{"id":679246,"date":"2025-12-30T00:00:00","date_gmt":"2025-12-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=679246"},"modified":"2025-12-30T08:56:19","modified_gmt":"2025-12-30T08:56:19","slug":"welcome-to-the-customs-express-lane","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/welcome-to-the-customs-express-lane\/","title":{"rendered":"Welcome to the customs express lane"},"content":{"rendered":"<section id=\"679248\" 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=\"679248\">\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\/30\/the-state-is-gearing-up-for-a-busy-year-for-privatization\/\">\r\n                            Egyptian government is getting serious about its privatization push in 2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/the-state-is-gearing-up-for-a-busy-year-for-privatization\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"679249\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/the-state-is-gearing-up-for-a-busy-year-for-privatization\/1436-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1436.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1436.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1436.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1436.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679248\" class=\"content-area-description single-story post-679248 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-debt tag-egx tag-enterpriseam 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. We\u2019ve got a banger of an issue for you this morning <\/strong>packed full of exclusives. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Customs Authority is about to do something radical: assume you\u2019re innocent.<\/strong> A new \u201cwhitelist\u201d framework will let trusted importers move goods without the ritual of opening every. single. shipment. (and challenging every bloody invoice) \u2014 a genuine philosophical shift for a bureaucracy that has historically treated all cargo as suspect until proven otherwise. We have all the details below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also this morning: <\/strong>Exclusives on the government\u2019s bid for a temporary <strong>EU carbon tax <\/strong><strong>exemption<\/strong>, a preview of the next round of <strong>tax reforms<\/strong>, and deep dives into the <strong>property market<\/strong> (from the company that\u2019s rolling out Egypt\u2019s first all-digital mortgage) well as <strong>gold<\/strong>\u2019s enduring appeal to Egyptian households.<\/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\"><strong>PSA- When approaching a radar camera, you don\u2019t get extra credit for going *below* the <\/strong><strong>speed limit. <\/strong>Could we all stop with the \u201cI\u2019m going to slam on the brakes and go to 55 km\/h in an 80 km\/h zone because I\u2019m approaching a radar camera\u201d thing? Dakhleya isn\u2019t going to give you a break on your total accumulated fines because you slowed to a crawl for 20 seconds.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And speaking of public service announcements: <\/strong>EnterpriseAM is off this coming Thursday for New Year\u2019s day. We\u2019ll be back in your inboxes at our customary time on Sunday. <\/p><p class=\"tag-border-left\">From the debt markets<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>The debt market moved in opposite directions yesterday in its first major test for Egypt <\/strong><strong>since Thursday\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc49be6e-8df0-46b3-88b9-e76893a39b4a\/central-bank-sets-up-2026-nicely-with%253cmark%253e-100-bps%253c%2Fmark%253e-rate-cut\" style=\"\" rel=\"noopener\">100 bps rate cut<\/a><\/strong><strong>.<\/strong> While USD borrowing costs plunged to multi-year lows, the Finance Ministry found itself having to send investors a message on pricing of EGP debt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sukuk standoff: <\/strong>The Finance Ministry sold EGP 3.9 bn worth of local sovereign sukuk at an average yield of 21.07% \u2014 its lowest yet \u2014 in its latest issuance under the country\u2019s first-ever local sukuk offering, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/auctions\/egp-fixed-sukuk\" style=\"\" rel=\"noopener\">official data<\/a>. The ministry, which had sought to raise EGP 5 bn, received EGP 5.6 bn worth of bids.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why did FinMin leave more than EGP 1 bn on the table?<\/strong> Auction data shows a deep divide in expectations. Bids climbed as high as 24.50%, dragging the total weighted average of bids to 21.47%. By walking away from over EGP 1 bn in available liquidity, the CBE signaled it would rather miss its short-term funding goal than allow sukuk yields to decouple from policy rates.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The USD signal:<\/strong> The story was markedly different in the hard-currency market, where the CBE sold USD 817 mn in one-year USD T-bills, according to the <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/auctions\/usd-t-bills\" style=\"\" rel=\"noopener\">CBE data<\/a>. The weighted average yield fell to 3.50% \u2014 the lowest level in more than three years \u2014 and down 25 bps from treasury sales earlier this month. The message is pretty clear: both international and local investors in our USD debt understand the risk premium is disappearing.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? This is all pretty normal. <\/strong>Investors are testing CBE and FinMin\u2019s resolve \u2014 and looking to lock-in the best yields they can. We expect officials to stick to their guns \u2014 they know there\u2019s no need to overpay given the policy maturity they\u2019ve shown for more than a year now. Investors will get the picture in subsequent placements as officials close in on their target of raising EGP 200 bn through sovereign sukuk issuances by the end of June.<\/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\">Watch this space <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewedy Electric wants to double down on Greece<\/strong> with plans to follow up its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc76a716-e479-41a4-8b8d-6580b066202f\/nas-investments-makes-90%2525-egyfert-acquisition-bid-official-with-mto.-plus:-heliopolis-housing,-ja-solar-%2B-amea-power,-healthy,%253cmark%253e-elsewedy-%253c%2Fmark%253eelectric,-misr-petroleum,-ezdehar,-robbiki-leather-city\" style=\"\" rel=\"noopener\">100 MWh<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc76a716-e479-41a4-8b8d-6580b066202f\/nas-investments-makes-90%2525-egyfert-acquisition-bid-official-with-mto.-plus:-heliopolis-housing,-ja-solar-%2B-amea-power,-healthy,%253cmark%253e-elsewedy-%253c%2Fmark%253eelectric,-misr-petroleum,-ezdehar,-robbiki-leather-city\" style=\"\" rel=\"noopener\">battery energy storage system project<\/a> in the country with two projects of the same capacity, Corporate Investment Director Omar Foda tells us. The first project is set to begin operation in 1Q 2026, and the other two are expected to follow in 2H 2027.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company will own 100% of the projects, which will be eligible for support from the <\/strong><strong>EU's Recovery and Resilience Facility<\/strong>, Foda tells us. The first project already secured financial backing from the EU facility, helping it reach financial close earlier this year. Each project is estimated to cost some EUR 30-40 mn, he added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to look for: <\/strong>The company is focused on expanding in Eastern European markets, which are on a growth trajectory and they\u2019re interconnected to the EU grid, Foda said, comparing them to their Western European counterparts, which have become overcrowded and highly competitive.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is the latest sign that some big domestic players are switching up their expansion <\/strong><strong>strategies<\/strong>, which have been heavily focused on the GCC for some time. Companies are now looking beyond the region in hopes of tapping new, less saturated markets.<\/p><p class=\"tag-border-left\">IPO watch<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX expects at least eight new offerings in 2026<\/strong>, including players in the healthcare and tourism sectors, bourse Chairman Islam Azzam told Al Arabiya in an interview (<a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/12\/28\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9\" style=\"\" rel=\"noopener\">watch, runtime: 08:12<\/a>). He didn\u2019t name names, but as we exclusively reported earlier this month, the landmark offering of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e10af0b-18b0-4591-b76f-bf955b45b5b4\/will-plans-to-ipo-banque-du-caire-make-the-imf-happy%3F\" style=\"\" rel=\"noopener\">Banque du Caire<\/a> in 2Q will help set a new tone for the privatization program.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>The state is gearing up for a busy year for privatization<\/strong>, with Prime Minister Moustafa Madbouly yesterday <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0PyQ7UyP2B7fM7Uy8HCGg2GWJh7dgTsmpfQgDU4bxRWBsY5C3UVz7QibgbFQhHh9ul\" style=\"\" rel=\"noopener\">meeting<\/a> with Azzam and FRA\u2019s Ahmed Farid to set the tone for taking state-owned companies public next year. And while the readout from the meeting was light on details, it signals that the government is getting serious about its privatization push as we head into the new year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Listed companies are divided over the bourse\u2019s proposal to increase <\/strong><strong>trading hours by <\/strong><strong>one hour<\/strong>, with 54 voting for the proposal through a survey sent by the bourse, while 44 voted against, Azzam said, noting that the proposal is still under review. \\\\<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9fec672-dddc-46a8-987c-2086e4a9da0f\/extending-trading-hours-won%e2%80%99t-give-the-egyptian-stock-exchange-a-boost-in-2026\" style=\"\" rel=\"noopener\">We\u2019re still not sure that extending hours will move the needle<\/a> \u2014 thank you to everyone who wrote in yesterday, whether you agreed with us or not.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qualitative metrics:<\/strong> Azzam reiterated his promise of launching new derivative, short-selling, and market maker mechanisms on the EGX in 1Q 2026, which Amr Helal, the CEO of CI Capital\u2019s sell-side investment bank, told us earlier this month could materially expand the market\u2019s toolkit. \u201cThe more financial products you have, the more depth and liquidity you get,\u201d he said. Azzam noted that we also satisfy all the qualitative metrics for FTSE Russel to categorize us as a developed market, but we would first be required to ramp up some of the quantitative metrics.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Quantitative metrics:<\/strong> Azzam noted that the EGX is making progress on the quantitative criteria required by the global index provider. Echoing this, Monsef Morsy, CI Capital\u2019s managing director and head of research, said rising market capitalization, improving trading liquidity, and a growing pool of stocks meeting foreign investors\u2019 minimum size thresholds are strengthening the case for increased foreign participation, as many global funds require minimum benchmarks across these metrics before entering a market.<\/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\"><strong>Over 10 mn \u2014 the number of mobile phones assembled in Egypt this year<\/strong>, CIT Minister Amr Talaat <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MCITEgypt\/posts\/%D8%A7%D9%84%D8%AF%D9%83%D8%AA%D9%88%D8%B1-%D8%B9%D9%85%D8%B1%D9%88-%D8%B7%D9%84%D8%B9%D8%AA-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D9%88%D8%AA%D9%83%D9%86%D9%88%D9%84%D9%88%D8%AC%D9%8A%D8%A7-%D8%A7%D9%84%D9%85%D8%B9%D9%84%D9%88%D9%85%D8%A7%D8%AA-%D9%8A%D8%AC%D8%AA%D9%85%D8%B9-%D8%A8%D8%A3%D8%B9%D8%B6%D8%A7%D8%A1-%D9%84%D8%AC%D9%86%D8%A9-%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D8%A7%D9%84\/1316065777230379\/\" style=\"\" rel=\"noopener\">said<\/a>. The significant jump from last year\u2019s 3.3 mn figure signals that the state\u2019s longstanding efforts to localize the smartphone industry are bearing fruit.<\/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 class=\"tag-border-left\">Sports<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The Pharaohs\u2019 faceoff with Angola last night ended in a goalless draw<\/strong>, putting Egypt in the lead of the Group B ranking and pushing Angola out of the 2025 AFCON. Egypt had already secured its place in the round of 16 ahead of the faceoff. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Thank you Captain Hossam Hassan: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/unbeaten-egypt-find-balance-under-hassan-africa-cup-nations-2025-12-29\/\" style=\"\" rel=\"noopener\">Reuters<\/a> is out with a piece spotlighting the national team\u2019s coach, the nation\u2019s all-time leading scorer Hossam Hassan, who was tapped for the role in 2024, diving into the team\u2019s performance under his leadership. With Hassan at the helm, the team \u201csealed smooth passage to the Africa Cup of Nations knockout stage with seven points in their group, ending a run of six successive draws across the past two editions of the tournament.\u201d <\/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>Cairo is in for another chilly day, with a high of 20\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p><p class=\"tag-border-left\">CORRECTION<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In Monday\u2019s edition of EnterprisePM, we tripped on a detail about proposals to the tax exemption bracket. We incorrectly said that the tax exemption bracket would be pegged to inflation. Instead, the ministry is mulling a one-time amendment to the bracket to account for inflation. We\u2019ve updated the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fefd3c1d-ac21-46a7-9d97-74349da37972\/%253cmark%253einflation%253c%2Fmark%253e-is-up-and-so-should-the-tax-free-bracket\" style=\"\" rel=\"noopener\">story<\/a> on our website.<\/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\"><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\">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 only fitting that AI remains squarely in focus in the global business press<\/strong> as 2025 roars to a close. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- SoftBank Group is doubling down on the physical backbone of artificial intelligence,<\/strong> agreeing to acquire US-based digital infrastructure investor DigitalBridge Group in a <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/12\/29\/digitalbridge-shares-jump-on-report-softbank-in-talks-to-acquire-firm.html\" style=\"\" rel=\"noopener\">USD 4 bn transaction<\/a> that expands the Japanese conglomerate\u2019s exposure to data centers, fiber networks, and other AI-critical assets.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The acquisition comes as SoftBank founder Masayoshi Son accelerates his push to position the group as a central player in what he calls <strong>\u201cnext-generation AI infrastructure.\u201d<\/strong> Investors are racing to secure the computing power, connectivity, and energy capacity underpinning the AI boom. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Nvidia has quietly completed a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/nvidia-takes-5-billion-stake-intel-under-september-agreement-2025-12-29\/\" style=\"\" rel=\"noopener\">USD 5 bn investment<\/a><\/strong><strong> in Intel<\/strong>, throwing another financial lifeline to the once high-flying US chipmaker. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- It\u2019s another geopolitics-heavy morning <\/strong>with sabre rattling heard from our corner of the world to the Taiwan Strait. Here\u2019s what you need to know:<\/p><ul>\n<li><strong>After a meeting with Netanyahu, Trump has promised to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.axios.com\/2025\/12\/29\/trump-iran-missile-nuclear-weapons-building-warning\" style=\"\" rel=\"noopener\">\u201cknock the hell\u201d<\/a><\/strong><strong> out of Iran <\/strong>if it rebuilds its missile or nuclear programs. \u201cI\u2019m not concerned about anything that Israel is doing,\u201d he told reporters at a joint presser in Florida.<\/li>\n<li><strong>Trump sidestepped questions about <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2025\/12\/29\/us\/trump-news#trump-netanyahu-israel-meeting\" style=\"\" rel=\"noopener\">what\u2019s next for Gaza<\/a><\/strong><strong>.<\/strong> <\/li>\n<li><strong>Protests continue in Iran<\/strong>, with people taking to the streets in Tehran and other major cities to <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2025\/12\/29\/world\/middleeast\/iran-currency-collapse-rial-inflation-protests.html\" style=\"\" rel=\"noopener\">denounce the high cost of living<\/a>.<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- US stocks lagged emerging markets <\/strong>and just about everyone else this year. Here\u2019s the breakdown:<\/p><ul>\n<li>S&amp;P500 \u2014 up 17.4% YTD<\/li>\n<li>MSCI All Country World ex-US \u2014 up 29%<\/li>\n<li>MSCI Emerging Markets \u2014 up 31.8%<\/li>\n<li>EGX30 \u2014 Up 40.3%<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The S&amp;P lagged China<\/strong>, Japan, Germany, and the UK as even \u201crelatively unloved\u201d markets made a comeback, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/10a8a099-5719-42ce-a2eb-edc3045a632f\" style=\"\" rel=\"noopener\">Financial Times<\/a> notes. <\/p><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 look at the latest efforts from the government to shield industry from the EU\u2019s Carbon Border Adjustment Mechanism taking effect in the new year. <\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/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=\"679250 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=\"679250\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/679250\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679250\" class=\"content-area-description single-story post-679250 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=\"679251\" 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=\"679251\">\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\/30\/welcome-to-the-express-lane-for-customs\/\">\r\n                            Egypt\u2019s Finance Ministry signals a pivot toward a \u201cwhitelist\u201d economy                        <\/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\/30\/welcome-to-the-express-lane-for-customs\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Welcome to the express lane for customs&url=https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/&title=Welcome to the express lane for customs\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Welcome+to+the+express+lane+for+customs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F12%2F30%2Fwelcome-to-the-express-lane-for-customs%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/327.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"679252\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/welcome-to-the-express-lane-for-customs\/327-jpg-33\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/327.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"327.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/327.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/327.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679251\" class=\"content-area-description single-story post-679251 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-customs tag-economy tag-enterpriseam tag-the-big-story-today tag-trade 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>Finance Minister Ahmed Kouchouk has approved sweeping amendments to the <\/strong><strong>executive regulations of the Customs Law<\/strong>, according to a document seen by EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s really smart policy: <\/strong>The move signals a major pivot toward a whitelist economy, where the state trades traditional, inspection-heavy oversight for a risk-based framework that rewards compliant companies. The executive regulations will only become official when published in the Official Gazette.<\/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\">Here\u2019s the rundown<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The liquidity win:<\/strong> Importers can now pay customs duties in installments against bank guarantees or ins. policies \u2014 a direct response to the high-interest-rate environment that has squeezed working capital for over a year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A six-month buffer:<\/strong> The validity of both Advance Cargo Information Declaration (ACID) numbers and advance ruling reports has been extended to six months, giving supply chain managers more time to plan for logistics delays at the origin.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Port decongestion:<\/strong> The fresh regulations introduce stricter limits on storage periods in bonded warehouses in a bid to prevent ports from being used as long-term storage. This, alongside setting the groundwork to expand the Authorized Economic Operator program, will allow for faster custom clearance, specifically for compliant companies. These efforts fall within Investment Minister Hassan El Khatib\u2019s plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3694d38c-bfec-409b-b6b1-24cc6bd9f9a1\/customs-clearance-times-slashed-to-two-days-by-2025%3F\" style=\"\" rel=\"noopener\">cut down customs clearance times to two days<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Consolidated treatment:<\/strong> The amendments unify customs treatment for transit trade and freezones, while allowing the values stipulated in shipping documents to be used as the primary valuation tool \u2014 a key step in Egypt\u2019s bid to become a regional logistics hub.<\/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\">An express land for trade<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> By allowing duty installments and extending document validity, the Finance Ministry is rewarding whitelisted companies with an express lane for trade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is a continuation of Kouchouk\u2019s trust-building offensive<\/strong>, following the announcement of the second package of tax incentives <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe119853-ab55-4ef3-a13a-a72daaa34acb\/kouchouk-presents-second-package-of-tax-facilities-to-business-community\" style=\"\" rel=\"noopener\">earlier this month<\/a>. It also perfectly positions the market for the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f0865a2-16fb-4a11-86b9-940f1c2de16f\/gov%25e2%2580%2599t-targets-early-2026-for-nafeza-air-freight-rollout\" style=\"\" rel=\"noopener\">mandatory rollout of the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f0865a2-16fb-4a11-86b9-940f1c2de16f\/gov%25e2%2580%2599t-targets-early-2026-for-nafeza-air-freight-rollout\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f0865a2-16fb-4a11-86b9-940f1c2de16f\/gov%25e2%2580%2599t-targets-early-2026-for-nafeza-air-freight-rollout\" style=\"\" rel=\"noopener\">ACI system for air freight<\/a>, slated for early January.<\/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\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n 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   \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\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/finance-ministry-targets-freezone-backdoors-in-major-structural-tax-overhaul\/\">\r\n                            The latest on Egypt\u2019s major structural tax overhaul                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/finance-ministry-targets-freezone-backdoors-in-major-structural-tax-overhaul\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"679255\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/finance-ministry-targets-freezone-backdoors-in-major-structural-tax-overhaul\/1565-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1565.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1565.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679254\" class=\"content-area-description single-story post-679254 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-customs tag-enterpriseam tag-finance-ministry tag-income-tax tag-inflation tag-tax 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 Finance Ministry is preparing a wide-ranging package of fiscal reforms that targets <\/strong><strong>some of the private sector\u2019s deepest structural grievances<\/strong>, Deputy Finance Minister Sherif El Kilany tells EnterpriseAM. The measures \u2014 which range from significant changes to how companies in freezones are taxed to a shifting of personal income tax brackets to account for inflation \u2014 signal the state\u2019s focus on tax fundamentals is far from over.<\/p>\n<p class=\"tag-border-left\"> Leveling the playing field for freezones selling to the local market<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Companies in freezones could soon face a 4-5% tax on products sold into the Egyptian <\/strong><strong>market<\/strong> under a proposal currently being studied by the Finance Ministry and the General Authority of Investment and Freezones, El Kilany tells us. While freezone companies are exempt from many taxes, \u201cdomestic companies pay taxes \u2014 how is that fair? A freezone company is supposed to export,\u201d El Kilany explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>Currently, freezones offer exemptions for the 22.5% corporate tax, VAT on imports (including those brought in from the Egyptian domestic market), and some customs and real estate levies \u2014 a setup which puts onshore manufacturers at a significant disadvantage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The scope of tax is also undecided<\/strong>, with officials weighing whether to apply this tax to all domestic sales from freezones or only to those that exceed a specific percentage of a company\u2019s total output. The goal is to ensure freezones remain export-focused hubs rather than tax-advantaged backdoors to the domestic market, El Kilany explained.<\/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\"> Business community calls to amend the way solidarity contributions work are being heard<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The solidarity contribution will be \"considered as<\/strong><strong> a tax-deductible<\/strong><strong> expense,\u201d <\/strong>El Kilany tells us. \u201cThe issue of the solidarity contribution has been resolved,\u201d the deputy minister explained, with the move following the ministry responding to another call from the business community on the tax \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20833d1f-e70b-425c-aef0-407ec8aa1f57\/the-corporate-%253cmark%253esolidarity%253c%2Fmark%253e-contribution-will-be-calculated-on-net-income,-not-revenues\" style=\"\" rel=\"noopener\">which EnterpriseAM broke last week<\/a> \u2014 that the contribution will become a tax on net income at a rate of 0.5-1% and not the current 0.25% levy on revenues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry will also cover the gap between collections from Universal Health <\/strong><strong>Ins. System and the cost of running it. <\/strong>\u201cThis is a very sensitive matter and is being handled with extreme care because we don't want to burden taxpayers, and on the other hand, we don't want to disrupt the comprehensive health ins. budget,\u201d El Kilany said.<\/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\">Re-jigging tax brackets <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raising the lowest, tax-exempt bracket to shield low-income earners from the pressures <\/strong><strong>of <\/strong><strong>inflation is also under study<\/strong>, according to El Kilany. Depending on how far up the bracket is pushed, it could provide some employers a measure of relief as they deliver raises to help employees catch up with the impact of inflation that has eroded purchasing power over the past several 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\"> Don\u2019t expect a blanket waiver on tax fines<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ministry is careful not to give the impression that waivers on overdue tax will be <\/strong><strong>universal<\/strong> to avoid inadvertently encouraging non-compliance among those who already pay their tax on time. The compromise? The waiver may return, but it will be restricted to specific sectors the government wants to incentivize, rather than a general amnesty.<\/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 smallest of companies is a big priority<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry is also sweetening the pot for small businesses and informal <\/strong><strong>operators to join the official tax system.<\/strong> Beyond the existing simplified tax brackets, El Kilany said that the government is coordinating with MSMEDA to offer \u201cvery low-interest financing to encourage investment.\u201d The move marks a strategic shift toward voluntary compliance, using access to capital \u2014 rather than just lower tax rates \u2014 as the primary incentive to formalize.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart: <\/strong>MSMEDA is the state agency responsible for development of small business and entrepreneurship. It replaced the Social Development Fund in 2017 and reports directly to the prime minister\u2019s office. Roughly 98% of the nation\u2019s private sector is made up of small and medium-sized businesses.<\/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\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/the-startup-behind-egypts-first-digital-mortgage-is-getting-traction-with-users-and-is-eyeing-an-egp-2-5-bn-raise\/\">\r\n                            MNZL targets EGP 2.5 bn fundraise to back the first mortgage you can get from your phone                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1435.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"679257\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/the-startup-behind-egypts-first-digital-mortgage-is-getting-traction-with-users-and-is-eyeing-an-egp-2-5-bn-raise\/1435-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1435.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1435.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1435.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1435.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679256\" class=\"content-area-description single-story post-679256 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-enterpriseam tag-ibrahim-safwat tag-mnzl tag-real-estate tag-startup-watch 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>MNZL, the co<\/strong><strong>mpany behind <\/strong><strong>the first mortgage you can apply for directly from your <\/strong><strong>phone<\/strong><strong>, is looking to raise EGP 2.5 bn through a combination of equity and debt <\/strong>early in the new year, co-founder and Managing Director Ibrahim Safwat (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ibrahim-safwat-22a93618\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>MNZL has landed the first license in Egypt to offer a fully digital mortgage service. The proptech also has a digital consumer finance license and is the first company in the country to hold dual digital authorizations for secured lending regulated by the Financial Regulatory Authority (FRA). (Check out their <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/12\/1246.pdf\" style=\"\" rel=\"noopener\">recent statement (pdf)<\/a>). The licenses matter because they move MNZL from referral and origination into regulated underwriting \u2014 meaning it can offer favorable financing rates, set tenors, and originate loans itself under FRA supervision.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they\u2019re building: <\/strong>MNZL is looking to build a single, regulated platform that underwrites against both homes and vehicles, rather than remaining a broker or a single-product lender.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s that in normie-speak? <\/strong>MNZL is positioning itself as an \u201casset-backed finance house for households,\u201d built to lend to regular individuals against the assets they already own \u2014 or want to buy \u2014 rather than pushing unsecured credit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That opens up some interesting product categories. <\/strong>\u201cWe see what assets they possess that they can borrow against,\u201d Safwat tells us. Among the \u201cuse cases,\u201d as the tech nerds call them:<\/p>\n<ul>\n<li>Borrowing against a home to buy another home;<\/li>\n<li>Taking out a mortgage to pay for or renovate a home before, say, renting it out;<\/li>\n<li>Paying down what\u2019s owed to a developer to take delivery faster;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Other plain-vanilla options including getting direct financing to purchase a car or other assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How does it work? <\/strong>MNZL\u2019s pitch is to compress a regular mortgage process that can take months into a roughly 48-hour digital journey. Customers complete e-KYC from home, upload contracts and bank statements, then get an AI-assisted initial valuation, and sign electronically.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Any physical steps are pushed into the background.<\/strong> \u201cWe send someone to do the power of attorney, finish the sale-and-ijara contract \u2014 and that\u2019s it,\u201d Safwat says. Where the unit is still under a developer, MNZL uses that POA to place a sales ban directly with the compound. \u201cThe developer is the registration authority, so we place a sales ban on the unit,\u201d he explains. In older districts such as Zamalek, the rules are stricter: the unit must be fully registered with a so-called \u201cblue contract\u201d proving beneficial ownership. Anything outside those parameters requires the owner to formalize registration before accessing finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Safwat thinks the market opportunity is huge: \u201cEven though Egypt has 43 mn <\/strong><strong>apartments, real estate is an integral part of the mindset of Egyptians<\/strong> \u2014 it\u2019s the largest source of wealth,\u201d he says. \u201cSome research says 70%, some says 80% of Egyptians\u2019 wealth is in real estate\u2026 but in the end, most of Egyptians\u2019 wealth is in real estate. And nobody knows how to use it to grow this wealth.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The market has shifted post-the float of the EGP into what Safwat calls \u201ca market of keys, <\/strong><strong>not a market of paper,\u201d<\/strong> saying that delivery matters more than brand names. That shift has widened the arbitrage between primary and secondary units. \u201cAn apartment that\u2019s EGP 15 mn primary over eight or nine years, you\u2019ll find it secondary for EGP 5 mn outright today without taking any construction or delivery risk,\u201d Safwat says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The problem is obvious: \u201cHow will you buy this unit when you don\u2019t have the money?\u201d<\/strong> Safwat\u2019s answer is that the secondary market only becomes investable at scale if mortgage finance becomes fast, accessible, and retail-friendly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regulations that matter:<\/strong> FRA oversight materially changes outcomes for households. Safwat contrasts mortgage finance with developer installment contracts, where a default can mean losing the unit and forfeiting value. Under regulated mortgage frameworks, the lender must restructure or sell the asset and return residual value to the borrower after recovering what it\u2019s owed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MNZL is deliberately narrowing its initial universe.<\/strong> \u201cAt the beginning, we\u2019re focusing on compounds, plus specific zones in Greater Cairo, Alexandria, and other governorates,\u201d Safwat says. That includes areas such as Zamalek, Heliopolis, Mohandessin, and select Nile Corniche locations, while avoiding blanket coverage of all old-city stock. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Anything regulated by the New Urban Communities Authority is fair game for MNZL.<\/strong> This includes Six of October, Fifth Settlement, the New Capital, Alamein, the North Coast, El Gouna, and other new cities. \u201cBecause registration there is clean \u2014 we can investigate the creditworthiness of the person and the unit easily,\u201d Safwat says. The logic is simple: start where ownership, registration, and enforcement are clearest \u2014 then expand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Operationally, MNZL is also building around today\u2019s <\/strong><strong>regulatory<\/strong><strong> reality.<\/strong> Until the state\u2019s digital infrastructure is complete, powers of attorney, sales bans, and registration checks still matter \u2014 but they are handled by the platform, not the customer. \u201cPeople don\u2019t register because they don\u2019t feel the apartment is an asset they can borrow against,\u201d Safwat says. \u201cThat\u2019s what the Property ID Act will solve.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Worth watching: MNZL\u2019s longer-term play is that Egypt is moving toward a full digital <\/strong><strong>real-estate stack \u2014 starting with a national ID for each property<\/strong>, then digital ownership transfer (DOT, in industry-speak) and remote online notarization (RON). Safwat describes the property ID as the base layer: once a unit has a unique digital identity, transactions can happen on top of it. The next steps, he says, are digital ownership transfer and remote notarization, similar to systems used in the US, the UAE, or Saudi Arabia. \u201cWhen the process becomes easy, it will spread,\u201d he argues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- MNZL raised USD 3.5 mn in a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50e3316a-ae1c-4bbb-80b6-c6f4b13a812d\/fintech-startup-mnzl-raises-usd-3.5-mn-in-funding-round\" style=\"\" rel=\"noopener\">pre-seed funding round in 2023<\/a><\/strong>, backed by Flat6labs, Africa-focused P1 Ventures, the UK\u2019s LocalGlobe, Nigeria-based Ingressive Capital, Silicon Valley\u2019s 500 Startups, African fintech investor First Circle, Kenya-based ENZA Capital, Africa-focused Beenok, and other angel investors. Since then, the startup has spent the past two years building out its core technology while operating as a licensed mortgage brokerage. In this role, it acts as an intermediary between borrowers and banks and refers cases to financing companies on a commission-based model, with its platform focused on assessing borrower profiles and creditworthiness.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>The proptech is gearing up to close a seed funding round in the coming few months and is targeting a total of EGP 2.5 bn in combined equity and debt. With its dual license now in hand, MNZL aims to deploy the full amount over the next 18 months, focused on mortgage finance, ijara and auto loans, and new distributive products that are currently being assessed within the FRA\u2019s sandbox.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Early traction is notable: The app has reached around 80k downloads with limited <\/strong><strong>marketing, Safwat says.<\/strong> The bigger question is execution \u2014 asset quality, credit risk management, and how fast Egypt\u2019s broader real-estate digitization agenda moves. If those pieces align, MNZL could end up sitting at the intersection of two overdue shifts: secured lending and digital infrastructure.<\/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\/ibrahim-safwat\/\">Ibrahim Safwat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mnzl\/\">MNZL<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"679258\" 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=\"679258\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/why-gold-is-still-a-structural-hedge-for-egyptian-households\/\">\r\n                            Why gold is still a structural hedge for Egyptian households                        <\/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\/30\/why-gold-is-still-a-structural-hedge-for-egyptian-households\/\" 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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While global traders are selling, many Egyptian households are treating the dip as a secondary entry point, industry insiders tell EnterpriseAM, suggesting gold remains a structural hedge within the Egyptian family\u2019s balance sheet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Until the EGP can compete with the psychological security of bullion, capital will remain sidelined in the non-productive economy. As Bokra Holding CEO Ayman Elsawy told us, \u201cgold demand in Egypt doesn\u2019t collapse when conditions improve; it slows down. Past volatility keeps gold in portfolios longer than the models expect.\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\">For most Egyptians, gold is no longer just an asset \u2014 it is a replacement for currency trust<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cEven if inflation slows, people remember what high inflation did to <\/strong><strong>[paper money]<\/strong><strong>,\u201d<\/strong> Elsawy said. \u201cGold buying today is often backward-looking, based on people\u2019s memory,\u201d he added, explaining that this \u201cinflation memory\u201d is currently more powerful than global price charts. Rising prices are interpreted as a sign of instability ahead, not a reason to wait, Elsawy added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the shops, the buy-and-hold mentality is the baseline.<\/strong> Customers aren't looking at the ticker tape for quick gains, Hatem El Gabry, CEO of gold and silver shop Tut Ankh Amon Jewellery, tells EnterpriseAM. \u201cBuyers are still entering the market, fully aware that gold is a long-term investment and that returns take time,\u201d El Gabry said. \u201cMany see it as a way to preserve value for future purchases rather than a short-term trade.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is echoed by the savers themselves. <\/strong>\u201cInflation is the main reason. Even when prices stabilize for a bit, the cost of living keeps rising, so gold feels like a way to protect what I\u2019ve already saved,\u201d one saver tells us. Another said that any whisper of currency volatility is a buy signal, explaining how \u201cany talk about pressure on the EGP immediately makes me think about protecting my savings.\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\">Demand in Egypt is rarely killed by high prices \u2014 it\u2019s just reshaped<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt has a buy-and-hold culture that transcends price swings<\/strong>, with households typically buying gold whether prices are rising or falling, but the motivation changes, Evolve Investment Holding CEO Sameh El Torgoman tells EnterpriseAM. \u201cWhen prices rise due to inflation fears or FX stress, people rush into gold even as prices go up. The mindset is: \u2018Better to move my money now before it loses value.\u2019\u201d Conversely, when prices rise without that domestic pressure, \u201cdemand tends to cool slightly as many buyers prefer to wait.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The recent dip is likely to bring the \u201cinformed buyers\u201d back to the table. <\/strong>\u201cSmall dips rarely trigger panic selling,\u201d Elsawy added. \u201cDemand doesn\u2019t disappear; it shifts to experienced buyers and traders. Households hesitate to sell unless the drop feels meaningful.\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\">Egyptians have always flocked to gold, and that\u2019s not great news for the economy<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While gold protects the in<\/strong><strong>dividual<\/strong><strong>, it presents a challenge for the wider economy. <\/strong>\u201cThe rising trend of purchasing and storing gold protects household savings, but it does not contribute to economic growth,\u201d Elsawy said. \u201cWhen a significant share of capital is held in gold, that money becomes passive \u2014 preserved rather than circulated \u2014 which limits its ability to finance business activity, job creation, or capacity expansion.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So where\u2019s gold heading in 2026? <\/strong>A Goldman Sachs poll of institutional investors sees the metal <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/11\/28\/goldman-sachs-investor-poll-gold-can-top-5k-in-2026-.html\" style=\"\" rel=\"noopener\">hitting USD 5k in the New Year<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n\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\/commodities\/\">commodities<\/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\/inflation\/\">inflation<\/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=\"679260 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=\"679260\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/679260\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679260\" class=\"content-area-description single-story post-679260 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.sodic.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/264.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=\"679261\" 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=\"679261\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/the-ft-on-downtown-cairos-master-tailors-fighting-to-keep-their-craft-alive\/\">\r\n                            The FT on Downtown Cairo\u2019s master tailors are fighting to keep their craft alive                        <\/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 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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/717.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/717.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679261\" class=\"content-area-description single-story post-679261 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-culture tag-egypt-in-the-news tag-enterpriseam tag-fashion 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>Once a fashion capital that rivalled Europe, Downtown Cairo is now watching one of its <\/strong><strong>most storied crafts quietly disappear.<\/strong> The <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/80175a4e-5040-4a8a-bbf4-b6a5e04e04e2\" style=\"\" rel=\"noopener\">Financial Times<\/a> is spotlighting the city\u2019s last remaining master tailors, whose ateliers once dressed politicians, actors, and Egypt\u2019s elite. Changing fashion tastes, the dominance of ready-to-wear clothing, and a lack of apprentices have pushed bespoke tailoring to the brink, leaving only a handful of workshops still operating.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the center of Maddison Sawle\u2019s story \u2014 which is well worth a read \u2014 is 89-year-old <\/strong><strong>Samir El Sakka, <\/strong><strong>Cairo\u2019s oldest master tailor<\/strong>, who has continued the craft throughout revolutions and economic crises. But rising rents, expensive imported materials, and a shrinking customer base threaten not just individual businesses, but the survival of an entire tradition, writes the salmon-colored paper.<\/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>Alaa Abdel Fattah responds after controversial social media posts resurfaced: <\/strong>Egyptian-British activist Alaa Abdel Fattah <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uk\/egyptian-british-activist-apologises-past-social-media-posts-police-launch-2025-12-29\/\" style=\"\" rel=\"noopener\">issued a statement apologizing<\/a> for his violent social media posts that resurfaced over the past days, making him the subject of criticism from the people of Britain, where he landed over the weekend. The posts in question include those that called for violence against zionists and the police, which Abdel Fattah said were \u201cexpressions of a young man's anger and frustrations.\u201d The UK\u2019s Counter Terrorism Policing is currently assessing the posts. <\/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\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fashion\/\">fashion<\/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=\"679263\" 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=\"679263\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\">\r\n                            Egyptian LNG will soon feed Lebanon\u2019s power grid                        <\/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\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Our LNG supplies will soon feed Lebanon\u2019s power grid&url=https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\">\n                    X                    <!-- <img 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1432.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1432.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1432.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679263\" class=\"content-area-description single-story post-679263 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-debt tag-earnings tag-eastern-company tag-enterpriseam tag-oil-and-gas tag-tasaheel 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\">Egypt to supply Lebanon with gas<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt will supply Lebanon\u2019s Deir Ammar Power Plant with natural gas<\/strong> under an MoU inked between the two countries\u2019 oil ministries, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D9%81%D9%8A-%D8%A5%D8%B7%D8%A7%D8%B1-%D8%AF%D9%88%D8%B1%D9%87%D8%A7-%D9%83%D9%85%D8%B1%D9%83%D8%B2-%D8%A5%D9%82%D9%84%D9%8A%D9%85%D9%8A-%D9%84%D8%AA%D8%AF%D8%A7%D9%88%D9%84-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D9%85%D9%8F%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D9%81%D8%A7%D9%87%D9%85-%D8%A8%D9%8A%D9%86-%D9%85%D8%B5%D8%B1-%D9%88%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D9%84%D8%A5%D9%85%D8%AF%D8%A7%D8%AF\/1438237198346696\/\" style=\"\" rel=\"noopener\">statement<\/a>. The agreement is the latest in our efforts to become a regional energy hub and signals the government\u2019s seriousness about the country once again becoming a net exporter of LNG. <\/p><p class=\"tag-border-left\">Tasaheel closes EGP 3.5 bn securitized bond issuance<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tasaheel closed a EGP 3.5 bn securitization issuance<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/12\/1414.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from Matouk Bassiouny &amp; Hennawy, which provided counsel to the MNT-Halan microfinance arm on the transaction. The issuance marks the fourth tranche of a EGP 20 bn program.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Al Ahly Pharos served as the financial advisor, Baker Tilly was the auditor, Capital Securitization Company was the securitization company, and Meris was the rating agency.<\/p><p class=\"tag-border-left\">Eastern Company posts growth in 3Q<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tobacco giant Eastern Company saw its net income rise 18% y-o-y in 3Q 2025<\/strong>, coming in at EGP 2.2 bn, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/12\/1424.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. Net revenues rose 31% y-o-y over the same period to EGP 10.6 bn.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tasaheel\/\">Tasaheel<\/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=\"679265\" 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=\"679265\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/fortress-mode\/\">\r\n                            AI startups lock in years of runway as investors brace for turbulence                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1113.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1113.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1113.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1113.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679265\" class=\"content-area-description single-story post-679265 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-artificial-intelligence tag-enterpriseam tag-financial-markets tag-planet-finance tag-startups 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>AI startups are stockpiling liquidity.<\/strong> Global AI companies raised a record USD 150 bn in 2025, building multi-year funding cushions to brace against a possible sector downturn as investors grow wary that the boom could falter, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7f989b72-0722-4b0a-9a50-876417abc06f\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The buffers aren\u2019t evenly spread: <\/strong>A handful of mega-rounds \u2014 OpenAI\u2019s USD 41 bn round, Anthropic\u2019s USD 13 bn round, and Meta\u2019s USD 14 bn investment into Scale AI \u2014 did most of the work, concentrating firepower among a small group of perceived outperformers, as investors look to tap into more certain ventures.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those leaders now sit on four to five years of runway, far above historical norms, after<\/strong><strong> locking in capital at peak valuations.<\/strong> Rather than the usual break of several years between funding rounds, AI heavyweights have only been waiting a few months recently before raising more capital \u2014 partially as a result of costly operational needs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The playbook has shifted from scaling fast to staying above water.<\/strong> Investors are pushing founders to raise early and raise big, even at the cost of dilution. \u201cWhen the market is providing the option, build a fortress balance sheet,\u201d said Lucas Swisher of Coatue.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Liquidity doubles as leverage: <\/strong>Deep war chests let top firms outspend rivals on talent, compute, and infrastructure \u2014 and move fast on consolidation if sentiment turns. \u201cIt\u2019ll be like an acquisition a week the minute there\u2019s a spook in the public markets,\u201d said Jeremy Kranz of Sentinel Global.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this caution makes sense: <\/strong>The AI boom rests on fragile plumbing, from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1dd17761-888b-4ff4-b499-fedf65607068\/wonder-why-markets-are-edgy-about-the-%253cmark%253ecircular%253c%2Fmark%253e-nature-of-ai-investing%3F-we%25e2%2580%2599ve-got-the-rundown.\" style=\"\" rel=\"noopener\">self-reinforcing<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/1dd17761-888b-4ff4-b499-fedf65607068\/wonder-why-markets-are-edgy-about-the-%253cmark%253ecircular%253c%2Fmark%253e-nature-of-ai-investing%3F-we%25e2%2580%2599ve-got-the-rundown.\" style=\"\" rel=\"noopener\">Big Tech financing loops<\/a> to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c74bae00-48a2-440e-bf9a-fb6ef4de0e47\/how-off-balance-sheet-financing-is-masking-the-true-cost-of-the-ai-boom\" style=\"\" rel=\"noopener\">off-balance-sheet infrastructure funding<\/a> that obscures leverage. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p 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\">Asia-Pacific markets are having another mixed morning on the second-to-last trading day of the year. Japan\u2019s Nikkei is slightly in the red in early trading, while Hong Kong\u2019s Hang Seng Index is in the green, and the Shanghai Composite is essentially flat. Across the pond, it\u2019s looking decidedly more red, with US futures suggesting the Dow Jones, S&amp;P 500, and Nasdaq will all open lower later today.<\/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\">41,732<\/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: +40.3%)<\/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>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 47.65<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.78<\/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>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 47.67<\/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 47.77<\/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\">20.00% 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\">21.00% 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\">10,490<\/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: -12.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">10,061<\/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: +6.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">6,137<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +19.0%)<\/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>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\">6,906<\/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% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,867<\/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: +20.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,752<\/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: +17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 61.94<\/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\">+2.1%<\/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>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.95<\/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\">-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 4,357<\/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%<\/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 87,125<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.3% (YTD: -6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">987.88<\/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: +27.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">151.73<\/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: +8.4%)<\/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>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\">14.20<\/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\">+4.4% (YTD: -18.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.3% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 5.1 bn (6.1% below the 90-day average). Local investors were the sole net buyers. The index is up 40.3% 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 (+3.4%), Arabian Cement (+3.1%), and Raya Holding (+1.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Orascom Construction (-1.6%), Rameda (-1.2%), and Oriental Weavers (-1.2%).<\/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\/artificial-intelligence\/\">Artificial intelligence<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/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=\"679267\">\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\">9<\/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\/govt-is-working-to-shield-industry-from-the-eus-carbon-tax\/\">\r\n                            Egypt prepares plan B to shield industry from the EU\u2019s Carbon Border Adjustment Mechanism starting in the new year<\/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\/govt-is-working-to-shield-industry-from-the-eus-carbon-tax\/\" 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 diplomatic push is the first half of a two-pronged strategy \u2014 while Cairo lobbies Brussels for a grace period, it is simultaneously finalizing a domestic carbon tax. This ensures that if Egyptian industry must pay for its emissions, the revenue stays in the Egyptian treasury rather than flowing into the EU\u2019s coffers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move comes as the 2026 deadline \u2014 now only days away \u2014 for the definitive <\/strong><strong>implementation of CBAM looms. <\/strong>The mechanism is designed to prevent carbon leakage by taxing high-emission imports into the EU like steel, aluminum, and cement. It threatens to fundamentally alter the competitive landscape for Egyptian exporters in their largest market.<\/p>\n<p class=\"tag-border-left\">Why it matters <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The financial implications of the incoming carbon border tax are sizable <\/strong>\u2014 non-compliance or a failure to decarbonize quickly enough could cost local manufacturers USD 317 mn a year from the additional carbon price, according to studies by the Environment Ministry seen by EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/egypt%25e2%2580%2599s-fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">iron and steel industry will be the worst hit<\/a><\/strong><strong>, shouldering 74% of the total financial <\/strong><strong>impact<\/strong> as it faces an estimated annual bill of USD 236 mn. The aluminum sector follows as the second most vulnerable, with a projected liability of USD 43 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And that\u2019s just the start:<\/strong> Other sectors could soon be affected as the EU decides which industries to include next and when. This comes as the bloc is working toward a 2030 goal of covering all sectors under the EU Emissions Trading System \u2014 an objective it has shown no sign of backing down from. Pundits expect polymers and organic chemicals will join the list in 2027, followed by downstream steel and aluminum goods like screws, bolts, and more complex parts in 2028.<\/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\">If you can\u2019t beat them, tax first<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Should Brussels deny the exemption request \u2014 which it\u2019s likely to do to maintain WTO <\/strong><strong>compliance \u2014 Egypt will bring out its own domestic <\/strong><strong>carbon tax<\/strong>, we were told. A draft of the policy has already been put together in a rework of the tax policy document for 2025-2030 and is undergoing final review, our source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Under EU rules, any carbon price effectively paid in the country of origin can be <\/strong><strong>deducted from the total amount <\/strong><strong>due<\/strong><strong> under the CBAM. <\/strong>\u201cWe have no intention of letting these revenues go to Brussels,\u201d the source said. \u201cIf the tax must be paid, it will be collected locally and funneled back into the green transition of our own industries.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By collecting the tax at home, the Madbouly government would transform a capital <\/strong><strong>outflow<\/strong><strong> into a steady revenue stream. <\/strong>The revenue could theoretically be used to subsidize the same green tech upgrades (such as hydrogen-ready furnaces or advanced carbon filters) that the EU is demanding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even with proceeds from a carbon border tax staying in Egypt, that doesn\u2019t solve the <\/strong><strong>issue of inflation. <\/strong>Egypt\u2019s request for a grace period to transition gradually to a greener mode of production is in part driven by concerns that the cost of greening factory floors could lead to a spike in the cost of goods in the local market, our source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Emission reduction technologies and special filters are expensive \u2014 especially when <\/strong><strong>their installation is rushed<\/strong><strong>.<\/strong> If the state forces a compressed timeline for these upgrades, manufacturers will inevitably pass the costs to the final consumer, which could have a big impact on our construction industry and infrastructure costs, according to our source.<\/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\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/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\/sustainability\/\">sustainability<\/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=\"679269\" 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\/30\/679269\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-679269\" class=\"content-area-description single-story post-679269 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;\">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 style=\"font-weight:400;\">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>1 Janu<\/span><span>ary (Th<\/span><span>ursday): Bank holiday. <\/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: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:400;\">Early 2026: 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:400;\">Early 2026: The government will launch the second package of tax breaks. <\/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;\">1Q 2026: 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>1Q 2026: Turkish President Tayyip Erdogan to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo.php?fbid=1433492502154499&set=pb.100064812882317.-2207520000&type=3\" style=\"\">visit<\/a><\/span><span style=\"font-weight:400;\"> 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;\">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.<\/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     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