{"id":677723,"date":"2025-12-23T04:12:39","date_gmt":"2025-12-23T04:12:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=677723"},"modified":"2025-12-23T04:14:55","modified_gmt":"2025-12-23T04:14:55","slug":"the-imf-just-gave-cabinet-a-glowing-review","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-imf-just-gave-cabinet-a-glowing-review\/","title":{"rendered":"The IMF just gave Cabinet a glowing review"},"content":{"rendered":"<section id=\"677725\" 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=\"677725\">\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\/12\/23\/riyadh-just-opened-a-new-front-in-its-war-for-talent-poaching-factory-workers-from-egypt\/\">\r\n                            Riyadh just opened a new front in its war for talent: Poaching factory workers from Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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\/12\/23\/riyadh-just-opened-a-new-front-in-its-war-for-talent-poaching-factory-workers-from-egypt\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/riyadh-just-opened-a-new-front-in-its-war-for-talent-poaching-factory-workers-from-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1117.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"677726\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/riyadh-just-opened-a-new-front-in-its-war-for-talent-poaching-factory-workers-from-egypt\/1117-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1117.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1117.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1117.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1117.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677725\" class=\"content-area-description single-story post-677725 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-exports tag-labor tag-saudi-egypt-relations tag-us-egypt-relations tag-what-were-tracking-today 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_27645\"\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\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. Two big stories broke overnight: <\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- The IMF has reached a staff-level agreement with the Madbouly government on a <\/strong><strong>make-or-break review of our economic reform agenda.<\/strong> We\u2019re still processing the fact that the statement opens by basically saying, \u201cNice work, guys\u201d \u2014 the tone shift here is pretty remarkable.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Better still, in our view: <\/strong>The Fund suggests that business leaders it spoke with here agree that things are moving in the right direction. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">We have the full rundown in this morning\u2019s news well, below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>ALSO MAKING HEADLINES OVERNIGHT: US Ambassador to Egypt Herro Mustafa <\/strong><strong>Garg is reported to <\/strong><strong>be among 30 senior diplomats recalled from their posts<\/strong> by the Trump Administration, <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/diplomacy-ambassadors-state-department-1a10058998c86e799ce4e5132a99da18\" style=\"\" rel=\"noopener\">the Associated Press<\/a> reports, citing US State Department officials. The move affected career diplomats who were appointed during the Biden administration. The diplomats, most of them of ambassador rank, were told without further explanation that their postings would end in January and that they will retain their foreign service jobs and may return to Washington for reassignment. <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2025\/12\/19\/trump-ousts-more-biden-era-ambassadors-00700351\" style=\"\" rel=\"noopener\">Politico first broke the news<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s happening behind the scenes: <\/strong>The move was described by the State Department as \u201ca standard process in any administration,\u201d adding that it is \u201cthe president\u2019s right to ensure that he has individuals in these countries who advance the America First agenda.\u201d <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><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\/11\/780.jpg?ssl=1\"><\/a> <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p class=\"tag-border-left\">Saudi is poaching skilled Egyptian factory workers<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>LABOR \u2014 Riyadh just opened a new front in its war for talent: <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2468170\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2468170\" style=\"\" rel=\"noopener\">decision<\/a> by Saudi Arabia to waive expat fees for manufacturers \u2014 a cost that used to run up to SAR 9.6k per worker annually \u2014 is doing more than just cutting overheads for Saudi factories. It\u2019s handing them a extra cash that can be redirected into signing bonuses and higher wages for Egyptian technicians, industry sources tell EnterpriseAM. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s the latest front in the intensifying economic competition between Cairo and Riyadh.<\/strong> Saudi had, for the past two years, largely been focused on hoovering-up white-collar workers in finance, banking, marketing, education, and other professions.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian factory owners now face the challenge of retaining top staff on top of the <\/strong><strong>pressure of the higher raw material costs<\/strong><strong>.<\/strong> With the regulatory cost of hiring foreign talent in the Kingdom effectively slashed, the math for poaching an experienced Egyptian employee is increasingly favorable for a Saudi competitor.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian manufacturers have become too reliant on low wages as a competitive edge. <\/strong>To survive the talent war, we\u2019re going to have to improve working environments and compensation structures \u2014 or risk being hollowed out, Federation of Egyptian Industries board member Mohamed El Bahey told us.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But, there is a silver lining \u2014 depending on where you sit. <\/strong>While individual factory owners feel the pinch, the macro picture offers some relief. Easing recruitment costs for Saudi firms could boost the number of Egyptians working abroad, translating into higher remittance flows \u2014 a crucial lifeline for Egypt\u2019s FX position, El Bahey added.<\/p><p class=\"tag-border-left\">Pharaohs notch Afcon win<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>We\u2019re off to a good start at the 2025 Africa Cup of Nations, with the national team <\/strong><strong>securing a 2-1 victory against Zimbabwe<\/strong> in their opening match in Agadir yesterday. Omar Marmoush scored Egypt\u2019s first goal of the match in the 64th minute to bring the score to 1-1 after Zimbabwe netted a goal in the first half, while Mo Salah secured the win with a second goal in added time. <\/p><p class=\"tag-border-left\">Happening this week<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>THURSDAY \u2014 Results from the latest set of runoffs<\/strong> in elections for the House of Representatives are due out on 25 December. The National Elections Authority is aiming to wrap the full election cycle by 10 January 2026 ahead of the expiry of the current parliament\u2019s term at month\u2019s end. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on Thursday: The Central Bank of Egypt\u2019s Monetary Policy Committee meets<\/strong> for the final time in 2025. The majority of analysts we polled expect the central bank to squeeze in one more rate cut before the year comes to an end, adding to 525 bps of rate cuts delivered throughout 2025. The majority of those we polled expect the CBE to opt for a 100 bps cut.<\/p><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<\/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>  <\/p><\/div>\n<\/div>\n<\/div><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>, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA-India<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">Corridor<\/a><\/strong><strong>?<\/strong><\/p><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><p class=\"tag-border-left\">Data point<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>USD 7.4 bn \u2014 the value of digital exports from Egypt in 2025<\/strong>, up over 120% in the last seven years, CIT Minister Amr Talaat <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MCITEgypt\/posts\/pfbid0sbBNj9gUBLtZsdu3CCbbb9ua8XkVPp9D2MyWqP1vci35KzvP1K7H1dQNcjZnriEAl\" style=\"\" rel=\"noopener\">said<\/a>. Outsourcing is doing the heavy lifting, with exports having doubled in the last three years to contribute USD 4.8 bn to the total count in 2025.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sector is outperforming its own hiring targets.<\/strong> Agreements signed in 2022 aimed to create 34k jobs over three years \u2014 the actual figure hit 60k by the end of 2024. With <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7a74aad-8ab5-48ed-928b-b849214309ea\/39-global-digital-services-providers-look-to-use-egypt-as-their-main-base-of-operations\" style=\"\" rel=\"noopener\">new agreements signed last month<\/a> targeting another 75k jobs, the industry is increasingly becoming one of the state's most reliable hard currency generators.<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>We have more typical winter weather in store for Cairo today, with a high of 21\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a chance of light rain in Alexandria<\/strong>, with a high of 20\u00b0C and a low of 10\u00b0C.<\/p><p class=\"tag-border-left\">The big story abroad<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a mixed bag in the global business press as ink-stained wretches the world over long <\/strong><strong>for their Christmastime news slowdown. <\/strong>There\u2019s no single story dominating the front pages, but among the bits and pieces about which you should know:<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apollo Global is \u201cbuilding up cash, cutting leverage and selling out of risker corners of <\/strong><strong>debt markets\u201d <\/strong>as top execs there get ready for market turbulence. The firm\u2019s CEO says that will put Apollo in the best position possible \u201cwhen something bad happens\u201d and leave it well-positioned to invest during turmoil he expects to come on the back of \u201cchallenging\u201d credit and equity markets. Must read: <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/b315e80e-9e8a-4693-b860-bf87574cfa36\" style=\"\" rel=\"noopener\">Apollo cuts risk and stockpiles cash in preparation for market turmoil (Financial Times)<\/a> <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of credit markets: Tech companies around the world have taken on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/global-markets-tech-2025-12-22\/\" style=\"\" rel=\"noopener\">record debt<\/a><\/strong> in the race to build out AI capacity, issuing some USD 428 bn in bonds through the first week of December. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile: <\/strong><\/p><ul>\n<li><strong>Washington\u2019s pivot away from green energy continues:<\/strong> The Trump administration has <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-pausing-five-offshore-wind-projects-over-national-security-concerns-burgum-2025-12-22\/\" style=\"\" rel=\"noopener\">suspended leases<\/a> at all large offshore wind projects in the United States. <\/li>\n<li><strong>A bonkers M&amp;A: <\/strong>Oracle boss Larry Ellison is pledging <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-22\/larry-ellison-to-personally-back-paramount-bid-for-warner-bros\" style=\"\" rel=\"noopener\">USD 40 bn of his own money<\/a> to backstop Paramount\u2019s USD 108 bn hostile bid for WarnerBros Discovery.<\/li>\n<li><strong>A pill form of Wegovy<\/strong>, the GLP-1 drug for weight loss, got signoff in America overnight.<\/li>\n<\/ul><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><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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We run down the biggest themes in renewables in 2025, including the shelving of green hydrogen hype to focus on more pragmatic goals and priorities.<\/p>\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\/exports\/\">exports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-egypt-relations\/\">Saudi-Egypt relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-egypt-relations\/\">US-Egypt relations<\/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=\"677727 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=\"677727\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/677727\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677727\" class=\"content-area-description single-story post-677727 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\/p\/DSIKoodjCGX\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/808.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Christmas is just the beginning. <\/span><span style=\"\">At Somabay, the celebrations unfold day by day, night by <\/span><span style=\"font-weight:400;\">night, building all the way into the New Year. From rooftop takeovers and beach parties to late-night performances and full-band shows, the season is curated to let you choose your moment and celebrate it your way &mdash; right through the final countdown and beyond.<\/span><\/p>\n<p><span style=\"font-weight:700;\">New Year&rsquo;s and beyond at Somabay. <\/span><\/p>\n<p><span style=\"font-weight:700;\">Celebrate when it feels right: Pick your night. Book your plans.<\/span><\/p>\n<p><span style=\"font-weight:700\">Discover the full December &amp; NYE calendar <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.instagram.com\/p\/DSIKoodjCGX\/\" style=\"\">here<\/a><\/span><span style=\"font-weight:700\">. Welcome the New Year at Somabay.<\/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=\"677728\" 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=\"677728\">\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\">The Big Story Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/no-more-buts-as-imf-signs-off-on-key-reviews-of-our-usd-8-bn-assistance-package\/\">\r\n                            The IMF\u2019s tone is sharply different than a year ago as it signs off on two key reviews of Egypt\u2019s USD 8 bn assistance package                        <\/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\/12\/23\/no-more-buts-as-imf-signs-off-on-key-reviews-of-our-usd-8-bn-assistance-package\/\" 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     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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"677729\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/no-more-buts-as-imf-signs-off-on-key-reviews-of-our-usd-8-bn-assistance-package\/121-jpg-40\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/121.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"121.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/121.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/121.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677728\" class=\"content-area-description single-story post-677728 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-enterpriseam tag-extended-fund-facility tag-imf tag-macroeconomics tag-the-big-story-today wpautop entry\">\n\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\"> <strong>The IMF has signed off on two key reviews of our USD 8 bn assistance <\/strong><strong>package \u2014 and it <\/strong><strong>should be music to the business community\u2019s ears.<\/strong> Critically, the tone of the <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/news\/articles\/2025\/12\/22\/pr25441-egypt-imf-staff-reaches-sla-on-5th-and-6th-review-under-eff-and-1st-rev-under-the-rsf\" style=\"\" rel=\"noopener\">IMF\u2019s statement<\/a>, released overnight and attributed to mission chief Ivanna Vladkova Hollar, is sharply different from the communiqu\u00e9 that accompanied the last review of the program, on which the IMF board signed-off on exactly one year ago this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news:<\/strong> The Madbouly government and IMF staff have reached agreement on the make-or-break fifth and sixth reviews under our so-called extended fund facility (EFF). They also reached agreement on the first review under a parallel resilience and sustainability package (RSF). The staff-level agreements now need approval by the IMF\u2019s executive board.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The result should be c. USD 3.8 bn flowing into the government\u2019s coffers<\/strong> when the IMF\u2019s executive board signs off on the reviews in January (we\u2019re not on the calendar yet), including c. USD 2.5 bn from the fifth and sixth reviews of the EFF and another USD 1.3 bn from the first review of the RSF. That would bring total disbursements under the EFF so far to around USD 5.7 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The IMF is significantly front-loading funding here, giving Cabinet a nice liquidity cushion at the start of 2026 and effectively telling the Economic Committee it doesn\u2019t need to continue to sing for its supper \u2014 provided it stays the course on reforms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The statement opens with a line that would have been unthinkable 18 months ago:<\/strong> \u201cStabilization efforts have delivered important gains and the Egyptian economy is showing signs of robust growth.\u201d There\u2019s no hedging, no \u201chowever\u201d or \u201cbut\u201d lurking in the next sentence. The IMF is saying \u2014 in plain English \u2014 that Cabinet\u2019s strategy is working.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The hard numbers back it up: GDP growth accelerated to 4.4% in FY 2024-25<\/strong>, up from 2.4% the previous year, with 1Q of the current fiscal year hitting 5.3%, the statement reads. The current account deficit narrowed on the back of strong remittances, rising tourism receipts, and good non-oil export growth. Non-resident holdings of Egyptian T-bills have climbed to around USD 30 bn and FX reserves stand at USD 56.9 bn \u2014 a figure that would have seemed aspirational not long ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even the criticism is gentler as the Fund flags areas that still need work. <\/strong>The ratio of taxes raised to GDP, Hollar says, remains \u201cmodest by international standards\u201d at 12.2%, disinflation is \u201cnot yet firmly entrenched\u201d (perhaps no <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69dfa437-5b0b-4cf3-8549-11d063ef8ccc\/\" style=\"\" rel=\"noopener\">rate cut on Thursday<\/a>, after all?) state-owned banks require \u201ccontinued robust governance practices,\u201d and Cabinet needs to \u201caccelerate\u201d the privatization program. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMF is also flagging the Egyptian General Petroleum Corporation as a source of <\/strong><strong>fiscal risk, but the IMF\u2019s overall framing on Egypt has shifted. <\/strong>Gone are the urgent warnings, replaced by items on a to-do list for a country that\u2019s broadly on track.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Members of the business community consulted by the Fund during its time in Cairo said <\/strong><strong>nice things about Cabinet\u2019s progress on key reforms<\/strong>, the IMF suggests, writing that, \u201cprivate sector participants have acknowledged the results already achieved\u201d on \u201ctrade facilitation\u201d and tax reform. The statement also notes we\u2019re showing signs of \u201cfiscal discipline\u201d (ie: no longer spending like sailors on shore leave) and makes direct reference to the \u201cNational Narrative for Economic Development,\u201d Cabinet\u2019s new framework to put the private sector in the driver\u2019s seat for the economy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The sentiment shift is the big news here<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> To appreciate how different this statement is, you need to read it alongside the Fund\u2019s previous communiqu\u00e9s.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s no longer about a crisis \u2014 or fear of backsliding. <\/strong>When the IMF reached staff-level agreement on the first and second reviews in March 2024, the statement was crisis-mode prose. It led with \u201csignificant macroeconomic challenges that have become more complex to manage,\u201d referenced \u201cpolicy slippages\u201d that needed to be corrected, and emphasized the \u201cdifficult\u201d and \u201cchallenging\u201d environment at every turn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By June 2024 and the third review, the tone had softened slightly<\/strong>, but still came with plenty of hedges. The Fund acknowledged that \u201cefforts are beginning to deliver an improved outlook\u201d \u2014 but immediately pivoted to \u201cdownside risks surround the economic outlook\u201d and called for reforms to be \u201caccelerated.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A year ago this week, the fourth review brought more of the same:<\/strong> \u201cdifficult external conditions,\u201d \u201cchallenging domestic economic environment,\u201d and repeated calls for \u201cfurther efforts,\u201d \u201cfurther reforms,\u201d and \u201cmore decisive efforts\u201d on divestment and leveling the playing field.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A year later, the warnings are still there, but they\u2019re no longer the lead.<\/strong> The Fund now opens with what\u2019s working and buries the concerns deeper in the text. For a document that will be read closely by investors, rating agencies, and the diplomatic community, that structural choice matters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s driving the shift? <\/strong>Three things stand out:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Macro indicators are moving in the right direction.<\/strong> Growth is accelerating, inflation is coming down, the balance of payments has improved nicely despite the Suez Canal headwinds (and even there, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2025-12-16\/the-suez-canal-reopening-is-a-2026-gift-for-commodities\" style=\"\" rel=\"noopener\">things are showing signs of changing<\/a>), and reserves are at comfortable levels. IMF staff are are responding to data, not softening their tone for diplomatic reasons.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- IMF staff were told that Banque du Caire is heading to IPO in 2Q 2026 <\/strong>under CEO Hussein Abaza, as we reported last week. Abaza is one of the private sector execs most trusted by global investors thanks from his years running the investor relations program at EGX-listed bellwether CIB, where he was most recently CEO. We think that\u2019s helped change the IMF\u2019s tone on privatization: The state\u2019s economic footprint and the slow pace of asset sales have been sticking points in the relationship for years. Staff there now seem to believe the government is serious about following through.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The timing. The IMF program will wrap up in December 2026.<\/strong> With the fifth and sixth reviews now behind us, we\u2019re entering the final stretch \u2014 and the Fund seems confident that the finish line is in sight. This is no longer a program at risk of going off track, but one that\u2019s delivering results.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">What\u2019s next<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We still need to make it through two revies.<\/strong> The seventh is scheduled for March 2026 and could unlock another USD 1.25 bn and the eighth and final review is slated for November 2026, with a further USD 1.25 bn on the table.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why November?<\/strong> The final review was originally scheduled for September 2026, but was pushed back at the government\u2019s request to allow more breathing room for the final set of structural benchmarks. That suggests both sides want to land this program cleanly \u2014 and that the Fund is willing to give us the space to do so. That would have been just about unthinkable a year ago. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND:<\/strong> The extended fund facility is the IMF\u2019s main lending instrument for countries facing medium-term balance of payments problems \u2014 it\u2019s designed for situations requiring deeper structural reforms rather than short-term liquidity support. Our current USD 8 bn EFF was approved in December 2022 at USD 3 bn, then expanded in March 2024 after Israel\u2019s war on Gaza and Houthi attacks on Red Sea shipping made life more complicated. The resilience and sustainability facility is a newer, parallel instrument focused specifically on climate-related reforms \u2014 it can provide up to an additional USD 1.3 bn to support decarbonization efforts and climate finance. The two programs run in tandem, with RSF reviews piggybacking on EFF milestones.<\/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\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\/extended-fund-facility\/\">Extended Fund Facility<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/macroeconomics\/\">macroeconomics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-big-story-today\/\">THE BIG STORY 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=\"677730\" 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=\"677730\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/the-cbe-is-gently-throttling-the-consumer-credit-engine\/\">\r\n                            As it prepares to cut rates, the CBE moves to throttle the consumer credit engine                        <\/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\/12\/23\/the-cbe-is-gently-throttling-the-consumer-credit-engine\/\" 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 CBE has verbally instructed banks that they must now obtain prior approval before participating in any securitization transaction, we were told. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> Until now, banks were the reliable, high-volume buyers of securitized bonds, which are the lifeblood of the consumer finance industry. By requiring prior approval, the central bank is effectively installing a kill switch on the flow of capital from bank deposits to consumer finance players. Consumer finance has exploded in popularity amid an affordability crisis prompted by spiraling inflation in recent years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The bigger picture<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is not an isolated regulatory tweak:<\/strong> It appears to be the second half of a coordinated effort by regulators to cool the consumer lending market amid widespread expectations that the central bank will continue to lower interest rates throughout 2026. In October, the Financial Regulatory Authority <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61b8816e-03d3-4e59-ab1f-23dcd09db980\/fra-extends-suspension-on-issuing-new-licenses-for-microfinance,%253cmark%253e-consumer-finance%253c%2Fmark%253e-players\" style=\"\" rel=\"noopener\">extended its suspension<\/a> of new licenses for consumer finance and microfinance companies for another year, effectively freezing the market structure. And now, the central bank is restricting the funding of the existing players. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The goal? A controlled landing.<\/strong> \u201cThe CBE is acting proactively \u2026 specifically, high inflation could lead to a spike in consumer default rates,\u201d former Industrial Development Bank Chairman Maged Fahmy told us. By restricting securitization, the CBE forces consumer lenders to slow down their origination of new loans and pay closer attention to credit quality, preventing a bubble from forming just as borrowing costs are set to drop.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>After years of parking cash in high-yield government paper<\/strong><strong>, banks are looking to protect <\/strong>margins as interest rates decline \u2014 and higher-return alternatives to traditional lending are definitely on the menu, economist Hany Abou El Fotouh told us. \u201cSecuritized bonds are attractive because they offer higher yields \u2014 and that is exactly what\u2019s worrying. Banks occasionally over-indulge in high-yield \u2018wrapped\u2019 debt without sufficient risk assessment. The CBE wants to ensure every securitization is built on strong, guaranteed assets, not just paper with an attractive coupon.\u201d<\/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\">Securitization has been on a tear<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes after an explosion in securitization activity this year.<\/strong> Securitized issuances surged 182.5% in value q-o-q to EGP 17.8 bn in 3Q 2025, according to FRA <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/12\/1028.pdf\" style=\"\" rel=\"noopener\">data (pdf)<\/a>. <strong>This month alone<\/strong>, we have reported on at least six securitization issuances worth a combined EGP 7.9 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe risk is that this growth is concentrated almost entirely in consumer loans and real<\/strong> <strong>estate development<\/strong> \u2014 sectors most sensitive to economic shocks and eroding purchasing power,\u201d Abou El Fotouh said. Financing for consumer finance companies jumped 58% y-o-y to EGP 74.9 bn in the first 10 months of 2025. The surge in consumer lending creates risk for the banking sector, says Fahmy, noting that unchecked growth in the current inflationary climate creates a higher risk of default. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If you run a consumer finance company, your cost of funds just became a major <\/strong><strong>headache. <\/strong>The business model of many NBFIs relies on originating loans and then quickly securitizing them (selling them off) to free up capital to lend again. If banks \u2014 the primary buyers \u2014 are sidelined by red tape, that cycle slows down. Consumer finance companies may be forced to scale-back their installment sales operations, Fahmy warns.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A tiny loophole?<\/strong> Microfinance firms issuing bonds through dedicated securitization companies \u2014 rather than directly through banks \u2014 might remain shielded, though the full scope of the mandate remains to be seen, Sanda Microfinance CEO Ahmed El Khatib told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global context: <\/strong>While painful for operators, the move brings Egypt in line with global norms. Markets including the US, UK, and Canada impose similar prior-notification rules on banks to monitor risk transfers, Agricultural Bank of Egypt Corporate Credit Risk Manager Hany Hafez notes. The decision will enhance transparency and shore-up risk management strategies across the system, he says.<\/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\"> Meanwhile: Consumer finance interest is now (mostly) exempt from VAT<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong> Egyptian Tax Authority greenlit a decision to exempt interest on consumer finance <\/strong><strong>from VAT<\/strong>, according to a circular from the authority seen by EnterpriseAM. The VAT exemption only applies to FRA-licensed companies who separate the value of interest from the value of the good or service on their invoices. There are currently 46 companies who fit the bill.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong>The decision removes the tax risk that had threatened consumer finance players\u2019 margins and prevents a 14% increase in the cost of credit for consumers. It will also help companies and the tax authority close numerous disputed tax files, as it now allows companies to eliminate the provisions and accounting reservations they had been forced to set aside to hedge against these tax risks, thereby strengthening the sector\u2019s financial positions, Egyptian Consumer Finance Federation Chairman Saeed Zater 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\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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nbfis\/\">NBFIs<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"677732 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=\"677732\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/677732\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677732\" class=\"content-area-description single-story post-677732 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.grantthornton.eg\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2099.jpg?ssl=1\"><\/a><\/span><\/p>\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=\"677733\" 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=\"677733\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/no-more-hotel-california\/\">\r\n                            The taxman wants to make it a lot easier to liquidate a company                        <\/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\/12\/23\/no-more-hotel-california\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The move targets the market\u2019s exit problem \u2014 where bureaucratic hurdles and open tax files prevent companies from legally closing \u2014 by resolving a massive backlog of disputes that has historically left investors trapped.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> For years, the inability to liquidate smoothly has been a hidden tax on investment. The risk of being locked in a multi-year battle over arbitrary assessments \u2014 particularly regarding VAT \u2014 has increased the risk premium for anyone considering entering the Egyptian market. A functional exit mechanism is arguably as important as investment incentives.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it works:<\/strong> Instead of dealing with local district offices, liquidation files will now be handled by a new electronic platform \u2014 currently in testing \u2014 directly under the supervision of the head of the Tax Authority. A high-level committee will oversee a transition toward instant closure once statutory requirements are met, bypassing the traditional audit lag. The system is also designed to process thousands of open files \u2014 many of which are currently flagged as tax evasion due to administrative disputes rather than criminal intent.<\/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>IN OTHER TAX NEWS<\/strong><strong>- Annual rental revenues under EGP 20 mn will now be taxed at a <\/strong><strong>simplified<\/strong> <strong>progressive rate of 0.4-1.5%<\/strong>, our source told us. This moves a substantial segment of the rental market away from standard progressive income tax brackets, offering landlords a significant incentive to formalize and settle their tax positions at a much lower rate.<\/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\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\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span 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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1115.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"677738\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/an-egp-2-bn-high-speed-rail-push-supply-chain-links-with-oman-and-sczones-pre-built-factory-program\/1115-jpg-58\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1115.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1115.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1115.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1115.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677737\" class=\"content-area-description single-story post-677737 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-egypt-oman-relations tag-enterpriseam tag-logistics tag-manufacturing tag-maritime tag-oil-and-gas tag-suez-canal-economic-zone tag-trade 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p class=\"tag-border-left\"> EGP 2 bn push to meet June high-speed rail deadline<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Transport Ministry has made new awards exceeding EGP 2 bn to a group of <\/strong><strong>contractors including Orascom Construction, Concrete Plus, and Rowad Modern Engineering <\/strong>to accelerate completion of the high-speed rail\u2019s first line, a senior government source told EnterpriseAM. The ministry is deploying additional resources to ensure the infrastructure and electromechanical works are ready for a projected inauguration of the first line \u2014 running from Sokhna\u2013El Alamein\u2013Marsa Matrouh \u2014 this coming June.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big picture:<\/strong> The contracts are part of the wider push to build-out the 2k km, three-line network. Once fully online, the network is designed to shift significant passenger and cargo volume off Egypt\u2019s roads, with the first line serving as a key freight and passenger link between the Red Sea and the Mediterranean.<\/p><p class=\"tag-border-left\">Egypt, Oman look to integrate heavy industry supply chains with Sokhna-Sohar link<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and Oman are actively exploring an agreement to integrate their heavy industry <\/strong><strong>supply chains<\/strong>, establishing logistics zones in Ain Sokhna and Sohar to facilitate the flow of Omani raw materials to Egyptian manufacturers, according to an Industry Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1432525985584484?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. For Egyptian operators, specifically in the steel and cable sectors, this signals a potential new dedicated supply line for critical feedstock. The proposal would see Omani iron and copper processed in joint industrial zones, effectively marrying Oman\u2019s mineral wealth with Egypt\u2019s processing capacity and access to African and European markets.<\/p><p class=\"tag-border-left\">Main Development Company spends EGP 1 bn on ready-to-operate factories in Qantara West <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong> SCZone\u2019s industrial development arm, Main Development Company (MDC), will set <\/strong><strong>up <\/strong><strong>ready-to-operate and pre-fabricated factories<\/strong> on a 200k sqm area in the Qantara West Industrial Zone, under a usufruct contract, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0hmYHTGd7e4cWFo54DdL9j4fj71jcLZ4xQnhEZeE46KGv7MSGGkkUWsbm1knphuKgl\" style=\"\" rel=\"noopener\">statement<\/a> from the Suez Canal Authority. The project will be implemented over 36 months in two phases, each covering 100k sqm with EGP 500 mn in investments and an 18-month execution period. The factories will be on offer for SMEs in the textiles and garments, food and agro-processing, and textile-based medical supplies industries. <\/p><p class=\"tag-border-left\">Pitcairn Food Industries setting up USD 8 mn food production facility<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The loca<\/strong><strong>l food manufacturer is establishing a 10k sqm plant in the Sokhna Industrial <\/strong><strong>Zone with an annual capacity of 18k tons of frozen potatoes and vegetables<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid03661LNGbcB7uoaLs9mxUnn6fTPHKZBbw6N8eJCq6ixMCVMxmznZbFk9gTS6srn6cNl\" style=\"\" rel=\"noopener\">statement<\/a> from the SCZone. The facility is expected to go online in early 2027, and will create 450 jobs. <\/p><p class=\"tag-border-left\">Terra Petroleum to drill three new wells in North West Al-Maghara concession<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>UK oil and gas player Terra Petroleum signed a USD 6.5 mn oil and gas exploration <\/strong><strong>agreement to drill three new wells<\/strong> in the the North West Al-Maghara concession in the Western Desert, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0UiAgGXtyZKMUJgJJLviUvUASAWSfR6CaoE3BJJjkNUYRVaEb9hitTpzygBp75JSCl\" style=\"\" rel=\"noopener\">statement<\/a>. The company also plans to carry out 2D and 3D seismic surveys in the concession. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Terra Petroleum was among the list of international energy players who secured four concessions <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56c1d1d5-86eb-4f3a-a659-5603b65f9d29\/four-international-oil-and-gas-firms-secure-offshore-and-onshore-concessions-across-egypt\" style=\"\" rel=\"noopener\">last year<\/a> in an international bid round the Oil Ministry had launched in 2023. The companies would drill a total of 14 new wells, with at least USD 71 mn worth of investments. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-oman-relations\/\">Egypt-Oman relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"677739\" 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=\"677739\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/23\/gold-hits-a-fresh-high-as-analysts-pencil-in-up-to-usd-5k-an-ounce-next-year\/\">\r\n                            Gold hits fresh records as central bank buying and rate-cut wagers fuel the rally                        <\/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\/12\/23\/gold-hits-a-fresh-high-as-analysts-pencil-in-up-to-usd-5k-an-ounce-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-gold tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gold hit a fresh record yesterday<\/strong>, climbing 2.4% to around USD 4.5k per ounce as the recent escalation of the US blockade on Venezuelan oil drove the rush to so-called \u201csafe haven\u201d assets. Silver also touched a new high, rising 3.4% to around USD 69.44 an ounce. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It has been a breakout year for gold: <\/strong>Gold is up about 68% YTD \u2014 its strongest annual performance since the late 1970s \u2014 driven by trade tensions, US fiscal anxiety, and growing doubts over central-bank independence, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/99899de1-bb19-4a5b-8432-cbd8009c55e3\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes. Investors are increasingly turning to gold, not equities, as their hedge of choice.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Central banks are doing much of the heavy lifting: <\/strong>JPMorgan <a target=\"_blank\" href=\"https:\/\/www.jpmorgan.com\/insights\/global-research\/commodities\/gold-prices\" style=\"\" rel=\"noopener\">estimates<\/a> gold demand from investors and official buyers surged to around 980 tonnes in 3Q, more than 50% above recent norms, with purchases expected to remain elevated into 2026.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the pundits are saying:<\/strong> JPMorgan expects prices to break USD 5k by late 2026, while Goldman Sachs is close behind, penciling in a price of USD 4.9k by December 2026, citing Fed easing and structurally strong demand, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/goldman-sees-gold-4900-by-december-2026-projects-oil-price-decline-copper-2025-12-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.idnfinancials.com\/news\/59764\/what-morgan-stanley-jp-morgan-and-bofa-say-about-2026-gold-price#:~:text=Morgan%20Stanley%20predicts%20US%244%2C500,bubble%2C%20according%20to%20the%20BIS\" style=\"\" rel=\"noopener\">IDNFinancials<\/a> report. Morgan Stanley, on the other hand, expects it to peak at USD 4.5k by mid-2026.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Positioning suggests the trade isn\u2019t crowded \u2014 yet: <\/strong>JPMorgan estimates gold accounts for about 2.8% of global investor portfolios, up from 1.5% pre-2022 but still below levels seen in prior commodity supercycles, leaving room for allocations to rise toward 4-5%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Still, warning lights are flashing: <\/strong>The BIS <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/f0c41770-6657-4a79-b5c4-2b0c5e3b0063\/%253cmark%253ebis%253c%2Fmark%253e-flags-bubble-like-conditions-in-gold,-us-equities\" style=\"\" rel=\"noopener\">recently flagged<\/a> \u201cbubble-like\u201d conditions in both gold and US equities \u2014 a rare overlap \u2014 cautioning that rapid price gains and retail inflows could leave bullion vulnerable to sharp pullbacks.<\/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 in the green this morning<\/strong>, tracking gains on Wall Street. Leading gains are South Korea\u2019s Kospi, up 0.6%, and the small-cap Kosdaq, while Hong Kong\u2019s Hang Seng was up almost 0.3%, as China\u2019s CSI 300 and Japan\u2019s Nikkei are up marginally. <strong>Over on Wall Street<\/strong>, futures are near the flatline following yesterday\u2019s gains. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><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\">4,416.53<\/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: +43.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.41<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.54<\/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 47.42<\/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 47.52<\/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\">21.00% 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\">22.00% 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\">10,552<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: -12.3%)<\/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>ADX<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,036<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +6.6%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,158<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +19.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">6,879<\/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: +17.0%)<\/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>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\">9,866<\/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: +20.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,744<\/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: +17.3%)<\/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>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 62.07<\/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\">+2.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 57.89<\/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 4,486.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>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 88,553.8<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: -5.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">981.82<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +26.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P MENA Bond &amp; Sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">151.80<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +8.5%)<\/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>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\">14.08<\/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\">-5.6% (YTD: -19.0%)<\/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 fell 0.6% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 6.1 bn (13.3% above the 90-day average). Local investors were the sole net buyers. The index is up 38.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Misr Cement (+4.6%), Mopco (+3.5%), and Abu Qir Fertilizers (+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>Arabian Cement (-3.5%), CIB (-2.4%), and Telecom Egypt (-1.9%).<\/p>\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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"677741\">\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\">7<\/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\/renewables-traded-hype-for-reality-in-2025\/\">\r\n                            Egypt renewables trade hype for reality in 2025<\/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\/renewables-traded-hype-for-reality-in-2025\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The dream of exporting green molecules to Europe didn't die, but it was quietly shelved in favor of a more urgent mandate: Generating enough electrons at home to stop burning expensive gas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For years, the narrative has been about positioning to become a regional hub, a corridor, <\/strong><strong>an exporter. In 2025, the focus changed. <\/strong>As the government grappled with a gas deficit that threatened industrial output and electricity stability, the energy strategy shifted from growth to security \u2014 at least in the near term.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The hydrogen hangover: Goodbye, hub. Hello, fertilizers<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Just twelve months ago, policymakers were pitching Egypt as the battery of the world. <\/strong>We had <a target=\"_blank\" href=\"https:\/\/gh2.org\/article\/egypt-serious-about-green-hydrogen\" style=\"\" rel=\"noopener\">signed<\/a> 32 MoUs for green hydrogen worth a theoretical USD 175 bn. But by September, the Green Hydrogen Organization confirmed what the market already suspected: <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ececa1c-96c4-492c-910c-3895ce609b78\/weak-global-demand,-borrowing-costs,-and-weak-infrastructure-weigh-on-our-green-hydrogen-ambitions\" style=\"\" rel=\"noopener\">Less than five of those projects had moved past feasibility studies<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But European buyers who were supposed to line up for Egyptian green hydrogen were <\/strong><strong>paralyzed by their own regulatory delays and unwilling to pay the green premium <\/strong>after the Trump administration started torpedoing green mandates. The final nail in the \u201cexport-first\u201d coffin came in October, when the International Maritime Organization <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92abe630-5d1c-425a-b51f-58f3cf721c3e\/it-doesn%25e2%2580%2599t-matter-how-many-solar-and-wind-parks-you-build-if-the-grid-can%25e2%2580%2599t-handle-the-load\" style=\"\" rel=\"noopener\">shelved its net-zero framework<\/a>. This removed the regulatory \u201cstick\u201d that would have forced shipping lines to bunker green fuel in the Suez Canal. Without a mandatory levy on carbon emissions, shipping giants had no economic reason to buy expensive green ammonia at East Port Said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Does this mean the hydrogen story is dead? No. It means it has recalibrated.<\/strong> The new pragmatism suggests that if we produce green hydrogen at all, it won't be to save Europe \u2014 it will be to feed our own energy-intensive sectors. The Oil Ministry is now quietly prioritizing projects that can replace the gray hydrogen used by heavy industry (chemically identical but produced using natural gas), effectively using the sector to avail gas for the grid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This domestic pivot isn't just about saving gas \u2014 it\u2019s about saving our non-energy export <\/strong><strong>markets. <\/strong>While the government focused on the energy deficit, the private sector spent 2025 staring down the barrel of the EU\u2019s Carbon Border Adjustment Mechanism. With the transitional phase ending this month and financial levies set to kick in for real in January 2026, the threat of a carbon tax on Egyptian exports has moved from theoretical to existential. For Egypt\u2019s heavy industries \u2014 fertilizers, steel, cement, and aluminum \u2014 reliance on grey hydrogen and the fossil-heavy national grid is now a liability that erodes their margins in Europe.<\/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\"> Wind breaks 3 GW, but the real revolution is in the batteries<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Every gigawatt of wind or solar built in 2025 wasn't a statistic for a climate summit, it was <\/strong><strong>a gigawatt of gas the state didn\u2019t have to import. <\/strong>Wind energy delivered the raw volume, with total installed capacity <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08964974-db5e-431c-8fed-5b15556681a8\/\" style=\"\" rel=\"noopener\">passing the 3 GW mark<\/a> this year, a milestone driven by the full commissioning of the Red Sea Wind Energy consortium\u2019s 650 MW Ras Ghareb plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the first time, major projects were engineered not just to generate power, but to store <\/strong><strong>it. <\/strong>The inclusion of battery energy storage systems in headline projects \u2014 like Scatec\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d749228-a364-4ba8-a378-8bdccfeb1356\" style=\"\" rel=\"noopener\">1 GW solar + 200 MWh storage project<\/a> \u2014 marks a fundamental change in strategy. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d1dba9c-7d7f-4325-8262-7f7f1c320ac4\/\" style=\"\" rel=\"noopener\">Amea Power just followed suit<\/a> with financial close on what will become one of our continent\u2019s largest single-site solar energy facilities \u2014 with Africa\u2019s largest attached battery energy storage system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policymakers have tacitly admitted that we can no longer treat renewables as intermittent <\/strong><strong>luxuries that rely on gas peaker plants for backup. <\/strong>The gas simply isn\u2019t there. By promoting the use of storage, the state is effectively trying to turn solar parks into baseload plants \u2014 infrastructure that can keep the lights on even after the sun goes down.<\/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\"> Chinese solar tech, made in Egypt<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While generation projects ground through the slow machinery of project finance, the <\/strong><strong>manufacturing sector scored a genuine geopolitical W<\/strong> \u2014 by becoming the neutral ground for Chinese industry. Squeezed by trade wars and aggressive tariffs in Western markets, Chinese solar component manufacturers flocked to the SCZone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Major players like <\/strong><strong>JA Solar <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/143898ae-4a18-4a99-aad1-354c56140c1b\/egypt,-uae-ink-investments-for%253cmark%253e-solar%253c%2Fmark%253e-plants,%253cmark%253e-solar%253c%2Fmark%253e-parts-factories,-and-renewables-focused-industrial-zone\" style=\"\" rel=\"noopener\">developed factories<\/a><\/strong><strong> not just to serve the Egyptian market, but <\/strong><strong>to use <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05794018-6a28-4b60-a32f-d4f50a14f444\/\" style=\"\" rel=\"noopener\">Made by China in Egypt<\/a><\/strong><strong> as a tariff-free backdoor to Europe and the US.<\/strong> The government wisely seized this chance, localizing solar cell production to position Egypt as a key node in the de-risked global supply chain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The return of pumped storage?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the search for stability, the government also dusted off one of its oldest files: pumped <\/strong><strong>storage. <\/strong>After years of delay, the Attaqa Mountain pumped storage project is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c8aaee7-07a4-4922-b373-293e033ca400\/is-pumped-storage-hydropower-the-key-to-supplying-round-the-clock-renewable-energy-in-egypt%3F\" style=\"\" rel=\"noopener\">being retendered<\/a>. Later in the year, the little-known Renergy Group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dcb35b3a-1b91-40bb-8674-1dcfdffca641\/renergy-group-looks-to-put-egypt-on-renewables-map-with-world%25e2%2580%2599s-largest-solar-project\" style=\"\" rel=\"noopener\">came out with a plan<\/a> to build a USD 17 bn hybrid renewables project in Sinai with a significant pumped storage component.<\/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\"> But all this progress runs into a single, USD 45 bn wall: The transmission network<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The geography of Egypt\u2019s renewables boom is a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92abe630-5d1c-425a-b51f-58f3cf721c3e\/it-doesn%25e2%2580%2599t-matter-how-many-solar-and-wind-parks-you-build-if-the-grid-can%25e2%2580%2599t-handle-the-load\" style=\"\" rel=\"noopener\">nightmare for grid planners<\/a><\/strong><strong>. <\/strong>We are building massive generation capacity on the Red Sea coast, where the wind is, but our load centers are hundreds of kilometers away in Cairo and the Delta.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re solving the supply problem, but we need to work to address the delivery problem.<\/strong> The existing transmission lines are congested, and we lack the high-voltage direct current infrastructure needed to move these new electrons efficiently over long distances.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is signalling that it recognizes the challenge<\/strong>, with Investment Minister El Khatib laying out this month the need for USD 45 bn in distribution infrastructure investments to integrate new clean capacity.<\/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\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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solar-power\/\">solar power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wind-power\/\">wind power<\/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=\"677743\" 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\/12\/23\/677743\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-677743\" class=\"content-area-description single-story post-677743 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;\">DECEMBER <\/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;\">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: 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;\">JANUARY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 January (Thursday): European Union\u2019s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">7 January (Wednesday): Coptic Christmas. <\/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;\">25 January (Sunday): Revolution Day \/ Police Day. <\/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;\">FEBRUARY<\/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;\">19 February (Thursday): First day of Ramadan (TBC).<\/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;\">MARCH<\/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 (Sunday): 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;\">21 March: (Saturday): Eid El Fitr starts (TBC).<\/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 March - 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition 2026 (EGYPES)  <\/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;\">APRIL<\/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;\">12 April (Sunday): Coptic Easter. <\/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;\">25 April (Saturday): Sinai Liberation Day.<\/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;\">MAY<\/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 May (Friday): Labor Day. <\/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;\">27-29 May (Wednesday-Friday): Eid El Adha (TBC).<\/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: NEBU Egypt\u2019s Gold & Jewelry Exhibition. <\/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;\">JUNE: <\/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 June (Tuesday): National holiday in observance of June 30 Revolution (TBC).<\/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;\">JULY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 July (Thursday): National holiday in observance of Revolution Day (TBC).<\/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;\">AUGUST<\/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;\">26 August (Wednesday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Tuesday): 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>27-29 September (Sunday-Tuesday): Global Conference on Population, Health and Human Development.<\/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;\">6 October (Tuesday): Armed Forces Day. <\/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: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\">Early 2026: <\/span><span style=\"font-weight:400;\">The government will launch the second package of tax facilitation measures. <\/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;\">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;\">2H 2026: Operations at Deli Glass Co\u2019s new USD 70 mn glassware factory kick off.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>April 2027: Tenth of Ramadan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8320d4df-e1a7-405e-be07-08e6590aff0e\/\" style=\"\">dry port and logistics hub<\/a><\/span><span style=\"font-weight:400;\"> to begin operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2027: Egypt to host EBRD\u2019s annual meetings for 2027.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2027: Egypt-EU Summit 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\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>Riyadh\u2019s war for Egyptian talent | CBE to slow consumer lending | Liquidate all the things. Renewable hype met reality in 2025.<\/p>\n","protected":false},"featured_media":677724,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-677723","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a34dc672-ba40-4da1-901f-72f901de0850","teaser":"Riyadh\u2019s war for Egyptian talent | CBE to slow consumer lending | Liquidate all the things. 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