We’re importing less LNG as domestic production improves

We’re importing less LNG as domestic production improves

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Today at a glance

The Big Story Today

LNG imports to dip this month thanks to strong inventory, improving domestic production.

ECONOMY

FinMin lays out 2030 roadmap.

YEAR IN REVIEW

A banner year for the EGX, built on exit liquidity.

Moves

GAFI has a new CEO.

ALSO ON OUR RADAR

Global Corp, GB Lease close fresh securitization issuances.

PLANET FINANCE

Oil markets unshaken by Maduro overthrow.

BLACKBOARD

A new wave of Egyptian expertise as a service to fill the skills gap.

WHAT WE’RE TRACKING TODAY

Int’l players want in on EgyptAlum

Good morning, wonderful people. The C suite may still be on Christmas break this week, but government is busy — and showing no sign that the drumbeat of reforms that was the hallmark of last year’s newsflow will slow in 2026.

Up first: GAFI, the agency responsible for attracting and regulating domestic and foreign investment, has a new boss, and it’s a smart appointment. Mohamed El Gawsaky was a veteran of LinkdotNet and Orange before moving to the CIT ministry, where he spearheaded the government’s drive to have global tech outfits invest in Egypt. He was most recently Investment and Foreign Trade Minister Hassan El Khatib’s right-hand for planning, trade, and digital transformation.

El Gawsaky’s tech chops are going to be key in his new role: El Khatib has made it clear that digital transformation is at the heart of making it easier to do business in Egypt. He told us on stage at the EnterpriseAM Egypt Forum in October that he wants to cut the number of agencies that have their hands’ in the pockets of businesses — and to streamline the massive menu of fees that we all have to pay.

Making it easier for the private sector to operate is a key feature of the Finance Ministry’s 2030 roadmap. We recently had a sneak peek at the policy document backing it — and we’re happy to report that it includes three things that should make Egyptian and foreign business leaders alike very happy:

“No new burdens on taxpayers” — government-speak for no new taxes;
“Streamlining” fees into three buckets — meaning Hassan is confident he can deliver on his promise that we’ll all have clarity on what we need to pay, to which government agency, and when — and all of it entirely online (eventually);
Growth in the 5-6% range for as far as the eye can see.

ALSO MAKING HEADLINES on this fine winter morning:

We have a deep dive into what’s going on with natural gas imports, where a cooler winter, improving domestic production, and a long-term supply contract with Qatar are allowing us to lock-in supplies at a lower cost;
And officials hope that the sale of a 30% stake in EgyptAlum could not just bring the plant into the modern age, but generate USD 300 mn or more in proceeds.

^^ We have the rundown on all of that and more in this morning news well, below.

But first, a couple of quick public service announcements:

Public sector workers are getting a mid-week break after Prime Minister Moustada Madbouly declared Wednesday, 7 January, a paid holiday for the public sector in observance of Coptic Christmas, according to a cabinet statement. Expect the Labor Ministry to make a similar announcement later today or tomorrow morning for the private-sector.

** We here at EnterpriseAM are publishing on Wednesday morning and taking Thursday off in its place. We’ll be back in your inbox at our customary hour on Sunday, 11 January.

WEATHER- It’s another chilly day in Cairo, with a high of 19°C and a low of 9°C, according to our favorite weather app. You can expect the mercury to rise tomorrow through Thursday, with a high of 26°C, before it settles once again into the high teens this weekend and into next week.

Watch this space

PRIVATIZATION — Int’l players eyeing a piece of EgyptAlum: The Madbouly government has received offers from three international players — including one Emirati and another from the Gulf — looking to become EgyptAlum’s development partner, a government source tells EnterpriseAM.

The mechanism: The state is offering for sale a 30% stake in EgyptAlum to be funded via a capital increase. It’s looking for a partner that will take on what the official called a “comprehensive development plan” with the aim of doubling production capacity to 600k tons per year while also investing in a foil plant, an aluminum oxide refinery, and a line to produce wheels for the automotive industry.

Our source gave a wide range for the expected value of the transaction, putting it at USD 300-600 mn and emphasizing that 100% of the proceeds would stay in the company. “Previous offers were very low and we have looked at the feasibility of a stock market listing,” the source said.

The EU’s new carbon tax is clearly ringing in the official’s ears, saying, EgyptAlum is “focusing on transitioning to renewable energy to ensure we keep pace with global changes, especially the requirements of the European market.” Norway’s Scatec is building a 1 GW solar facility to supply Egypt Aluminum with the power it needs to fire its furnaces using clean energy.

What the timeline? Officials could select a bidder by the end of this month.

REAL ESTATE — Where will Samla and Alam El Roum residents move after the Qatari Diar agreement? The New Urban Communities Authority has decided on Matrouh’s Al Ghaba Al Shagariya to house Samla and Alam El Roum residents, who will soon clear the area ahead of the land transfer to Qatari Diar, two government sources told EnterpriseAM. Al Ghaba Al Shagariya is currently undergoing extensive infrastructure work ahead of welcoming the people of Alam El Roum.

Why does this matter? Resettling the area’s current residents is key to starting full work on the project in East Marsa Matrouh, opening the door for dozens of contracting and real estate development companies to kick off infrastructure and utility projects. Squatting by residents with no legal title to land has been a persistent issue for some developers on the Mediterranean coast for generations.

Across the coast, developers have long had to coexist with local Bedouin groups that charge for access to developers’ sites, with no contractor going in or out that is not approved by a member of the group.

What the watch for next: The Qatar Investment Authority-owned company will announce the lead developer on the project within the coming weeks, we’re told.

ELECTIONS — Independent candidates and the pro-government Mostaqbal Watan Party dominated reruns of elections for the House of Representatives, National Election Authority Chairman Hazem Badawy announced in a press conference. Of the 27 successful candidates in the rerun, 10 are independents while nine represent the Mostaqbal Watan Party. The results follow the runoff round held across 19 constituencies where initial results were annulled by the NEA due to suspected foul play during the first phase.

What next? The completion of the parliamentary elections will now see President Abdel Fattah El Sisi appoint a prime minister and task that person with forming a new Cabinet. While there’s no requirement that the current cabinet resign, it typically does so. Cabinet will then present its policy program to the House for a vote of confidence shortly after its formation.

Policy continuity is key: There’s been little chatter (after a short bout last week) about whether Prime Minister Moustafa Madbouly will continue in office. Key for the business community is that the cabinet economic group — which includes Ahmed Kouchouk (Finance) and Hassan El Khatib (Investment) — return to office with mandates to push ahead with the smart policies that are now starting to bear fruit.

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

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

The big story abroad

All eyes are still set firmly on the situation in Venezuela, as the US clarifies its position moving forward, with US Secretary Marco Rubio explaining that the US plans to dictate policy in the country rather than physically run or occupy it, as was previously suggested by US President Donald Trump. Trump issued a warning to Venezuela’s current de facto leader, Delcy Rodríguez, of a “big price” to pay if she does not comply with the conditions the US has set in order for the country to avoid any further attacks by the US. Those include: That the oil industry be “run for the benefit of the people”; an end to drug trafficking and “gang problems”; as well as the removal of Colombian militant groups and that the government not “cozy up” to “Hizbollah and Iran.”

Rodríguez has so far been “gracious” and open to meeting the US’ conditions, Rubio said.

In the meantime, the US plans to continue to block the entry and exit of oil tankers as “leverage” over Maduro’s successor. “We are going to make our assessment on the basis of what they do, not what they say publicly,” Rubio added.

^^The must-read on the topic: Donald Trump warns Venezuelan rulers as Washington prepares to dictate policy

MEANWHILE- Thousands of travelers were stranded for hours on Sunday in both Greece and Italy, as a collapse of radio frequencies hit air traffic communications in Greece and technical issues with the landing guidance system and poor visibility affected an airport in Milan that is mainly a hub for Ryanair flights, Reuters reported separately here and here. Flights have begun to resume after the issues were resolved.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at how one cloud lab is leading a new wave of Egyptian expertise as a service to fill the skills gap.

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Egyptalum WHAT WE’RE TRACKING TODAY

Christmas is just the beginning. At Somabay, the celebrations unfold day by day, night by night, building all the way into the New Year. From rooftop takeovers and beach parties to late-night performances and full-band shows, the season is curated to let you choose your moment and celebrate it your way — right through the final countdown and beyond.

New Year’s and beyond at Somabay.

Celebrate when it feels right: Pick your night. Book your plans.

Discover the full December & NYE calendar here. Welcome the New Year at Somabay.

The Big Story Today

Egypt to halve January LNG imports as stock and domestic production improve

Egypt is set to reduce its contracted LNG shipments for January from commercial suppliers by over 50% — down to six or seven shipments — compared to 14 to 16 shipments in January of last year, a senior government official tells EnterpriseAM. This move comes amid sufficient strategic reserves and a dip in domestic demand thanks to cooler temperatures this winter.

Contractual flexibility: Egypt benefits from a “flexibility” clause (±10%) in its contracts with foreign suppliers, the source tells us, allowing it to postpone or cancel non-essential shipments without incurring hefty penalties. Flows are expected to return to normal by March, but with a greater focus on addressing actual gaps.

At the same time, the government is looking to diversify import sources through a new strategic partnership with Doha. Oil Minister Karim Badawi and his Qatari counterpart Saad Sherida Al Kaabi signed an MoU yesterday to boost cooperation in LNG sales and imports.

What’s on the table? As part of the agreement, state-owned Egas and QatarEnergy will supply Egypt with up to 24 LNG cargoes for the summer of 2026, to be delivered at Ain Sokhna and Damietta ports. Talks on a longer-term supply agreement are also underway. QatarEnergy — which currently holds interests in six offshore blocks — plans to launch a new drilling campaign and has appetite to invest in energy here over the next five years.

Taken together, this is good news if you’ve been concerned about twin problems: The spectre of rolling blackouts (thanks to poor supply) and the high cost to the state of imports. The Madbouly government has, over the past year, been working to get out of “emergency mode” and rebuild a long-term supply of natural gas rather than scrambling to secure cargoes.

Reducing shipments and locking in fresh supply from Qatar on a long-term contract will save hundreds of mns in FX and reflects policymakers’ confidence in the stability of flows from the East Gas Pipeline (the agreement we inked with Israel last month) as well as an uptick in domestic natural gas production.

Where did it go wrong in the first place?

Playing catch-up: The current slowdown in E&P activity is the direct result of a multi-year underinvestment cycle triggered by the FX crisis. The government prioritized securing immediate fuel imports over settling arrears with international oil companies, allowing outstanding dues to balloon to a peak of USD 4.5 bn by early 2024. Big players like Eni and BP scaled back drilling and development programs, causing natural gas production to slip to a seven-year low. While the government has since cleared much of the backlog — paying out over USD 5.5 bn since June 2024 — the lag time between capital injection and new production left Egypt a net LNG importer.

Lots of new exploration in the pipeline

Incentives recently launched by the Oil Ministry appear to be bearing fruit. An industry source tells us that oil majors including Shell, BP, and Eni have already begun deploying new investments based on the results of recent seismic surveys. The government plans to extend drilling licenses for approximately 480 exploratory wells over the next five years, with investments estimated at USD 5.7 bn, which reinforces the Oil Ministry’s target of reducing total imports by 30% by 2026. These efforts are expected to add 1-1.5 bcf/d of natural gas to our domestic production.

And there’s more to come: The Oil Ministry plans to launch ten exploration and development tenders, our source says, adding that the first phase of an extensive seismic survey of the Mediterranean Sea will kick off soon.

A regional energy hub once again?

Officials are talking up the new agreement to sell natural gas to Lebanon. An agreement to supply Lebanon with gas via Jordan and use regasification units at the port of Aqaba will bolster Egypt’s role as a logistics provider in the energy sector, our source tells us. Egypt will receive a “regasification commission” for managing these flows to neighboring countries, a competitive price that positions Egypt among regional gas suppliers.

And the market is in our favor: As a result of settling arrears, suppliers are now competing to offer Egypt prices that are approximately USD 2 lower per mn British thermal units compared to last year, our source tells us.

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

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energy oil and gas Oil Ministry THE BIG STORY TODAY

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ECONOMY

An inside look at the Finance Ministry’s 2030 strategy

The Finance Ministry unveiled its 2026–2030 medium-term strategy, focusing on curbing public debt and encouraging private sector growth, according to a strategy document reviewed by EnterpriseAM. The strategy pivots away from emergency fiscal management toward a period of consolidation and “balanced” growth.

The strategy sees the economy growing 5-6% each year over the medium term, driven by stronger private investment and non-oil exports as inflation cools and interest rates decline.

On the fiscal front, the ministry aims to raise revenues gradually to 16.5% of GDP in the coming fiscal year, targeting 17.4% by FY 2029-30. State revenues will be supported by improving tax revenues, projected to reach 15.2% of GDP by the end of the period. At the same time, growth in public spending is expected to slow from 22% in FY 2023-24 to 21.4% by FY 2029-30.

These measures are expected to narrow the budget deficit to 4.9% of GDP starting next fiscal year, down from about 7% in the current fiscal year, while bringing the general government debt down to 65.4% of GDP from 79.1%.

The ministry expects growth to recover to 5.3% next fiscal year, accelerating to 6.2% by FY 2029-30, supported by an expanded industrial base, rising private investment, stronger manufacturing and tourism activity, and the launch of major projects along the Red Sea and Mediterranean coasts.

Taxation and the private sector

Efficiency over hikes: The ministry thinks reforms will help tax revenues for the state rise to 1% of GDP without an increase in tax rates. Instead, it will focus on phasing out exemptions with limited inflationary impact to help finance more effective social protection programs and streamlining fees for businesses and investors into just three categories: operating, licensing, and establishment.

Leveling the playing field: The strategy affirms commitment to expanding the role of the private sector, including a cap on public investment while reducing debt servicing costs to around 35% of GDP. This will be achieved through greater reliance on concessional external financing, which is expected to account for 60% of issuances, as well as debt swaps and debt-for-investment arrangements.

Debt management

The strategy assumes a decline in yields on government debt instruments, with average returns expected to fall to 17% in the next fiscal year and to around 12% by the end of the medium term, alongside a slowdown in economic deflation to 7.5% from 11.5%.

The ministry also plans to extend the average maturity of public debt to 4.5–5 years, expand the use of non-traditional instruments such as sukuk and retail bonds, introduce longer-term and floating-rate local instruments, and activate the secondary market through buybacks and swaps.

On the social development side

The strategy prioritizes human and social development, directing any fiscal surpluses toward higher spending on healthcare and education. It paves the way for further development of a clear roadmap for universal health ins. by June 2026, expanding coverage to underserved groups, and addressing energy security and global risk factors over the medium term.

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

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economy Finance Ministry

YEAR IN REVIEW

A banner year for the EGX, built on exit liquidity

On the surface, 2025 was a record-breaking year for the EGX — the benchmark EGX30 index rose nearly 40%, climbing from approximately 32k points in March to close at 41.8k, flirting with an all-time high. The broader market followed the upward trend, swelling 33% to hit the EGP 3 tn mark by year-end, up from EGP 2.25 tn in 1Q. While the annual report isn’t out yet, we compiled our data using the bourse’s periodical reports.

While the headline numbers suggest a bull market, a deeper look reveals this wasn’t a broad-based boom driven by fundamental optimism. Instead, the rally appears to be a massive asset transfer engineered largely by local institutions seeking a hedge against currency volatility and inflation.

The defining theme of the year was the institutional floor

While benchmark indices climbed, the rally was fueled almost entirely by a single group: domestic institutions. Foreign and regional institutions were net sellers every quarter — excluding 1Q when regional big money was a net buyer — offloading roughly EGP 20 bn in listed equities over the year, excluding block trades. Local retail investors — often assumed to be chasing inflation hedges — also sold into the strength, dumping a net EGP 8.2 bn, excluding block trades. Domestic funds and state-linked entities were the market’s sole pillar of support, ramping up their net buying from EGP 2.3 bn in 1Q to a massive EGP 11.2 bn in 4Q, excluding block trades. The market has effectively decoupled from foreign sentiment, becoming a closed loop of local liquidity.

This flood of institutional money didn’t lift all boats equally

For the first three quarters, liquidity heavily favored inflation trades — especially real estate and non-bank financial services (NBFS), which consistently led trading values as investors sought asset-backed hedges and yields. However, the fourth quarter saw a sharp rotation into laggards. Building materials erupted as the top-performing sector in 4Q with a 59.3% gain, followed by education services (+35.0%). This late-year rotation triggered explosive moves in specific main market stocks: Egyptians Housing Development & Reconstruction was the year’s breakout star, rallying 603% in 4Q alone, while Misr Cement jumped 135%.

Capitalizing on the rally

Corporates wasted no time utilizing these elevated valuations to repair balance sheets and raise liquidity. The year saw a flurry of heavyweight corporate actions. Qalaa Holdings executed a massive EGP 8.99 bn capital increase in 4Q, following earlier raises by Beltone Holding(EGP 10.5 bn) in 2Q.

The market also welcomed new blood, with Bonyan for Development listing in 1Q, followed by U Consumer Finance in 2Q, and National Printing in 3Q. Conversely, the market lost a giant when Ezz Steel delisted in 1Q, taking over 500 mn shares off the board.

The policy pivot

The most critical moment for the market didn’t happen on the trading floor — it happened in the Finance Ministry. The incoming capital gains tax (CGT) hung like a dark cloud over the exchange for most of the year… then came the U-turn. Finance Minister Ahmed Kouchouk’s confirmation that the government would swap the complex CGT for a unified 0.125% stamp duty was the reprieve the market had been waiting for.

But it gets better: The ministry is currently studying a three-year tax exemption for newly listed companies (tied to KPIs like trading volume) alongside tax exemptions for holding companies selling stakes in subsidiaries and on income generated from the sale of unlisted shares.

Why this matters: Taxing “dry transactions” previously killed IPO readiness, CI Capital sell-side CEO Amr Helal told us last month. The new policy signals that the state finally prioritizes market depth over short-term revenue.

The IPO pipeline: why did we lag?

While Saudi Arabia averaged c. 20 main market listings a year in a flood of IPOs, Egypt struggled to close transactions. The trickle of IPOs is due to a structural gap, EFG Hermes’ Global Head of Investment Banking Mostafa Gad previously told us, notably the lack of deep domestic institutional capital.

Large IPOs require foreign participation to clear, yet for much of the year, foreign investors were on the sidelines amid concerns over FX repatriation. That dynamic has now shifted: with FX backlogs cleared and repatriation flows normalizing, the underlying mechanism is functioning again.

The National Printing IPO should act as a template for what comes next, Gad said, highlighting a model that brings in a cornerstone investor early to anchor the book, add credibility, and de-risk the offering for the broader market.

The government has reportedly set a target to raise USD 3-4 bn by October 2026 through privatization, with expected transactions including Banque du Caire, Safi, Wataniya, and the remaining stake in Bank of Alexandria. EGX head Islam Azzam said the EGX expects at least eight new offerings in 2026, including players in the healthcare and tourism sectors.

Qalaa Holdings is moving ahead with the growth and deleveraging strategy it outlined in its 1Q results, with plans to list six of its subsidiaries on the EGX within two years and extend the figure to 12 companies over six years, Chairman Ahmed Heikal told Al Arabiya yesterday. Qalaa’s board had previously approved listing Dina Farms, National River Ports Management, Asec Automation, and two undisclosed companies.

Of brokerages

EFG Hermes remained the top brokerage of the year with a 20.1% market share, beating Thndr (8.3%) and Mubasher (7.2%), according to the bourse’s ranking (pdf) which tracked firms’ performance during 2025.

We also beat Saudi’s TASI and the UAE’s DFM and ADX

If you had told an asset manager in January 2025 the EGX would end the year outperforming Riyadh, Dubai, and Abu Dhabi, they likely would have laughed. Yet, 12 months later, the numbers are undeniable: The EGX30 was up over 40% in 2025 — closing near an all-time high of 41.8k points — while the Saudi TASI shed 14%, Abu Dhabi managed only single-digit gains, and Dubai was up 17% — impressive only in isolation.

The story of 2025 is a story of two commodities: Oil and interest rates. Saudi Arabia spent 2025 grappling with oil. Weak global demand and Opec+ production cuts weighed heavily on the region’s petro-economies. Saudi Aramco’s 15% slide dragged the TASI down, creating a liquidity crunch that dampened sentiment across the Kingdom.

Egypt, conversely, spent 2025 focused on interest rates. After the Central Bank of Egypt (CBE) kick-started its easing cycle, the gravity shifted. In the Gulf, high US rates and low oil prices were a headwind. In Egypt, the expectation of a cheaper cost of capital acted as rocket fuel.

What happens next

The EGX enters 2026 with momentum, but the “easy money” has been made, given that the 40% gains of 2025 came from a low base — and amount to a partial re-rating after devaluation. To advance in 2026, domestic equities need to offer a high-growth story that outpaces the cost of money. In an environment where the riskfree rate is still hovering above 20%, dividend yields aren’t enough to attract foreign capital, according to Gad. Why buy a stock for a 5% yield when you can get 20% in a T-bill?

The forecast: CI Capital expects the CBE to cut rates by c. 600 bps in 2026. Crucially, even with these cuts, Egypt will offer a positive real yield of c. 3%, keeping the carry trade alive while igniting equity valuations.

The bull case: The government delivers on the privatization roadmap using the cornerstone model, inflation cools and enables deep rate cuts, and foreign inflows accelerate as Egypt looks like the only high-growth story in a sluggish MENA.
The bear case: The “trading hours” change kills liquidity, IPOs are priced too aggressively (refusing to leave money on the table), and geopolitical tensions spike, spooking the very tourists and investors the country needs.

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

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capital markets EGX YEAR IN REVIEW

Moves

Mohamed El Gawsaky named new GAFI boss

El Gawsaky tapped as new GAFI head: Mohamed El Gawsaky (LinkedIn) has been appointed CEO of the General Authority for Investment and Freezones (GAFI) for a one-year term by Prime Minister Moustafa Madbouly, according to a cabinet statement. El Gawsaky succeeds Hossam Heiba, who had led the authority since late 2022.

Who is El Gawsaky? El Gawsaky makes the move to GAFI from the Investment Ministry, where he most recently served as Assistant Minister for Planning, Trade, and Digital Transformation. Before joining the Investment Ministry, El Gawsaky served as Undersecretary at the CIT Ministry, where he acted as the primary liaison between the government and tech multinationals to drive FDI into the ICT sector. El Gawsaky spent 15 years in the private sector before entering government service.

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General Authority for Freezones and Investment moves

LAST NIGHT’S TALK SHOWS

Egypt sees heavy appetite for Hurghada Airport management tender

The Civil Aviation Ministry’s ambitious plans to overhaul the country’s airports was the hot topic on last night’s talk shows, as minister Sameh Elhefny walked Ala Masouleety’s Ahmed Moussa through the the state’s strategy for private sector involvement, infrastructure upgrades, and the digitalization of the traveler experience, during a phone-in last night (watch, runtime:19:00)

Private sector players are lining up for a piece of Egypt’s airports: Some 62 consortiums have already picked up pre-qualification documents to manage and operate Hurghada International Airport, Elhefny said. The airport is being offered as one of 11 Egyptian airports slated for development through public-private partnerships. Each bid must be submitted by a three-way partnership consisting of a specialized airport operator, a global construction firm, and a financing arm. The deadline for pre-qualification is 12 February.

Cairo International’s USD 4.5 bn facelift: Development work is accelerating at Cairo International Airport, specifically on the new USD 4.5 bn Terminal 4, according to Elhefny. The ministry is currently conducting fiscal studies to determine if the project will require external funding.

PLUS- Departure cards will soon be a thing of the past, with the Madbouly government canceling them starting the end of the month, Elhefny said. The move aims to make the travel experience through Egyptian airports smoother.

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aviation LAST NIGHT’S TALK SHOWS

ALSO ON OUR RADAR

Global Corp, GB Lease close fresh securitization issuances

IFC anchors big Global Corp securitization + GB Lease closes new tranche

We saw a flurry of buzzer-beaters at the end of last week as major consumer finance companies looked to book income and replenish their war chests heading into what will likely be a very busy year for the non-bank financial services industry. Tasaheel was first to market, as we noted last Tuesday, followed by:

#1- IFC anchors Global Corp’s first securitization under new EGP 10 bn program: Our friends at Global Corp closed a EGP 2.48 bn securitized bond issuance with a first-of-its-kind anchor investment from the International Finance Corporation (IFC).

By the numbers: The IFC’s investment authorization includes up to USD 20 mn equivalent in EGP subscription to the issuance as part of a broader USD 40 mn financing package that also includes a five-year senior loan. The issuance — split into three tranches rated AA+ to A- — is the first under Global Corp’s EGP 10 bn multi-issuance program. The company did not disclose the exact amount bought by IFC in this tranche.

ADVISORS- National Bank of Egypt (NBE), Commercial International Bank (CIB), Arab African International Bank (AAIB), Suez Canal Bank, and Al Baraka Bank acted as underwriters, with Dreny & Partners providing counsel.

#2- GB Lease closes EGP 4.16 bn tranche under ongoing program: GB Lease & Factoring closed a EGP 4.16 bn securitized bond issuance, the latest tranche of a previously announced EGP 15 bn, three-year multi-issuance program. The issuance was split into four tranches rated AA+ to A-.

ADVISORS- NBE, CIB, AAIB, Suez Canal Bank, and Banque du Caire acted as underwriters, while CI Capital, CIB, and AAIB served as financial advisors. Dreny & Partners provided counsel.

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

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ALSO ON OUR RADAR debt debt watch International Finance Corporation

PLANET FINANCE

Oil markets remain unshaken by Maduro overthrow

Global oil markets yawned at the US’ attack on Venezuela, with prices remaining more or less stable as markets had already priced in “a conflict with Venezuela that would impact exports,” CNBC says. While a military intervention like the US’ would traditionally trigger a spike in crude prices, Brent fell as much as 1.2% in intraday trading before paring back losses and is now up less than 1%, according to Bloomberg.

Venezuela may have vast oil reserves, but its actual production has been falling over the past several years, and the majority of the country’s output is exported to China. The International Energy Agency (IEA) is already forecasting a 3.8 mn bbl / d surplus for 2026. With Venezuela currently producing just 500k bbl / d (1% of global output), there isn’t enough “live” production to lose to cause a price shock.

A USD 100 bn (very) long play: A US-led, USD 100 bn plan to revive Venezuela’s oil infrastructure is expected to eventually ramp up the country’s oil production again, but analysts are wary that this will be a “years-long” process, Bloomberg says. The plan hinges on US oil majors, including Exxon Mobil, Chevron, and ConocoPhillips to invest some USD 10 bn per year — a roadmap that the White House seemingly has not yet discussed with these private sector players, and one which would hinge on the companies seeing more stability in Venezuela before pouring in more money. It also remains unclear whether markets will actually want the additional oil output that would result from bringing Venezuela’s production back up to historical levels, analysts tell CNBC.

Meanwhile, traders are flocking to haven assets: Gold and silver prices surged as haven demand following the news of the US’ capture of Venezuelan President Nicolás Maduro. Gold prices rose sharply — rising above the USD 4,400 mark for the first time in history — as investors scrambled for geopolitical hedges, a move mirrored across silver markets.

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

MARKETS THIS MORNING-

Markets are starting off the new year in the green, with defense stocks pushing up Asia-Pacific markets in early trading. Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng Index, and mainland China’s CSI 300 are all firmly trading up. Wall Street is likely to follow suit when trading begins later today — futures indicate the S&P 500 and Nasdaq are set to open in the green, while Dow Jones futures are trading flat.

EGX30	40,898	-2.2% (YTD: -2.2%)
USD (CBE)	Buy 47.53	Sell 47.66
USD (CIB)	Buy 47.56	Sell 47.66
Interest rates (CBE)	20.00% deposit	21.00% lending
Tadawul	10,364	-1.8% (YTD: -1.2%)
ADX	9,995	0.0% (YTD: 0.0%)
DFM	6,114	+1.1% (YTD: +1.1%)
S&P 500	6,858	+0.2% (YTD: +0.2%)
FTSE 100	9,951	+0.2% (YTD: +0.2%)
Euro Stoxx 50	5,850	+1.0% (YTD: +1.0%)
Brent crude	USD 61.02	+0.4%
Natural gas (Nymex)	USD 3.46	-4.4%
Gold	USD 4,406	+1.8%
BTC	USD 91,725	+0.4% (YTD: +4.1%)
S&P Egypt Sovereign Bond Index	994.42	+0.1% (YTD: +0.1%)
S&P MENA Bond & Sukuk	151.69	-0.1% (YTD: -0.1%)
VIX (Volatility Index)	14.51	-2.9% (YTD: -2.9%)

THE CLOSING BELL-

The EGX30 fell 2.2% at yesterday’s close on turnover of EGP 4.6 bn (15.5% below the 90-day average). Local investors were the sole net buyers. The index is down 2.2% YTD.

In the green: Egypt Aluminum (+7.4%), Misr Cement (+6.4%), and Raya Holding (+4.1%).

In the red: Orascom Development (-5.3%), E-finance (-4.5%), and Fawry (-3.8%).

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Financial Markets Planet Finance

Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

Nawah Scientific leads a new wave of Egyptian expertise as a service to fill the skills gap

For a decade, the narrative of the Egyptian knowledge economy was all about the brain drain. The country’s most promising scientists, pharmacists, and engineers were seen as a primary export — individuals who left the local market to find the infrastructure and the capital of Europe or North America.

But a new trend is emerging. A cluster of Egyptian companies that develop individuals’ professional capacities — led by the likes of cloud lab Nawah Scientific, education-focused healthtech 30Med, and edtech Farid — is flipping the script. Instead of losing the brains, Egypt is beginning to export the infrastructure to develop expertise elsewhere.

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

In the Middle East and Africa, the pharma and medical sectors face a chronic paradox. Universities are producing record numbers of graduates, yet CEOs in the pharma sector consistently complain of a skills deficit.

From classroom to cleanroom

The gap isn’t theoretical — it’s practical. A pharmacy student at a public university in Egypt or a medical researcher in Rwanda may have the intellectual capacity to develop a new drug formulation, but they rarely have access to the ISO-accredited hardware or the standard operating procedures required to meet international regulatory standards.

Traditionally, a university would have to spend mns of USD to build a high-end lab that might be obsolete in five years — and that’s where companies like Nawah come in. The cloud lab model pioneered by Nawah Scientific — which has just closed a USD 23 mn Series A round — changes the ROI on a medical degree. By providing R&D-as-a-service, Nawah effectively becomes the outsourced research campus for the region’s universities, allowing them to bypass the massive capital expenditure of hardware and focus instead on the software of human talent.

Nawah’s latest capital injection is earmarked for a massive geographical pivot, with a 10k sqm global research hub in Rwanda to provide scientific research services across East Africa, CEO Omar Sakr tells EnterpriseAM. The healthtech is also planning to double the size of its existing laboratories in Egypt and Saudi Arabia, along with the Kingdom’s first research center.

Nawah’s expansions abroad also cement Egypt’s position as a regional research and innovation hub, former General Authority for Investment and Freezones CEO Hossan Heiba tells EnterpriseAM.

In Egypt, Nawah has already become a critical bridge for many universities. Through dedicated days, pharma and biotech students move out of lecture halls and into an environment that meets US FDA and ISO-17034 standards. But the importance of this interaction isn’t just about learning how to use a pipette; it’s about learning the language of compliance that global pharma requires.

Exporting medical expertise

While Nawah digitizes the lab, Rology is digitizing the hospital’s diagnostic wing. By using AI to export the expertise of Egyptian radiologists to hospitals in Saudi Arabia and Kenya, Rology is proving that a doctor’s physical location no longer dictates the quality of a diagnosis. It’s an education-as-a-service model where junior doctors in remote areas are mentored by senior experts through the platform’s peer-review layers.

Local healthtech 30Med has also set its sights on expanding its medical education to the GCC and across North Africa. Through interactive video content, they solve the continuous professional development problem for the fast-changing sector. This ensures that as pharma becomes more complex, the workforce’s knowledge doesn’t lag behind.

Even the way we buy medicine is being re-educated by local startups — and they’re working on expanding regionally too. Platforms like Chefaa and Grinta are transforming the independent pharmacist from a simple retailer into a data-driven health operator. By teaching the business of pharma through their B2B platforms, these companies are professionalizing the pharma supply chain across the region.

The model applies to more than just the pharma sector

For decision-makers, this shift signifies a move toward distributed expertise, where standardized processes can be exported to markets like Riyadh or Nairobi without the need to physically relocate top-tier talent. As Nawah, Rology, and 30MED scale across the continent and the Gulf, they are proving that the most sustainable way to flip the script on brain drain is to own the platform that develops the brains in the first place.

Egypt’s greatest export is no longer just its people — it is often the infrastructure of expertise. We’ve seen this model works for Egypt’s pharma and healthcare industry; the question is: What other sectors are ripe for Egyptian expertise as a service?

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Blackboard Education healthcare pharma

CALENDAR

2026

JANUARY

7 January (Wednesday): Coptic Christmas.

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

FEBRUARY

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

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

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

MARCH

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

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

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

APRIL

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

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

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

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

JUNE:

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

JULY

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

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

AUGUST

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

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

SEPTEMBER

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

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

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

OCTOBER

6 October (Tuesday): Armed Forces Day.

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

DECEMBER

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

EVENTS WITH NO SET DATE

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

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

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

1Q 2026: Turkish President Tayyip Erdogan to visit Egypt

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

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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