{"id":668664,"date":"2025-07-20T00:00:00","date_gmt":"2025-07-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=668664"},"modified":"2025-12-18T06:42:48","modified_gmt":"2025-12-18T06:42:48","slug":"finmin-hopes-to-unlock-usd-2-5-bn-from-the-imf-this-fall","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-hopes-to-unlock-usd-2-5-bn-from-the-imf-this-fall\/","title":{"rendered":"FinMin hopes to unlock USD 2.5 bn from the IMF this fall"},"content":{"rendered":"<section id=\"668666\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668666\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/lukoil-plans-usd-23-mn-investment-in-oil-exploration\/\">\r\n                            Lukoil plans USD 23 mn investment in oil exploration                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/lukoil-plans-usd-23-mn-investment-in-oil-exploration\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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In short order, we have for you news that the ministry hopes to unlock USD 2.5 bn after it wraps the next two IMF reviews this fall; that tax reforms could double collection this fiscal year; and the inside track on where we stand in the phase-out of subsidies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We also have word that the Customs Authority is mulling the imposition of a levy on royalties<\/strong> and reviews of both venture capital and M&A activity in Egypt in the first half of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ All of this and more below and in this morning\u2019s news well. <\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- Egypt is in for a long weekend: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c1be015-990e-4d0a-8b8f-5f8b6244d686\/fourth-floating-regasification-plant-incoming\" style=\"\" rel=\"noopener\">public<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid02AmrRPNA66QTFNtcaEugvwKemw6yujRP6MAKX9GXnBRb9y5M9hL7KVwgDUowc68LWl&id=100064535599158\" style=\"\" rel=\"noopener\">private<\/a> sectors will be taking Thursday, 24 July as a holiday in observance of the 23 July Revolution.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re off, too: <\/strong>EnterpriseAM Egypt will be taking a publication break on Thursday, but we\u2019ll be back in your inboxes on Sunday, 27 July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Fly directly from Abu Dhabi to Alamein: <\/strong>Etihad Airways kicked off service to Alamein from Abu Dhabi on Thursday \u2014 the new route offers twice-weekly flights on Thursdays and Sundays, Etihad Airways said in a <a target=\"_blank\" href=\"https:\/\/www.etihad.com\/en\/news\/etihad-airways-takes-off-to-al-alamein-opening-a-new-gateway-to-egypts-mediterranean-coast\" style=\"\" rel=\"noopener\">statement<\/a>. \u201cAs leisure travel continues to grow, destinations like Al Alamein offer tremendous appeal for our guests seeking premium summer experiences,\u201d the statement read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 36\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 22\u00b0C.<\/p>\n<p class=\"tag-border-left\">MORNING MUST-READ-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Bragging to your clients about how much time you\u2019re saving with AI may not be good <\/strong><strong>for business. <\/strong>That\u2019s what PwC found: It had to \u201ccut prices for some services as clients raised the fact that the consultancy is using artificial intelligence to complete its work quicker. \u2018Clients would hear us talking about using AI and say, \u2018We want our fair share of those efficiencies,\u2019 PwC Chief AI Officer Dan Priest\u201d told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-27\/pwc-s-ai-chief-says-firm-has-cut-prices-as-tech-saves-staff-time\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some AI tools are now handling up to 90% of certain processes during an audit<\/strong>, <a target=\"_blank\" href=\"https:\/\/thefinancestory.com\/pwc-clients-ask-for-discounts-because-of-ai-efficiency\" style=\"\" rel=\"noopener\">The<\/a><a target=\"_blank\" href=\"https:\/\/thefinancestory.com\/pwc-clients-ask-for-discounts-because-of-ai-efficiency\" style=\"\" rel=\"noopener\">Finance Story<\/a> notes. AI is also \u201cshowing up in supply chain optimisation and risk analytics \u2026 [and] automating GST filings, transfer pricing reviews, and global tax strategies.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The catch: You still have to believe what the AI says. <\/strong>Tech strategy pundit and former VC sage <a target=\"_blank\" href=\"https:\/\/www.threads.com\/@benedictevans\/post\/DMP8DGBOKso?xmt=AQF0AHXMOSIE932AQNAyKdbA7kuTNB4mRctn72L3sAgZ9A\" style=\"\" rel=\"noopener\">Benedict Evans put it nicely<\/a>: \u201cI find it puzzling and frustrating that OpenAI and Anthropic keep launching new models where they propose as use cases highly specific information retrieval in professions that require zero defects, when their systems are inherently incapable of doing that. <strong>These are use cases where \u201880% correct\u2019 is meaningless \u2014 there is only right or not right.<\/strong> There are lots of scenarios where a system that produces a fantastic first draft is useful. But \u2018build me a DCF\u2019 where you should presume that there are mistakes everywhere is not useful.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Mansoura University grad Mahmoud Felfel (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/mahmoud-felfel\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) has sold his <\/strong><strong>California-headquartered startup PlayAI to Mark Zuckerberg\u2019s Meta. <\/strong>It\u2019s a homecoming of sorts for the former Dubizzle engineer, who co-founded PlayAI in April 2020 but worked for Meta-owned WhatsApp as a software engineer for part of 2021 and 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/play.ai\/\" style=\"\" rel=\"noopener\">PlayAI<\/a><\/strong><strong>?<\/strong> The company bills itself as a \u201cplatform for generative speech and voice cloning\u201d and is used by teams at companies including Amazon, Coursera, and Chevron as well as by the US Army, according to its website. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The PlayAI team joins Meta this week<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-11\/meta-acquires-voice-ai-startup-playai-continuing-to-add-talent\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. There\u2019s no word on how much the acquisition cost Zuckerberg. PlayAI <a target=\"_blank\" href=\"https:\/\/blog.play.ai\/blog\/21m-funding\" style=\"\" rel=\"noopener\">said<\/a> last November that it had raised USD 21 mn in seed and pre-seed funding from outfits including Kindred Ventures, Y Combinator, and 500Global.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- HSBC has launched a new bid to figure out who will succeed Sir Mark Tucker as <\/strong><strong>chairman<\/strong> after none of the 100 or so names considered in the first search worked out. \u201cSome of the candidates of interest to the board were unavailable while others had declined when approached,\u201d the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f2aa59bb-e956-4165-99b3-19a04dbdd8a5?shareType=nongift\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- Russian energy giant Lukoil plans to invest around USD 23 mn in oil exploration in <\/strong><strong>the Eastern Desert<\/strong>, a government official told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/90209\/%D9%84%D9%88%D9%83-%D8%A3%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%B1%D9%88%D8%B3%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%AB%D9%85%D8%B1-23-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D9%84%D8%AA%D9%86%D9%82%D9%8A%D8%A8-%D8%B9%D9%86-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A8%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Operations are expected to focus in the west Gulf of Suez. The Russian company is set to conduct a seismic survey this month and drill six exploratory wells throughout a three-year research period in the region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>#3-<\/strong> <strong>More Egyptian projects in Libya? <\/strong>The value of Egyptian projects in Libya is expected to double to USD 10 bn by 2028, an official from the General Libyan Union of Chambers of Commerce told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1946585944636735953\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Libya\u2019s Reconstruction Fund has allocated LYD 69 bn (c. USD 12.7 bn) for companies participating in the rebuilding effort, with Egyptian firms expected to take a significant share, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> Egypt is already ramping up its investment presence in Libya, moving forward with plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/623360c0-d595-4ace-ba9d-796a898b02ae\/egypt-to-invest-usd-250-mn-setting-up-two-industrial-zones-in%253cmark%253e-libya%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">set up two industrial zones in Libya<\/a> worth USD 250 mn, with at least 22 local companies having expressed interest in the projects. Egyptian firms are also forming joint ventures with Libyan counterparts to ease market entry. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trump\u2019s lawsuit against the Wall Street Journal is dominating global headlines this <\/strong><strong>morning: <\/strong>US President Donald Trump has filed a USD 10 bn libel lawsuit against the Wall Street Journal, owner Rupert Murdoch, Dow Jones, and News Corp after the newspaper published claims that Trump had contributed a suggestive letter to a scrapbook for Jeffrey Epstein\u2019s 50th birthday, marking his most aggressive legal challenge to media coverage since entering office. Reactions to the WSJ report and lawsuit have been sharply divided \u2014 even within Trump\u2019s base. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-sues-wall-street-journal-over-epstein-report-seeks-10-billion-2025-07-19\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-19\/trump-s-ambitions-collide-with-epstein-fed-and-health-concerns?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9cbc70f4-bd31-4049-a5b1-9e670a48a5ec\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/07\/19\/us\/politics\/inside-trump-epstein-friendship.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/2025\/jul\/18\/trump-libel-lawsuit-wsj-dow-jones-rupert-murdoch\" style=\"\" rel=\"noopener\">The Guardian<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Trump wants higher tariffs on EU goods:<\/strong> Trump is pushing for a 15-20% baseline tariff on EU imports, in an aggressive turn that could derail talks ahead of his self-imposed 1 August deadline, writes the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/43c98c4b-8772-4279-ad55-e46bd22409de\" style=\"\" rel=\"noopener\">Financial Times<\/a>, citing sources familiar with the matter. Trump is also unwilling to lower 25% auto tariffs and \u201cwould be happy to keep duties on the sector,\u201d according to the sources. The EU, which has already faced steep US duties on steel and aluminum, appears divided on countermeasures.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668668 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"668668\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/668668\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668668\" class=\"content-area-description single-story post-668668 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/251.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Whether you\u2019re diving into turquoise waters, catching the golden hour from your terrace, or just letting time drift by \u2014 Somabay is summer, redefined. Your ultimate escape, every single time.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668669\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668669\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/finmin-expects-imf-reviews-to-wrap-up-this-fall-unlocking-usd-2-5-bn-disbursement\/\">\r\n                            Egypt expects IMF reviews to wrap up this fall, unlocking USD 2.5 bn disbursement                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/finmin-expects-imf-reviews-to-wrap-up-this-fall-unlocking-usd-2-5-bn-disbursement\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668670\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/finmin-expects-imf-reviews-to-wrap-up-this-fall-unlocking-usd-2-5-bn-disbursement\/1221-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1221.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1221.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1221.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1221.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668669\" class=\"content-area-description single-story post-668669 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-ahmed-kouchouk tag-debt tag-economy tag-enterpriseam tag-imf tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.8ac678c2-9251-45da-b8b0-17b171883793.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A combined fifth and sixth review of Egypt\u2019s USD 8 bn IMF loan program is <\/strong><strong>expected to conclude in September or October<\/strong>, unlocking a USD 2.5 bn tranche, Finance Minister Ahmed Kouchouk <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-finance-minister-expects-combined-imf-review-be-completed-by-october-2025-07-16\/\" style=\"\" rel=\"noopener\">said<\/a> during his visit to London last week. \u201cBoth sides are working on the expectation that this should be happening in September, October,\u201d he said, adding that \u201cthe IMF is after certain targets \u2014 and that's what is important.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMF is expected to focus heavily on the government\u2019s state asset sales strategy<\/strong>, with authorities now targeting \u201cfew, but key strategic transactions,\u201d he <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-18\/egypt-plans-4-billion-in-international-bonds-over-the-next-year\" style=\"\" rel=\"noopener\">said<\/a>. The Madbouly government wants to conclude up to four sales this fiscal year in the telecom, airport management, and financial services sectors, Kouchouk said, adding that another four sales are expected the following year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Earlier this month, the IMF <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cdb4f3fe-e1c4-4691-9c87-8360a75fc3d1\/imf-to-combine-fifth,-sixth-loan-reviews-to-give-egypt-time-to-meet-reform-targets\" style=\"\" rel=\"noopener\">decided<\/a> to combine the fifth and sixth reviews, stating that \u201cmore time is needed\u201d to make progress on the state withdrawing itself from the economy and the broader reform agenda. According to the IMF\u2019s country staff report for the fourth review of our loan program, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/786d4667-139a-4b10-982f-e98deca20819\/key-takeaways-from-the-imf%25e2%2580%2599s-fourth-loan-review\" style=\"\" rel=\"noopener\">combined reviews are scheduled for 15 September<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some fresh privatization moves? <\/strong>The government aims to complete three to four privatization transactions during the current fiscal year, Kouchouk said. \u201cIt will be across a lot of sectors,\u201d he added, noting that Egypt has shared a strategic, medium-term plan with the IMF and other international partners that includes a \u201cclear, visible timeline.\u201d The IMF said in its report that Egypt expects to receive USD 3 bn in inflows from asset sales during the current fiscal year, up from USD 600 mn last fiscal year, and USD 2.1 bn the year after. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And brace for more investment:<\/strong> Kouchouk pointed to continued interest from Middle Eastern and European partners across several sectors. \u201cWe are expecting more and more big announcements on the energy, on the renewables, on the tourism, as well as on the real estate and the financial sector,\u201d he said. The IMF is also banking on FDI to help close Egypt\u2019s FY 2025-26 external financing gap, projecting net FDI inflows to reach USD 15.6 bn this fiscal year, up from an estimated USD 13.2 bn in FY 2024-25.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fiscal + debt strategy also in the spotlight:<\/strong> Speaking at a panel in London, during his participation in a three-day business mission to the UK \u2014 organized by the British Egyptian Business Association \u2014 Kouchouk said the government is implementing an \u201cintegrated strategy to improve public debt indicators and maintain investor confidence.\u201d He emphasized plans to diversify financing tools and markets tapped, extend debt maturities, and reduce reliance on short-term instruments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Balancing the books while supporting growth:<\/strong> Kouchouk added that the government is managing public finances \u201cwith balance,\u201d maintaining fiscal sustainability while supporting economic activity and upping investments in human development and social safety nets. Fiscal performance, he said, \u201csignificantly improved\u201d last year, enhancing Egypt\u2019s resilience to global and regional shocks.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n          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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668672\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668672\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypt-eyes-usd-4-bn-bond-issuance-to-address-funding-gap\/\">\r\n                            Egypt eyes USD 4 bn bond issuance to address funding gap                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div 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\r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypt-eyes-usd-4-bn-bond-issuance-to-address-funding-gap\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1404.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668673\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypt-eyes-usd-4-bn-bond-issuance-to-address-funding-gap\/1404-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1404.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1404.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1404.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1404.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668672\" class=\"content-area-description single-story post-668672 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam tag-finance-ministry tag-sukuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.7808b723-b383-456a-80cc-daa204a3847e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt plans to issue up to USD 4 bn in international bonds over the next year<\/strong> to help address its USD 11 bn external financing gap, Finance Minister Ahmed Kouchouk said, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-18\/egypt-plans-4-billion-in-international-bonds-over-the-next-year\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The planned issuances could include EUR- and USD-denominated securities, sustainability bonds, sukuk, and even CNY- or JPY-denominated instruments,Kouchouk said. These issuances would cover about 40% of the country\u2019s external funding needs. The remainder is expected to come from concessional financing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>\u201cIssuing new USD bonds could prove expensive. Egypt\u2019s USD bonds trade at an average yield of 9.3%,\u201d Bloomberg writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More in the pipeline: <\/strong>Authorities are also mulling EGP-denominated sukuk and retail bonds for the domestic market this fiscal year to offer new savings instruments and increase liquidity. Moreover, the country is working to rejoin JPMorgan\u2019s bond index and is in talks with Euroclear to facilitate foreign access to the local debt market, both of which aim to attract fresh inflows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Egypt was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcf991e8-4a1f-452f-a564-0799601e83e5\/egypt-wants-to-get-back-on-jpmorgan%25e2%2580%2599s-em-indices\" style=\"\" rel=\"noopener\">dropped<\/a> from the index in January, 2024 due to persistent FX shortages in the country at the time that prevented investors from repatriating returns. This was not the first time we were put back on the list, as Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b27d495-abb6-48a9-8592-71684cf88cf7\" style=\"\" rel=\"noopener\">rejoined<\/a> the index in early 2022 after having been kicked out for over 10 years because of the economic turmoil following the 2011 revolution. Egypt hopes to be added once again to JPMorgan\u2019s Government Bond Index-Emerging Markets by 2026, especially with the gradual improvement of the exchange rates and other crucial economic indicators, a government source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f1740c4-3ea0-43be-9edc-81425527e0b4\/fresh-panda-%2B-samurai-green-bond-issuances-on-the-way\" style=\"\" rel=\"noopener\">told<\/a> EnterpriseAM earlier this summer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not our first effort to close this gap:<\/strong> Last month, the Finance Ministry completed a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3455799b-478b-4caa-9416-954287686ac3\/egypt-completes-usd-1-bn-sovereign-sukuk-issuance-fully-subscribed-by-kuwait-finance-house\" style=\"\" rel=\"noopener\">USD 1<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3455799b-478b-4caa-9416-954287686ac3\/egypt-completes-usd-1-bn-sovereign-sukuk-issuance-fully-subscribed-by-kuwait-finance-house\" style=\"\" rel=\"noopener\">bn sovereign sukuk issuance<\/a> on the Vienna Stock Exchange via private placement, which was fully subscribed by Kuwait Finance House.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668674\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668674\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/reforms-to-nearly-double-tax-revenues-in-fy-2025-2026\/\">\r\n                            Reforms to nearly double tax revenues in FY 2025-2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/reforms-to-nearly-double-tax-revenues-in-fy-2025-2026\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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To put the target in perspective, the government expects to generate some EGP 200 bn in tax revenues this fiscal year, meaning the reforms are expected to nearly double the pool. These reforms \u2014 some of which have already been rolled out \u2014 include <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f42067c-d0e3-4c25-8ec8-cd5cd9e0f444\/house-approves-amendments-to-vat-law-on-select-items\" style=\"\" rel=\"noopener\">amendments to the VAT Law<\/a>, according to EnterpriseAM\u2019s sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cStructural tax measures\u201d coming our way include imposing a<\/strong><strong> 4% withholding tax on freezone goods sold domestically<\/strong>, which is expected to deliver an additional EGP 13.78 bn in tax revenues \u2014 equivalent to c.1% of GDP. The current proposal on the table would categorize the 4% tax as a tax deductible expense, and would be deducted from fees paid to the General Authority for Freezones and Investment (GAFI), a senior government source told EnterpriseAM. The proposal \u2014 which would require amending Article 41 of the Income Tax Act \u2014 also looks to include an additional flat tax on these goods on top of customs duties, according to our source. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Other tax measures on the horizon:<\/strong> The government is looking to ratify <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27467c38-a14f-45a6-8d14-125ef5d2f3bd\/\" style=\"\" rel=\"noopener\">amendments to the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27467c38-a14f-45a6-8d14-125ef5d2f3bd\/\" style=\"\" rel=\"noopener\">Disabilities Act<\/a> with an eye to fully implement the amendments in the current fiscal year, according to the report. The plan also includes the rollout of the overhauled property tax, which is expected to yield tax revenues equivalent to 0.05% of GDP in FY 2025-26, the report shows. Legislative changes governing tax exemptions are also currently in the works to regulate \u2014 but not eliminate \u2014 disability-related car imports and personal vehicle imports, as well as to help close regulatory and legislative loopholes that allow for tax evasion, a Customs Authority source told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And we can expect more changes next fiscal year:<\/strong> \u201cWe also commit to legislate another tax package of high-quality tax measures to be delivered in the context of the FY 2026-27 budget to meet the program\u2019s tax revenue objective,\u201d the Finance Ministry said in the report. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668676\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668676\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">A MESSAGE FROM SIXT EGYPT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/experience-the-perfect-summer-drive-abroad\/\">\r\n                            Experience the perfect summer drive abroad                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/experience-the-perfect-summer-drive-abroad\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Book your car rental in over 105 countries and pay in Egyptian Pounds! No exchange rate surprises or credit card limits to slow you down.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Learn more at: <a target=\"_blank\" href=\"https:\/\/outbound.sixt.aboughalymotors.com\/\" style=\"\" rel=\"noopener\">SIXT | Outbound Service<\/a> or call 17277.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-sixt-egypt\/\">A MESSAGE FROM SIXT EGYPT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sixt\/\">sixt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668678\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668678\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/diving-deeper-into-the-imfs-forecasts-for-subsidies\/\">\r\n                            Diving deeper into the IMF\u2019s forecasts for subsidies in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/diving-deeper-into-the-imfs-forecasts-for-subsidies\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1217.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668679\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/diving-deeper-into-the-imfs-forecasts-for-subsidies\/1217-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1217.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1217.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1217.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1217.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668678\" class=\"content-area-description single-story post-668678 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-imf tag-subsidies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.424cebf0-f120-4120-a6cb-17898b09a835.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The IMF now sees subsidies reaching EGP 744 bn in FY 2025-26<\/strong>, before edging up to EGP 833 bn in the next fiscal year, with energy subsidies making EGP 154 bn of total subsidies this fiscal year, before falling to EGP 140 bn in FY 2026-27, the fund said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1099.pdf\" style=\"\" rel=\"noopener\">country staff report (pdf)<\/a> for the fourth review of our USD 8 bn loan program. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How this compares to gov\u2019t targets:<\/strong> The EGP 154 bn is a little bit higher than the government\u2019s forecast of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34ccc1e0-b104-4cf1-a9f7-903d3403cd70\/next-fiscal-year%25e2%2580%2599s-government-budget-pencils-in-23.0%2525-jump-in-revenues,-19.2%2525-rise-in-expenditures\" style=\"\" rel=\"noopener\">E<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34ccc1e0-b104-4cf1-a9f7-903d3403cd70\/next-fiscal-year%25e2%2580%2599s-government-budget-pencils-in-23.0%2525-jump-in-revenues,-19.2%2525-rise-in-expenditures\" style=\"\" rel=\"noopener\">GP 150<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34ccc1e0-b104-4cf1-a9f7-903d3403cd70\/next-fiscal-year%25e2%2580%2599s-government-budget-pencils-in-23.0%2525-jump-in-revenues,-19.2%2525-rise-in-expenditures\" style=\"\" rel=\"noopener\">bn<\/a> for the current fiscal year\u2019s budget. Meanwhile, the figure is lower than the EGP 216 bn the fund had initially penciled in for FY 2024-25 during its third review, before revising it to EGP 159 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Energy subsidies to peak before declining later: <\/strong>Energy subsidies are projected to jump to EGP 180 bn in FY 2027-28, and further climb to EGP 190 bn in FY 2028-29, before dropping to EGP 166 bn in FY 2029-30.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Let's talk fuel subsidies specifically:<\/strong> Fuel subsidies are projected to reach EGP 79 bn this fiscal year by the Fund, higher than the EGP 75 bn the government had allocated in its FY 2025-26 budget. Looking ahead, the IMF sees fuel subsidies in the country rising to EGP 95 bn in FY 2026-27 and to EGP 130 bn in FY 2027-28.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d01a66f-0aec-45b9-9ebb-73a3b2ef476b\" style=\"\" rel=\"noopener\">reiterated<\/a> in March Egypt\u2019s intention to have energy prices reach cost recovery levels by the end of the year, by phasing out all fuel subsidies in line with its structural reform agenda with the IMF. Despite ongoing efforts to reform its subsidy system, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9f5df8f-c96f-419c-ad3a-98ea585d16c7\/egypt-hikes-vehicle-fuel-prices-by-up-to-14.8%2525\" style=\"\" rel=\"noopener\">government still spends<\/a> EGP 366 mn per day and EGP 11 bn a month on fuel subsidies, according to the Oil Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9f5df8f-c96f-419c-ad3a-98ea585d16c7\/gov%25e2%2580%2599t-hikes-fuel-prices-by-up-to-14.8%2525\" style=\"\" rel=\"noopener\">hiked<\/a><\/strong><strong> fuel prices at the pumps in April<\/strong> for the first time in 2025, raising fuel prices by 11.8-14.8%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fossil fuel subsidy removal and green investments could boost our GDP:<\/strong> The IMF sees Egypt having a significant opportunity to achieve its climate goals and enhance its growth through removing fossil fuel subsidies alongside expanding renewable energy investments. Proper fossil fuel pricing in Egypt, paired with allocating 50% of revenues toward reducing the budget deficit, could boost the country\u2019s GDP by up to 7.3% by 2030 and 13.8% by 2040, the IMF noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As for electricity subsidies<\/strong>, the IMF expects them to reach EGP 75 bn during this fiscal year, matching the amount the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34ccc1e0-b104-4cf1-a9f7-903d3403cd70\/next-fiscal-year%25e2%2580%2599s-government%253cmark%253e-budget%253c%2Fmark%253e-pencils-in-23.0%2525-jump-in-revenues,-19.2%2525-rise-in-expenditures\" style=\"\" rel=\"noopener\">allocated<\/a> in its budget. Looking ahead, these subsidies are projected to drop to EGP 45 bn in FY 2026-27, before gradually increasing to EGP 50 bn in the subsequent fiscal year and to EGP 56 bn in FY 2028-29 and finally to EGP 63 bn in FY 2029-30. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI<\/strong>- Two government sources <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac945e32-723e-43d9-8972-8ba779dccdc5\/when-can-we-expect-electricity-prices-to-increase-next%3F\" style=\"\" rel=\"noopener\">told<\/a> us in May that the Madboully government could push back the electricity price hike planned for this summer. The Electricity Ministry raised electricity prices by 14-40% between August and September 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fuel + power hikes help restore EGPC\u2019s finances: <\/strong>\u201cSuccessive and notable fuel and electricity price hikes have begun to restore the finances of the Egyptian General Petroleum Corporation (EGPC) and lay the foundation for price incentives to motivate more efficient consumption behavior and a shift toward a greener economy,\u201d the report read.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Food subsidies projections:<\/strong> The IMF sees food subsidies reaching EGP 153 bn during the current fiscal year, before decreasing to EGP 149 bn for the following three fiscal years. However, a notable jump is foreseen in FY 2029-30, with food subsidies projected to hit EGP 163 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt aims to increase food subsidies spending to 0.7% of GDP this fiscal year<\/strong>. This percentage is then set to be reduced to 0.6% of GDP in the next fiscal year and to 0.5% of GDP in FY 2027-28. The government aims to achieve this by expanding targeted cash transfers and increasing resources to health and education, the IMF said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More is needed:<\/strong> While the IMF praised the government\u2019s expansion of the Takaful and Karama cash transfer program to reach 5.2 mn households, it has emphasized the need for further enhancement, especially amid rising poverty risks from recent economic shocks. Takaful and Karama\u2019s total spending is set to increase to 0.4% of GDP this fiscal year, the fund noted.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668680\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668680\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/govt-considers-customs-on-royalties-for-imported-goods-services\/\">\r\n                            Egypt considers customs on royalties for imported goods, services                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/govt-considers-customs-on-royalties-for-imported-goods-services\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The move is designed to address long-standing disputes with several foreign companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But first, what do royalties mean in this context?<\/strong> They specifically cover the amounts paid for the use, licensing, or exploitation of any intellectual property rights. This includes, for instance, fees for franchise agreements, the use of intellectual property rights, and consulting services. It also extends to goods produced locally under agreements between local and foreign manufacturers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move does not require legislative amendments<\/strong>, as the law already stipulates them, but the mechanism for their collection has not yet been issued, the source noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How we got here:<\/strong> The Customs Authority in 2021 <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1193.pdf\" style=\"\" rel=\"noopener\">suspended (pdf)<\/a> customs on royalties after the levies \u201csignificant debts for foreign firms due to valuation differences arising from royalties, sparking a major issue.\u201d However, this decision does not mean waiving the duties that are being calculated, meaning that they are being recorded as outstanding debts. Moreover, the \u201cfive-year prescription rule\u201d does not apply in this case, our sources said, meaning that the Customs Authority does not lose its right to claim these debts even after five years pass.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new system aims to establish clear rules for when and how royalties would be subject <\/strong><strong>to customs. <\/strong>It will also introduce new ways to collect VAT on these royalties. The move is expected to significantly resolve the issue related to foreign firms\u2019 debts, attracting more foreign investment to the country, according to our sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It will be part of an updated customs system: <\/strong>The mechanism for calculating customs duties on royalties is expected to be part of the updated customs system, which also includes new provisions, the sources told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new tax and customs system is part of Egypt\u2019s structural reform program agreed <\/strong><strong>w<\/strong><strong>ith the IMF<\/strong>, the sources noted. The IMF is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/786d4667-139a-4b10-982f-e98deca20819\/key-takeaways-from-the-imf%25e2%2580%2599s-fourth-review-of-egypt%25e2%2580%2599s-usd-8-bn-loan-program\" style=\"\" rel=\"noopener\">set<\/a> to hold its combined fifth and sixth reviews of Egypt\u2019s USD 8 bn EFF arrangement later this year, it noted in its recently released report on the program\u2019s fourth review. Earlier this month, the IMF decided to combine the fifth and sixth reviews, stating that \u201cmore time is needed\u201d to make progress on the state withdrawing itself from the economy and the broader reform agenda.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is currently working to identify foreign companies providing services <\/strong><strong>s<\/strong><strong>uch as consulting<\/strong>, intellectual property licensing, and trademark usage in the local market and reviewing their contract structures. This comes alongside drafting new regulatory and mandatory mechanisms for the new sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maintenance and replacement contracts and after-sales services between local and <\/strong><strong>fo<\/strong><strong>reign companies <\/strong>will be subject to custom duties if their value is included in the overall price of the imported goods, according to our sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A game changer? <\/strong>The proposed customs duties are expected to have a significant impact on foreign transfers and overall foreign currency flows, one of our sources said, adding that an \u201cunprecedented surge\u201d in VAT revenues is also expected.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What went wrong? <\/strong>The Customs Authority used to assess customs duties without fulfilling the fundamental conditions set by the international customs law for royalties and international marketing expenses. The most important one is that they must be added to the price of the commodity and related to it, customs expert Badawi Ibrahim told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This led to four problems<\/strong>, Ibrahim noted, one of which is the collection of customs duty on product components. Secondly, the VAT is collected on the product, including the royalty. This leads to paying higher than expected tax amounts. When receiving imported services from an unregistered foreign provider, the service recipient pays 14% VAT on the services contract under the reverse charge mechanism. In addition, income tax is also paid on that service, Ibrahim noted, adding that this creates a situation of double taxation on VAT. <\/p>\n<p><strong>Also, the Customs Authority imposes late payment penalties on VAT.<\/strong>. Finally, the fourth problem arises when an agreement includes other services beyond just royalties, without explicitly detailing their specific proportion of the total contract value, Ibrahim added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>International agreements will be taken into account to avoid double taxation<\/strong>, ensuring the interests of foreign companies operating in various sectors in Egypt, according to our sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The planned customs aim to localise brands and expand franchises through clear<\/strong> mechanisms that meet international standards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Decisive solutions in the making: <\/strong>Our sources told us that the proposed solutions will introduce a flexible system for collecting customs duties on royalties. This includes a mechanism to ensure accurate VAT collection and the cancellation of fines previously imposed by certain customs departments. Additionally, tax will not be levied on services unless they are explicitly included in the price of goods on invoices submitted to customs outlets.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668682\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668682\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/\">\r\n                            Moody\u2019s keeps Egypt\u2019s rating unchanged, but sees signs of improvement ahead                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Moody\u2019s keeps our rating unchanged, but sees signs of improvement ahead&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/&title=Moody\u2019s keeps our rating unchanged, but sees signs of improvement ahead\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Moody%E2%80%99s+keeps+our+rating+unchanged%2C+but+sees+signs+of+improvement+ahead+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F07%2F20%2Fmoodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1389.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668683\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/moodys-keeps-our-rating-unchanged-but-sees-signs-of-improvement-ahead\/1389-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1389.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1389.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1389.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/1389.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668682\" class=\"content-area-description single-story post-668682 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-moodys wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.fb697574-7ab6-424f-8f99-769ae7e076ab.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Moody\u2019s <\/strong><strong>kept Egypt\u2019s outlook positive and affirmed its Caa1 rating <\/strong>\u2014 seven rungs into junk territory \u2014 the credit rating agency wrote. The agency said its positive outlook \u201creflects the prospect for an easing of Egypt's debt service burden. Increasing monetary policy credibility and effectiveness.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>In March of last year, shortly after the float of the EGP, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b7ded3a-e188-4a20-a95c-54d7ae389ddc\/moody%25e2%2580%2599s-upgrades-egypt%25e2%2580%2599s-outlook-to-positive\" style=\"\" rel=\"noopener\">Moody\u2019s upgraded<\/a> Egypt\u2019s outlook to positive from negative and affirmed its Caa1 rating. The agency cited the USD 35 bn Ras El Hekma investment and policy measures taken by the central bank for its decision.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It could go either way: <\/strong>\u201cThe ongoing fiscal adjustment and structural reforms raise the prospect of a medium-term improvement in fiscal metrics and higher potential growth. However, geopolitical disruptions and social pressures could challenge the policy adjustment,\u201d Moody\u2019s said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still a long way to go: <\/strong>Moody\u2019s flagged continued risks from high debt (89% of GDP), low revenue (19% of GDP), and a still-wide current account deficit (6% of GDP). Structural rigidities, the outsized role of the public sector, and vulnerability to geopolitical or social pressures could also slow down reform momentum.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A possibility for an upgrade: <\/strong>Moody\u2019s indicated that the rating could improve if there is sustained improvement in debt affordability, driven by structurally higher revenue and lower borrowing costs. Continued adherence to a flexible exchange rate regime and preservation of FX buffers would also support a stronger credit rating over time. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u2026Or a downgrade: <\/strong>However, the agency warned that downward pressure could materialize if macroeconomic reforms stall, debt affordability deteriorates further, or FX buffers come under renewed stress due to capital outflows or external shocks.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668684\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668684\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypts-ma-engine-roars-through-1h-and-its-just-getting-started\/\">\r\n                            Egypt\u2019s M&amp;A engine roars through 1H, and it\u2019s just getting started                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypts-ma-engine-roars-through-1h-and-its-just-getting-started\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+M%26%23038%3BA+engine+roars+through+1H%2C+and+it%E2%80%99s+just+getting+started+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F07%2F20%2Fegypts-ma-engine-roars-through-1h-and-its-just-getting-started%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypts-ma-engine-roars-through-1h-and-its-just-getting-started\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2139.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668685\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/egypts-ma-engine-roars-through-1h-and-its-just-getting-started\/2139-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2139.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2139.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2139.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/2139.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668684\" class=\"content-area-description single-story post-668684 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cira-education tag-enterpriseam tag-fawry tag-hassan-allam-holding tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.4ce6e6a8-ec8e-418a-b5c2-ce1b1e06eef2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>M&A activity saw a strong start to the year<\/strong>, with industry leaders including our friends at Fawry, Hassan Allam, CIRA, and Taqa Araba driving the momentum and local corporates actively reshaping their portfolios. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first half brought major consolidation moves across fintech, ins., education, and energy<\/strong> \u2014 setting a dynamic tone for 2H. <\/p>\n<p class=\"tag-border-left\">IN FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech giant Fawry was easily the most acquisitive firm in 1H<\/strong>, kicking off its spree in February with the acquisition of a majority stake in local hospital and medical institutions manager <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5cfa14e5-cb09-4b16-9af3-48a4c9697aa1\/sokhna-industrial-zone-to-welcome-new-factories-with-usd-3-mn-in-investments\" style=\"\" rel=\"noopener\">Code Zone<\/a>. That was quickly followed by a 56% stake in SME-focused financial services provider <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3112935-1c04-4bdd-9e6e-a18688f0d0e0\" style=\"\" rel=\"noopener\">Virtual CFO<\/a>, and a 51% stake in ERP software firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90fc1506-d3c0-4643-b326-f6f94ef6e0da\/palm-hills-will-expand-to-abu-dhabi\" style=\"\" rel=\"noopener\">Dirac Systems<\/a>. The moves \u2014 worth a combined EGP 80 mn \u2014 are part of the launch of Fawry Business, a platform offering digital transformation tools for SMEs and large enterprises.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewhere in fintech: <\/strong>Basata upped its stake in Jordan\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/feda64db-0eef-4ba0-b511-e2bb0f2aa8f8\/pfi-asset-management-takes-over-the-management-of-hdb-money-market-fund\" style=\"\" rel=\"noopener\">MadfoatCom<\/a> to 25%, part of its broader play to expand regionally and potentially raise its holding to 49%. EFG Finance exited its 51% stake in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66f6e3b0-7788-4db8-8bec-c8da682c4c8e\/efg-finance-will-offload-stake-in%253cmark%253e-paytabs%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">PayTabs Egypt<\/a> in March, selling it to Saudi parent PayTabs Global as part of a portfolio streamlining effort. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIRA Education submitted <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1182.pdf\" style=\"\" rel=\"noopener\">an MTO (pdf)<\/a><\/strong><strong> earlier this month to up its stake in <\/strong><strong>EGX-listed subsidiary <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/418182f5-8d9e-4cdc-822e-6ac8634de190\/fra-grants%253cmark%253e-cira%253c%2Fmark%253e-more-time-to-submit-its-mto-for-a-larger-piece-of-caed\" style=\"\" rel=\"noopener\">Cairo for Educational Services (CAED)<\/a><\/strong>. CIRA is looking to increase its stake in CAED to up to 90% from the current 69.4%. CIRA is looking to snap an additional 20.6% of its subsidiary \u2014 represented in 2.5 mn shares \u2014 at an initial price tag of EGP 32.7 per share. CIRA plans to keep CAED listed on the exchange if the MTO goes through.<\/p>\n\n<p class=\"tag-border-left\"> INS.- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ins sector also saw heightened M&A interest<\/strong>, with a major bid <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b96b22a-c6c3-4a76-a682-90571ada98b4\/egypt-kuwait-holding-to-sell-entire-63.4%2525%253cmark%253e-delta%253c%2Fmark%253e-ins.-stake.-plus:-sodic,-madar-developments,-punalu,-erada-microfinance,-disruptech-ventures\" style=\"\" rel=\"noopener\">from Morocco\u2019s Wafa Assurance<\/a> to acquire up to 100% of the Egypt Kuwait Holding subsidiary Delta Ins. The bid values the insurer at around EGP 5 bn. Wafa is looking to take Delta Ins. private, with plans to delist the company from the EGX. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In June, insur-tech broker Bringy acquired healthtech startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e9b1692-c390-41a0-923a-2ec5e3f7750a\/el-attal-holding-eyes-expansion-into-saudi-arabia,-oman\" style=\"\" rel=\"noopener\">HealthTag<\/a><\/strong>, which provides affordable medical access to the uninsured \u2014 a strategic move aimed at deepening Bringy\u2019s footprint across the MENA region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> CROSS-BORDER TRANSACTIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In June, Hassan Allam Utilities secured regulatory approval to acquire a 30% stake in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b02190e-c56f-4069-9e9a-a5cee5a9fa24\/egypt-included-in-usd-1-bn-industrial-decarbonization-program\" style=\"\" rel=\"noopener\">Acwa Power<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b02190e-c56f-4069-9e9a-a5cee5a9fa24\/egypt-included-in-usd-1-bn-industrial-decarbonization-program\" style=\"\" rel=\"noopener\">Luxor<\/a><\/strong>, a local subsidiary of the Saudi renewables player. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In May, Elsewedy Electric acquired a 60% stake in Dubai-based <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41bb3f78-b45b-42a7-ba7a-9cd6f8c88c26\/elsewedy-electric-snaps-up-majority-stake-in%253cmark%253e-thomassen-service%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">Thomassen Service<\/a><\/strong>, which includes Middle East and Africa operations, filters manufacturing, and an African business unit. The transaction marked Elsewedy\u2019s entry into oil and gas services as it looks to diversify its energy portfolio. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> DIDN\u2019T MAKE IT ACROSS THE FINISH LINE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arla foods still has Domty on its radar: <\/strong>Danish dairy giant Arla Foods <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8393f782-7332-4c61-aa66-fd7072b20d56\/%253cmark%253earla%253c%2Fmark%253e-puts-domty-acquisition-bid-on-ice-pending-demerger-clarity.-plus:-nas-investment-holding-%2B-egyfert,-eni,-cheiron-energy,-post-for-investment,-neric,-g3a\" style=\"\" rel=\"noopener\">delayed submitting a mandatory<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8393f782-7332-4c61-aa66-fd7072b20d56\/%253cmark%253earla%253c%2Fmark%253e-puts-domty-acquisition-bid-on-ice-pending-demerger-clarity.-plus:-nas-investment-holding-%2B-egyfert,-eni,-cheiron-energy,-post-for-investment,-neric,-g3a\" style=\"\" rel=\"noopener\">tender offer (MTO)<\/a> to acquire EGX-listed Domty in April, citing its inability to complete legal, financial, and technical due diligence while Domty proceeded with a spin-off. Arla emphasized that the deal is on hold, not off the table.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In March, Dice scrapped plans to acquire <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/162664a9-81b7-48c6-bca9-6e5a4617ca50\/shell-plans-to-invest-usd-300-mn-into-its-west-delta-deep-marine-concession\" style=\"\" rel=\"noopener\">Twin Top for Real Estate Investment<\/a><\/strong>, citing pricing disagreements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> WHAT\u2019S NEXT?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead, consumer finance appears to be poised to take the lead in 2H <\/strong>with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87fa41e8-4029-47f5-8465-b57ea067222b\/gov%25e2%2580%2599t-plans-to-raise-usd-3-bn-from-asset-sales-in-fy-25-26\" style=\"\" rel=\"noopener\">Al Ahly Capital<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dca61096-3f41-4ab1-8a53-a6f313a7e0d1\/bonyan%25e2%2580%2599s-private-placement-6.88x-oversubscribed\" style=\"\" rel=\"noopener\">our friends at Taqa Arabia<\/a> both hinting at transactions in the pipeline, signaling continued dealflow in sectors ripe for scale and integration. If the first six months are any indicator, 2025 could be one of the busiest M&A years in recent memory.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668686\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668686\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/\">\r\n                            VC funding in Egypt hits USD 185 mn in 1H 2025                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=VC funding in Egypt hits USD 185 mn in 1H 2025&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/&title=VC funding in Egypt hits USD 185 mn in 1H 2025\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=VC+funding+in+Egypt+hits+USD+185+mn+in+1H+2025+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F07%2F20%2Fvc-funding-in-egypt-hits-usd-185-mn-in-1h-2025%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1126.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668687\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/vc-funding-in-egypt-hits-usd-185-mn-in-1h-2025\/1126-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1126.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1126.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1126.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1126.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668686\" class=\"content-area-description single-story post-668686 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-startup-watch tag-startups tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.6f5bb97b-2398-4d95-b265-ef2a4416a9a4.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Venture capi<\/strong><strong>tal funding in Egypt rose 90% y-o-y in 1H 2025<\/strong>, hitting USD 185 mn in investments during the six-month period, according to Magnitt\u2019s Emerging Venture Markets (EVM) <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/784.pdf\" style=\"\" rel=\"noopener\">report (pdf)<\/a>. The increase in investments placed Egypt in the sixth spot among the countries with the highest funding value, rising three spots compared to the same period last year. The report covers venture activity across the Middle East, Africa, Southeast Asia, Pakistan, and Turkey. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ranking places Egypt behind Saudi Arabia and the UAE, which together contributed <\/strong><strong>85% of total funding and 74% of total transaction count in the MENA region.<\/strong> Saudi Arabia ranked second among all EVM geographies, with USD 860 mn raised from 114 investments in 1H 2025, a 116% y-o-y increase. This was partially attributed to mega transactions (over USD 100 mn), including Ninja and Tabby. The UAE logged USD 447 mn in investments (up 84% y-o-y) across 114 transactions (up 10% y-o-y) \u2014 its highest deployment since 1H 2020. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Across the region, VC funding rose 92% to USD 1.5 bn across 310 investments<\/strong>, according to Magnitt\u2019s EVM <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/782.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The figure marks the region\u2019s strongest half-year performance since 2022 and represents 39% of total funding across emerging markets tracked by the platform. In 2Q 2025, the Middle East funding rose 22% y-o-y to USD 741 mn from 117 investments, according to the report. The region secured USD 1.4 bn across 258 investments in 1H 2025, doubling its performance compared to the same period in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fintech was the standout sector in 1H 2025<\/strong>, with funding in the Middle East rising to USD 516 mn, representing 38% of total capital deployed in the region. E-commerce came in second place in terms of funding in the Middle East with USD 321 mn, followed by Enterprise Software with USD 105 mn. Across the broader MENA region, fintech attracted USD 596 mn in 1H 2025, a threefold increase y-o-y.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who were the top performers?<\/strong> Riyad Capital emerged as the most active investor by capital deployed, while <a target=\"_blank\" href=\"http:\/\/plus.vc\" style=\"\" rel=\"noopener\">Plus.VC<\/a> led in terms of the number of investments, according to a separate Magnitt <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/783.pdf\" style=\"\" rel=\"noopener\">brief (pdf)<\/a>. The largest disclosed transactions included Ninja\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/64f3a897-9db3-43f2-9d64-f81a460049c3\/%253cmark%253eninja%253c%2Fmark%253e-hits-unicorn-status-with-usd-250-mn-raise\" style=\"\" rel=\"noopener\">USD 250 mn<\/a> funding round, Tabby\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/9e82989c-f2ee-4058-bbbd-2a53ae3f4477\/%253cmark%253etabby%253c%2Fmark%253e-raises-usd-160-mn-in-series-e-round,-becoming-mena%25e2%2580%2599s-most-valuable-fintech\" style=\"\" rel=\"noopener\">USD 160 mn<\/a> Series E round, and AppliedAI\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d66c47a7-f7ca-4cf8-95dd-94f2353d9b99\/%253cmark%253eappliedai%253c%2Fmark%253e-lands-usd-55-mn-series-a-funding-round-led-by-g42\" style=\"\" rel=\"noopener\">USD 55 mn<\/a> Series A round. These transactions helped push MENA\u2019s mega transactions (USD 100 mn+) to outpace the full-year 2024 total within the first six months of 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some 42% of Series A and B rounds exceeded USD 20 mn, up from just 10% a year ago <\/strong>\u2014 reflecting a growing preference for ventures with proven traction and scalability.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zooming further out: <\/strong>Total VC funding across all EVMs dropped 7% y-o-y to USD 4 bn \u2014 the lowest half-year level since 2017. The decline primarily came on the back of a 32% drop in Mega rounds and continued contraction in Southeast Asia, historically the largest EVM market.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668688 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"668688\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/668688\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668688\" class=\"content-area-description single-story post-668688 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.instagram.com\/reel\/DHs9VNZtJeS\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/770.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668689\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668689\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/trump-touches-on-gerd-once-again\/\">\r\n                            Trump touches on GERD once again                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/trump-touches-on-gerd-once-again\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Trump described the GERD as \u201cone of the largest dams in the world\u201d and said, \u201cIt should\u2019ve never happened the way it happened.\u201d The topic has been getting a lot of attention from Trump as of late, with the US president making <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/704bf948-af18-4fd0-8abd-b7a953e49136\/could-trump-help-resolve-the-gerd-dispute%3F\" style=\"\" rel=\"noopener\">similar comments<\/a> last week, when he called the GERD a \u201cbig problem\u201d and stressed the Nile\u2019s vital importance to Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An end to the dispute? <\/strong>Ala Masouleety\u2019s Ahmed Moussa weighed in on Trump\u2019s remarks, saying the US president stressed that \u201cthe dispute will be solved soon\u201d \u2014 though he gave no timeline for a resolution (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AhmedMoussaEG\/videos\/1862433297945490\/\" style=\"\" rel=\"noopener\">watch, runtime: 4:09<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- US, UK ease travel advisories on Egypt:<\/strong> The US State Department has upgraded its travel advisory for <a target=\"_blank\" href=\"https:\/\/travel.state.gov\/content\/travel\/en\/traveladvisories\/traveladvisories\/egypt-travel-advisory.html\" style=\"\" rel=\"noopener\">Egypt to Level 2<\/a> \u2014 \u201cexercise increased caution\u201d \u2014 placing it on par with destinations like France and Germany. The UK Foreign Office also revised its guidance, citing the nearly 1 mn Brits who visit Egypt each year as a reflection of the country\u2019s stability and safety, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0249ykpzGGscZC55z9XERfP5JnLzKkj3K9jDjV4o6rTeoNdA55YkA1K6FGm7sWfxPfl\" style=\"\" rel=\"noopener\">Foreign Ministry statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could we see more countries follow? <\/strong>Moussa described the US\u2019 decision as a significant and timely step (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AhmedMoussaEG\/videos\/738608915225535\/\" style=\"\" rel=\"noopener\">watch, runtime: 2:51<\/a>). \u201cMany countries follow America\u2019s lead when it comes to travel guidance,\u201d he said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668691\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668691\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/\">\r\n                            El Sisi ratifies VAT Law amendments + Eastern Company hikes cigarette prices                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=El Sisi ratifies VAT Law amendments + Eastern Company hikes cigarette prices&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/&title=El Sisi ratifies VAT Law amendments + Eastern Company hikes cigarette prices\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=El+Sisi+ratifies+VAT+Law+amendments+%2B+Eastern+Company+hikes+cigarette+prices+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F07%2F20%2Fel-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1215.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668692\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/el-sisi-ratifies-vat-law-amendments-eastern-company-hikes-cigarette-prices\/1215-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1215.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1215.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1215.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1215.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668691\" class=\"content-area-description single-story post-668691 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-capital-markets tag-diplomacy tag-enterpriseam tag-legislation tag-tax tag-tobacco tag-vat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.aa4e6263-eca6-4158-b991-d691736e6abd.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LEGISLATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>VAT amendme<\/strong><strong>nts signed into law: <\/strong>President Abdel Fattah El Sisi ratified amendments to the VAT Law, according to a decision published in the Official Gazette. The amendments will help the government bring in an additional EGP 200 bn in tax revenues, a senior government official <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f42067c-d0e3-4c25-8ec8-cd5cd9e0f444\/house-approves-amendments-to-vat-law-on-select-items\" style=\"\" rel=\"noopener\">previously told us<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The House of Representatives granted final approval to the government-drafted <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f42067c-d0e3-4c25-8ec8-cd5cd9e0f444\/house-approves-amendments-to-vat-law-on-select-items\" style=\"\" rel=\"noopener\">VAT Law amendments<\/a> last month. The changes will impact the prices of several key goods and services \u2014 construction and contracting services, crude oil, cigarettes, and alcoholic beverages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cigarette maker Eastern Company hiked the prices of its cigarettes by up to <\/strong><strong>EGP 5.25 <\/strong>shortly after the law was ratified. The price of all its 20-cigarette packs, including Cleopatra, now stands at EGP 44, while its higher-end Viceroy and Pall Mall now sell for EGP 69 a pack. US tobacco giant Philip Morris <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b5a27b8-5d14-446a-adea-4963a0c2652d\/philip%253cmark%253e-morris%253c%2Fmark%253e-raises-cigarette-prices-by-up-to-11%2525\" style=\"\" rel=\"noopener\">earlier this month hiked<\/a> prices by up to 11%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DIPLOMACY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt engages with k<\/strong><strong>ey players in nuclear talks: <\/strong>Foreign Minister Badr Abdelatty held calls with his UK and Iranian counterparts, as well as International Atomic Energy Agency chief Rafael Grossi, to explore reviving negotiations on Tehran\u2019s nuclear program, according to a Foreign Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/100068995666430\/posts\/pfbid0i5advue6m2eDzfrguba64x9ZdWuZjYfy1TnUg6zwE9wMvay57RNJEZ8ve8o9nE29l\/?app=fbl\" style=\"\" rel=\"noopener\">statement<\/a>. The talks follow moves by the UK, France, and Germany to <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/iran-un-sanctions-snapback-uk-france-germany-f9458505b67698935625185532fa5a0f\" style=\"\" rel=\"noopener\">reinstate<\/a> UN sanctions on Iran by the end of August, unless it makes progress on a nuclear deal. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zaldi Capital filed fo<\/strong><strong>r a license to underwrite and promote securities<\/strong>, as it prepares to bring new listings to the EGX, Mohamed El Sherif, the company\u2019s head of promotion, told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Three listings in the works: <\/strong>Pending regulatory approval, Zaldi will advise on the potential EGX listings of three companies. One of these companies is in the tourism and real estate sector and plans to debut on the bourse before year-end, and another is in the fintech space and plans to go public in 1Q 2026. A third potential listing is being considered in the agricultural sector. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tobacco\/\">tobacco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vat\/\">VAT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668693\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"668693\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/mena-fixed-income-rallies-while-equities-diverge-in-2q-2025-mashreq-capital\/\">\r\n                            MENA fixed income rallies, while equities diverge in 2Q 2025 -Mashreq Capital                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/mena-fixed-income-rallies-while-equities-diverge-in-2q-2025-mashreq-capital\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"668694\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/mena-fixed-income-rallies-while-equities-diverge-in-2q-2025-mashreq-capital\/639-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"639.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/2\/639.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668693\" class=\"content-area-description single-story post-668693 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-capital-markets tag-debt tag-enterpriseam tag-equities tag-mashreq-bank tag-oil-and-gas tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/7\/.80f02b7d-97cc-4798-abe4-e2f7056e0729.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The second quarter of the year was a mixed bag for MENA markets. <\/strong>Bonds are holding steady on solid returns and sovereign supply, while equities are more uneven \u2014 dragged by oil in some markets and lifted by reform and demand in others, according to Mashreq Capital\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/7\/1165.pdf\" style=\"\" rel=\"noopener\">latest quarterly outlook (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA bonds delivered a solid return in 1H, shrugging off global volatility and re<\/strong><strong>gional flare-ups.<\/strong> The Bloomberg MENA USD Aggregate Bond Index climbed 4.4% during the first half of the year on the back of a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/d9fced27-c313-4423-80db-12b80decac8f\/mena-fixed-income-outperform-as-global-risks-loom\" style=\"\" rel=\"noopener\">2.6% rally in 1Q<\/a> and a 1.7% gain in 2Q. The index continued to offer a yield of 5.7%, some 60 bps above its five-year average, the report said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf sovereigns and government related entities (GREs) drove most o<\/strong><strong>f the returns<\/strong>, with sovereigns contributing 256 bps and GREs contributing 118 bps. Saudi Arabia (+160 bps), the UAE (+122 bps), and Egypt (+36 bps) led the way in the six months ending June, according to the report.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq Capital\u2019s sovereign picks:<\/strong> The UAE and Qatar offer stability through low breakeven oil prices and diversified economies, supporting steady spreads and investor demand, Mashreq Capital said. Saudi remains fundamentally strong, though long-end bonds face pressure from supply, the report said. Oman benefits from fiscal consolidation and policy credibility, with potential for rating upgrades, while Morocco sees tightening spreads from reforms and discipline, and Egypt is supported by GCC aid, IMF backing, and improving external balances.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s \u201cpositive\u201d on<\/strong> <strong>Oman, Egypt, Morocco, and Turkey, and \u201cneutral\u201d on Saudi Arabia, <\/strong><strong>UAE, Qatar, Kuwait, and Jordan<\/strong>, as these markets offer stability but may face headwinds. Bahrain stands alone with a \u201cnegative\u201d view.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The take on corporate fixed income:<\/strong> Mashreq Capital remains overweight on select infrastructure-linked bonds in Saudi Arabia and the UAE, where strong sponsors, predictable cashflows, and sound structures offer compelling yield premiums over sovereign benchmarks, the report said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>G<\/strong><strong>CC AT1s and Tier 2s in particular offer attractive carry opportunities<\/strong>, supported by well-capitalized, often state-linked banks, the report said. On the other hand, Mashreq is cautious on Bahrain and Sharjah, where weakening credit fundamentals underscore the need for more attractive entry points, despite the assumption of broader Gulf support.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The region\u2019s bond supply is expected to reach USD 125 bn by year end<\/strong>, with around 62% already executed in 1H. Saudi Arabia alone accounted for 46% of issuance so far this year. Meanwhile, Kuwait is prepping a landmark USD 20 bn bond issuance, its largest ever, after passing a long-delayed debt law. The UAE is also expected to be a major contributor to 2H supply, with Sharjah and Ras Al Khaimah already active in 1H and further issuances expected at both the federal and emirate level, the report said.<\/p><p class=\"tag-border-left\">ON THE EQUITIES SIDE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bullish on Emirati, Qatari equities: <\/strong>Sustained oil price movements remain the dominant driver of fiscal dynamics across the region, with the UAE and Qatar best positioned in a low-price environment due to their diversified economies and low fiscal breakeven levels, while Saudi Arabia, Kuwait, and Oman exhibit higher sensitivity, the report said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mashreq Capital remains cautious on sectors tied to government spending<\/strong>, maintaining limited exposure where fiscal tightening could pose downside risk. Meanwhile, Dubai real estate remains resilient, with Emaar recording its strongest month in May, and despite slower rent growth, there are no signs of distress.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key market signals ahead: Earnings, projects, and pressure points.<\/strong> The upcoming earnings season will be closely watched, especially in Saudi Arabia, where any further deceleration in earnings growth could weigh on overall market sentiment. Financials are expected to remain solid performers, supported by robust sector data from both Saudi and the UAE, while materials and cyclical names \u2014 particularly aluminium producers and copper miners \u2014 may deliver upside surprises. A slowdown in regional project awards has also emerged as a concern \u2014 if this trend persists, it could drag on earnings growth over the next 12\u201324 months. On the tourism front, geopolitical tensions pose a lingering risk to arrivals, though recent improvements suggest a more stable outlook. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">33,821<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.36<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 49.49<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.37<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 49.47<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">24.00% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">25.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,007<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: -8.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,262<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,094<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,297<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,992<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +10.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,359<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 69.28<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.57<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3,358<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 117,760<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +25.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">881.36<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +13.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P MENA Bond &amp; Sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">145.72<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +4.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">16.41<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: -5.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP 4.5 bn (10.2% below the 90-day average). Regional investors were the sole net sellers. The index is up 13.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Edita (+7.8%), GB Corp (+2.8%), and CIB (+2.3%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Beltone Holding (-2.6%), Alexandria Mineral Oils (-1.3%), and Juhayna (-0.9%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mashreq-bank\/\">Mashreq Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"668695\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/07\/20\/668695\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-668695\" class=\"content-area-description single-story post-668695 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">24 July (Thursday): Holiday in observance of the 23 July Revolution.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End-July 2025: Egypt and Jordan to connect fifth FSRU \u2018Energos Force\u2019 to Arab Gas Pipeline via Aqaba port.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Also happening this month:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">The first operational trial of Egypt-KSA electricity interconnection line<\/span><\/li>\n<li><span>Etihad Airways to launch <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc282ccf-4479-442d-b6ad-1bbf1f31f4b3\/halliburton-to-bring-four-wells-online-by-december.-plus:-news-from-medcom-aswan,-fra,-q-developments,#:~:text=%232%2D%20Etihad%20Airways%20launches%20flights%20to%20Alamein%3A%20UAE%E2%80%99s%20Etihad%20Airways%20will%20launch%20twice%2Dweekly%20flights%20to%20Alamein%20starting%20July%202025.\" style=\"\">twice-weekly flights to Alamein<\/a><\/span><\/li>\n<li><span>China\u2019s State Grid aims to finalize contracts for two solar projects.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7 August (Thursday): Finance Ministry to begin disbursement of 50% of exporters\u2019 pre-June 2024 dues over a four-year plan.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 August (Thursday): Monetary Policy Committee\u2019s fifth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Mid-August: Launch of electronic platform to register Old Rent Law tenants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>Tourism Development Authority to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a9f59c5-87cd-41d0-a92d-546cb0333b03\/gov%25e2%2580%2599t-offers-up-seven-airport-investments#:~:text=%231%2D%20Tourism%20authority,the%20tourism%20sector.\" style=\"\">waive late payment penalties<\/a><\/span><span> for land purchases if full installments are paid<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Late-August: Deadline for cement factories to restart production.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt\u2019s USD 8 bn EFF arrangement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-27 September (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscape-events.com\/egypt\/en\/home.html\" style=\"\">Cityscape Egypt 2025<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The Egyptian-Moroccan Business Council <\/span><span>to send<\/span><span> a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2025\/06\/28\/1897472\" style=\"\">delegation<\/a><\/span><span style=\"font-weight:400;\"> of 23 local companies to Rabat.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">Egypt Education Platform (EEP) to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1e93e97-a640-4519-9bdc-69be48815b08\/education-platform-epp-wants-to-set-up-two-schools-in-alexandria-and-soma-bay-by%253cmark%253e-2025%253c%2Fmark%253e\" style=\"\">launch two new schools in Alexandria and Somabay<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">Egypt Otsuka\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951a0387-415a-4039-83bb-955ab4e7a746\/otsuka-breaks-ground-on-new-usd-40-mn-factory-in-egypt\" style=\"\">nutritional products factory<\/a><\/span><span style=\"font-weight:400;\"> in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER<\/span> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2 October (Thursday): Monetary Policy Committee\u2019s sixth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 October (Tuesday): The 2025 EnterpriseAM Egypt Forum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-16 October (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02NagbQx5dgqu17pbmb9FVEcu5tcoZrNEazUBXhBmBDT6Q1c3Yv2QFszSBGqSsXjyvl\" style=\"\">Cairo Water Week<\/a><\/span><span style=\"font-weight:400;\">, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>October: The third iteration of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/exportsmart.net\/\" style=\"\">Export Smart<\/a><\/span><span style=\"font-weight:400;\"> Exhibition and Conference.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NOVEMBER<\/span> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-19 November: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT 2025<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 November (Thursday): Monetary Policy Committee\u2019s seventh meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">November: Egypt to join the EU\u2019s Horizon Europe research and innovation program.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DECEMBER<\/span> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-4 December: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptdefenceexpo.com\/\" style=\"\">Egypt Defence Expo<\/a><\/span><span style=\"font-weight:400;\"> (EDEX), Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 December: (Thursday): Monetary Policy Committee\u2019s eighth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Mid-2025: EGX launches sustainability index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.5;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2025: Potential visit by Chinese President Xi Jinping to Egypt<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2025: The beginning of construction works on China\u2019s State Grid two solar projects.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2025: GB Auto starts assembling one of China\u2019s Great Wall Motor models in 4Q 2025.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2025: The InterAcademy Partnership assembly<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2025: Nile Basin States Summit, Cairo, Egypt<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2025: Release of the government\u2019s Startup Charter document <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Early 2026:<\/span><span style=\"font-weight:400;\"> Passenger operations on the New Administrative Capital\u2013Nasr City monorail scheduled to begin.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">1Q 2026: <\/span><span style=\"font-weight:400;\">Trial operations for the Ain Sokhna\u2013Sixth of October section of Egypt\u2019s first high-speed rail line scheduled to begin.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 January: European Union\u2019s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 March 2026: IMF to hold its seventh review of Egypt\u2019s USD 8 bn EFF arrangement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2026: End of extension for developers on 15% interest rates for land installment payments <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September 2026: IMF to hold its eighth review of Egypt\u2019s USD 8 bn EFF arrangement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2H 2026: Operations at Deli Glass Co\u2019s new USD 70 mn glassware factory kick off.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>April 2027: Tenth of Ramadan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8320d4df-e1a7-405e-be07-08e6590aff0e\/\" style=\"\">dry port and logistics hub<\/a><\/span><span style=\"font-weight:400;\"> to begin operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2027: Egypt to host EBRD\u2019s annual meetings for 2027.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>September 2028: First unit of the Dabaa nuclear power plant begins operations.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Closing the funding gap | Doubling tax revenues | The forecast for subsidies | Ratifying VAT amendments.<\/p>\n","protected":false},"featured_media":668665,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-668664","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"89550700-4672-4bef-b3dc-c26f4c9bb045","teaser":"Closing the funding gap | Doubling tax revenues | The forecast for subsidies | Ratifying VAT amendments.","photo_url":"https:\/\/ent.news\/2025\/7\/1230.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>FinMin hopes to unlock USD 2.5 bn from the IMF this fall - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/finmin-hopes-to-unlock-usd-2-5-bn-from-the-imf-this-fall\/\" \/>\n<meta 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