{"id":684609,"date":"2026-01-28T00:00:00","date_gmt":"2026-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=684609"},"modified":"2026-03-05T10:04:30","modified_gmt":"2026-03-05T10:04:30","slug":"government-pivots-to-egx-for-alexbank-sale-after-intesa-talks-stall","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/government-pivots-to-egx-for-alexbank-sale-after-intesa-talks-stall\/","title":{"rendered":"Government pivots to EGX for AlexBank sale after Intesa talks stall"},"content":{"rendered":"<section id=\"684611\" 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=\"684611\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/the-pharma-industry-is-renewing-its-push-for-a-10-price-hike-on-1k-products\/\">\r\n                            The pharma industry is renewing its push for a 10% price hike on 1k products                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/the-pharma-industry-is-renewing-its-push-for-a-10-price-hike-on-1k-products\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1023.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684612\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/the-pharma-industry-is-renewing-its-push-for-a-10-price-hike-on-1k-products\/1023-jpg-34\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1023.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1023.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1023.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1023.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684611\" class=\"content-area-description single-story post-684611 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-pharma 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 <\/strong><strong>friends. <\/strong>It\u2019s the end of a short \u2014 but eventful \u2014 workweek, and we\u2019ve got a packed issue to send you off into the weekend.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the issue today is our exclusive that the Finance Ministry is <\/strong><strong>mulling whether to <\/strong><strong>list its 20% stake in AlexBank on the EGX this year<\/strong> in the most recent sign that the government is looking to get serious about privatization in 2026.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in today\u2019s issue is a USD 10 bn specialized steel complex from China\u2019s Xinfeng <\/strong><strong>Steel<\/strong>, which has caught our attention not just because of the price tag, but its potential impact on our ambitions to boost manufacturing here. We\u2019ve also got news of SMEs default grace period cuts, the non-oil trade deficit shrinks 9% in 2025, and more.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We also have a deep dive into how 2026 is shaping up for the domestic real estate market<\/strong> as insiders debate how to capture surging foreign appetite at the same time as the domestic middle class is being priced out.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** A QUICK PROGRAMMING NOTE- <\/strong>We\u2019re taking a break tomorrow in observance of the anniversary of the 25 January Revolution \/ Police Day. We\u2019ll be back in your inboxes on Sunday morning at the usual time. Our UAE and Saudi editions as well as EnterpriseAM Logistics will all publish tomorrow.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\" rel=\"noopener\">WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or to catch up this long weekend on any issues you missed this week<\/strong>.<br><strong>***<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>AND- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.surveymonkey.com\/r\/D7K5RXP\" style=\"\" rel=\"noopener\">Tap or click<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.surveymonkey.com\/r\/D7K5RXP\" style=\"\" rel=\"noopener\">here<\/a><\/strong><strong> to take our annual EnterpriseAM Executive Sentiment Survey<\/strong> and let us know what you think about: <\/p><ul>\n<li>Whether business conditions will improve in 2026;<\/li>\n<li>The biggest issue your business faces today;<\/li>\n<li>What you think AI will mean for your company; <\/li>\n<li>Where you see the EGP vs the USD this year;<\/li>\n<li>And more\u2026<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ We\u2019ll have the results in an upcoming issue. <\/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=\"wwtt1\"><\/a> <strong>PHARMA \u2014 The<\/strong><strong> pharma industry <\/strong><strong>is renewing its push for a 10% price hike <\/strong><strong>on 1k products<\/strong>, Egyptian Chambers of Commerce\u2019 pharma division head Ali Ouf tells EnterpriseAM. Despite the EGP recently gaining ground against the greenback, manufacturers argue that rising input costs \u2014 specifically energy, labor, and utilities \u2014 continue to eat away at their margins under the country\u2019s mandatory pricing regime.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The state views pharma as a cornerstone of its localization strategy, evidenced by the Suez Canal Economic Zone (SCZone) recently <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid0cFuHS7aWmG13D2wtpdaVKLZTUwxNFDX8hStkFB9X5xZwEsiR514dBktmbizaHZiCl\" style=\"\" rel=\"noopener\">allocating 4 mn sqm<\/a> to attract strategic pharma investment. However, Ouf argues that without a flexible pricing mechanism that accounts for inflation in non-FX costs, the sector will struggle to attract the liquidity needed to secure raw materials and boost exports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But price hike or no, the state is working on clearing its arrears to the sector. <\/strong>Out of a total EGP 43 bn in historical debt, the state has disbursed EGP 20 bn as part of an ongoing restructuring plan, Ouf tells us. On a monthly basis, the sector is now seeing regular inflows, including EGP 2.5 bn from the Finance Ministry, EGP 2 bn from the Universal Health Ins. system, and EGP 1.8 bn from the Egyptian Drug Authority.<\/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=\"wwtt2\"><\/a> <strong>ENERGY \u2014 The <\/strong><strong>state<\/strong><strong> agreed to increase the price it pays for <\/strong><strong>domestically produced gas from five foreign partners by 30-50%<\/strong>, with deepwater fields set for the highest increases, two government sources tell EnterpriseAM. The agreements with the Egyptian Natural Gas Holding Company (Egas) will now be sent to the House for the official sign-off.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gas prices from Eni\u2019s expansion projects will now reach USD 8 per mn British thermal <\/strong><strong>units (MMBtu), up from USD 4 MMBtu<\/strong>, the sources added, denying <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/116195\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B1%D9%81%D8%B6-%D8%B7%D9%84%D8%A8-%D8%A5%D9%8A%D9%86%D9%8A-%D8%A8%D8%B2%D9%8A%D8%A7%D8%AF%D8%A9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D8%A8%D8%AD%D9%82%D9%84-%D8%B8%D9%87%D8%B1\/\" style=\"\" rel=\"noopener\">reports<\/a> of disputes between Eni and Egas over pricing.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Exploration and production have been seeing a slowdown after years of underinvestment led to a decline in gas production, which averaged some 4.2 bcf\/d in 2025, the lowest since 2016. The state has been trying to stimulate activity in the sector, including by <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/22\/govt-wants-to-slash-arrears-owed-to-energy-players-to-usd-1-2-bn\/\" style=\"\" rel=\"noopener\">paying arrears<\/a> and offering <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/lng-imports-to-dip-this-month-thanks-to-strong-inventory-improving-domestic-production-2\/\" style=\"\" rel=\"noopener\">m<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/lng-imports-to-dip-this-month-thanks-to-strong-inventory-improving-domestic-production-2\/\" style=\"\" rel=\"noopener\">ore incentives<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reassessment of gas pricing is encouraging some oil majors including Eni and Shell to move <\/strong><strong>forward with planned investments in expansion and new exploration<\/strong>, the sources added. Eni will move ahead with a USD 100 mn injection and Zohr field expansion as part of a USD 360 mn expansion phase, despite the new pricing terms still awaiting a final nod from the House, the sources added.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CONSTRUCTION<\/strong><strong> \u2014 <\/strong><strong>France\u2019s <\/strong><strong>Technip to set up a JV with state-owned <\/strong><strong>players? <\/strong>French construction firm Technip is <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOPMR\/posts\/1207719688209667?ref=embed_post\" style=\"\" rel=\"noopener\">in talks with<\/a> state-owned Enppi and Petrojet to establish a JV by the end of June. The JV will focus on front-end engineering and design as well as engineering, procurement, and construction services, mainly for energy projects here and abroad.<\/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\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>The brisk weather continues in Cairo today, with a high of 20\u00b0C and a low of 11\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 19\u00b0C and a low of 10\u00b0C.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\"><\/a> <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p class=\"tag-border-left\">The big story abroad <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global trade is dominating headlines for the second morning running <\/strong>after the EU and India <a target=\"_blank\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_26_184\" style=\"\" rel=\"noopener\">signed a trade agreement<\/a>, paring down reciprocal tariffs on most goods. The move <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/01\/27\/trump-reaction-eu-india-trade-deal-fta.html\" style=\"\" rel=\"noopener\">can be understood<\/a> as a strategic buffer against volatile trade announcements by Washington. Markets will be watching closely Trump\u2019s reaction to the news.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EU is slashing or eliminating tariffs on 96.6% of goods bound for India<\/strong>, with its eyes doubling exports to India by 2032. Brussels will <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/india-eu-slash-tariffs-autos-spirits-textile-landmark-deal-2026-01-27\/\" style=\"\" rel=\"noopener\">stagger these cuts over seven years<\/a>, reaching zero tariffs on key commodities, like base metals, marine products, and textiles. <strong>In return, New Delhi is gradually cutting tariffs on EU-sourced cars<\/strong>, lowering them to 10% from as high as 110%, and fully axing duties on car parts in five to ten years. Other tariffs on machinery, pharma products, and chemicals are also getting mostly canceled. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trump unfazed by USD slide: <\/strong>The greenback <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/04c785c0-9ca4-4a85-a279-d95c9d8f1f80\" style=\"\" rel=\"noopener\">continued its slide on Tuesday<\/a>, spurred on by comments made by US President Donald Trump, indicating a lack of concern about the currency\u2019s decline \u2014- \u201cthe USD is doing great,\u201d he said in response to a question about the currency\u2019s fall. The USD hit its lowest level in four years after a 1.3% dip yesterday, extending its 2026 losses to 2.6%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN MARKET NEWS- The S&amp;P 500 closed at a fresh high yesterday<\/strong>, with investor optimism about the wave of upcoming Big Tech earnings fueling the rally. Meta, Microsoft, and Tesla will be out with their earnings today and Apple will follow suit tomorrow. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IT\u2019S FED DAY- <\/strong>The US Federal Reserve will conclude its first policy meeting of 2026 today and markets are <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/01\/27\/fed-preview-january-2026.html\" style=\"\" rel=\"noopener\">expecting<\/a> a hold. Markets are also closely watching for Trump\u2019s pick for Fed Chair Jay Powell\u2019s replacement, with his nomination expected sometime this week.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/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 why East Port Said Port faces a new challenge with Europe\u2019s carbon rules for shipping.<\/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\/pharma\/\">pharma<\/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=\"684613 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=\"684613\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/684613\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684613\" class=\"content-area-description single-story post-684613 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/927.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">From world-class tennis with the ATP Challenger 75, to the kickoff of upcoming football camps and hosted experiences, Somabay brings together premium hospitality, natural surroundings, and world-class sports infrastructure, creating an environment where focus, movement, and recovery happen seamlessly.<\/span><\/p>\n<p><span>It is a destination designed for athletes, teams, and partners, where sport, lifestyle, and community align, and where sport lives beyond the game.<\/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=\"684614\" 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=\"684614\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div 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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>EXCLUSIVE<\/strong><strong>- <\/strong><strong>The<\/strong><strong> Finance Ministry <\/strong><strong>is exploring a possible<\/strong><strong> listing of its<\/strong><strong> 20% <\/strong><strong>stake in AlexBank on the EGX <\/strong><strong>as early as<\/strong><strong> this <\/strong><strong>year<\/strong> after talks to sell the stake to majority shareholder Intesa Sanpaolo stalled, a senior government official tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strategics are still welcome <\/strong><strong>to bid<\/strong><strong>: <\/strong>Intesa Sanpaolo, the high-profile Italian lender, already holds 80% of AlexBank and was the natural buyer for the government\u2019s stake. Talks reportedly fell through last year, and the state is now pivoting to the public market \u2014 though our source emphasizes that the \u201cdoor remains open\u201d to a strategic investor should a better offer materialize.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government thinks it could net <\/strong><strong>USD<\/strong><strong> 625-700 mn from the sale<\/strong> and would use the proceeds to narrow its financing gap and cut public debt, the source added. The asking price implies valuation of USD 3.1-3.5 bn for the lender \u2014 nearly double the USD 1.65 bn valuation implied when Intesa <a target=\"_blank\" href=\"https:\/\/www.alexbank.com\/en\/retail\/our-group\/media-and-news\/2020\/%D8%A7%D9%86%D8%AA%D9%8A%D8%B3%D8%A7-%D8%B3%D8%A7%D9%86-%D8%A8%D8%A7%D9%88%D9%84%D9%88-%D8%A7%D9%84%D8%A5%D9%8A%D8%B7%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%B1%D9%81%D8%B9-%D8%AD%D8%B5%D8%AA%D9%87%D8%A7-%D9%81%D9%8A-%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D8%A7%D9%84%D9%89-80-.html\" style=\"\" rel=\"noopener\">bought the IFC\u2019s 9.8% stake<\/a> in 2020 for USD 162 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #1: Did Intesa Sanpaolo really walk away? <\/strong>The Italian lender seems to be rightly calculating that no strategic is going to make an offer for 20% of AlexBank. That raises the question of whether this is a serious move on the state\u2019s part \u2014 or a \u201clet\u2019s do a deal, guys\u201d tactic designed to bring the Italians back to the table. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #2: Can the market take two banks at once? <\/strong>On the one hand, investors are crying out for fresh paper in the EGX \u2014 and, if you\u2019re an institutional investor, for transactions large enough that you can write a meaningful ticket. An offering of AlexBank \u2014 by any measure a very well-run institution \u2014 would tick both boxes. But if this is a serious move and not a pressure tactic, the state will wait for Hussein Abaza\u2019s Banque du Caire to kickstart the IPO market when it goes public later this spring. A strong listing and a couple of months of solid performance in the aftermarket will provide lift for any other bank going to market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #3: At what price? <\/strong>We\u2019re wary of committing maths without a license \u2014 particularly before 5am \u2014 but at the midpoint of the implied valuation here, this looks like an implied 11x P\/E ratio for AlexBank. CIB, the EGX30 bellwether and proxy for the Egyptian economy, is going for what \u2026 a trailing P\/E of something like 6x? That makes AlexBank look expensive right now. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Open question #4: What, if anything, does Intesa Sanpaolo\u2019s shareholder agreement say about all of this? <\/strong>Does the Italian lender have right of first refusal? Consent rights, that would allow it to block a transaction? <\/p>\n<p class=\"tag-border-left\"> In context<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, what does this all mean for the privatization program? <\/strong>Not a lot \u2014 not yet. BdC is still in the hopper \u2014 our source confirmed that, and we know that bankers have had BdC on the road to drum-up investor interest. Our source has also confirmed that (as we\u2019ve been saying all along) the Gabal El Zeit wind farm is *not* going to IPO. It\u2019s on the list of businesses the government will exit, but it\u2019s never made sense for a utility like this would be listed \u2014 it\u2019s a classic asset of interest to strategics and big infrastructure investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also still on the sale list: <\/strong>Our source also confirmed that two of the five military-owned companies in the privatization pipeline are going to be IPOing in the first big wave of offerings and could make their debuts as early as this year. Smart money is still on bottled water maker Safi and filling station play Wataneya, though the latter could be bundled with a related asset, we\u2019ve previously noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The dilemma: <\/strong>The state is just as interested in selling to a strategic as it is in IPOs. But with minority stakes of 10-40% on offer, strategics will be less interested: They want control. <\/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 <\/strong>\u2014 and to signal to the business community that officials are serious about seeing the private sector lead economic growth. As we\u2019ve previously reported, slow progress on the privatization program 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\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\/alexbank\/\">Alexbank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markers\/\">capital markers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"684617\" 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=\"684617\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/xinfeng-steel-eyes-moves-egypt-up-the-manufacturing-value-chain-with-usd-10-bn-specialized-steel-complex\/\">\r\n                            Xinfeng Steel eyes moves Egypt up the manufacturing value chain with USD 10 bn specialized steel complex                        <\/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\/28\/xinfeng-steel-eyes-moves-egypt-up-the-manufacturing-value-chain-with-usd-10-bn-specialized-steel-complex\/\" 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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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/950.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684618\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/xinfeng-steel-eyes-moves-egypt-up-the-manufacturing-value-chain-with-usd-10-bn-specialized-steel-complex\/950-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/950.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"950.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/950.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/950.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684617\" class=\"content-area-description single-story post-684617 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-automotive tag-commodities tag-enterpriseam tag-investment-watch tag-manufacturing 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>China\u2019s <\/strong><strong>Xinfeng<\/strong><strong> Steel <\/strong><strong>is doubling down on Egypt \u2014 or sextupling down to be <\/strong><strong>more precise.<\/strong> The company is now planning a massive USD 10 bn integrated industrial complex in the Suez Canal Economic Zone, up 6x from an initial USD 1.7 bn price tag <a target=\"_blank\" href=\"https:\/\/sczone.eg\/with-9-factories-and-investments-of-1-65-billion-dollarssczone-chairman-witnesses-the-ground-breaking-ceremony-of-the-xin-feng-integrated-complex-for-metal-industries-in-sokhna\/\" style=\"\" rel=\"noopener\">mentioned in April<\/a> when the project started construction, according to an Industry Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0WQhJSdNXFHJ74agTR8FSBDtcC2i8KSYi93wn6PuEHzkameF1MsSAb6HFSTDxRFjnl?rdid=leswrJP1sRM19Lsv#\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ten seems to be the magic number for the project<\/strong>, with the project set to span 10 mn square meters and have an annual production capacity of 10 mn tons of varying types of steel. The project is also expected to create 100k jobs, 15k of which will be direct jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Outside of the enormous size of the investment ticket, what really stands out here is the intent to produce not just rebar and wire rod but high-value finished products and specialized types of steel that Egypt doesn\u2019t currently produce at scale. This is a W for localization efforts and a large financial commitment to support Egypt climb its way up the manufacturing value-add food chain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Included in the list of products to be produced are key targets in the automotive <\/strong><strong>localization drive<\/strong>, with vehicle components like automotive steel sheets, specialized automotive alloys, brake disc component, and brake drums being listed. If Egypt is going to successfully persuade car manufacturers to actually manufacture their vehicles here and not just assemble them, this is exactly the type of project we need to make this a reality.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our existing shipbuilding industry should also see maritime plates from the factory enter <\/strong><strong>the local market<\/strong>, which has historically been weighed down financially \u2014 and also slowed down \u2014 by the cost of imported maritime-grade steel. One likely offtaker is the Chinese state-owned China State Shipbuilding Corporation, which is eyeing a series of shipbuilding and shipyard projects, according to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/28\/egypt-eyes-shipbuilding-megadeal\/\" style=\"\" rel=\"noopener\">reporting from EnterpriseAM last month<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The production of seamless pipes for the oil and gas sector and specialized structures <\/strong><strong>for solar power plants is also planned<\/strong>, again two sectors that have ranked high in the localization push. Also listed are standard fasteners, home appliance components, heavy duty steel frames for factories, and more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Localization is also the name of the game here when it comes to inputs<\/strong>, with the two factories committing to sourcing iron ore locally, according to Industry Minister Kamel El Wazir. He also laid out the need for the project to \u201cexpand their reliance on solar energy and clean energy sources,\u201d mirroring comments earlier this week where he laid out that large energy-intensive projects will only the get the Supreme Council of Energy\u2019s sign-off they source a large portion of their power needs from renewable 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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"684619\" 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=\"684619\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/can-egypt-attract-foreign-real-estate-capital-without-breaking-affordability\/\">\r\n                            Can we attract foreign real estate capital without breaking affordability?                        <\/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\/28\/can-egypt-attract-foreign-real-estate-capital-without-breaking-affordability\/\" 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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Those issues were front and center at <strong>AmCham\u2019s flagship real estate conference<\/strong> yesterday. The session brought together<strong> Sherif El Kilany, <\/strong>vice minister of finance for tax policies;<strong> Hazem Badran<\/strong>, co-CEO and managing director of Palm Hills Development; <strong>Ibrahim El Messiri<\/strong>, CEO of Abu Soma Touristic Development Company, and<strong> Tamer Nasser<\/strong>, CEO of City Edge Developments. Patrick, our editor-in-chief, moderated the panel.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developers agreed that affordability pressures have intensified across both primary and secondary housing, with prices rising far faster than incomes.<\/strong> Egypt\u2019s GDP per capita sits at roughly USD 3k, a mismatch that has become more visible as residential prices climb into tens on mns of EGP. Rising foreign demand \u2014 now extending beyond Egyptian expats to include Gulf and European buyers \u2014 has broadened the investor base, but also tightened access for middle-class Egyptians seeking homes for end use.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Land pricing emerged as the central structural driver.<\/strong> Badran argued that the way land is priced and allocated now shapes inflation across the entire sector. \u201cThe government and the regulatory body should not look at land as a profit center alone,\u201d he said. \u201cWhatever the land is going to be priced at, we\u2019re going to build over that \u2014 and the entire market will follow.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developer receivables may now exceed deposits held in the retail banking sector<\/strong>, Badran argued. Over the past 3-4 years, real estate has increasingly become Egypt\u2019s primary store of value, particularly after the post-2021 inflation shock, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recent land auctions have amplified the distortion. <\/strong>One New Cairo plot measuring roughly two mn sqm drew bids from all major developers, but ultimately sold at around double what the largest players were willing to pay to a company with no track record. \u201cNothing much has happened there since,\u201d Badran noted, warning that land is increasingly being warehoused rather than developed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Correcting that distortion requires tighter alignment between land offerings and developer capability. <\/strong>\u201cThere needs to be regulation on the correlation between the size of lands offered and the developer\u2019s track record,\u201d Badran said, alongside financial screening to ensure developers can service land obligations typically spread over eight to ten years. Land allocation should align with city master plans and national development goals, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Revenue-share models have intensified the strain. <\/strong>El Messiri drew a clear line around project viability. \u201cOn the residential side, land cost cannot exceed 15% of the sticker price,\u201d he said. That threshold has been repeatedly breached. Revenue-share ratios that once hovered between 22% and 27% climbed to around 30%, then 35% last year, and have now reached as high as 50% in recent transactions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At those levels project economics collapse, El Messiri warned.<\/strong> \u201cIf you\u2019re selling at EGP 100k per sqm and the state is taking 50%, you cannot finance ten-year payment plans, build, or even make a penny,\u201d he said. Developers accepting such terms, he added, are locking in losses. \u201cIt\u2019s a train crash waiting to happen.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Affordability limits are already reshaping demand.<\/strong> Upper middle-class buyers begin dropping out once prices approach EGP 15 mn, El Messiri noted. \u201cIf you hit EGP 7 mn, we call it the sweet spot,\u201d he said \u2014 adding that such a product effectively no longer exists unless values are being artificially understated. With construction and logistics costs still rising \u2014 transportation alone now accounting for up to 60% of material costs in some cases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new re-gentrification trend is emerging<\/strong>, particularly on the North Coast, where buyers are adjusting by trading newness for price, El Messiri noted. Newer developments now command EGP 15\u201320 mn for comparable units, while nearby projects in \u201cold Sahel\u201d are trading closer to EGP 6 mn. \u201cPeople will go back, refinish, and make it affordable,\u201d he said, describing the market\u2019s internal pressure release.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Geography is shifting as well. Nasser highlighted growing interest in non-core areas<\/strong>, including Delta communities and newer extensions such as the sixth, and seventh settlements of New Cairo. These locations offer lower land costs and remain within reach of local purchasing power. \u201cThere is a lot of potential out there,\u201d he said, noting that relatively few high-end developers have moved into these markets despite demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the upper end of the market, demand has increasingly decoupled from domestic income levels.<\/strong> Badran attributed this to foreign buyers enabled by heavy investment in roads, transport networks, and airports. \u201cBeing predominantly a high-end real estate player, we are selling more to foreigners than ever before \u2026 This is due to the fact that we have a very compelling story if we continue to focus on the North Coast,\u201d he said<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>External dynamics are also playing in Egypt\u2019s favor, Badran added.<\/strong> \u201cEurope is not doing very well for a lot of obvious reasons \u2014 the weather specifically for the Gulf clients is better at our end,\u201d he said, citing climate and lifestyle considerations. \u201cThere is cultural proximity between Egypt and the Gulf \u2014 language, lifestyle, all of that.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That demand shift is reshaping the product mix. <\/strong>\u201cTo cater to these clients you need certain products that were previously unavailable,\u201d Badran said. Those include \u201cproducts where you get certain services, where you get access \u2014 whether through a road network or through airports within proximity.\u201d Increasingly foreign buyers are seeking assets \u201cthat would earn money when and if they\u2019re not in use,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those buyers are driving demand for branded and serviced residences linked to hospitality<\/strong>. Red Sea developments are attracting European buyers seeking long winter stays. \u201cIt\u2019s more affordable for a German to spend winters in the Red Sea than in his house in Germany,\u201d Badran said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign ownership, however, runs into friction once taxation begins. <\/strong>El Messiri described European homeowners asked to back-pay real estate taxes dating as far back as 2013 \u2014 only to discover they cannot pay electronically, cannot use foreign credit cards, and often cannot open local bank accounts. The result has been lawsuits for default, despite attempted compliance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cIf it\u2019s difficult for Egyptians to pay real estate tax, what about foreigners?\u201d<\/strong> El Kilany said, acknowledging the friction and pointing to efforts to simplify property tax payments through an electronic platform set to launch soon. El Kilany also confirmed that the ministry will coordinate with the central bank to resolve the issue of accepting foreign cards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe are going to waive the penalties for some time,\u201d El Kilany announced during the panel<\/strong>, adding that penalties will be capped at 100% of the original tax liability \u2014 meaning a tax bill of EGP 20, for example, cannot accrue more than EGP 20 in penalties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tourism-linked real estate exposed a deeper policy gap. <\/strong>El Messiri contrasted roughly 300k hotel keys built before 2011 with fewer than 10k added since, arguing that the difference was driven by policy rather than investor appetite. \u201cThe government had a policy from 1990 until 2010 for incentives for tourism projects \u2026 This is directly related to the development of something in the range of 300k keys,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Developing a hotel typically costs USD 60\u2013100 mn, with projects requiring seven to ten years before reaching a second cycle<\/strong> that demands reinvestment of up to 50% of the original cost, El Messiri explained. This pushes the total capital closer to USD 150 mn before meaningful returns emerge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Taxing projects heavily before that point makes them unbankable<\/strong>, El Messiri argued. Earlier incentive frameworks \u2014 including low-cost land, tax holidays, customs exemptions, and SPVs \u2014 were instrumental in scaling capacity. Without them, investment stalls, even as Egypt targets 30\u201340 mn tourists annually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Airbnb model cannot substitute for structured hotel investment<\/strong>, El Messiri warned. \u201cIf doubling hotel keys is a national project, let\u2019s go back to the playbook,\u201d he said, arguing that capital is available, but policy alignment remains the bottleneck.<\/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\/city-edge\/\">City edge<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-development\/\">Palm Hills Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/somabay\/\">somabay<\/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=\"684621\" 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=\"684621\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/egypts-non-oil-trade-deficit-shrinks-9-in-2025-as-exports-jump-17-y-o-y\/\">\r\n                            Non-oil trade deficit shrinks 9% in 2025 as exports jump 17% y-o-y                        <\/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\/28\/egypts-non-oil-trade-deficit-shrinks-9-in-2025-as-exports-jump-17-y-o-y\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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While imports saw a more modest 5% increase to USD 83.0 bn, leading to a 9% contraction in the non-oil trade deficit, which ended the year at USD 34.4 bn<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drivers:<\/strong> The surge was propelled by a massive spike in gold exports, which more than doubled to USD 7.6 bn from USD 3.2 bn in 2024. Building materials remained the top-earning sector at nearly USD 14.9 bn, followed by chemicals and fertilizers (USD 9.4 bn) and food industries (USD 6.8 bn). The UAE, Turkey, Saudi Arabia, Italy, and USA were the top destinations for Egyptian goods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A nearly 20% jump in exports is a positive development, but there\u2019s still a long way to go <\/strong><strong>with the government still officially aiming for USD 145 bn in annual exports by 2030. <\/strong>To close the gap, the Madbouly government has been working to keep our exports competitive in the global markets by raising allocations for export subsidies and industrial localization programs in the next budget, clearing EGP 60 bn in <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/22\/finance-ministry-begins-clearing-export-dues-backlog-with-first-tranche-of-direct-payments-2\/?repeat=w3tc\" style=\"\" rel=\"noopener\">overdue exports arrears<\/a>, easing investment burdens by <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/01\/14\/non-tax-financial-burdens-to-be-streamlined-through-additional-income-tax\/?repeat=w3tc\" style=\"\" rel=\"noopener\">unifying fees<\/a>, and port clearance times.<\/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\/investment-ministry\/\">investment ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"684623\" 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=\"684623\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/central-bank-of-egypt-cuts-sme-default-grace-period-to-90-days\/\">\r\n                            CBE cuts SME default grace period to 90 days                        <\/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\/28\/central-bank-of-egypt-cuts-sme-default-grace-period-to-90-days\/\" 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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Effective this month, SMEs will be downgraded to \u201cdefault\u201d status after 90 days of non-payment, down from the previous 120-day threshold, our sources tell us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this is important: <\/strong>The move is designed to insulate the industry against credit risks. By forcing earlier recognition of defaults, the CBE ensures banks maintain healthier balance sheets and adequate provisions. \u201cThe more a bank hedges early on, the better its financial position. A bank that covers NPLs with sufficient provisions enjoys financial strength that protects depositors,\u201d former Industrial Development Bank Chairman Maged Fahmy tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest move is part of the final phase of the CBE\u2019s roadmap to implement the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/05\/06\/cbe-instructs-local-banks-to-comply-with-new-intl-reporting-standards\/\" style=\"\" rel=\"noopener\">International Financial Reporting Standard<\/a><\/strong><strong> (IFRS 9)<\/strong>, first rolled out in February 2019 to tighten precautionary oversight, EG Bank Board Member Mohamed Abdel Aal tells EnterpriseAM. To support the SME sector, the CBE postponed the full implementation of these rules in FY 2020-21 due to the economic fallout of the Covid-19 pandemic. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The decision to reduce to 90 days \u201cwas not a surprise, it was implemented in gradual <\/strong><strong>phases over the recent period to support SMEs,\u201d <\/strong>a government source in the SME sector tells EnterpriseAM. The move follows a cut to 120 days in June last year from a cut to 150 days in June the year before that following the end of the pandemic-linked implementation delay.<\/p>\n\n<p class=\"tag-border-left\">The potential impact on clients<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Increased scrutiny:<\/strong> The decision will force banks to be more selective, activating risk management systems to choose \u201cserious\u201d borrowers and avoid a spike in bad debt, our government source tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closing loopholes:<\/strong> Under the previous, longer grace periods, some irregular clients were able to secure new facilities from other banks before their default appeared on records. \u201cThe rapid credit rating classification will now close those doors to defaulting clients,\u201d Fahmy added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there are some benefits for clients:<\/strong> Despite the tighter rules, banks are still mandated by the CBE to offer technical and financial support to borrowers who have defaulted or are irregular borrowers whose payment delays exceed 90 days. \u201cThis is done by opening negotiation channels and studying financial positions to restructure facilities based on realistic repayment capabilities,\u201d Abdel Aal explained.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"684625\" 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=\"684625\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/\">\r\n                            Al Baraka Capital taps Al Ahly Pharos veteran as new CEO                        <\/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\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/\" 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\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/')\">\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\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/\">\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=Amir Sherif appointed CEO of Al Baraka Capital&url=https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/\">\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\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/&title=Amir Sherif appointed CEO of Al Baraka Capital\">\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=Amir+Sherif+appointed+CEO+of+Al+Baraka+Capital+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F01%2F28%2Famir-sherif-appointed-ceo-of-al-baraka-capital%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\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1145.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684626\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/amir-sherif-appointed-ceo-of-al-baraka-capital\/1145-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1145.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1145.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1145.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1145.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684625\" class=\"content-area-description single-story post-684625 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-al-baraka tag-enterpriseam tag-moves 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>Al <\/strong><strong>Baraka Bank <\/strong><strong>appointed Amir Sherif (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/amirsherif1\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) as CEO of its <\/strong><strong>investment arm Al Baraka Capital,<\/strong> according to a company statement seen by EnterpriseAM. Sherif joins from Al Ahly Pharos, where he served as CEO of the debt capital markets sector. A veteran of the Egyptian investment banking scene, Sherif\u2019s career includes over a decade at Banque Misr and leadership roles within the Al Ahly Group focusing on sukuk and securitization.<\/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\/al-baraka\/\">Al Baraka<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/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=\"684627 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=\"684627\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/684627\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684627\" class=\"content-area-description single-story post-684627 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=\"684628\" 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=\"684628\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/\">\r\n                            CIRA Education\u2019s normalized net income rose 95% y-o-y in 1Q FY 2025-26                        <\/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\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/\" 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\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/')\">\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\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/\">\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=CIRA Education\u2019s normalized net income rose 95% y-o-y in 1Q FY 2025-26&url=https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/\">\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\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/&title=CIRA Education\u2019s normalized net income rose 95% y-o-y in 1Q FY 2025-26\">\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=CIRA+Education%E2%80%99s+normalized+net+income+rose+95%25+y-o-y+in+1Q+FY+2025-26+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F01%2F28%2Fcira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26%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\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/722.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684629\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/cira-educations-normalized-net-income-rose-95-y-o-y-in-1q-fy-2025-26\/722-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/722.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"722.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/722.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/12\/722.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684628\" class=\"content-area-description single-story post-684628 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-banque-misr tag-cira-education tag-debt tag-education tag-enterpriseam tag-eu tag-ifc tag-securitization tag-startups tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CIRA Education sees net income, revenues rise at start of fiscal year<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Our f<\/strong><strong>riends at CIRA Education saw their normalized net income nearly double <\/strong><strong>in 1Q FY 2025-2026<\/strong>, rising 95% y-o-y to EGP 354.3 mn, according to the EGX-listed education provider\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/1084.pdf\" style=\"\" rel=\"noopener\">latest earnings release (pdf)<\/a>. The jump was supported by a 38% y-o-y increase in revenues during the quarter to EGP 1.4 bn with growth across all of CIRA\u2019s platforms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher education remained the company\u2019s main growth driver<\/strong>, with revenues climbing 44% y-o-y to EGP 990.3 mn and normalized net income up 37% y-o-y to EGP 491.3 mn, backed by a \"significant increase in enrollments\u201d at existing universities and the launch of Saxony Egypt University.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>\u201cKey milestones on the horizon include the launch of Canada\u2019s Seneca campus in East Cairo and the development of the Advanced Sci-Tech International Hub in Damietta, both targeted to commence operations by September 2027. These initiatives keep us firmly on track toward our long-term ambition of reaching 100k enrolled students across our platforms by 2030,\u201d CEO Mohamed El Kalla said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">IFC to extend USD 220 mn in green financing to Banque Misr<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>T<\/strong><strong>he IFC is set to pr<\/strong><strong>ovide a USD 220 mn green and sustainability-linked <\/strong><strong>financing package to Banque Misr,<\/strong> to bolster climate-friendly lending and support small businesses, according to a <a target=\"_blank\" href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/50740\/banque-misr-sl\" style=\"\" rel=\"noopener\">project summary<\/a> from the World Bank body. The package features a USD 150 mn three-year senior loan earmarked for climate assets, alongside a MSME-focused component that requires a 20% carve-out specifically for women-owned enterprises.<\/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\">Abwaab acquires Apex Education to scale elite college admissions<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jo<\/strong><strong>rdanian edtech po<\/strong><strong>werhouse Abwaab has acquired local education startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/apexeduc.com\/\" style=\"\" rel=\"noopener\">Apex Education<\/a><\/strong><strong>,<\/strong> to expand its services into high-end college advisory and admissions preparation, according to a company <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/abwaab-apex-students-ugcPost-7421274439050514432-sH-D\/?utm_source=share&utm_medium=member_desktop&rcm=ACoAAA1AS44B-aQBN0K8chj0xmkNiEW4dATjDOM\" style=\"\" rel=\"noopener\">statement<\/a>. The move allows Abwaab to integrate Apex\u2019s expertise in placing students into Ivy League and top-tier global universities like Harvard and Oxford into its existing tutoring and test-prep ecosystem. Apex founder Leila Hassan will continue to lead the college admissions function at Abwaab as the firm scales its personalized guidance across the MENA region.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Jameel Finance wraps up second securitization issuance<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jameel Finance closed a EGP 470 mn securitized bond issuance<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/1113.pdf\" style=\"\" rel=\"noopener\">statement<\/a> from counsel Dreny & Partners. The issuance is the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/05\/18\/jameel-finance-raises-egp-500-mn-in-securitized-bond-issuance\/\" style=\"\" rel=\"noopener\">second<\/a> of a broader three-year, multi-issuance program worth a total of EGP 4 bn. The bond was backed by a receivables portfolio originated by Jameel Finance and came in three tranches, which received tenors ranging from P1 to A+ by the Middle East Ratings and Investors Service.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Beltone Investment Banking acted as financial advisor and lead arranger, while Suez Canal Bank acted as custodian, underwriter, and bookrunner. Baker Tilly served as the official auditor.<\/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\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n         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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"684630\" 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=\"684630\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/goldman-sachs-ceo-sees-resurgence-in-global-capital-markets-in-2026\/\">\r\n                            Goldman Sachs CEO is optimistic about 2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/goldman-sachs-ceo-sees-resurgence-in-global-capital-markets-in-2026\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684631\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/28\/goldman-sachs-ceo-sees-resurgence-in-global-capital-markets-in-2026\/1132-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1132.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1132.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1132.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1132.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684630\" class=\"content-area-description single-story post-684630 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets 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>Goldman Sachs Chairman and CEO David Solomon shared a broadly optimistic outlook <\/strong><strong>for the global economy in 2026<\/strong>, citing a \u201cconstructive\u201d macro environment driven by AI infrastructure investment, regulatory shifts, and continued fiscal stimulus, he said on the Exchanges podcast (<a target=\"_blank\" href=\"https:\/\/play.megaphone.fm\/vyxqgiaxqiwt8si5ut6fbw?lid=2ytc9mcw0v97&amp;chl=em&amp;cid=2026-01-26&amp;plt=briefings\" style=\"\" rel=\"noopener\">listen, runtime: 22:08<\/a>). Despite lingering geopolitical \u201cnoise\u201d and a fragile US labor market, Solomon anticipates a potentially record-breaking year for M&amp;As and a strong IPO pipeline.<\/p><p class=\"tag-border-left\">What to expect<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&amp;A set to accelerate in 2026: <\/strong>This year\u2019s M&amp;A activity could surpass the strong levels seen in 2025, Solomon said, calling 2026 potentially \u201cone of the best M&amp;A years ever.\u201d Drawing on Goldman Sachs\u2019 transaction backlog and client engagement, he said corporate sentiment remains solid, with transaction flow likely to continue, barring major external surprises. The shift to a more permissive regulatory tone has also helped encourage dealmaking after years of rejections.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook for IPOs is also improving<\/strong>, fueled by stronger private equity activity and portfolio valuations that are aligning more closely with the market, Solomon said. He noted that some large private companies that previously delayed listings are now reconsidering going public. While issuance is unlikely to reach the 2021 peak, he expects IPO activity to continue the steady recovery seen in 2025.<\/p><p class=\"tag-border-left\">Behind the scenes<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policy support and AI investment underpin growth: <\/strong>The global macro environment remains supportive for markets and risk assets heading into 2026, particularly in the US, Solomon argues. He pointed to a combination of sustained fiscal stimulus, monetary easing following 100 basis points of rate cuts in 2025, a more business-friendly regulatory environment, and a major capital investment boom driven by AI infrastructure.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Risks on the horizon: <\/strong>Solomon cautioned that policy uncertainty from Washington and global geopolitical tensions remain the main risks, citing a \u201cshotgun approach\u201d that unsettles business leaders. He pointed to recent headlines on Greenland and European tariffs as potential triggers for market pullbacks. Still, the outlook remains positive barring a major exogenous shock (like a pandemic or a major cyber incident), highlighting technology-driven productivity gains as a key support for investors.<\/p><p class=\"tag-border-left\">Zooming out<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gap is widening between the US, Europe, and China.<\/strong> The US benefits from a strong \u201cinnovation economy\u201d and efficient capital markets, Solomon argued, with a USD 30 tn economy and 2% trend growth. Europe, by contrast, is a USD 20 tn economy of 450 mn people with sub-1% growth and slow progress on reforms, with only 11% of the Draghi plan for economic reform implemented. In China, equity markets rose 60-80% over the past year, but the underlying economy remains sluggish despite eased US tensions.<\/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\">The mood hasn\u2019t shifted all week long \u2014 the anticipation of a wave of Big Tech earnings and the Fed\u2019s rate decision are giving investors reason to stay optimistic. Asia-Pacific markets are mostly in the green in early trading this morning, with the Kospi leading gains. <\/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\">47,835<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +14.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 46.97<\/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 47.11<\/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 47.00<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 47.10<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.00% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">21.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,382<\/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: +8.5%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,355<\/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: +3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,466<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +6.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">6,979<\/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: +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>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\">10,208<\/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: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,995<\/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: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67.57<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.0%<\/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>Natural gas <\/strong>(Nymex)<\/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 6.43<\/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\">-7.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 5,207<\/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>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 89,343<\/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\">+1.4% (YTD: +2.0%)<\/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>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\">1,010<\/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: +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>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\">151.76<\/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: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">16.35<\/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: +8.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.7% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 6.8 bn (23.1% above the 90-day average). International investors were the sole net buyers. The index is up 14.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Abu Qir Fertilizers (+6.8%), ADIB (+5.1%), and EFG Holding (+4.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Madinet Masr (-2.7%), Eastern Company (-2.6%), and Egypt Aluminum (-2.4%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/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=\"684632\">\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\">10<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/east-port-said-port-faces-a-new-challenge-with-europes-carbon-rules-for-maritime-but-green-bunkering-can-help\/\"> \r\n                            East Port Said Port faces a new challenge with Europe\u2019s carbon rules for shipping<\/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\/east-port-said-port-faces-a-new-challenge-with-europes-carbon-rules-for-maritime-but-green-bunkering-can-help\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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 <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/east-port-said-port-faces-a-new-challenge-with-europes-carbon-rules-for-maritime-but-green-bunkering-can-help\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/970.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"684633\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/east-port-said-port-faces-a-new-challenge-with-europes-carbon-rules-for-maritime-but-green-bunkering-can-help\/970-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/970.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"970.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/970.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/970.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-684632\" class=\"content-area-description post-684632 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-enterpriseam tag-hardhat tag-logistics tag-maritime tag-suez-canal 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 EU is marching ahead with its decarbonization regulations <\/strong><strong>for the shipping industry \u2014 and our region\u2019s transshipment flows may be impacted in the process.<\/strong> As of January 2026, the EU\u2019s <a target=\"_blank\" href=\"https:\/\/climate.ec.europa.eu\/eu-action\/carbon-markets\/about-eu-ets_en\" style=\"\" rel=\"noopener\">Emissions Trading System (ETS)<\/a> on maritime effectively transitions to full enforcement, covering 100% of ships\u2019 emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regulatory lay of the land: <\/strong>The ETS is effectively a carbon tax or a cap and trade system that requires shipping companies to purchase allowances for 100% of emissions generated on voyages within the EU and 50% on voyages to, or from, the bloc. This is different from the FuelEU Maritime, which is more of a mandate-driven set of rules that require cutting emissions by displacing dirtier fuels and raising energy efficiency. <a target=\"_blank\" href=\"https:\/\/transport.ec.europa.eu\/transport-modes\/maritime\/decarbonising-maritime-transport-fueleu-maritime_en#:~:text=FuelEU%20maritime%20sets%20maximum%20limits,AFIR%2C%20from%201%20January%202030.\" style=\"\" rel=\"noopener\">FuelEU Maritime<\/a> entered into force in 2025 with a 2% emission reduction target \u2014 which is set to <a target=\"_blank\" href=\"https:\/\/www.dnv.com\/maritime\/insights\/topics\/fueleu-maritime\/\" style=\"\" rel=\"noopener\">hit 6%<\/a> in 2030 before rising gradually to reach 80% by 2050.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How does this impact Egypt? <\/strong>To prevent losing volumes to non-EU transhipment hubs and evasive rerouting \u2014 where ships may fake port calls outside Europe to reset their tax clock \u2014 the EU set up a <a target=\"_blank\" href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/ALL\/?uri=CELEX%3A32025R1127&utm_\" style=\"\" rel=\"noopener\">list<\/a> of high-risk neighboring container transhipment ports. Egypt\u2019s East Port Said, alongside Morocco\u2019s Tanger, are the only ports currently on that list. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But why these ports specifically? <\/strong>Both ports met the outlined regulatory requirements of having over 65% of their traffic classified as transhipment and being located within 300 nautical miles of an EU port.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does this mean for East Port Said? <\/strong>If a ship stops in East Port Said, while en route to, or from, the EU, the shipping line would still be required to account for 50% of the larger long-haul voyage. This might make the ports less attractive for transhipment routes, especially if other ports in the neighborhood can offer a haven. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>East Port Said port is <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/a-look-at-east-port-said-port-development-plans\/#:~:text=(Tap%20or%20click%20the%20headline,from%20the%20port%20told%20EnterpriseAM.\" style=\"\" rel=\"noopener\">critical to our transhipment flows<\/a>, with about 79% of Egypt\u2019s total transshipment trade going through it as of 2024. The port\u2019s container terminal \u2014 which currently boasts a 7 mn TEUs capacity after expansions \u2014 handled about <a target=\"_blank\" href=\"https:\/\/www.apmterminals.com\/en\/scct\/media\/news\/2025\/250108-scct-2024-review\" style=\"\" rel=\"noopener\">4 mn TEUs<\/a> in 2024.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does this matter? Well, there will be gainers and losers.<\/strong> Ports in Saudi Arabia and the UAE could emerge as natural breaks in a voyage, allowing shipping lines to reset their tax liability before heading to, or from, the EU. One possibility would be the emergence of other Egypt-based container terminals, like Alexandria and Sokhna ports, as alternatives to East Port Said. In both scenarios, a blacklisted port\u2019s transhipment volume could take a hit if shipping lines decide to reroute. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there might be a silver lining, after all: <\/strong>These developments may also be good news for Egypt\u2019s green bunkering ambitions despite <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/our-green-bunkering-ambitions-are-at-risk-amid-global-headwinds-here-is-what-experts-say-we-should-do\/\" style=\"\" rel=\"noopener\">growing headwinds<\/a>. Starting this year, the ETS now requires shipping companies to account for nitrous and methane emissions, raising the cost of compliance for LNG-powered vessels that serve Europe. In that scenario, e-methanol, which Egypt already <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypt-could-play-a-key-role-in-the-maritime-industrys-decarbonization\/\" style=\"\" rel=\"noopener\">plans<\/a> to produce in East Port Said, could emerge as the biggest winner in the low-carbon fuels competition. <\/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\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maritime\/\">maritime<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/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=\"684634\" 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\/28\/684634\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684634\" class=\"content-area-description single-story post-684634 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>29 January (Thursday):<\/span><span style=\"font-weight:400;\"> National holiday in observance of 25 January Revolution, 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 style=\"font-weight:400;\">3 February (Tuesday): S&P Global to release PMI figures for January. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3 February (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/p\/DT0DppIDYCx\/\" style=\"\">Capital Markets Summit<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10 February (Tuesday): Capmas expected to release inflation data for January.<\/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 of 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: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 of 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: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 of 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: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 of 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: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 of 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: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 of 2026. <\/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 of 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;\">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 of 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;\">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>State mulls AlexBank stake sale | USD 10 bn localization push | Trade deficit trends downwards<\/p>\n","protected":false},"featured_media":684610,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-684609","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c5e16a66-53dc-444a-9a46-be62475885e3","teaser":"State mulls AlexBank stake sale | USD 10 bn localization push | Trade deficit trends downwards","photo_url":"https:\/\/ent.news\/2026\/1\/1161.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>Government pivots to EGX for 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