{"id":681783,"date":"2026-01-07T10:41:26","date_gmt":"2026-01-07T10:41:26","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=681783"},"modified":"2026-01-18T19:04:39","modified_gmt":"2026-01-18T19:04:39","slug":"gourmet-looks-to-go-public","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/gourmet-looks-to-go-public\/","title":{"rendered":"Gourmet looks to go public"},"content":{"rendered":"<section id=\"681785\" 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=\"681785\">\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 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alt=\"\" data-attachment-id=\"681786\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/orascom-construction-secures-egp-15-bn-ras-el-hekma-contract\/898-jpg-53\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"898.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/898.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681785\" class=\"content-area-description single-story post-681785 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-real-estate 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, and Merry Christmas to everyone celebrating this <\/strong><strong>morning. <\/strong>We hope you\u2019re all surrounded by family and friends \u2014 and that maybe (just maybe) you\u2019re bridging tomorrow\u2026 <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a quick read for you this morning<\/strong>, and it\u2019s pretty much all good news. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up first: Stop us if you\u2019ve heard this one before\u2026 <\/strong>The Madbouly government is once again revisiting the state ownership policy and taking inventory of marketable assets on the state\u2019s books. The goal: To add names to the list of companies and other assets it\u2019s going to sell or take public. It\u2019s more of the same \u2014 and more of the same noise about only offering minority stakes. Progress on privatization is important (particularly to the good folks at the IMF), but we really hope policymakers accept in 2026 the reality that there are very few real operators out there that want to be minority partners with *any* government.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- B Investments looks like it\u2019s going to IPO Gourmet Egypt<\/strong>, our favourite supermarket and food producer. It could set up a handsome exit for the private equity outfit. If successful, it could serve as proof of concept for other PE players looking to exit (in full or in part) assets they\u2019ve carried on their books through one or more currency crises. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Reserves are up again<\/strong> (thanks in large part to the revaluation of our gold holdings) and <strong>manufacturers<\/strong> could see their <strong>real estate tax holiday<\/strong> extended for a few more years. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We have all of that and more in this morning\u2019s news well, below. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** But first, a programming note: EnterpriseAM is off tomorrow<\/strong> and <a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\" rel=\"noopener\">Morning Drive<\/a>, our 6:30am daily podcast, is off today. Our Egypt staff will be taking Thursday off to enjoy a three-day weekend in observance of Coptic Christmas. We\u2019ll be back in your inboxes on Sunday morning at the usual time. EntepriseAM UAE, EnterpriseAM Saudi, and EnterpriseAM Logistics all publish tomorrow. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEEKEND <\/strong><strong>WEATHER- Look for a high today in Cairo of 25\u00b0C <\/strong>with the mercury rising to 26\u00b0C tomorrow before a return to the high teens this weekend, our favorite weather app tells us. <\/p><p class=\"tag-border-left\">December was good for the private sector<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>A closely-watched gauge says activity in the private sector grew again last month. <\/strong>The Purchasing Managers\u2019 Index (PMI) reading for Egypt in December stood at 50.2, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/176.pdf\" style=\"\" rel=\"noopener\">S&amp;P Global (pdf)<\/a>. That puts our non-oil private sector in expansion territory for the second month running, albeit at a slower rate than <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/04\/non-oil-private-sector-activity-sees-fastest-growth-in-five-years\/\" style=\"\" rel=\"noopener\">November\u2019s 61-month high<\/a> of 51.1.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> December saw new orders and output expand again, though their pace of growth cooled from November\u2019s highs. For the first time in 10 months, firms accelerated their purchasing activity to keep up with demand. Caution in hiring led to the sharpest drop in employment in over a year as firms focused on productivity over headcount. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Supply chain issues persisted<\/strong>, as vendor shortages caused input stocks to decline for the third straight month despite higher purchasing. Input cost inflation edged up slightly, driven by rising prices for fuel, cement, and wages. For the most part, companies passed on only modest price hikes despite the rise in their own costs.<\/p><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\"><a id=\"wwtt2\"><\/a>  <strong>ENERGY<\/strong><strong> \u2014 The Egyptian Electric Utility and Consumer Protection Regulatory <\/strong><strong>Agency (Egyptera) has hit pause on new net metering rules for solar power. <\/strong>After pushback from business leaders, the regulator opted for further study to ensure the new framework doesn't stifle investment in the sector, chair of the Sustainable Energy Development Association Ayman Haiba tells EnterpriseAM.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptera will now work on a revised model in a bid to bridge the gap between technical <\/strong><strong>grid stability and the financial viability of private solar projects<\/strong>, Haiba tells us, warning that halting net metering could slow the rollout of solar energy projects.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>The move comes weeks after Egyptera <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/03\/26\/egyptera-pauses-approvals-for-solar-power-plant-grid-connections-until-new-regulations-are-in-place\/\" style=\"\" rel=\"noopener\">suspended the net metering system<\/a> starting at the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/04\/solar-firms-urge-government-to-halt-scrapping-of-net-metering-system\/\" style=\"\" rel=\"noopener\">end of December<\/a>, a decision that put investments by 168 companies at risk. Any shutdown of net metering could directly hurt Egyptian exporters under Europe\u2019s carbon border tax (CBAM) \u2014 which began its implementation phase on 1 January 2026 \u2014 and weaken the country\u2019s competitiveness.<\/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 id=\"wwtt1\"><\/a> <strong>REAL ESTATE- <\/strong><strong>Orascom Constructio<\/strong><strong>n has secured a EGP 15 bn contract from the <\/strong><strong>UAE\u2019s <\/strong><strong>Modon Holding to execute the first phase of the Wadi Yemm district in Ras El Hekma<\/strong>, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/113358\/%D8%A3%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85-%D8%AA%D9%86%D9%81%D8%B0-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7-%D8%A8%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-316-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%B1%D8%A3%D8%B3-%D8%A7%D9%84%D8%AD%D9%83%D9%85%D8%A9\/?utm_source=facebook&amp;utm_medium=social&amp;utm_campaign=asharq_business_egy_fb\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports. The scope of work includes infrastructure, residential units, administrative offices, and a 70-room hotel.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This contract i<\/strong><strong>s the first physical rollout of Modon\u2019s investment plans<\/strong>, which we noted back in September involved <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/15\/uaes-modon-to-pour-egp-45-bn-into-ras-el-hekma-infrastructure-buildout\/\" style=\"\" rel=\"noopener\">earmarking EGP 45 bn for infrastructure and construction<\/a>. Orascom Construction has effectively captured one-third of the initial budget Modon allocated for local contractors, cementing its role as a lead execution partner in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/dbe49f21-fe72-4a60-a400-bfa1be504934\/adq-to-invest-usd-35-in-egyptian-coastal-area-development\" style=\"\" rel=\"noopener\">the USD 35 bn mega-project<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for next: <\/strong>Awards to other large domestic players including Hassan Allam as the Emirati developer looks to accelerate work on Wadi Yemm \u2014 the first of 17 planned districts \u2014 to push forward with delivery of both residential units and tourist facilities.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">MENA-India<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\" rel=\"noopener\">Corridor<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">The big story abroad <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uhm, did the US just *literally* steal Venezuela\u2019s oil? <\/strong>Oil tankers are moving from the US towards Venezuela to begin loading stranded Venezuelan oil after US President Donald Trump said Venezuela will hand over some 30-50 mn barrels of oil to the US. The sale of the cargoes could be worth around USD 3 bn at current prices. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What he said: <\/strong>\u201cThat money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States,\u201d Trump wrote in a post on his Truth Social platform.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ The must-read on the topic: <a target=\"_blank\" href=\"https:\/\/www.axios.com\/2026\/01\/07\/us-oil-trump-venezuela-maduro\" style=\"\" rel=\"noopener\">Trump: Venezuela to turn over 30-50 mn barrels of oil to US<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the White House is now saying that military force is on the table in its bid to <\/strong><strong>\u201cacquire\u201d Greenland. <\/strong>\u201cPresident Trump has made it well known that acquiring Greenland is a national security priority of the United States, and it\u2019s vital to deter our adversaries in the Arctic region,\u201d White House press secretary Karoline Leavitt said. \"The president and his team are discussing a range of options to pursue this important foreign policy goal, and of course, utilizing the US military is always an option at the commander-in-chief\u2019s disposal.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Her remarks came after White House Deputy Chief of Staff Stephen Miller channeled his <\/strong><strong>inner Balon Greyjoy<\/strong>, saying, \u201cNobody\u2019s going to fight the United States militarily over the future of Greenland. \u2026 We live in a world, in the real world \u2026 that is governed by strength, that is governed by force, that is governed by power. These are the iron laws of the world since the beginning of time.\u201d See more in <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/01\/05\/us\/politics\/stephen-miller-greenland-venezuela.html\" style=\"\" rel=\"noopener\">the New York Times<\/a> and <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/28485ea3-68ce-4897-8b74-b728d54b5479\" style=\"\" rel=\"noopener\">the FT<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closer to home: <\/strong><\/p><ul>\n<li><strong>Saudi Arabia has fully opened up its capital markets to foreign investors <\/strong>in a move set to bring in more liquidity ahead of a deep 2026 IPO pipeline.<\/li>\n<li><strong>The Qatar Investment Authority participated in Elon Musk\u2019s xAI\u2019s USD 20 bn series E funding round<\/strong>, alongside Nvidia and Cisco. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/musks-xai-raises-20-billion-upsized-series-e-funding-round-2026-01-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/li>\n<li><strong>Clashes between civilians and police in Iran amid a wave of protests that took the country by storm as of last week <\/strong>have left 29 dead and more than 1.2k people arrested. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-06\/iran-probes-hospital-raid-as-protest-crackdown-leaves-29-dead?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>) <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> EnterpriseAM\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/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 country\u2019s real estate reset and what we can expect from the market now that the era of defensive demand and inflation hedging is behind us. <\/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\/real-estate\/\">real estate<\/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=\"681787 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=\"681787\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/681787\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681787\" class=\"content-area-description single-story post-681787 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><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 \u2014 right through the final countdown and beyond.<\/span><\/p>\n<p><span style=\"font-weight:700;\">New Year\u2019s 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=\"681788\" 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=\"681788\">\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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/\">\r\n                            More companies to join Egypt\u2019s privatization program                        <\/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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/\" 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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/')\">\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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/\">\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=Privatization was at the top of Cabinet\u2019s list of New Year\u2019s resolutions&url=https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/\">\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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/&title=Privatization was at the top of Cabinet\u2019s list of New Year\u2019s resolutions\">\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=Privatization+was+at+the+top+of+Cabinet%E2%80%99s+list+of+New+Year%E2%80%99s+resolutions+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F01%2F07%2Fprivatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2%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\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/197.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"681789\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/privatization-was-at-the-top-of-cabinets-list-of-new-years-resolutions-2\/197-jpg-43\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/197.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"197.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/197.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/197.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681788\" class=\"content-area-description single-story post-681788 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-egx tag-enterpriseam tag-privatization tag-the-big-story-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Madbouly Government <\/strong><strong>is <\/strong><strong>kicking off the year with a plan to add 13 new companies to <\/strong><strong>its privatization program<\/strong>, two senior government officials tell EnterpriseAM. The plan also includes a selldown of stakes owned by state-owned banks in government-related companies and taking other companies public.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spearheading these efforts is a newly-formed prime ministerial committee<\/strong> that will soon start working on updating Cabinet\u2019s state ownership policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Progress here is critical to keeping the IMF happy \u2014 and to signal to the business community<\/strong> that officials are serious about seeing the private-sector lead economic growth. As we\u2019ve previously reported, slow progress on the privatization file has long been a sticking point in relations with the IMF as we speed toward the wrap-up of our USD 8 bn assistance program this fall. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Proceeds from the privatization program would help shore up FX reserves<\/strong>, where officials have set a goal of building a USD 55-56 bn war chest before the end of the program. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can you expect? <\/strong>Officials will kick the tires of public sector enterprises and their assets, including a large land portfolio estimated at around 2 mn square meters, as the government prepares to offer minority stakes ranging from 10-40% either to strategic investors or through the bourse, our sources said. The National Investment Bank (NIB) has been tasked with coordinating these offers, the sources added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our perpetual caveat: <\/strong>Few operators or financial investors are interested in being minority partners with the state. Cabinet will need to put majority stakes on offer if it\u2019s serious about getting out of the economy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Consolidation for value:<\/strong> The government plans to merge companies with overlapping activities to reduce operational losses and trim financial entanglements, according to the source.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new census:<\/strong> An internal government audit revealed that of the 561 state-owned companies, 364 are currently profitable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT: <\/strong>The NIB alone holds stakes in 85 companies across sectors including petrochemicals, pharma, manufacturing, and housing. State-owned giants including NBE and Banque Misr have countless others on their balance sheets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money will go: <\/strong>The proceeds are intended to settle outstanding financial entanglements and improve the financial positions of these companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>A final draft of the updated policy is expected to see the light by June 2026.<\/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\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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization\/\">Privatization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"681790\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n              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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"681791\" 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=\"681791\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/gourmet-files-to-go-public-on-the-egx-2\/\">\r\n                            No foreign buyer? No problem. Gourmet files for IPO as B Investments eyes monetization                        <\/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\/2026\/01\/07\/gourmet-files-to-go-public-on-the-egx-2\/\" 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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           <\/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\/2026\/01\/07\/gourmet-files-to-go-public-on-the-egx-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/195.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"681792\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/gourmet-files-to-go-public-on-the-egx-2\/195-jpg-38\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/195.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"195.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/195.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/195.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681791\" class=\"content-area-description single-story post-681791 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch-2 tag-b-investments tag-enterpriseam tag-gourmet tag-ipo-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>Our favourite supermarket chain and food producer is getting ready to go public. <\/strong>Gourmet has submitted a request to the Financial Regulatory Authority (FRA) to IPO on the EGX, a source with direct knowledge of the transaction tells EnterpriseAM, confirming a report in the domestic press earlier this week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What could the transaction look like? <\/strong>Gourmet could announce in the coming weeks a plan to offer up to 40%. The company, backed by high-profile private equity outfit B Investments, has been exploring a potential IPO for more than a year now, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/02\/the-future-of-b-investments-stake-in-gourmet-is-up-in-the-air\/\" style=\"\" rel=\"noopener\">as we\u2019ve previously reported<\/a>. In August 2024, B Investments, which owns 53% of Gourmet, was reportedly considering a partial selldown, a full exit, while founder Jalal Abu Ghazaleh, who as of 2024 held 47% of the grocer, had engaged EFG Hermes to advise on a potential stake sale. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">!_SuHed_! <strong>Our take<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe see this as a deliberate choice to lean into market momentum<\/strong>,\u201d Mirette Ramez, managing director of <a target=\"_blank\" href=\"https:\/\/www.nexuscap.org\/\" style=\"\" rel=\"noopener\">Nexus Capital<\/a>, which has multiple ongoing engagements with family-run businesses, told EnterpriseAM. She notes that Gourmet is becoming a textbook case study for family businesses that \u201cbuild scale, open their capital structure to a seasoned financial investor (B Investments), and tap public markets for liquidity.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This could be the exit B Investments has been waiting for<\/strong>, with Chairman Hazem Barakat previously signaling the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/01\/el-sisi-directs-authorities-to-launch-second-package-of-tax-facilities\/\" style=\"\" rel=\"noopener\">1Q 2026 window for a selldown<\/a>. B Investments acquired 40% of Gourmet <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/20\/b-investments-acquires-majority-stake-in-gourmet-in-egp-125-mn-transaction\/\" style=\"\" rel=\"noopener\">in 2018 for EGP 65 mn<\/a>, implying a valuation of roughly EGP 160 mn, before raising its stake to 53% through a capital increase. With the company <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/29\/b-investments-to-sell-up-to-30-stake-in-gourmet\/\" style=\"\" rel=\"noopener\">valued at an estimated EGP 1.5 bn in 2024<\/a>, the private equity firm is looking at a healthy exit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Barakat had suggested in 2023 that a sale to a foreign strategic investor could be in the <\/strong><strong>cards<\/strong>, but the transaction stalled when the potential buyer revised its strategy. Heading to the EGX now suggests B Investments thinks it can lock in a healthy valuation \u2014 and that there\u2019s enough liquidity in the market to pull off a successful transaction. The delay in pursuing a foreign buyer only strengthened Gourmet\u2019s equity story, as 30-40% y-o-y growth in 2024 reinforced the rationale for going public, according to Barakat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>Our friends at EFG Hermes are reportedly quarterbacking the transaction, with White & Case acting as counsel. EnterpriseAM haven\u2019t yet gotten callbacks on who is advising \u2014 we\u2019ll let you folks know when we do. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GO DEEPER- Abu Ghazaleh is now running AM Foods full-time <\/strong>since stepping back from Gourmet. AM Foods was his first business and is now exporting baladi bread to the United States under contract to a major national supermarket chain. We caught up with him a couple of weeks ago. Read: <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/22\/food-entrepreneur-jalal-abu-ghazaleh-on-cracking-the-us-export-market\/\" style=\"\" rel=\"noopener\">Food entrepreneur Jalal Abu Ghazaleh on cracking the US export market<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gourmet\/\">Gourmet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO 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=\"681793\" 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=\"681793\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/manufacturers-could-get-an-extension-of-their-property-tax-break-2\/\">\r\n                            Egypt mulls extension of industrial property tax waiver                        <\/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\/2026\/01\/07\/manufacturers-could-get-an-extension-of-their-property-tax-break-2\/\" 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 current grace period, where the state foots the EGP 3.3 bn annual tax bill for manufacturers, is set to expire this month. A decision is being studied to avoid a \u2018sudden fiscal shock\u2019 to manufacturers. Policymakers see manufacturing as a cornerstone of both currency stability and GDP growth, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The move suggests policymakers are working in tandem. If true, it\u2019s an important signal for the private sector. The Central Bank of Egypt has made clear it\u2019s moving forward with its easing cycle. The hope is that interest rates get low enough that it makes sense for domestic businesses to borrow \u2014 in EGP \u2014 to fund capital expenditures. The Finance Ministry wants to make sure that manufacturers have the cashflows they need to allow them to take on and service debt instead of having it sucked up by tax burdens, the source says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Does that mean the exemption is here to stay? <\/strong>While manufacturers are lobbying for a permanent exemption, our source says it\u2019s not in the cards: Giving makers of things a permanent break wouldn\u2019t survive legal review, he says. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More good news for industry:<\/strong> A parallel committee is studying how property tax collection will work once the temporary exemption ends, including resolving issues around open land surrounding factories and establishing clear mechanisms for application and compliance. Factories may also benefit from debt settlement facilities and a cap on late-payment penalties at 100% of the original tax owed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big picture:<\/strong> This shift moves in tandem with discussions in the Senate to amend the Property Tax Law. Those amendments aim to raise the exemption threshold to account for inflation and the spike in property valuations, while pushing for digital transformation and lower penalties.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"681795 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"681795\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/681795\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681795\" class=\"content-area-description single-story post-681795 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/264.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"681796\" 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=\"681796\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/\">\r\n                            Egypt\u2019s foreign reserves jump to USD 51.5 bn in December                        <\/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\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/\" 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\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/')\">\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\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/\">\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=Foreign reserves jump to USD 51.5 bn in December&url=https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/\">\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\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/&title=Foreign reserves jump to USD 51.5 bn in December\">\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=Foreign+reserves+jump+to+USD+51.5+bn+in+December+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F01%2F07%2Fforeign-reserves-jump-to-usd-51-5-bn-in-december%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\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/206.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"681797\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/foreign-reserves-jump-to-usd-51-5-bn-in-december\/206-jpg-41\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/206.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"206.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/206.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/206.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681796\" class=\"content-area-description single-story post-681796 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-central-bank-of-egypt tag-enterpriseam tag-financial-regulatory-authority tag-manufacturing tag-matouk-bassiouny-hennawy tag-midar tag-qantara-west-industrial-zone 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\">\n<p class=\"tag-border-left\">Foreign reserves still on an upward trend<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s net foreign reserves reached USD 51.5 bn at the end of December<\/strong>, surging over USD 1.2 bn from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/08\/foreign-reserves-increase-to-usd-50-2-bn-in-november\/\" style=\"\" rel=\"noopener\">November<\/a>, according to central bank <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/180.PNG\" style=\"\" rel=\"noopener\">data (pdf)<\/a>. The jump was driven by a USD 914 mn increase in the value of our gold reserves and another USD 327 increase in foreign currency holdings, which offset a USD 5 mn slip in Special Drawing Rights.<\/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\">Turkey\u2019s AS Tekstil to set up textile accessories plant in Qantara<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Turkish label manufacturer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.as-textile.com\/index.php\" style=\"\" rel=\"noopener\">AS Tekstil<\/a><\/strong><strong> signed a USD 4.1 mn contract yesterday to <\/strong><strong>establish a production facility in the SCZone\u2019s Qantara West Industrial Zone<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1444760584361024?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. The 3k-sqm factory will produce 60 mn garment labels and textile accessories annually and is expected to create 300 direct jobs once fully operational.<\/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\"> Matouk Bassiouny & Hennawy edges closer to launching full operations in Saudi<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cairo-headquartered regional law firm Matouk Bassiouny & Hennawy acquired a 75% <\/strong><strong>stake in a <\/strong><strong>Saudi firm as it gears up to launch full operations in the kingdom this year<\/strong>, Founding Partner Omar Bassiouny told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2026\/01\/06\/1940597\" style=\"\" rel=\"noopener\">Al Borsa<\/a> in an interview. This marks the firm\u2019s second major GCC expansion following its <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/matouk-bassiouny-hennawy-names-managing-partner-of-uae-office-arab-dairy-gets-a-new-board-of-directors-schneider-electric-egypts-deputy-ceo-resigns\/\" style=\"\" rel=\"noopener\">entry into the UAE<\/a>, effectively linking the three biggest markets in the MENA region. MBH first signaled it was looking at the Gulf back <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/matouk-bassiouny-taqa-arabia-look-to-expand-in-saudi-arabia\/\" style=\"\" rel=\"noopener\">in 2023<\/a>.<\/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\"> FRA goes paperless<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Financial Regulatory Authority (FRA) launched a one-month pilot for the first unified <\/strong><strong>digital payment network for the non-banking financial sector (NBFS)<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/174.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Developed with EGX-listed fintech player e-Finance, the platform replaces paper-based settlements with a single electronic interface for all regulatory dues and service fees. Regulated companies can now settle financial obligations and track records in real-time, moving the sector away from manual, delayed filings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What this means: <\/strong>The NBFS sector is getting too big to manage on paper. Players in the industry provided financing worth more than EGP 1 tn in the first 10 months of 2025 for <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d9%84%d8%a3%d9%88%d9%84-%d9%85%d8%b1%d8%a9-%d8%a7%d9%84%d8%aa%d9%85%d9%88%d9%8a%d9%84%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d9%85%d9%86%d9%88%d8%ad%d8%a9-%d9%85%d9%86-%d8%ac%d9%87%d8%a7%d8%aa-%d8%a7%d9%84\/\" style=\"\" rel=\"noopener\">the first time<\/a>, recording EGP 1.1 tn.<\/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\">Midar, Sporting for Investment to set up EGP 3 bn new social and sports club<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Midar Investment and <\/strong><strong>Urban Development has partnered with Alexandria Sporting Club\u2019s <\/strong><strong>Sporting for Investment and Sports Facilities to develop the first social and sports club in Mostakbal City<\/strong>, with investments exceeding EGP 3 bn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/173.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Construction work on the 42-feddan project will take place over three phases, with the first phase slated to open in 1H 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strategy:<\/strong> Midar \u2014 the master developer of Mostakbal City and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/13\/midar-and-sodic-to-develop-egp-110-bn-wellness-focused-project-in-new-cairo\/\" style=\"\" rel=\"noopener\">Mada<\/a> \u2014 is moving to institutionalize the service offerings across its 46 mn sqm land bank. With a target population of 1 mn residents across its projects, the club is a play to drive value for its existing residential plots while building out a portfolio of recurring-revenue service assets. \u201cThe project is a strategic step to develop the sports and social infrastructure in Mostakbal City,\u201d Midar MD and CEO Ayman El Koussy said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/midar\/\">Midar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qantara-west-industrial-zone\/\">Qantara West Industrial Zone<\/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=\"681798\" 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=\"681798\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/\">\r\n                            What Venezuela means for regional oil + where the risk actually went                        <\/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\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/\" 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\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/')\">\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\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/\">\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=What Venezuela means for regional oil + where the risk actually went&url=https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/\">\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\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/&title=What Venezuela means for regional oil + where the risk actually went\">\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 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"681799\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/what-venezuela-means-for-regional-oil-where-the-risk-actually-went-2\/187-jpg-54\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/187.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"187.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/187.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/187.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681798\" class=\"content-area-description single-story post-681798 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-oil tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The usual script of conflict driving oil shock has been flipped<\/strong>, with markets <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/oil-markets-unshaken-by-maduro-overthrow-2\/\" style=\"\" rel=\"noopener\">barely<\/a> moving after the US capture of Venezuela\u2019s Nicolas Maduro. Brent rose only about USD 1 \/ bbl, with analysts <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/oil-prices-slip-ample-supply-despite-political-turmoil-venezuela-2026-01-04\/\" style=\"\" rel=\"noopener\">noting<\/a> that in a supplied global market, Venezuela\u2019s turmoil poses little immediate threat to output. That muted reaction reflects the reality that oil markets are in oversupply \u2014 with or without Venezuela. The International Energy Agency has been sounding the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/12\/29\/a-tale-of-two-oil-markets\/\" style=\"\" rel=\"noopener\">glut alarm<\/a> for months, saying that supply is set to exceed demand by some 4 mn bbl \/ d this year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Even under optimistic scenarios, new barrels would take years to materialize.<\/strong> JPMorgan <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-sanctions-policy-determine-venezuelas-oil-production-outlook-goldman-says-2026-01-04\/\" style=\"\" rel=\"noopener\">sees<\/a> Venezuelan production reaching 1.3-1.4 mn bbl \/ d within two years and up to 2.5 mn bbl \/ d over a decade, with a limited market impact \u2014 roughly USD 4 \/ bbl downside to 2030 prices. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While global markets are broadly unmoved, the outlook for our neck of the woods is <\/strong><strong>mixed.<\/strong> With uncertainty on how the long-term movements will shake out, Egypt, Saudi Arabia, and the UAE will each have different angles to watch for. <\/p><p class=\"tag-border-left\">Who wins and who bleeds<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For Egypt, it\u2019s cheaper crude and fiscal breathing room:<\/strong> Every USD 5 \/ bbl drop in Brent cuts subsidy costs by roughly EGP 30 bn, easing fiscal pressure in the near term, according to CI Capital calculations. Energy subsidies still make up about 90% of total subsidies, but that share is set to fall to some 30% by this year as price liberalization continues. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A sharp drop in Brent would hit Saudi Arabia hard:<\/strong> Lower prices would squeeze fiscal capacity, drain liquidity, and weigh on sentiment. Saudi\u2019s fiscal breakeven sits around USD 87 \/ bbl, according to CI\u2019s estimates, leading to more strain on public finances and heavier reliance on <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/07\/31\/moving-away-from-oil-can-be-tricky-for-the-kingdom\/\" style=\"\" rel=\"noopener\">external borrowing<\/a>. That\u2019s still far higher than the USD 60 \/ bbl range we\u2019re currently sitting at.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Balance for the UAE:<\/strong> The country offers stability through low breakeven and diversified revenue \u2014 the reason why it remains a credit market darling. Non-oil activity makes up roughly 75% of GDP, and the fiscal breakeven oil price sits near USD 48 \/ bbl.<\/p><p class=\"tag-border-left\">A narrow window? <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Venezuelan barrels don\u2019t compete head-on with most Middle Eastern crude. <\/strong>They\u2019re heavy and sour, putting them in a different lane than the light and medium grades that dominate Gulf exports. Refineries that want Venezuelan crude are highly specialized, and are <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/2026\/jan\/05\/venezuelan-crude-oil-appeals-to-us-refineries\" style=\"\" rel=\"noopener\">mostly in the US<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This opens the door for US refiners to take in more Venezuelan crude<\/strong> \u2014 easing reliance on pricier Canadian heavy barrels. The flipside is that barrels would likely be pulled away from China, which has taken most of Caracas\u2019 exports since US sanctions kicked in. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those volumes are marginal in China\u2019s overall balance and easy to replace \u2014 and<\/strong><strong> replacement matters. <\/strong>If Venezuelan barrels are directed to the US, China will have to look elsewhere, and the most obvious substitute is the Middle East.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The window: <\/strong>Saudi Arabia and Iraq sell some heavier grades that can be snatched up by China, with Middle Eastern producers still having the edge on logistics, reliability, and scale. Venezuela\u2019s supply is constrained, operationally messy, and politically fragile. <\/p><p class=\"tag-border-left\">The macro view: Where the risk actually went<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capital moved first into credit:<\/strong> After Vice President (and former Oil Minister) Delcy Rodriguez was <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-06\/venezuela-s-new-leader-is-who-global-oil-wanted-all-along\" style=\"\" rel=\"noopener\">sworn in<\/a> as interim president, investors wasted no time piling into Venezuelan assets. The government\u2019s and the state oil company\u2019s defaulted sovereign bonds <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/us-capture-maduro-could-lift-venezuela-pdvsa-bonds-by-up-10-point-jpmorgan-says-2026-01-05\/\" style=\"\" rel=\"noopener\">surged some 30%<\/a> in a single day as regime-change hedges went into overdrive. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Equities followed:<\/strong> Big refiners such as Marathon Petroleum and Phillips 66 <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/venezuela-oil-trump-maduro-opec-0068fa49b414fafe8ccd4de0818a3dd5\" style=\"\" rel=\"noopener\">jumped<\/a> 5-7%. Oilfield services \u2014 the ones who actually drill \u2014 outperformed with SLB and Halliburton surging 7-8%. Majors also moved, with ExxonMobil, Chevron, and ConocoPhillips gaining 2-4%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move effectively puts oil collateral pledged to China in \u201cUS hands,\u201d weakens <\/strong><strong>Russian oil\u2019s strategic relevance, and creates a long runway for US refiners<\/strong> and oil-services firms, Micheal Burry, the Big Short investor, <a target=\"_blank\" href=\"https:\/\/www.businessinsider.com\/big-short-michael-burry-us-venezuela-maduro-oil-energy-china-2026-1\" style=\"\" rel=\"noopener\">said<\/a>. <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/news\/invezz:cf22ecad8094b:0-why-michael-burry-sees-valero-energy-as-a-winner-from-a-venezuelan-oil-boost\/\" style=\"\" rel=\"noopener\">Valero<\/a> \u2014 whose Gulf Coast refineries were built for Venezuelan heavy crude \u2014 jumped some 10%, with Burry doubling down on the stock. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters:<\/strong> It marks a shift in how markets price geopolitical risk, which had been largely absent from commodity markets during the glut. A decade ago, the ouster of an Opec strongman might have sent oil prices skyrocketing, but defaulted bonds are in demand and energy stocks are rallying, while oil itself yawns. Traders see Venezuela\u2019s upheaval as a credit-and-equity play \u2014 rather than a supply disruption to panic over \u2014 migrating the risk premium away from commodities and into market assets. <\/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\"><strong>It\u2019s back to a mix of red and green for Asia-Pacific markets this morning<\/strong>, weighed down by defense stocks falling after two days of gains. South Korea\u2019s Kospi is trading up, while most other markets are in the red in early trading. Meanwhile, US stocks rallied to record highs overnight but futures are currently trading flat. <\/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\">41,543<\/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% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.20<\/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\">Sell 47.33<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.25<\/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 47.35<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,291<\/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: -1.9%)<\/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\">9,996<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: 0.0%)<\/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\">6,183<\/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% (YTD: +2.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">6,945<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +1.5%)<\/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>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\">10,123<\/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\">+1.2% (YTD: +1.9%)<\/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>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\">5,932<\/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: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 60.70<\/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\">-1.7%<\/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>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 3.43<\/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\">+2.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 4,493<\/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%<\/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 93,450<\/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: +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>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\">996.04<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P MENA Bond &amp; Sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">151.71<\/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: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">14.75<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: -1.7%)<\/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 2.1% at yesterday\u2019s close<\/strong> on turnover of EGP 4.8 bn (10.5% below the 90-day average). International investors were the sole net buyers. The index is down 0.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Juhayna (+6.5%), Raya Holding (+5.3%), and E-finance (+4.7%).  <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Misr Cement (-1.2%), Palm Hills Developments (-0.4%), and Valmore Holding- USD (-0.3%).<\/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\/oil\/\">oil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"681800\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">7<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/from-hedging-to-fundamentals-egypts-real-estate-reset-2\/\"> \r\n                            From hedging to fundamentals: Egypt\u2019s real estate reset<\/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\/hardhats\/from-hedging-to-fundamentals-egypts-real-estate-reset-2\/\" 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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they are buying specific business models. <\/strong>The market is pivoting away from developers with decade-long payment plans and toward those with fastcash cycles \u2014 specifically tourism, commercial rentals, and high-velocity execution.<\/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 end of the \u201cstore of value\u201d era<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe years immediately following currency devaluation were largely driven by defensive demand, inflation hedging, and aggressive repricing<\/strong>,\u201d Randa Hamed, managing director at Okaz Asset Management, tells EnterpriseAM. During that period, investors didn't need to be picky; owning real estate was enough, because it functioned primarily as a store of value rather than a productivity-driven asset class.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pivot: <\/strong>As the market heads into 2026, the defensive cushion is gone, replaced by what Hamed calls \u201cnoticeably higher selectivity from both end-users and capital markets.\u201d The market is now filtering for developers who can survive 2026 \u2014 which Arkan Palm Director Ahmed Badreldin <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/04\/built-to-last-or-how-i-learned-to-stop-worrying-and-plan-for-2026-and-beyond\/\" style=\"\" rel=\"noopener\">warned would be a \u201ctough year\u201d<\/a> even as the next upward cycle begins.<\/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 new drivers: <strong>liquidity<\/strong>, tourism, and commercial assets<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developers have moved beyond land-bank models toward operating businesses with monetizable cashflows best positioned to ride this new wave.<\/strong> Investor interest is increasingly focused on administrative and commercial assets that provide recurring rental income, supported by Egypt\u2019s expanding outsourcing economy and calmer pricing dynamics, Bonyan CEO Tarek Abdelrahman tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher interest rates played into the hands of developers with strong balance sheets: <\/strong>\u201cThe period of higher interest rates has acted as a natural filter,\u201d Hamed said. \u201cIt has favored developers with strong balance sheets, execution capabilities, and land banks, while putting pressure on weaker players,\u201d she added. HC Capital\u2019s Mariam Al Saadany echoed a similar view, telling us we can expect larger, institutional-grade players to aggressively capture market share as smaller, money-strapped developers are forced to exit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tourism premium: <\/strong>Stocks offering short visible cash cycles \u2014 specifically through tourism \u2014 outperformed the wider market. Talaat Mostafa Group\u2019s hospitality projects managed to move the needle for the company more than its residential developments did, head of research at Al Ahly Pharos Hany Genena tells us. With hotel occupancy at 80-90% and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6213eea8-cfe1-405b-bb59-d07b0aecf166\/%253cmark%253etalaat-moustafa%253c%2Fmark%253e%25e2%2580%2599s-icon-is-setting-up-a-luxury-tourism-project-near-gem\" style=\"\" rel=\"noopener\">a massive project near the GEM<\/a>, the key driver was the company\u2019s involvement in tourism. Similarly, Orascom Development Egypt benefited from a tourism premium driven by exposure to El Gouna and the potential reopening of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94bd2f3f-4328-4daa-b97a-a0ddd1b7faf6\/visa-to-expand-operations-in-cairo\" style=\"\" rel=\"noopener\">Taba hotels<\/a> as regional tensions ease.<\/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\">Why reported earnings and long pipelines are losing favor<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reported earnings have ceased to be a reliable signal for investors. <\/strong>Most developers use the completed contract method, recognizing revenue only upon delivery. However, current earnings reports often reflect sales from three or four years ago, Genena explains, leading investors to largely shrug off the numbers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The industry-wide shift toward 12- to 15-year payment plans has been damaging to valuations.<\/strong> \u201cYou are going to get your money back as an investor after 12 years,\u201d Genena says, reinforcing concerns about liquidity and working-capital duration. Investors prefer short working capital cycles over \u201cpaper returns,\u201d he added. Pure-play developers with Egypt-only exposure and long-duration pipelines now face capped valuation upside.<\/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\">Maturation, not explosion<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heading into 2026, the real estate market is hitting an affordability ceiling, particularly for mass and mid-income segments.<\/strong> Buyers are now hypersensitive to delivery credibility and execution timelines, making construction cost control and cashflow discipline decisive differentiators.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For a meaningful reset, borrowing costs must drop.<\/strong> \u201cThe most sustained and broad-based real estate booms in Egypt tend to occur when interest rates move closer to 10% or below,\u201d Hamed says. Any sustained acceleration is likely to be linked to the pace at which interest rates converge toward historically supportive levels. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>New access points:<\/strong> \u201cThe upcoming launch of regulated real estate investment funds introduces a new layer of institutional capital, allowing investors exposure to real assets through professionally managed vehicles rather than direct development risk,\u201d Hamed explains. In parallel, digital platforms and applications like Safe by Madinet Masr and Nawy are reshaping access to real estate from both investment and distribution standpoints.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Next week in part two of this story<\/strong>, we will look at how these real estate fundamentals translate into equity flows, valuation gaps, and investor appetite, and whether real estate stocks can convince the market they deserve another re-rating.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\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=\"681802\" 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\/2026\/01\/07\/681802\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-681802\" class=\"content-area-description single-story post-681802 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;\">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>22 January (Thursday): ESBC <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/posts\/egyptian-swiss-business-circle_seeing-webinar-series-swiss-egyptian-expertise-activity-7407380702054367233-Z43h?utm_source=share&utm_medium=member_desktop&rcm=ACoAACeyGZ4BK15sJ_E7AkAyYjPtsSlJdB9daH8\" style=\"\">SEEING<\/a><\/span> <span style=\"font-weight:400;\"> webinar, From Zurich to Cairo: How Global Executive Research Shapes Tomorrow\u2019s Leadership.<\/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;\">12 February (Thursday): Monetary Policy Committee\u2019s first meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">2 April (Thursday): Monetary Policy Committee\u2019s second meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">21 May (Thursday): Monetary Policy Committee\u2019s third meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">9 July (Thursday): Monetary Policy Committee\u2019s fourth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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;\">20 August (Thursday): Monetary Policy Committee\u2019s fifth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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 style=\"font-weight:400;\">24 September (Thursday): Monetary Policy Committee\u2019s sixth meeting. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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:400;\">29 October (Thursday): Monetary Policy Committee\u2019s seventh meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER <\/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;\">17 December (Thursday): Monetary Policy Committee\u2019s eighth meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Another privatization reboot | Private sector grows in December | Manufacturers could see tax holiday extension.<\/p>\n","protected":false},"featured_media":681784,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-681783","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5b50e267-3930-4c4e-bc5a-b83959f3a959","teaser":"Another privatization reboot | Private sector grows in December | Manufacturers could see tax holiday extension.","photo_url":"https:\/\/ent.news\/2026\/1\/207.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gourmet looks to go public - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/gourmet-looks-to-go-public\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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