday,” El Hekaya’s Amr Adib said (watch, runtime: 22:02). “Two key elements of the plan stand out: excluding Hamas from governing Gaza and ensuring reconstruction happens without displacing the residents of Gaza.” However, he cautioned that two major roadblocks could stall progress — first, whether Hamas and the Palestinian Authority in Ramallah can agree on a new political framework, and second, the risk of Israeli actions disrupting the process.

Hamas open to negotiation? “Hamas is open to administrative and political arrangements for Gaza, even if it is not part of them,” Hamas spokesman Hazem Qassem is quoted by Adib as saying (watch, runtime: 5:46). He added that Hamas has shown considerable flexibility in talks with Egyptian officials. Adib welcomed what he called Hamas’s “respectful cooperation” and its position prioritizing the public interest, noting that Egypt’s plan would see the group step away from Gaza’s governance in the near future.

Not without help: Saudi Arabia is spearheading Arab efforts to develop a plan for Gaza's future that can act as a counterweight to Trump's proposal for a US takeover of Gaza that would see the forced displacement of Palestinians. Proposals could include a GCC-led reconstruction fund and a move to distance Hamas, sources told the newswire.

Saudi Crown Prince Mohammed bin Salman is “taking the lead” in developing and presenting the Arab plan to Trump, the newswire said, citing an unnamed Jordanian official. By putting the Crown Prince at the forefront, the Arab bloc is looking to leverage the Saudi leadership’s strong relationship with the Trump administration, as well as its expanding business and political ties with Washington.

Gaza’s governance and security are major sticking points: Although Hamas is open to transferring governance to a national committee, it demands influence over its composition and rejects the deployment of foreign forces without its consent. Meanwhile, Israel has rejected any role for Hamas or the Palestinian Authority in governing Gaza or providing security there, while Arab countries and the US want to avoid sending their own troops. GCC states, which have financed reconstruction efforts in Gaza before, are hesitant to do so once more without assurances that Israel will not destroy what they rebuild.

Egypt to sign agreement to liquefy Cypriot gas in local facilities tomorrow

Egypt and Cyprus put pen to paper tomorrow: Cypriot President Nikos Christodoulides reconfirmed that he will sign “the first agreements for the commercialization of natural gas from deposits in the Republic of Cyprus” tomorrow. “The first agreement concerns the Republic of Cyprus, Egypt, Eni and Total, while the second involves the Republic of Cyprus, Egypt, Chevron, Shell, and NewMed,” he said.

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

Cypriot gas from the country’s Cronos and Aphrodite fields will also be coming our way, with reports last month claiming that the field’s joint owners will ink an agreement for the liquefaction and re-export of its gas with the Madbouly government. The upcoming agreement with French energy company TotalEnergies and Italian energy giant Eni appears to earmark most of the incoming gas for re-export.

This comes following new that the plans to set up an energy corridor between Cyprus and Egypt are moving forward: Plans previously floated by Cypriot and Egyptian officials to pipe Cypriot natural gas to Egypt for liquefaction and re-export as LNG are now part of a Chevron-led consortium’s development plan inked with the government of Cyprus, according to a statement. The move is part of a wider development and production plan for the Aphrodite gas field agreed between the Mediterranean nation with US energy giant Chevron, along with UK’s multinational Shell and Israel's NewMed Energy.

What they said: “We look forward to the expeditious development of the field via Egypt’s facilities, a tangible step towards establishing the role that Cyprus envisions in the energy sector of the region, for the benefit of the country and its people,” said Cypriot Energy Minister George Papanastasiou.

Cabinet signs off on proposed customs facilities

Customs, renewables, and monetizing state assets continue to command the attention of the cabinet, with a raft of proposals, agreements, and draft laws passed in the cabinet’s weekly meeting.

#1- Efforts to speed up customs clearance got the cabinet thumbs up, with a plan from the finance and investment ministries to improve the process of exporting and importing goods being passed in its bid to cut customs clearance times down from eight days to just two. The details of the plan were not disclosed in the statement. However, Deputy Finance Minister for Tax Policies Sherif El Kilani said at PwC Middle East’s annual Tax and Legal Seminar — which was attended by EnterpriseAM — that the changes will allow businesses to pay import duties on raw materials in installments for the first time.

Kilani also told EnterpriseAM late last year that the government is revisiting customs procedures to align with global standards and improve efficiency. This includes a plan to introduce a four-tier system — green, red, blue, and orange — for importers, allowing for faster clearance for compliant businesses.

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

#2- A power purchase agreement between Saudi Arabia’s ACWA Power and the Egyptian Electricity Transmission Company was also approved to allow energy supplies from wind energy projects totaling 2 GW to be fed into the national grid.

#3- The cabinet greenlit a draft law regulating central business and financial districts with the stated aim of helping these areas grow and attract foreign investments. The draft law lays out the overall regulatory framework for the districts, along with incentives for companies operating in them.

The General Authority for Central Areas for Finance and Business will be granted “broad powers” under the draft law, enabling the newly-formed body to set most of the rules and regulations, including issuing licenses to practice certain activities.

#4- A draft law to replace the Egyptian Mineral Resources Authority (EMRA) with the Egyptian Mineral Resources and Mining Industries Authority was also approved, which will transfer all of the EMRA’s assets and employees to the new organization.

The new organization will be an economic body — as opposed to a public service body — meaning that it will be able to utilize “untapped mineral resources, maximizing the authority's revenues, and supporting and localizing the Egyptian industry,” MP Mohamed El Sallab has previously told local media.

#5- A plan to simplify private healthcare regulation detailed in a draft law was also passed, which is designed to make it easier to license new private healthcare facilities, disentangle administration from ownership, and greenlight foreign players wanting to open up shop in the country.

Infinity hits EV charging network target with 200 stations across 16 governorates

Infinity solidifies its position as a leader in electric vehicle charging

Infrastructure. Our friends at renewable energy player Infinity now operate 200 EV charging stations with more than 700 charging points, according to a statement (pdf). The stations are spread across 16 of Egypt’s 27 governorates, helping cover many charging black spots that many commonly cite as their main reason not to choose their next car electric.

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

Infinity now has its eyes set on reaching 1k charging points by the last quarter of the year, Managing Director of Infinity EV division Shams Abdel Ghaffar said. The company’s network expansion does not just focus on building stations in public areas, but also on building EV infrastructure in commercial areas and gated communities.

EV charging infrastructure doesn’t come cheap, however, with CEO Mohamed Mansour saying last year that the company would invest USD 500 mn in EV charging infrastructure over five years.

What they said: “By building the largest EV charging network in Egypt, Infinity is helping to lay the foundation for a cleaner, more sustainable future. The company also aspires to be a key player in the EV charging sector across Africa and the Middle East,” said Abdel Ghaffar.

Infinity is also expanding abroad, having launched a new JV in December with Middle East Holding Company — dubbed Infinity Jordan — that aims to build over 1k charging points across Jordan by 2030. The first phase of the stations will go live in 2Q 2025, supported by an application for EV users.

** Undecided on whether to make the EV jump? We put together a guide about the pros and cons of buying an EV in Egypt that you can check out here.

Egypt’s unemployment falls during 4Q 2024 to 6.4%

Unemployment dips in 4Q 2024: Egypt’s unemployment rate fell to 6.4% in 4Q 2024, down 0.3 percentage points from the previous quarter, according to data from state statistics agency Capmas. Unemployment was down 0.5 percentage points from the same period in 2023.

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

Labor force growth fueled the decline: The labor force expanded to 33.1 mn in 4Q 2024, marking a 2.8% increase from the previous quarter — an additional 935k individuals secured jobs while the number of those unemployed decreased by 29k.

Unemployment among women sees a drop: The jobless rate for women fell 1.6 percentage points from the previous quarter to 16.6% in 4Q 2024. Male unemployment also saw a slight decrease, dropping to 3.9% from 4.2% in the previous quarter.

Unemployment among young people fell: Those aged 15-29 accounted for 64.6% of total unemployed individuals, down from 65.7% in 3Q 2024. Capmas doesn’t provide an official rate of youth unemployment.

Wage employment dominates the job market: Salaried workers made up 71% of the total amount of those employed, 20.6% are self-employed, 4.1% are business owners, and some 4.3% worked in family businesses without pay.

Agriculture prevailed as the top employer: The agriculture and fishing sector employed 18.5% of those employed, the wholesale and retail sector came in second (16%), manufacturing followed with 13.3%, and construction with 12.9%.

REMEMBER- The unemployment rate excludes working-age individuals who are not actively seeking jobs or unable to work. The labor force participation rate — which counts everyone aged 15-64 either in work or actively looking for work — came in at 45.5% in 4Q 2024 compared to 44.4% in the previous quarter and 43.1% in 4Q 2023.

Talabat + Oman’s OQEP generated more than half of the proceeds of the region’s IPO activity in 4Q, EY reports

MENA markets were home to 25 IPOs in 4Q 2024, making up nearly half (46%) of all IPO activity in the region last year, according to EY’s MENA IPO Eye 4Q 2024 report (pdf). Companies raked in a total of USD 7.9 bn in IPO proceeds last quarter, up 59.4% compared to 4Q 2023.

Talabat + OQEP saved the quarter: Talabat’s DFM debut and Oman’s OQ Exploration & Production’s Muscat listing accounted for the bulk of the proceeds made during the quarter, at around USD 2 bn each. If it wasn’t for these two issuances, the quarter would have been in decline on an annual basis in terms of the amount of funds raised.

A snapshot of 2024: The region saw a total of 54 IPOs across MENA markets in 2024, against 48 in 2023, most of which were concentrated in the GCC. Total listings raised a combined USD 12.6 bn in proceeds throughout the year — that is up 17.6% y-o-y —with the UAE being home to some of the region’s heftiest IPOs in terms of value. Nearly half of all MENA market IPOs in 4Q (11 out of 25) offered a free float exceeding 30% of their share capital, signaling strong investor appetite.

ACROSS THE REGION-

Saudi Arabia topped the IPO league table in terms of volume: The Kingdom saw the highest number of listings in 4Q 2024, with 17 IPOs (five of which were on the main market) locking in USD 1.1 bn in proceeds. Arabian Mills and United International Holding raised the largest sum of IPO funds in the Kingdom in 4Q at USD 300 mn each. While Tadawul IPOs raised more capital, the parallel market Nomu saw more companies going public with 12 IPOs over the same period raising a total of USD 119 mn.

Commercial and professional services raised the most funds in the Kingdom last year at 20%, materials at 12.5%, food and beverages at 10%, and healthcare equipment and services at 10%.

The UAE ranked first in terms of value: Three companies went public on the ADX in 4Q 2024 — Lulu Retail’s USD 1.7 bn IPO, ADNH Catering’s USD 235 mn IPO and Mair Group’s direct listing. Meanwhile, the DFM only saw one big-ticket listing in 4Q which raised more proceeds than all of ADX’s combined proceeds for the period — that is Talabat Holding’s USD 2 bn IPO.

Meanwhile in Egypt: CBE-owned United Bank was the only company to hit the EGX in 4Q 2024, out of a total of two IPOs in the country throughout the year. The move marked the first public offering of a state-owned entity since 2021, as part of a broader privatization push.

THE OUTLOOK-

What’s in the pipeline this year: A total of 38 companies and 22 funds are planning to list across various exchanges in the region this year, signaling continued investor confidence in MENA markets. Saudi Arabia is set to lead the charge with 27 upcoming IPOs, followed by Egypt (5 IPOs), the UAE (3 IPOs), Algeria (2 IPOs), and Qatar (1 IPO). Among the high-profile companies eyeing IPOs are UAE flag carrier Etihad Airways and Dubai PE firm Amanat Holdings along with Savola’s consumer retail arm Panda Retail and PIF-backed lender Riyad Capital in Saudi Arabia.

Will ESG be steering market dynamics? EY sees ESG being a key theme shaping the Middle East’s investment landscape this year. Among other sustainability measures, the UAE’s new carbon emission law, set to take effect in May, mandates companies to report emissions, adopt decarbonization strategies, and engage in carbon offsetting, setting penalties for non-compliance. These standards are expected to positively impact IPO activity, as more companies brand themselves as ESG-compliant to appeal to a wider pool of investors.

Emaar to invest EGP 100 bn setting up New Mivida

REAL ESTATE-

#1- Emaar to invest EGP 100 bn in New Mivida: Emaar Misr Properties inked a strategic partnership agreement with Midar Investment and to set up the EGP 100 bn New Mivida residential project in New Cairo, according to a statement (pdf). The project will include 2.9k apartments and villas, a school, and a sports club. Emaar has already invested an initial USD 80 mn in the project, founder Mohamed Ali Alabbar told Asharq Business. Midar is expected to complete the construction on half of the project within three years, CEO Ayman Elkousey said.

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

#2- Concrete Plus to develop commercial project in 6th of October: Local construction company Concrete Plus will develop a commercial, medical, and administrative project in 6th of October on land owned by Mena Touristic and Real Estate Investment near its Mena Garden City project, Hapi Journal reports. The developer will fully finance the project, which is expected to generate EGP 7 bn in sales — Mena will take 36% of the total project sales in exchange for its land plot. The project should be completed within a 36-month period once Concrete Plus settles on a consultant to design the project.

And more: The two sides are mulling further cooperation to utilize Mena’s assets.

SPORTS-

Al Qalaa Al Hamraa to begin construction on Al Ahly Stadium: Al Qalaa Al Hamraa got the green light from the New Urban Communities Authority to begin construction on Al Ahly Club’s stadium in Sheikh Zayed, according to a statement (pdf).

ICYMI: Beltone Leasing and Factoring and Al Qalaa Al Hamraa inked an EGP 4 bn syndicated leasing term sheet to finance the construction of Al Ahly’s stadium and sports city in Sheikh Zayed. The project will feature a 42k-seat stadium, a sports hospital, a museum, a university, a specialized sports school, and a hotel.

HEALTHCARE-

#1- London’s King’s College Hospital discussed setting up a medical complex in Cairo International Airport’s investment zone to cater to medical tourism and travelers through the airport during a meeting with the Civil Aviation Ministry, according to a ministry statement. The world-leading teaching hospital agreed to prepare a feasibility study for the project ahead of inking an MoU. The UK government-owned hospital has previously partnered with private investors to set up similar projects in Dubai, Jeddah, and Abuja.

#2- Wadi El Nile Stio Life Sciences will open a EGP 150 mn dialysis equipment factory in April, Chairman Amr Abdel Razek said during a presser. The locally manufactured product will be 80% cheaper than its imported alternative, with exports also in the cards after meeting domestic demand, he added.

Rising US inflation in January reduces chance of Fed rate cut

The odds of a US Federal Reserve rate cut took another hit after inflation came in hotter than expected in January, with the consumer price index rising 3% y-o-y, the highest increase since June, according to Bureau of Labor Statistics data. While only marginally higher than December’s 2.9%, the uptick was enough for traders to dial back projections of a 2025 rate cut, pushing Treasury yields above 4.6%, CNBC reports.

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

What’s driving inflation? Shelter costs accounted for nearly 30% of January’s price increase, rising 0.4%. Gasoline jumped 1.8%, contributing to a 1.1% increase in overall energy costs. Food prices also ticked up 0.4%, with grocery costs rising 0.5%. Meanwhile, used car prices climbed 2.2%, and motor vehicle insurance jumped 2%. Excluding food and energy, core CPI rose 3.3% y-o-y.

REMEMBER- Donald Trump’s tariffs are expected to stoke inflation further. US President Donald Trump reiterated earlier last week that rates “should be lowered, something which would go hand in hand with upcoming tariffs,” CNBC reports. Some 90% of the economists in Reuters’ October 2024 and February 2025 polls raised their inflation estimates for 2025 following Trump’s election victory.

ICYMI- Trump has already imposed a 10% tariff on USD 450 bn worth of Chinese goods and 25% tariffs on steel aluminum imports and vowed to impose reciprocal tariffs matching those imposed by other US trade partners. He has also threatened to impose 25% tariffs on US imports from Mexico and Canada, with the measures on hold until 1 March as the neighboring countries continue to negotiate over border security. White House Press Secretary Karoline Leavitt also signaled that more trade actions could be announced soon, CNBC reports.

Are cuts still possible? A Reuters poll of 101 analysts suggests that Fed officials will adopt a wait-and-see approach as they assess how tariffs and other policy changes could affect the economy before making any further rate cuts.

EGX30	29,997	+1.1% (YTD: +0.9%)
USD (CBE)	Buy 50.58	Sell 50.72
USD (CIB)	Buy 50.57	Sell 50.67
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,385	0.0% (YTD: +2.9%)
ADX	9,626	-0.3% (YTD: +2.2%)
DFM	5,362	+0.8% (YTD: +3.9%)
S&P 500	6,115	0.0% (YTD: +4.0%)
FTSE 100	8,732	-0.4% (YTD: +6.8%)
Euro Stoxx 50	5,493	-0.1% (YTD: +12.2%)
Brent crude	USD 74.74	-0.4%
Natural gas (Nymex)	USD 3.73	+2.7%
Gold	USD 2,901	-1.5%
BTC	USD 97,485	0.0% (YTD: +4.3%)

THE CLOSING BELL-

The EGX30 rose 1.1% at Thursday’s close on turnover of EGP 3.3 bn (10.8% below the 90-day average). International investors were net buyers. The index is up 0.9% YTD.

In the green: Juhayna (+6.4%), Eastern Company (+5.5%), and Emaar Misr (+4.4%).

In the red: Palm Hills Development (-1.6%), Oriental Weavers (-1.2%), and Egypt Aluminum (-1.1%).

CALENDAR

FEBRUARY

13-17 February (Thursday-Monday): The 10th Annual Conference of the Businesswomen of Egypt 21 Association, the Arab League HQ, Cairo.

15-16 February (Saturday-Sunday): African Union Summit, Addis Ababa, Ethiopia.

17 February: (Monday): Cypriot President Nikos Christodoulides will visit Egypt to sign agreements to transport Cypriot gas to Egypt to be liquefied and exported.

17-19 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center, Cairo, Egypt.

18 February (Tuesday): Government to publish trade balance figures.

18-19 February (Tuesday-Wednesday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): The central bank’s Monetary Policy Committee meets to decide interest rates.

20 February (Thursday): The Egyptian-Swiss Business Circle and Kickstart Innovation are hosting Innovate Together: Business Opportunities Between Egypt and Switzerland

21-23 February ( Friday-Sunday): The First Arab Fraud Combating Summit.

27 February (Thursday): Emergency Arab Summit on the Palestinian issue, Cairo, Egypt.

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

Subscription period for Your Home in Egypt initiative opens.

MARCH

3 March (Monday): Central bank to publish foreign reserve data for February.

4 March (Tuesday): S&P Global to release Egypt’s PMI figures for March.

10 March (Monday): Capmas expected to release inflation data for February.

Arla Foods’ deadline for Domty acquisition offer.

Operation of phase one of the Amotope wind farm.

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

10 April (Thursday): Capmas expected to release inflation data for March.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

7-10 April (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

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

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

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

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

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

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

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.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

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

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: 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.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

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

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

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

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

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.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

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

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

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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