{"id":672752,"date":"2025-09-30T00:00:00","date_gmt":"2025-09-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=672752"},"modified":"2025-12-18T08:23:51","modified_gmt":"2025-12-18T08:23:51","slug":"our-return-to-the-international-debt-market","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/our-return-to-the-international-debt-market\/","title":{"rendered":"Our return to the international debt market"},"content":{"rendered":"<section id=\"672754\" 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=\"672754\">\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\/09\/30\/govt-identifies-more-priority-industries-earmarked-for-localization\/\">\r\n                            Egypt identifies more priority industries earmarked for localization                        <\/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\/09\/30\/govt-identifies-more-priority-industries-earmarked-for-localization\/\" 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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And in the lead up to this week\u2019s interest rate meeting at the CBE, we spoke to a dozen economists and banking experts to get their predictions \u2014 most penciled in a 100-200 bps rate cut, citing cooling inflation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>The localization push is once again making headlines after the Industry Ministry unveiled an even longer list of priority industries it wants to localize, bringing the total figure to 28. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>BEFORE WE DIVE IN- We have a long weekend ahead: <\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02BkuC7GFucxjsWsRMNMVFXFwtsVLDDTFut3NCbusdCKKfEQ9sm1nS3kySu21yRvrpl\" style=\"\" rel=\"noopener\">announced<\/a> Thursday, 9 October as a holiday for the public sector in observance of Armed Forces Day. We\u2019ll be on the lookout for similar statements from the Labor Ministry, EGX, and central bank.<\/p>\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 href=\"https:\/\/mailchi.mp\/enterpriseam.com\/2025egyptforum\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1723.jpg?ssl=1\"><\/a> <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\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\"><strong>WEATHER- <\/strong>The capital is in for a high of 33\u00b0C and a low of 22\u00b0C today, 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 30\u00b0C and a low of 21\u00b0C.<\/p>\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\"><a id=\"wwtt2\"><\/a> <strong>#1- El Khatib talks reforms with IMF team:<\/strong> Investment Minister Hassan El Khatib met yesterday with two representatives from the IMF to review Egypt\u2019s ongoing financial and trade reforms, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zfyryPmn9Ytk2dyJVBfkUbZyCRfVEiYNoLfFJmsktu3vJC3vLdAZ9JudGBJeDxXel\" style=\"\" rel=\"noopener\">statement<\/a>. El Khatib highlighted the latest efforts taken by the state to boost investment and trade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> An IMF mission is scheduled to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ea5fc5f-102e-4b37-818c-89f905a64fd2\/imf-mission-to-prioritize-subsidies,-privatization-in-october-talks\" style=\"\" rel=\"noopener\">land in Egypt this week<\/a> to complete the fifth and sixth reviews of the country\u2019s USD 8 bn Extended Fund Facility Arrangement. <\/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- FinMin to offer plots to investors under plan to monetiz<\/strong><strong>e unused land:<\/strong> The Finance Ministry will launch the first phase of its plan to utilize unused state-owned idle land in the coming weeks, offering six plots in Cairo\u2019s Al Gamaliya area to investors, it said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0351VQfgPUuw4vgcH1YPbroiCbU7dhpd6hFQLqmFVg6NEEYvJ2EQS3xiKFyUpfBFGSl\" style=\"\" rel=\"noopener\">statement<\/a>. Data will be made available to investors and developers ahead of the official tender to allow for due diligence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A push to draw in private-sector capital:<\/strong> The ministry said the plan aims to attract private developers, real estate funds, and companies with experience in urban projects to repurpose vacant state-owned plots into \u201cinnovative\u201d developments that create added value and jobs in surrounding communities. <\/p>\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>#3- So, when will the state begin taxing sugar again?<\/strong> The move to start taxing sugar for the first time since 2016 is awaiting the greenlight from MPs, who reconvene tomorrow, a government source told EnterpriseAM. The planned levy will come in three to four progressive brackets, the source said, noting that subsidized sugar sold to ration card holders will be exempt from the tax. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> A government source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f918eb-2e1c-4932-9dbd-2efa16da82fe\/%253cmark%253esugar%253c%2Fmark%253e,-training-services-to-lose-vat-exemption-under-finmin-plan\" style=\"\" rel=\"noopener\">told us in April<\/a> that the Finance Ministry is planning to introduce amendments to the Value Added Tax Law that would scale back exemptions on sugar. The move is expected to help the state raise some EGP 443 mn in sugar taxes. <\/p>\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>#4- Gov\u2019t identifies more priority industries earmarked for localization: <\/strong>The Industry Ministry has identified <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/mti.egypt\/posts\/pfbid0cnCH6yUBzfXmCY1qkyHQ8DykXJHP6HXSMjWP66TCywRKr8SWTbhhKdfXPxWu8JJ6l?rdid=zyfpD7ybC4CynAjI#\" style=\"\" rel=\"noopener\">five industries<\/a> that the government is looking to localize, adding onto the list of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6eb8ac38-6fd7-40e3-bd04-9d4c309d0453\/egypt-lays-out-23-priority-industries-for-its-localization-push\" style=\"\" rel=\"noopener\">23 priority industries unveiled last December<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sectors in question now include<\/strong> solar and wind energy components, cars and their components, industrial system software, desalination and treatment plant components, baby formula, aluminum products, electrical transformers, seamless pipes, water pumps, pharma products, polyester, soda ash, electric motors, generators, inks, electrical components, recyclable materials, central air conditioning cooling systems, elevators and escalators, sound systems and cameras, advanced robotics, green hydrogen, petrochemicals, textiles, food industries, leather products, and iron and its derivatives. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the selection: <\/strong>\u201cCriteria for selecting these areas of manufacturing included: the availability of energy; the average monthly wages of workers, technicians and engineers; the availability of raw materials and factories in Egypt; access to production technologies necessary for each industry; local demand as well as Egypt's geographical advantage for distribution,\u201d the Industry Ministry said in its statement. <\/p>\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>#5- A new EU-backed fund to support NGOs:<\/strong> The Madbouly government yesterday <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MoSS.Egypt\/posts\/pfbid0kpJZUj3CSJQMGf18wtXTd1KWEnLqrKiFrYsqGKWdntxNK5aRcYs2hseP9pzQkJZdl\" style=\"\" rel=\"noopener\">launched<\/a> the Civil Society Support Fund. Backed by the EU\u2019s Equal Opportunities and Social Development project, the fund is designed to strengthen the ability of civil society organizations to respond to evolving community needs and support sustainable development.<\/p>\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\"> <a id=\"wwtt5\"><\/a> <strong>Arab, Islamic FMs back Trump\u2019s Gaza peace plan:<\/strong> Foreign ministers from Egypt, Jordan, the UAE, Indonesia, Pakistan, Turkey, Saudi Arabia, and Qatar issued a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=1117267537249758&amp;id=100068995666430&amp;mibextid=wwXIfr&amp;rdid=9d0fA3iZZubP6dzk#\" style=\"\" rel=\"noopener\">joint statement<\/a> yesterday welcoming US President Donald Trump\u2019s proposal to end the war in Gaza. The ministers said they \u201cassert their confidence in his ability to find a path to peace\u201d and underscored the importance of partnership with Washington in advancing regional stability. The FMs expressed their readiness to work with the US to finalize the agreement and ensure its implementation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s in the plan?<\/strong> The 20-point plan \u2014 which secured Israeli backing last night \u2014 calls for an immediate ceasefire, a swap of hostages for Palestinian prisoners, a staged Israeli withdrawal, and Hamas\u2019 disarmament. It envisions Gaza run by a technocratic Palestinian committee backed by a \u201cBoard of Peace\u201d chaired by Trump. Hamas is yet to respond to the proposal. <\/p>\n<p class=\"tag-border-left\">SUKUK WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Weekly sukuk roundup:<\/strong> The yield to maturity on our sovereign sukuk eased to 8.07% last Friday, down from 8.27% the week before, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1767.pdf\" style=\"\" rel=\"noopener\">weekly report (pdf)<\/a> on Egypt\u2019s sovereign sukuk performance. The country\u2019s sovereign sukuk prices rose slightly to USD 101.14, compared to USD 101.12 a week earlier.<\/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 class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#<\/strong><strong>1- We\u2019re on the lookout for Korean investment and economic cooperation news <\/strong><strong>today<\/strong> as Egypt and South Korea mark 30 years of diplomatic relations with the Egypt-South Korea Business Forum. Bilateral investment, trade, green energy, and education cooperation are expected to top the agenda.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- It\u2019s day two of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/egyptinnovationweek.com\/2025\" style=\"\" rel=\"noopener\">Egypt Innovation Week<\/a><\/strong>, the country-wide \u201cweek-long celebration [that] brings together entrepreneurs, investors, educators, and government leaders to spark collaboration and drive real impact,\u201d according to the event organizers. The series of events and forums runs until 6 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also the last day of the event's <\/strong><strong><a target=\"_blank\" href=\"https:\/\/technesummit.com\/2025\" style=\"\" rel=\"noopener\">Techne Summit Cairo<\/a><\/strong>, which is expected to bring together tens of thousands of innovators from over 70 countries and some big names in the local, regional, and global startup scene as speakers.<\/p>\n<p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The House will officially be back in session tomorrow: <\/strong>The House of Representatives will convene tomorrow to open the sixth session of the second legislative term, according to a directive from President Abdel Fattah El Sisi published in the Official Gazette.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Attention executives, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aucegypt.edu\/admissions\/graduate\" style=\"\" rel=\"noopener\">application deadline<\/a><\/strong><strong> for the Onsi Sawiris School <\/strong><strong>of B<\/strong><strong>usiness\u2019 <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.aucegypt.edu\/academics\/graduate-programs\/executive-mba\" style=\"\" rel=\"noopener\">Executive MBA program<\/a><\/strong><strong> is tomorrow.<\/strong> The program offers senior executives, entrepreneurs, and professionals the chance to hone their leadership skills, learn how to drive real strategic change in their organizations, and gain a new global perspective on business. The 20-month program tailored for working professionals is set to kick off in mid-October.<\/p>\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>** 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 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>The foreign press is leading with Donald Trump\u2019s announcement that he and Israeli <\/strong><strong>Prime Minister Benjamin Netanyahu have agreed on a US-brokered peace framework for Gaza <\/strong>\u2014 a 20-point plan that calls for an immediate ceasefire. Trump warned Hamas that Israel would have Washington\u2019s \u201cfull support\u201d to destroy Hamas if it rejects the deal. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-forces-advance-ahead-trump-netanyahu-gaza-war-talks-2025-09-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2025\/sep\/29\/trump-netanyahu-gaza-peace-plan\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-09-29\/trump-unveils-20-point-plan-to-end-gaza-war-after-netanyahu-meet\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0c1f3cc4-799a-495c-b12f-20c613289e97\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2025\/09\/29\/trump-netanyahu-gaza\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cvgr092lnyyo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/09\/29\/world\/trump-netanyahu-israel-gaza\" style=\"\" rel=\"noopener\">New York Times<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have more on the plan and the Arab response to it in the news well, above. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE CLIMATE FRONT-<\/strong> Leaders from climate-vulnerable nations used the UN General Assembly to blast rich countries for falling short on funding commitments, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/cop\/developing-countries-accuse-rich-broken-climate-promises-un-2025-09-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Developing countries\u2019 leaders said the USD 100 bn pledged back in 2009 came too late and that the USD 300 bn target set for 2035 is nowhere near the USD 1 tn they estimate is needed annually by the end of the decade. <strong>We suspect climate action will be a frequent guest on the foreign pages in the weeks to come<\/strong> with COP30 less than two weeks away. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN THE COURTS-<\/strong> Charlie Javice, the founder of student-loan fintech Frank, was sentenced to seven years in prison for defrauding JPMorgan in its USD 175 mn acquisition of her company. The 33-year-old entrepreneur was also ordered to pay USD 288 mn in restitution and forfeit another USD 22 mn, though the judge allowed her to remain free on bail pending appeal, citing her medical condition. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b0e97fc9-c3f1-4b3e-a5ae-9f9a6b30ae6e\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/us-news\/2025\/sep\/29\/charlie-javice-sentence-jpmorgan\" style=\"\" rel=\"noopener\">The Guardian<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/09\/29\/jpmorgan-chase-frank-charlie-javice-sentencing.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/09\/29\/business\/charlie-javice-sentence.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/entrepreneur-charlie-javice-sentenced-over-seven-years-defrauding-jpmorgan-2025-09-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2025\/09\/29\/charlie-javice-jp-morgan-fraud-case-sentenced-prison\" style=\"\" rel=\"noopener\">Axios<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/charlie-javice-sentencing-fraud-jp-morgan-238cb9a218265f7fd9bea54b06eae9b7\" style=\"\" rel=\"noopener\">Associated Press<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> EnterpriseAM\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We look at Egypt\u2019s green bunkering ambitions and how the country can navigate the hurdles facing green bunkering uptake. <\/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\/localization\/\">localization<\/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=\"672756 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=\"672756\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/672756\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672756\" class=\"content-area-description single-story post-672756 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\/9\/596.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer<\/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=\"672757\" 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=\"672757\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/\">\r\n                            Egypt taps international debt market with USD 2 bn sovereign sukuk issuance                        <\/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\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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href=\"https:\/\/x.com\/intent\/post?text=Egypt taps international debt market with USD 2 bn sovereign sukuk issuance&url=https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/\">\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\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/&title=Egypt taps international debt market with USD 2 bn sovereign sukuk issuance\">\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=Egypt+taps+international+debt+market+with+USD+2+bn+sovereign+sukuk+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F09%2F30%2Fegypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance%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\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1530.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"672758\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/egypt-taps-international-debt-market-with-usd-2-bn-sovereign-sukuk-issuance\/1530-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1530.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1530.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1530.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1530.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672757\" class=\"content-area-description single-story post-672757 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\/9\/.2d3ba51d-0f08-4d50-8fdc-0793a9a4258c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Egypt returned to the<\/strong><strong> international debt market yesterday with a USD 2 bn <\/strong><strong>dual <\/strong><strong>tranche sovereign sukuk issuance<\/strong>, comprising tenors of three and seven years, with the offering advisors inviting investors to subscribe, senior government sources told EnterpriseAM.<\/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 issuance stands as Egypt\u2019s third-ever sovereign sukuk issuance, following June\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3455799b-478b-4caa-9416-954287686ac3\/finmin-completes-usd-1-bn-sovereign%253cmark%253e-sukuk%253c%2Fmark%253e-issuance-fully-subscribed-by-kuwait-finance-house\" style=\"\" rel=\"noopener\">USD 1 bn sovereign sukuk issuance<\/a>, which was fully subscribed by Kuwait Finance House, and our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8098cfcf-0e05-49cc-8f1a-20cdc83b9059\/it%25e2%2580%2599s-showtime-for-our%253cmark%253e-maiden%253c%2Fmark%253e-sovereign%253cmark%253e-sukuk%253c%2Fmark%253e-issuance\" style=\"\" rel=\"noopener\">maiden<\/a> sukuk issuance back in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The issuance is the first international issuance of the fiscal year<\/strong> and is composed of a USD 1.25 bn, three-year tranche with an indicative yield of 8.625%, while the longer-term tranche is valued at USD 750 mn with an interest rate of 9.45%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The issuance is twice as big as we were expecting.<\/strong> A government source told us in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/566a1889-71cf-44b3-a938-b935c5a47e7e\/gov%25e2%2580%2599t-looking-to-issue-usd-1-bn%253cmark%253e-sukuk%253c%2Fmark%253e-issuance-in-the-international-market-as-early-as-september\" style=\"\" rel=\"noopener\">August<\/a> that Egypt may tap the international debt markets with a USD 1 bn sovereign sukuk tranche by September or October as a part of the country's USD 5 bn international sovereign sukuk program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new issuance\u2019s yields are significantly lower than those on our maiden sukuk tranche<\/strong>, which was initially priced at 11.0% before market momentum dragged the yield down. Our sources attributed the dip to an improvement in our credit rating and the stable economic outlook.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are more international debt issuances in the pipeline<\/strong>, with the Finance Ministry moving forward with plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9343282-fd58-4a7e-8e67-471e616b077a\/egypt-eyes-usd-4-bn-bond-issuance-to-address-funding-gap\" style=\"\" rel=\"noopener\">issue<\/a> USD 3-4 bn in international bonds this fiscal year to help address its USD 11 bn external financing gap. The planned issuances could include EUR- and USD-denominated securities, sustainability bonds, sukuk, and CNY- or JPY-denominated instruments, according to our sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The bonds will be listed on the London Stock Exchange when the issuance is closed, we were told.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Our friends at HSBC are leading the issuance, along with Citibank, Dubai Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank.<\/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=\"672759 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=\"672759\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/672759\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672759\" class=\"content-area-description single-story post-672759 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:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/715.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=\"672760\" 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=\"672760\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/slim-majority-of-analysts-forecast-rate-cut-on-the-back-of-easing-inflation-enterpriseam-poll\/\">\r\n                            Slim majority of analysts forecast rate cut on the back of easing inflation -EnterpriseAM poll                        <\/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\/09\/30\/slim-majority-of-analysts-forecast-rate-cut-on-the-back-of-easing-inflation-enterpriseam-poll\/\" 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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Eight out of the 12 economists and banking experts we spoke to forecast a rate cut between 100-200 bps, while the other four participants see the CBE holding rates unchanged.<\/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 CBE slashed interest rates by 200 bps in its fifth meeting of the year in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd8a7318-ec5c-42c8-9bfc-0a32e634a8da\/central-bank-of-egypt-resumes-its-easing-cycle-with-200-bps-cut\" style=\"\" rel=\"noopener\">August<\/a>, resuming its easing cycle, which was paused in July after two consecutive cuts totalling 325 bps in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/030e8a7e-a0f6-48c5-bf6c-794c43555671\/cbe-cuts-rates-for-the-first-time-since-november-2020\" style=\"\" rel=\"noopener\">April<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a14e89a-ecd2-4279-9309-ff06b2750da5\/cbe-cuts-rates-for-second-time-amid-easing-inflationary-pressures\" style=\"\" rel=\"noopener\">May<\/a>. The August cut marked the bank's third rate cut since November 2020.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where rates currently stand:<\/strong> The overnight deposit rate now stands at 22.0%, the overnight lending rate at 23.0%, and the main operation and disc. rates at 22.5%. Rates are now down a whole 525 bps since the bank began its easing cycle in April.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Easing inflation has given the CBE the needed room to continue cutting rates<\/strong>, with annual headline urban inflation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c733ec3d-c191-420b-9a88-2a4e8f788011\/%253cmark%253einflation%253c%2Fmark%253e-eases-for-third-straight-month-to-12.0%2525-in-august\" style=\"\" rel=\"noopener\">easing 1.9 percentage points to 12.0% y-o-y in August<\/a>, most analysts emphasized in their comments to us. The dip brought the country\u2019s headline figure to its lowest reading since March 2022 and marked the third consecutive month of easing price growth, providing further confirmation for many that the country\u2019s broad disinflationary trajectory is here to stay. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some also pointed to exchange rate stability as a reason why the bank will decide to cut<\/strong>, including economist Hany Hafez told EnterpriseAM that the MPC has a \u201cgolden window\u201d as it can capitalize on both \u201cslowing inflation and the stability of the EGP.\u201d EFG Hermes\u2019 Mohamed Abu Basha similarly pointed to \u201cthe appreciating EGP, absence of fiscal consolidation measures, and a favourable base effect\u201d as the drivers of a positive trajectory for inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>October\u2019s a good time to frontload cuts for the year with upcoming IMF reforms set to <\/strong><strong>add to inflationary pressures later in the year<\/strong>, argues Deutsche Bank. To persuade the Fund to greenlight the combined fifth and sixth reviews of our Extended Fund Facility, upcoming fuel price hikes will result in \u201cadditional pass-through to inflation in November and possibly&nbsp;<span style=\"background-color: transparent;\">December.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite recent rate cuts, real interest rates are still at historically high levels<\/strong>, Hany Hafez told EnterpriseAM. This gives the CBE a comfortable margin to cut rates without threatening market stability or the attractiveness of our carry trade, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But not everyone agrees that the MPC will decide to cut<\/strong>, including Economics Professor Medhat Nafei and former Industrial Development Bank Chairman Maged Fahmy, who think the CBE will likely hit pause on rate cuts this week. The two see the bank preferring to wait and assess the impact of upcoming price fuel hikes before making a move. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bank may also keep rates stable \u201cto give the economy enough time to fully absorb <\/strong><strong>August\u2019s 200 bps rate cut<\/strong>,\u201d HC Securities\u2019 Heba Mounir told us. Mounir also pointed to the \u201canticipated inflationary impact of the USD 1 per mn British thermal units increase in natural gas price to the industrial sector and the upcoming fuel price hikes that will be announced in October,\u201d among her reasons behind her forecast. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If the bank does go for a 200 bps cut, any future cuts this year will be limited<\/strong>, Hany Hafez added. Assuming the CBE does go for the larger cut, the government is expected to closely monitor the inflationary impact of planned energy price increases as the country phases out subsidies under its obligations to the IMF, we were told.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As ever, \u201cthe easing cycle will remain gradual and data-dependent<\/strong>,\u201d economist and Kent Business College Business Advisor Ali Metwally said in reference to the CBE\u2019s long-stated approach to the issue. The CBE will continue to balance \u201cinflation risks against the need to support growth and reduce the fiscal burden of high debt servicing,\u201d he added. Under this view, Metwally sees 200-300 bps worth of cuts, including from this week, by the end of the year. Some, including Abu Basha, see the planned fuel price hike pushing the bank to keep rates put in November\u2019s meeting as it assesses the impact.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some are more bullish in their 2025 forecasts<\/strong>, including Capital Economics\u2019 James Swanston, who thinks the bank could cut rates by a total 400 bps from now until the end of the year. On the assumption that inflation will cool over the remainder of the year to an average 11.0% y-o-y in 4Q, Swanston sees the bank moving to cut rates 200 bps this week before adding two 100 bps cuts in November and December to take the overnight deposit rate to 18.0%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those expecting a hold this week have scaled back expectations for cuts to come in the <\/strong><strong>last few months of the year<\/strong>, including Beltone Holding Head of Research Ahmed Hafez who sees room for a further 250 bps worth of cuts in 4Q if it keeps rates stable in its upcoming meeting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And if inflation speeds up in September\u2019s reading, further rate cuts could be off the table <\/strong><strong>for 2025 \u2014 even if the MPC holds rates this week<\/strong> \u2014 Nafei said. \u201cIf monthly inflation readings show a sharp rebound, this holding pattern could persist until the end of the year,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The consensus is that inflation may creep up again at some point in 2025, but think it\u2019s <\/strong><strong>no <\/strong><strong>reason to panic<\/strong>, with any uptick in inflationary pressures expected to remain in the 12-14% y-o-y range, Metwally told us. Any uptick in this range will still be well below last year\u2019s peaks, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If inflation does pick up, incoming fuel, energy, and water price hikes will be to blame<\/strong>, Hany Hafez \u2014 who also sees inflation concluding 2025 in the 12-14% range \u2014 told us. Abu Basha similarly penciled in inflation ending the year at 13-14%, pointing to the expected 15-20% fuel price hike in October. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a risk we\u2019re overestimating the impact of the approaching fuel price hike<\/strong>, as \u201chistorical data suggests that fuel price hikes trigger a rise in the monthly inflation rate to nearly 3%\u201d which \u2014 even if at the upper estimate of 3.5% \u2014 would push the annual headline figure to 13.5% y-o-y, or 14% y-o-y with ripple effects, according to Al Ahly Pharos Head of Research Hany Genena. But after this final hike to end fuel subsidies once and for all, \u201cfuture hikes would be the usual 10%, less or more, depending on global fuel and oil prices and the exchange rate,\u201d opening up the door to bringing inflation down to more normal levels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yet, others think that the inflation rate could weather incoming inflationary pressures<\/strong>, with fuel price hikes potentially absorbed by a dip in the country's import bill as the EGP strengthens against the USD, EG Bank Board Member Mohamed Abdel Aal told us. Abdel Aal sees headline inflation stabilizing at around 12% y-o-y on average and core inflation at 10% y-o-y on average. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the short term, many analysts see inflation falling in September<\/strong>, including Deutsche Bank, which sees inflation falling around 1.5 percentage points to 10.5% y-o-y \u2014 give or take. Abu Basha also expects inflation to fall again in September, before rising the month after, \u201cwhen the next \u2014 and final \u2014 fuel price hike will be implemented.\u201d<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"672763\" 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=\"672763\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/govt-freezes-north-coast-land-allocation-as-it-works-on-updating-pricing-policies\/\">\r\n                            Egypt freezes North Coast land allocation as it works on updating pricing policies                        <\/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\/09\/30\/govt-freezes-north-coast-land-allocation-as-it-works-on-updating-pricing-policies\/\" 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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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"672764\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/govt-freezes-north-coast-land-allocation-as-it-works-on-updating-pricing-policies\/1203-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1203.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1203.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1203.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/6\/1203.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672763\" class=\"content-area-description single-story post-672763 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-enterpriseam tag-new-urban-communities-authority tag-north-coast tag-real-estate 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\/9\/.d79f29a5-62c1-42bf-aae9-959944dce310.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>G<\/strong><strong>ov\u2019t rethin<\/strong><strong>ks North Coast land pricing: <\/strong>The New Urban Communities Authority (NUCA) has suspended new land allocations on the North Coast to allow for a comprehensive update of pricing policies of plots around Ras El Hekma through to Alam El Roum, government sources told EnterpriseAM. The move comes as the government reviews land valuations in light of new road networks and the flagship Ras El Hekma project.<\/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>Repricing incoming for new projects:<\/strong> The repricing drive is expected to reset land values for future projects in the area, while NUCA also plans to cancel its land withdrawal mechanism. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Flexibility on existing fees<\/strong><strong>:<\/strong> Authorities are also softening the terms of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/255f5462-560b-42cf-a2dd-1793abf57ebf\/foreign-north-coast-developers-hit-with-usd%253cmark%253e-fees%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">EGP 1k per sqm<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/255f5462-560b-42cf-a2dd-1793abf57ebf\/foreign-north-coast-developers-hit-with-usd%253cmark%253e-fees%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">improvement fee<\/a> levied on local North Coast developers and the USD 20 per sqm fee on foreign players, the sources told us. The fees will now only apply to undeveloped land. In cases where developers acquired land via transfers, NUCA is reviewing each case individually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dozens of appeals under review:<\/strong> NUCA is still processing a backlog of complaints, having received some 50 appeals from 33 developers, of which a portion has already been resolved. Another 123 companies have moved ahead with their projects after settling financial dues and obtaining licenses, according to the sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Earlier this month, NUCA adopted more <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e88861f0-5995-4c2f-ba90-1830a70cd852\/real-estate-players-appeal-against-new-fees-on-north-coast-projects\" style=\"\" rel=\"noopener\">lenient terms<\/a> allowing developers to settle 20% of fees upfront and the remainder over five years. Foreign developers remain obliged to settle fees in a single installment.<\/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\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/north-coast\/\">north coast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2099.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=\"672766\" 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=\"672766\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/egyptians-for-healthcare-services-closes-egp-2-4-bn-sukuk-for-capital-med\/\">\r\n                            Egyptians for Healthcare Services closes EGP 2.4 bn sukuk for Capital Med                        <\/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\/09\/30\/egyptians-for-healthcare-services-closes-egp-2-4-bn-sukuk-for-capital-med\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egyptians+for+Healthcare+Services+closes+EGP+2.4+bn+sukuk+for+Capital+Med+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F09%2F30%2Fegyptians-for-healthcare-services-closes-egp-2-4-bn-sukuk-for-capital-med%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\/09\/30\/egyptians-for-healthcare-services-closes-egp-2-4-bn-sukuk-for-capital-med\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1699.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"672767\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/egyptians-for-healthcare-services-closes-egp-2-4-bn-sukuk-for-capital-med\/1699-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1699.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1699.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1699.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1699.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672766\" class=\"content-area-description single-story post-672766 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-al-ahly-pharos tag-debt tag-debt-watch tag-egyptians-for-healthcare-services tag-enterpriseam 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\/9\/.e175c92b-550d-4758-aab8-531b03620657.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Egyptians for Healthcare Services closed Egypt\u2019s first sustainability-linked <\/strong><strong>musharaka sukuk<\/strong>, raising EGP 2.4 bn to finance its Capital Med project, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1731.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/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>A double first: <\/strong>The issuance marks Egypt\u2019s first sustainability-linked musharaka sukuk and its first for a greenfield company in the healthcare industry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the project:<\/strong> Badr City\u2019s medical city Capital Med is a 144-acre, fully integrated healthcare city, which will house over 4k beds, 700 ICUs, and 70 operating rooms, serving over 5 mn patients a year. It will employ over 25k healthcare professionals. It aims to play a part in the government\u2019s ambitions to make Egypt a medical tourism hub. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who bought in? <\/strong>Al Ahly Pharos, National Bank of Egypt, Suez Canal Bank, and Al Baraka Bank acted as the transaction\u2019s underwriters. Abu Dhabi Commercial Bank and the Industrial Development Bank participated in the issuance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Al Ahly Pharos acted as the financial advisor, lead manager, and bookrunner. The National Bank of Egypt acted as the placement agent, and the Suez Canal Bank served as the payment agent. Zulficar & Partners provided counsel, while Baker Tilly was the auditor. <\/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\">PREMIUM CARD RAISES EGP 224 MN IN SECURITIZATION ISSUANCE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Premium International for Financial Services \u2014 often known by its sole <\/strong><strong>product Premium Card \u2014 closed a EGP 224 mn securitization bond issuance<\/strong>, its fourth under an EGP 2 bn, three-year program, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1660.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from Dreny & Partners, which provided counsel on the transaction. The issuance was backed by a receivables portfolio assigned by Premium International.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The issuance came in two tranches, rated P1 and A- by the Middle East Ratings and Investors Service.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Our friends at EFG Hermes acted as the financial advisor, lead arranger, and underwriter, while the Arab African International Bank acted as the underwriter, custodian, and bookrunner. KPMG was the auditor.<\/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\/al-ahly-pharos\/\">Al Ahly Pharos<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptians-for-healthcare-services\/\">Egyptians for Healthcare Services<\/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=\"672768 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=\"672768\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/672768\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672768\" class=\"content-area-description single-story post-672768 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=\"672769\" 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=\"672769\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/uaes-dragon-oil-was-awarded-the-north-july-oil-concession\/\">\r\n                            UAE\u2019s Dragon oil was awarded the North July oil concession                        <\/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\/09\/30\/uaes-dragon-oil-was-awarded-the-north-july-oil-concession\/\" 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 agreement, expected to be signed before year-end, will run for six years and commits Dragon Oil to invest at least USD 20 mn, including drilling up to three wells. Production is slated to begin within two years of signing. <\/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> Three energy firms \u2014 Dragon Oil, drilling giant Ades Holding, and local energy player Cheiron \u2014 were <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/718cafd4-7694-46fd-b30a-14c3bbb7218a\/oil-ministry-confirms:-gas-supplies-secured\" style=\"\" rel=\"noopener\">all vying<\/a> for the concession.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dragon has the edge: <\/strong>The field is located near the Gulf of Suez Petroleum Company\u2019s production facilities, in which Dragon Oil is a shareholder, a key factor that an official says could speed up development and output timelines.<\/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- Egypt, Greece wrap up GREGY studies:<\/strong> Egypt and Greece signed an agreement to conclude the technical and economic studies for the 3 GW <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3aee177f-9de0-4fb4-9b23-27b1f439ad07\" style=\"\" rel=\"noopener\">Egypt-Greece Interconnector<\/a> (GREGY), according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0y7ZA1arPTfRB8C6TiEbRk1ZLJmXXEqg5EL5ViRJbW4G7eYdQsPSr3r4XBrBLi6z1l\" style=\"\" rel=\"noopener\">statement<\/a> from the Electricity Ministry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Work on GREGY is slated to begin before the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3aee177f-9de0-4fb4-9b23-27b1f439ad07\" style=\"\" rel=\"noopener\">end of 2H 2025<\/a>, with EUR 1 bn in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/\" style=\"\" rel=\"noopener\">financing expected<\/a> from European lenders. The link will channel up to 3 GW of electricity from Egypt to Europe via the Greek grid, with 1 GW earmarked for Greece and the rest set to reach countries like Germany and Italy. The link-up is part of Egypt\u2019s wider plan to boost total interconnection capacity to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/682a375b-cd9e-4c38-9f81-0378ff22fd87\/gov%25e2%2580%2599t-targets-3.9-gw-in-regional-power-interconnections-by-2026\" style=\"\" rel=\"noopener\">3.9 GW by 2026<\/a>, up from 790 MW last year.<\/p>\n<p class=\"tag-border-left\">M&A WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- ECA clears Moody\u2019s to take control of Meris:<\/strong> The Egyptian Competition Authority (ECA) has approved Moody\u2019s acquisition of a 35% stake in Middle East Rating & Investors Service (Meris), giving the New York-based credit rating giant the ability to exercise sole control over Egypt\u2019s only domestic credit rating agency, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCompetitionAuthorityECA\/posts\/pfbid02gCC6fBuRhZG6Bz6zqu8EK1GZL99XthukvXYSBnLS4AK8yNrVxLDB3d2Q9AaqRgvpl\" style=\"\" rel=\"noopener\">ECA statement<\/a>. The competition watchdog said it received the full filing at the start of September and granted it the clearance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Moody\u2019s announced it was looking to raise its stake in Meris to a majority holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c518e51d-1ec5-4e2b-a4e9-426bf631aa51\/moody%25e2%2580%2599s-seeks-majority-stake-in-local-credit-rating-agency%253cmark%253e-meris%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">in August<\/a>, as part of a push to broaden its presence in the region. The rating agency, which was set up in 2003 as a joint venture between Moody\u2019s and local consultant Finance and Banking Consultants International (FinBi), issues domestic credit ratings for banks, companies, and structured finance transactions.<\/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- What\u2019s the fair value of Cairo Educational Services? <\/strong>Karvy Financial has put Cairo for Educational Services\u2019 fair value at EGP 29.9-30.9, according to an EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1734.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. This makes CIRA\u2019s offer price of EGP 32.7 a roughly 5.8% premium, by our math.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6dce0a25-b52c-4623-b3d0-5a9cb89a5a15\/fra-approves-cira%e2%80%99s-bid-for-90%25-of-cairo-educational-services\" style=\"\" rel=\"noopener\">Last month<\/a>, the FRA cleared CIRA\u2019s bid to raise its stake in Cairo Educational Services to 90% through a mandatory tender offer covering 20.6% of the company at EGP 32.7 per share, valuing the transaction at EGP 80.8 mn. The MTO is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4d0752e-06cd-49a5-afea-129633c549b9\/%253cmark%253ecira%253c%2Fmark%253e-gets-green-light-to-extend-mto-for-caed\" style=\"\" rel=\"noopener\">valid<\/a> until 13 October. <\/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\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr<\/strong><strong> will set up development companies abroad with initial <\/strong><strong>investments of USD 5 mn<\/strong> after its board approved the move, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/1746.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM MADINET MASR- <\/strong>The local real estate developer inked a strategic partnership agreement with local design studio Qubix to set up Tajed\u2019s first commercial and entertainment hub, called The Prism, set to be completed by the end of 2026. It inked another agreement with fitness brand LA7 to open a 5.4k sqm integrated health, wellness, and sports complex \u2014 its largest branch yet \u2014 in Tajed, set to begin operations in 1Q 2027. <\/p>\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>Emirati President Sheikh Mohamed bin Zayed Al Nahyan was in town for a <\/strong><strong>one-day visit<\/strong>, where <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02MWAwWGmNrufMWMFEuEgKzZGXp95fS9vZ6729vGwch12knLMwyvAGBEZSLitu2ENNl\" style=\"\" rel=\"noopener\">he met with President Abdel Fattah El Sisi<\/a> and discussed Egypt-bound Emirati investments and economic ties between the two nations.<\/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          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-->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"672771\" 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=\"672771\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/ems-are-in-for-a-record-year-in-private-credit\/\">\r\n                            Private credit boom hits emerging markets with record USD 11.7 bn in H1 2025                        <\/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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   <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/ems-are-in-for-a-record-year-in-private-credit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2057.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"672772\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/30\/ems-are-in-for-a-record-year-in-private-credit\/2057-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2057.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2057.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2057.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/2057.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672771\" class=\"content-area-description single-story post-672771 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-emerging-markets tag-enterpriseam tag-financial-markets tag-planet-finance tag-private-credit 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\/9\/.ba250935-163e-4c44-8652-9e43f5046dac.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Emerging markets (EM) are on track for their biggest year yet in private <\/strong><strong>credit<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-09-28\/private-credit-is-on-course-for-biggest-year-in-emerging-markets\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Global lenders including Blackstone, Apollo, KKR, and Ares deployed USD 11.7 bn in 1H 2025 \u2014 nearly matching last year\u2019s total of USD 13.9 bn \u2014 putting the asset class on course for a record, the business news information service reports, citing the Global Private Capital Association.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funds are looking to pivot away from their long-standing reliance on US assets<\/strong> as a way to diversify allocations. EM-based firms, meanwhile, are drawn to the flexibility and confidentiality offered by private lenders, though often at a higher cost than public debt.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India has led the surge<\/strong>, with Prime Minister Narendra Modi\u2019s infrastructure push fueling demand for capital for projects ranging from solar plants to roads. Elsewhere, Romania\u2019s sports gaming platform Superbet alone secured EUR 1.3 bn from Blackstone and HPS, while Southeast Asia logged USD 1.1 bn in transactions.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite this, private credit in EMs still makes up less than 10% of the USD 1.7 tn global market<\/strong>, with some lenders viewing them as too risk-prone. Momentum is nevertheless building as investors chase diversification and higher returns, with inflows into public markets boosting confidence. EM equities are up 23% YTD, while hard-currency bonds have gained nearly 9%. \u201cIt\u2019s still at a relatively early phase compared to the US [...] but in general we do see it growing,\u201d said Jeff Schlapinski of the Global Private Capital Association.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most transactions are also on the smaller side<\/strong>, with the majority in the tens of mns of USD, and volumes accounting for only a fraction of most corporates\u2019 debt books, with bank lending and public debt markets still accounting for the majority. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>However, regional players are giving the market a boost<\/strong>, enabling bigger transactions and larger fundraisings. India\u2019s EAAA India Alternatives raised USD 510 mn for its first private credit vehicle, while in the Gulf, Saudi\u2019s Public Investment Fund recently agreed to anchor new Goldman Sachs funds targeting private credit and public equity across the GCC. In the UAE, Mubadala grew its private credit portfolio to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/91be5a70-1625-4001-8c08-17822a7679db\/%253cmark%253emubadala%253c%2Fmark%253e%25e2%2580%2599s-assets-grew-9%2525-in-2024-amid-private-credit-push\" style=\"\" rel=\"noopener\">USD 20 bn<\/a> last year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a big year for private credit more in general:<\/strong> Wealthy individuals poured <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/df073aa4-2a71-4474-a9bf-213037588dcb\/wealthy-investors-pile-into%253cmark%253e-private-credit%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">USD 48 bn<\/a> into US private credit funds in 1H 2025 \u2014 surpassing last year\u2019s total \u2014 even as institutional demand waned. Policy tailwinds are helping, with Trump signing an executive order in August <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/ed8a2f4b-4f5c-4036-844a-b49aedf42fe4\/trump-opens-us-retirement-savings-to-private-equity-and-crypto\" style=\"\" rel=\"noopener\">opening 401ks to private assets<\/a>. Evergreen debt funds in Europe also more than doubled y-o-y. <\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed this morning<\/strong>, with mainland China\u2019s CSI 300 flat at the open after China\u2019s latest manufacturing data showed the sector contracting for a sixth straight month. Japan\u2019s Nikkei fell 0.1%, while South Korea\u2019s Kospi was also flat. Hong Kong\u2019s Hang Seng was the only outlier, rising nearly 0.5%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over on Wall Street, futures have only marginally dipped<\/strong>, with stocks set to close out September on an unusually high note following the rebound of AI stocks yesterday. <\/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\">36,391<\/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\">+0.6% (YTD: +22.4%)<\/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 47.98<\/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 48.12<\/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 (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 48.00<\/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 48.10<\/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\">22.00% 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\">23.00% lending<\/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>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\">11,434<\/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\">+1.8% (YTD: -5.0%)<\/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>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\">9,991<\/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: +6.1%)<\/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>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\">5,869<\/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: +13.8%)<\/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 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\">6,661<\/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: +13.3%)<\/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\">9,300<\/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: +13.8%)<\/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>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\">5,507<\/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: +12.5%)<\/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 67.65<\/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\">-0.5%<\/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 3.27<\/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%<\/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 3,877<\/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\">+0.6%<\/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>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 114,255<\/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\">+1.9% (YTD: +22.2%)<\/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\">926.79<\/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: +19.2%)<\/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 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\">150.44<\/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: +7.5%)<\/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>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\">16.12<\/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\">+5.4% (YTD: -7.1%)<\/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 0.6% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 4.9 bn (11.7% above the 90-day average). Local investors were the sole net buyers. The index is up 22.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Emaar Misr (+5.9%), Raya Holding (+3.6%), and Telecom Egypt (+3.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>E-finance (-1.0%), Orascom Construction (-0.7%), and Eastern Company (-0.5%).<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-credit\/\">private credit<\/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<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"672773\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\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\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/our-green-bunkering-ambitions-are-at-risk-amid-global-headwinds-here-is-what-experts-say-we-should-do\/\">\r\n                            Egypt\u2019s green bunkering ambitions at risk amid global headwinds \u2014 here is what experts say Egypt should do<\/a>\r\n                        <\/h3>\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\/goinggreens\/our-green-bunkering-ambitions-are-at-risk-amid-global-headwinds-here-is-what-experts-say-we-should-do\/\" 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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But as the initial excitement around new green tech projects fades, the critical question emerges: how real is the hype? We sat down with industry experts to understand the major hurdles facing green bunkering uptake and how Egypt can navigate these uncertainties to convert its grand plans into ground-level reality. <\/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>For starters, the global market for green hydrogen-based fuels is still very <\/strong><strong>underdeveloped.<\/strong> \u201cAt the moment, the market is driven by harsh realities when it comes to the economics of hydrogen projects, green industry fellow at regional climate thinktank <a target=\"_blank\" href=\"https:\/\/www.carboun.com\/\" style=\"\" rel=\"noopener\">Carboun Institute<\/a> Fadi Al Noaimi, told us. We\u2019re seeing a global trend\u201d of scaling back some projects \u2014 which could be viewed as a \u201cnecessary market correction,\u201d Al Noaimi added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The lack of locked-in uptake agreements is the biggest challenge facing green bunkering<\/strong>, as it suggests there is no business case to advance many of the announced projects, <a target=\"_blank\" href=\"https:\/\/dii-desertenergy.org\/\" style=\"\" rel=\"noopener\">Dii Desert Energy<\/a> Research Director Chiara Aruffo told EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A regional case in point: <\/strong>The UAE-based renewables giant Masdar said <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b207b268-5a89-4b2e-9aa2-bd8b214efdc4\/are-we-witnessing-the-death-of-the-green-hydrogen-industry%3F\" style=\"\" rel=\"noopener\">last month<\/a> it will redirect energy from its USD 6 bn mega solar and battery project from green hydrogen production to power AI. \u201cToday, green hydrogen is under pressure, and the market is shrinking. A lot of people who went into this venture are out,\u201d CEO Mohamed Jameel Al Ramahi said after the announcement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In global numbers: <\/strong>At least 50 clean hydrogen projects have been publicly cancelled in the last 18 months, representing 4 mn tonnes per annum (mtpa) of capacity, according to the Hydrogen Council\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/820.pdf\" style=\"\" rel=\"noopener\">Global Hydrogen Compass 2025 report (pdf)<\/a> out earlier this month. In a best-case scenario, some 20 to 30% of the world\u2019s announced clean hydrogen projects \u2014 representing 9-14 mn mtpa \u2014 are expected to make a final investment decision by 2030. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But this could soon change thanks to new regulatory measures by the International <\/strong><strong>Maritime Organization (IMO)<\/strong>, the Norwegian maritime industry advisor DNV\u2019s recently published <a target=\"_blank\" href=\"https:\/\/www.dnv.com\/maritime\/maritime-forecast\/\" style=\"\" rel=\"noopener\">Maritime Forecast 2050<\/a> expects. Demand for low-carbon shipping fuels \u2014 including LNG \u2014 is expected to hit 25 mn tonnes of oil equivalent (mtoe) by 2030, up from the 17 mtoe predicted in DNV\u2019s last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While only 1% of the current binding offtake for green hydrogen and ammonia is <\/strong><strong>earmarked for shipping fuels<\/strong>, <strong>this figure is predicted to grow<\/strong> \u2014 largely due to the IMO and the European Union\u2019s regulatory mandates, according to industry CEOs surveyed by the Hydrogen Council. IMO\u2019s new rules would be \"essential to generate a greater demand for green hydrogen-based fuels shipping\" and to clearly define their climate advantages, Aruffo agrees. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMO is set to formally <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/03bd3354-54aa-418b-bbc6-59e924ed9126\/%253cmark%253eimo%253c%2Fmark%253e-pushes-ahead-with-emissions-levy-on-shipping\" style=\"\" rel=\"noopener\">adopt next month<\/a><\/strong><strong> its Net Zero Framework (NZF)<\/strong> \u2014 aiming for a 20% reduction in emissions by 2030 and net-zero by 2050 through a set of emission reduction mandates and penalties. The NZF was approved last April and the IMO is scheduled to take a final vote for its adoption next month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the success of the IMO mandate would be highly dependent on the trajectory of oil <\/strong><strong>and gas prices. <\/strong>For example, it is expected to be more affordable for shippers who use high-sulfur fuel oil to pay the IMO penalties up to 2030 before they are incentivized to switch to cleaner alternatives, according to the Hydrogen Council report. <a target=\"_blank\" href=\"https:\/\/msp.energy\/whats-that-very-low-sulfur-fuel-oil-vlsfo\/#:~:text=The%20primary%20use%20of%20VLSFO,with%20the%20sulfur%20emission%20standards.\" style=\"\" rel=\"noopener\">Very low sulfur fuel oil (VLSFO)<\/a> is a type of fossil-derived fuel mandated by the IMO in 2020 to limit harmful sulfur emissions, and it is now used by the industry\u2019s largest ships. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That being said, governments committed to decarbonization would need to go beyond the <\/strong><strong>\u201ccut or pay\u201d regulations to incentivize the industry<\/strong>. \u201cWithout a clear price on carbon emissions and the removal of subsidies for fossil fuels, it's difficult for green hydrogen and other renewable energy solutions to compete on cost alone. This is a critical barrier to their widespread adoption,\u201d Aruffo told us. Other forms of support from governments could include direct financial backing, which Al Naoimi said would be \u201cinevitable to de-risk the projects.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The next few years will be critical for the green fuels market, <\/strong>as industry and governments enter a period of \u201crecalibration.\u201d Competing priorities regarding energy security, competitiveness, and cost-efficiency will inform this calibration, according to surveyed CEOs in the Hydrogen Council report. The next period is expected to replace the hype with \u201crealism and pragmatism,\u201d with only the strongest projects advancing \u2014 which can lead to a more resilient industry, the report says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt could benefit from doubling down on green methanol, <\/strong>given that the scaled deployment of the clean fuel is more feasible than its hydrogen-based counterparts \u2014 green hydrogen and ammonia. Ports representing 45% of the world\u2019s bunkering capacity either have in place or are planning methanol bunkering infrastructure, suggesting more infrastructure readiness. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Geography isn\u2019t Egypt\u2019s only competitive advantage. <\/strong>Ain Sokhna port is among the world\u2019s top 80 ports described as having \"well-developed expertise in managing chemical products,\" indicating a \"strong readiness to also handle hydrogen-based fuels,\" according to the International Energy Agency\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/9\/819.pdf\" style=\"\" rel=\"noopener\">Global Hydrogen 2025 Review (pdf)<\/a>. Coupled with its strategic location along the Suez Canal \u2014 connecting Europe and Asia, Ain Sokhna port emerges as a favorable location for early adoption of low-emissions hydrogen-based fuel bunkering. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Egypt is planning to begin commercial methanol bunkering operations <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/194e2c29-6f37-41d4-94fb-1436795903e4\/egypt-could-play-a-key-role-in-the-maritime-industry%25e2%2580%2599s-decarbonization\" style=\"\" rel=\"noopener\">by 2027<\/a> at its Suez Canal ports and has successfully tested a bunkering operation for a container ship in East Port Said back in 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the future of the green bunkering market hinges on global market dynamics beyond us, <\/strong><strong>there are many measures we can take to ensure we secure a piece of any future market.<\/strong> For starters, Egypt should double down on the concept of \"common user infrastructure\" \u2014 clustered shared facilities and assets that can be utilized by multiple developers as in the case in Ain Sokhna, Aruffo said. \u201cThis collaborative approach prevents the duplication of essential facilities like pipelines, allowing developers to pay a tariff for shared access rather than incurring the significant capital expenditure of building their own. This makes these large-scale projects more economically viable,\" Aruffo explained. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Common user infrastructure isn\u2019t only good for cutting costs, it is also critical for saving our <\/strong><strong>resources. <\/strong>For example, shared desalination facilities using seawater could \"help mitigate water usage concerns in the water-intensive green hydrogen projects,\u201d Aruffo explains. This reduces the risk of individual projects depleting local freshwater resources or facing prohibitive costs for water sourcing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A more centralized approach for planning hydrogen infrastructure could also raise investors' <\/strong><strong>confidence in projects\u2019 executionability, <\/strong>Aruffo said. Hydrom \u2014 the master-planner agency of Oman\u2019s hydrogen strategy \u2014 is a good example where having a dedicated entity that takes \"ownership of the process\" for screening projects, tendering, and master planning infrastructure could help streamline the process, reduce costs, and provide reassurance to investors, she added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bottom line:<\/strong> While Egypt holds a prime position to lead in green bunkering, its ambitions hinge on global market dynamics and the future of oil and gas prices. Still, robust government support, clearer incentives, and de-risking measures could help the country secure a big share of the future 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\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-ammonia\/\">green ammonia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maritime\/\">maritime<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"672775\" 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\/09\/30\/672775\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-672775\" class=\"content-area-description single-story post-672775 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\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>29 September-6 October (Monday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egyptinnovationweek.com\/2025\" style=\"\">Egypt Innovation Week<\/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>29 September-6 October (Monday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/technesummit.com\/2025\/investors\" style=\"\">Capital Connect<\/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>29-30 September-6 October (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/technesummit.com\/2025\" style=\"\">Techne Summit Cairo<\/a><\/span><span style=\"font-weight:400;\">, Sultan Hussein Kamel         Palace, 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;\">30 September (Tuesday): The Egypt-South Korea Economic Cooperation and Partnership Forum.<\/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>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>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> in Tenth<\/span><span style=\"font-weight:400;\"> 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;\">1 October (Wednesday): IMF mission expected to visit Egypt for talks on combined fifth and sixth reviews of the EFF arrangement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 October (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo.php?fbid=1308615827975501&id=100064812882317&set=a.144073987763030\" style=\"\">Applications<\/a><\/span><span style=\"font-weight:400;\"> for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.<\/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>4-6 October (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/technesummit.com\/2025\" style=\"\">Techne Summit Alexandria<\/a><\/span><span style=\"font-weight:400;\">, Alexandria Bibliotheca, Alexandria.<\/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>7-8 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/hace.com.eg\/\" style=\"\">HACE-Hotel Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibitions Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7-9 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egymedica.com\/\" style=\"\">EgyMedica Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center.<\/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>19-20 October (Sunday-Monday): Egypt to host the fifth edition of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aswanforum.org\/\" style=\"\">Aswan Forum<\/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=\"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>23-25 October (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/stoneafrica.com\/\" style=\"\">Stone Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Conference Center.<\/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:400;\">Mid-October:  Capmas to publish the findings of its 2023-2024 income and expenditure survey.<\/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 style=\"font-weight:400;\">1 November (Saturday): The official opening of the Grand Egyptian Museum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-19 November (Sunday-Wednesday): <\/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 meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 November (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nebugoldexpo.com\/\" style=\"\">NEBU Expo 2025 gold and jewelry exhibition<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibitions Center, New 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;\">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>4-7 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egystitchandtex.com\/garments\/\" style=\"\">Egy Stitch & Tex Expo 2025<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Conference 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 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>4Q 2025-1Q 2026: Kasrawy Group to launch first <\/span><span>Avatr<\/span><span style=\"font-weight:400;\"> 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>10-12 February (Tuesday-Thursday): Gitex Global\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/share\/p\/1QkF8DUZBj\/\" style=\"\">AI Everything Middle East & Africa<\/a><\/span><span style=\"font-weight:400;\"> Summit <\/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=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/entlaq.com\/events\/2\" style=\"\">https:\/\/entlaq.com\/events\/2<\/a><\/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 style=\"font-weight:400;\">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>More sectors to be localized | Trump\u2019s ceasefire plan | Another rate cut incoming?<\/p>\n","protected":false},"featured_media":672753,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-672752","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9161a723-f656-4ddf-a36f-ec88d6e3c07d","teaser":"More sectors to be localized | Trump\u2019s ceasefire plan | Another rate cut incoming?","photo_url":"https:\/\/ent.news\/2025\/9\/1782.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>Our return to the international debt market - 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\/our-return-to-the-international-debt-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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