{"id":684657,"date":"2026-02-01T00:00:00","date_gmt":"2026-02-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=684657"},"modified":"2026-03-05T10:18:43","modified_gmt":"2026-03-05T10:18:43","slug":"finance-ministry-mulls-postponing-international-bond-issuance-program-on-back-of-global-financial-uncertainty","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finance-ministry-mulls-postponing-international-bond-issuance-program-on-back-of-global-financial-uncertainty\/","title":{"rendered":"Finance Ministry mulls postponing international bond issuance program on back of global financial uncertainty"},"content":{"rendered":"<section id=\"684659\" 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=\"684659\">\r\n      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post-684659 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-egypt-us-relations tag-enterpriseam tag-logistics tag-suez-canal 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>Mor<\/strong><strong>ning all, an<\/strong><strong>d<\/strong><strong> welcome to a brand new month. <\/strong>We kick off the second month of the year with equal doses of caution and optimism. In today\u2019s issue, we\u2019ve got an exclusive that the Finance Ministry is mulling pressing pause on its plan to issue international bonds due to the recent uptick in global market volatility, while hot money inflows continue to rise.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This morning\u2019s issue also sees our annual readers\u2019 poll officially brought out of <\/strong><strong>retirement <\/strong>and rebadged as our annual EnterpriseAM Executive Sentiment Survey. Despite headwings, some 94% of you tell us that you see business conditions improving and you don\u2019t seem too bothered about the negative impacts of AI or the global trade war either.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in today's issue is news that record tax gains were outpaced by debt interest<\/strong><strong> increases in 1H 2025-26<\/strong>, a new EGX30 line-up, the first title insurance license approval, the expansion of the state\u2019s subsidized loan program for industry, and more.<\/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 while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses<\/strong>.<br><strong>***<\/strong><\/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>LOGISTICS<\/strong><strong> \u2014 The US wants American companies to invest in Egyptian <\/strong><strong>ports, but geopolitics, not economics, seems to be driving the push.<\/strong> Once again, talk of US investment in Egypt\u2019s maritime infrastructure has been filtering through embassy and government statements, with US Deputy Secretary of State Christopher Landau discussing the topic with Industry Minister Kamel El Wazir during his visit to Egypt last week, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Em3o3oELJBeqNoRDkg7n5Lnkp1qBMe6Gz86gDG5iRn4ff4U5wgedUMUqVBHCY2cZl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reason? Washington\u2019s efforts to <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2025\/09\/17\/us-on-global-crusade-to-wrest-control-of-strategic-ports-from-china\/\" style=\"\" rel=\"noopener\">challenge China\u2019s presence<\/a><\/strong><strong> in global waterways<\/strong>, in our view. Landau\u2019s comments \u2014 which follow a <a target=\"_blank\" href=\"https:\/\/eg.usembassy.gov\/u-s-ambassador-leads-business-delegation-to-egyptian-ports\/\" style=\"\" rel=\"noopener\">delegation of US companies led by Ambassador Herro Mustafa Garg<\/a> in September to \u201cexplore\u201d port investments and a <a target=\"_blank\" href=\"https:\/\/eg.usembassy.gov\/u-s-and-egyptian-governments-promote-business-opportunities-for-u-s-companies-in-egyptian-port-and-logistics-sectors\/\" style=\"\" rel=\"noopener\">joint briefing<\/a> in April to showcase the sector to investors \u2014 come amid Trump administration pressure on ports and waterways across the globe where China has a presence. The US alleges that China\u2019s foothold in maritime logistics erodes the neutrality of the nations hosting the projects, gives China extensive intelligence on US logistics and naval movement, and grants it the ability to leverage its assets to harm US interests, especially during a war.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Securing US port investments may be Egypt\u2019s best play to avoid a more punitive approach<\/strong><strong> from the US<\/strong>, as seen in Panama, where the Trump administration threatened to occupy the waterway and aggressively pushed for the takeover of Chinese-linked assets by groups including Blackrock. Washington has so far pushed Panama\u2019s supreme court to rule that concessions on the Panama Canal held by Chinese-linked firms were unconstitutional and exit China\u2019s Belt and Road Initiative. A similar approach to Egypt would endanger the huge amounts of Chinese investments around the Suez Canal and the many more bns planned.<\/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>TAX \u2014 The Finance Ministry is finalizing a tiered classification system <\/strong><strong>for <\/strong><strong>corporate taxpayers to extend tailored service packages<\/strong>, a senior government official tells EnterpriseAM. Companies will be grouped into platinum, gold, and silver categories based on a yet-to-be-confirmed set of criteria, but chief among them is compliance, our source tells us.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know so far:<\/strong> The platinum tier will grant eligible companies 30 expedited services, including a fast-track VAT refund processed within a maximum of five working days instead of the current 22 days. Gold and silver tiers will grant scaled-down versions of these services based on governance rules currently being discussed and drafted.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The classification system will operate alongside recent tax facilitation packages to improve collection efficiency and streamline administrative hurdles, our source says, supporting the state\u2019s target of raising tax revenues by 1-2% of GDP annually by 2030.<\/p><p class=\"tag-border-left\">IPO WATCH<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gourmet <\/strong><strong>Egypt has priced its IPO at the top end of its range at EGP 6.90 per <\/strong><strong>share<\/strong>, wrapping up its bookbuilding process that saw its private tranche oversubscribed 12.2x, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/1272.pdf\" style=\"\" rel=\"noopener\">announcement (pdf)<\/a>. The offer price gives the premium grocer a market cap of EGP 2.76 bn. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The subscription window for institutional investors closed on Thursday<\/strong>, while retail investors still have until Wednesday. We can expect <strong>trading to start \u201con or around Monday, 9 February.\u201d<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gourmet listed on the EGX last month<\/strong>, under the ticker GOUR.CA.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThis level of demand reflects Gourmet\u2019s solid market position<\/strong>, its commitment to quality, and its ability to meet the needs of premium, quality-conscious consumers,\u201d Gourmet Chairman Michael Wright said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>A good IPO would prove the EGX is a real alternative to strategic sales for PE outfits facing pressure to return liquidity to their limited partners.<\/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>ADDING TO THE IPO PIPELINE- <\/strong><strong>Tatweer <\/strong><strong>Misr to IPO next year? <\/strong>Real estate developer Tatweer Misr aims to bolster its financial and operational position leading up to a listing on the EGX or the entry of a strategic investor by 2027 as part of a five-year plan, CEO Ahmed Shalaby told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/117262\/%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%A7%D9%84%D8%B7%D8%B1%D8%AD-%D9%81%D9%8A-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A3%D9%88-%D8%AF%D8%AE%D9%88%D9%84-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1-%D9%81%D9%8A-2027\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expansion plans: <\/strong>The developer is currently in advanced negotiations over a piece of land in Oman, Shalaby said, adding that the company is also looking to acquire more plots locally. <\/p><p class=\"tag-border-left\">Project update<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The UK-based Polar Hydro hiked the price tag for its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/03\/a-usd-2-4-bn-waste-recycling-plant\/\" style=\"\" rel=\"noopener\">planned<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/03\/a-usd-2-4-bn-waste-recycling-plant\/\" style=\"\" rel=\"noopener\">waste-to-energy project in Giza<\/a><\/strong><strong> to USD 4.2 bn<\/strong> under an MoU inked to implement the project, according to an Environment Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rfaXXQ6AKyBeZE2Lq5r9LYq7un1psmPKBHUF4wzFr3AQnbXvMsDYkRc7C1548oiJl?rdid=L9MeGf90MGbNsBSJ#\" style=\"\" rel=\"noopener\">statement<\/a>. The project to rehabilitate the old Shabramant dump, process at least 5k tons of waste per day, and convert accumulated waste into biofuels, fertilizers, and other export-oriented products under a private freezone model first came to our attention in December with a USD 2.5 bn investment ticket.<\/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\">News triggers<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s th<\/strong><strong>e first week of February \u2014<\/strong> here are the key news triggers to keep your eyes on this month: <\/p><ul>\n<li><strong>Non-oil private sector activity to continue in the green for the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/orascom-construction-secures-egp-15-bn-ras-el-hekma-contract\/\" style=\"\" rel=\"noopener\">third straight<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/07\/orascom-construction-secures-egp-15-bn-ras-el-hekma-contract\/\" style=\"\" rel=\"noopener\">month<\/a><\/strong><strong>?<\/strong>The private sector is eagerly awaiting S&amp;P Global\u2019s Purchasing Managers\u2019 Index report for January on Tuesday, after the index pushed into the green for the last two months \u2014 a feat achieved only twice since November 2020.<\/li>\n<li><strong>The business community and policymakers will have their eyes on January\u2019s <\/strong><strong>inflation figures <\/strong>\u2014 due on 10 February \u2014 for early clues on how the Central Bank of Egypt (CBE) will act at its monetary policy meeting just two days later. The country\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/11\/inflation-was-flat-in-december-does-that-set-up-the-next-rate-cut\/\" style=\"\" rel=\"noopener\">last monthly reading<\/a> showed annual headline urban inflation unchanged at 12.3% despite food and beverages price increases, emboldening forecasts that inflation is set to continue making decent progress toward the CBE\u2019s target of 7% (\u00b12%) by the end of 2026.<\/li>\n<li><strong>Will the CBE\u2019s Monetary Policy Committee kick off 2026 with <\/strong><strong>another interest rate cut? <\/strong>The central bank\u2019s committee in charge of monetary policy will meet on 12 February to decide on the pace of the interest rate cycle, after <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/28\/central-bank-sets-up-2026-nicely-with-100-bps-rate-cut\/\" style=\"\" rel=\"noopener\">cutting rates<\/a> by 100 bps at its last meeting. The year ahead should see the central bank put its rate-cutting cycle up a gear, Al Ahly Pharos\u2019 Hany Genena has previously told EnterpriseAM, expecting another 800 bps worth of cuts to come to bring down real interest rates to 1-2%.<\/li>\n<\/ul><p class=\"tag-border-left\">Morning must read <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>greenback<\/strong><strong>\u2019s tough start to the year <\/strong><strong>\u201cif s<\/strong><strong>ustained, would boost the <\/strong><strong>near-term economic outlook for Egypt<\/strong>,\u201d Capital Economics argues in a <a target=\"_blank\" href=\"https:\/\/www.capitaleconomics.com\/publications\/middle-east-north-africa-economics-weekly\/dollar-and-mena-us-iran-tensions-saudi?id_mc=607091508&amp;salesforce_campaign_id=&amp;email_type=subscription&amp;utm_medium=email&amp;utm_source=sfmc&amp;SendDate=2026-01-29T15:00:46.4731891-06:00\" style=\"\" rel=\"noopener\">report<\/a> assessing the impact of depreciating USD on the region. Egypt \u201cstands out as a key beneficiary [in the region] of a weaker USD,\u201d argues the research firm, pointing to the EGP\u2019s 9% appreciation against the USD since May and its knock-on impact on import price inflation \u2014 which in turn provides breathing room for interest rate cuts.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A weaker USD also means more manageable public debt repayments<\/strong>, 40% of which are denominated in FX, with the USD playing an oversized role in this, the firm notes. \u201cAlongside a sizable primary budget surplus, declining local currency bond yields, and strong nominal GDP, this will help to sustain the public debt ratio on its downward path,\u201d the agency adds.<\/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\">Data point<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGP 15.7 tn \u2014 that\u2019s the total value of securities traded in the local <\/strong><strong>market last year<\/strong>, up from EGP 2.3 tn in 2024, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02X1K71wocbFMUnWZX84Gz4LCqZihdYD2YiAZuQX5Sfuq5jdKrpWH6WVPZtSmSR5Qgl\" style=\"\" rel=\"noopener\">statement<\/a> from the Financial Regulatory Authority (FRA). Treasury bills and bonds accounted for the lion\u2019s share at EGP 13.1 tn, while stocks traded on the EGX totaled EGP 2.4 tn.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The year also saw the markets welcome 299k new investors<\/strong>, which FRA chief Mohamed Farid said reflected \u201cthe growing confidence of investors in the market as a result of reform and regulatory policies.\u201d<\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>The mercury is rising in Cairo today, with a welcome high of 26\u00b0C and a low of 16\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 also getting hotter in Alexandria<\/strong>, with a high of 26\u00b0C and a low of 15\u00b0C.<\/p><p class=\"tag-border-left\">The big story abroad <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>News <\/strong><strong>of BTC\u2019s steep price drop has caught the attention of the global press<\/strong>, as a wider selloff afflicted several major cryptocurrencies. Yesterday, BTC fell to its <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-31\/bitcoin-plunges-below-80-000-as-the-crypto-slide-accelerates?srnd=homepage-americas\" style=\"\" rel=\"noopener\">lowest level since April 2025<\/a>, plunging below USD 80k, attributed to a failure to attract buying interest despite conditions that historically would have been supportive, namely the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/27\/green-energy-use-might-be-the-thing-to-get-your-investment-proposal-over-the-line\/\" style=\"\" rel=\"noopener\">backsliding greenback<\/a>. The dip wiped out some USD 111 bn off the crypto market\u2019s total value in a single 24 hour period, according to data by CoinGecko. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- What could Trump\u2019s Fed chair nomination mean for the central bank? <\/strong>The Federal Reserve <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5c1af439-a1a1-4684-b27e-21a527abe676\" style=\"\" rel=\"noopener\">may be looking at a \u201cregime change\u201d<\/a> once US President Donald Trump\u2019s pick for the chief position, former Fed governor and Wall Street veteran Kevin Warsh, replaces current Fed chair Jay Powell. Warsh has been critical of the Fed for gradually expanding its role beyond its original mandate. Markets are also expecting him to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/warsh-regime-change-faces-steep-hurdles-sprawling-us-central-bank-2026-01-31\/\" style=\"\" rel=\"noopener\">balk<\/a> at the aggressive rate cuts called for by Trump.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Warsh is considered by some to be a \u201cpragmatist\u201d <\/strong>whose historical disposition against inflation is unlikely to result in unwarranted cuts that allow overheating of the economy, Navy Federal Credit Union chief economist Heather Long told Reuters. That said, more clarity on his future policy decisionmaking is still needed. Warsh\u2019s nomination is yet to be approved by the Senate.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO WORTH READING- Investors are <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-31\/ai-boom-is-triggering-a-loan-meltdown-for-software-companies-credit-weekly\" style=\"\" rel=\"noopener\">scrambling<\/a><\/strong><strong> to reprice loans to software firms as <\/strong><strong>the AI boom threatens digital products with obsolescence. <\/strong>Despite widespread optimism in debt markets, a loan sell off has hit software players, including Cloudera, which saw pricing on one of its loans drop by USD 0.07 last week. The stakes are especially high in light of software accounting for 12% of the credits in the Bloomberg US Leveraged Loan Index.<\/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\/egypt-us-relations\/\">Egypt-US relations<\/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\/suez-canal\/\">Suez Canal<\/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=\"684661 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=\"684661\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/684661\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684661\" class=\"content-area-description single-story post-684661 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=\"684662\" 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=\"684662\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Big Story Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/egypt-could-postpone-international-bond-issuance-program-due-to-global-financial-uncertainty\/\">\r\n                            Egypt could postpone international bond issuance program due to global financial uncertainty                        <\/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\/02\/01\/egypt-could-postpone-international-bond-issuance-program-due-to-global-financial-uncertainty\/\" 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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Current market conditions could delay international issuances until global markets stabilize and the timing becomes more favorable for Egypt to return to international markets, the source added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Before the US-EU spat over Greenland unnerved financial markets, momentum for the<\/strong><strong> sale and expectations of attractive yields had been strong <\/strong>on the back of improving economic indicators domestically, a decline in sovereign credit default swap (CDS) spreads, and lower perceived default risk, we were told.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> No country is an island or immune to prevailing global trends. By adopting this cautious approach, the Finance Ministry is protecting itself from exposure to costly borrowing, opting instead to explore lower-cost alternatives, including bonds backed by international institutions and sovereign sukuk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But while future international bond issuance activity may take a back seat for the time <\/strong><strong>being, there\u2019s plenty of action from hot money inflows.<\/strong> Investments across both the primary and secondary markets are seeing a massive uptick amid global market disruptions, our source tells us. This follows foreign holdings of Egyptian local debt rising USD 4 bn in 2025 to USD 45 bn as rates on local sovereign debt fell 50-100 bps, indicating that investors are seeing Egypt as a stable high-carry trade amid uncertainty in Western markets.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n              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\n<article id=\"post-684665\" class=\"content-area-description single-story post-684665 post type-post status-publish format-standard has-post-thumbnail hentry category-poll tag-economy tag-enterpriseam tag-foreign-exchange tag-inflation tag-interest-rates tag-poll 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>O<\/strong><strong>ur annual readers\u2019 poll is back after a hiatus and it looks like the <\/strong><strong>business community is finally shaking off years of economic pessimism<\/strong> and daring to be optimistic as we begin 2026. Before we jump into the results of our Annual EnterpriseAM Executive Sentiment Survey, we want to say a big, big thank you to all those who took part in the poll.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1249.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It seems that almost all of you are entering 2026 with an optimistic step in your stride<\/strong>, with 94.1% of you either agreeing or strongly agreeing with the statement that business conditions will improve in 2026. Those who strongly agreed accounted for a sizable 27.5%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This follows a few difficult years and a whole lot of pessimism from the business <\/strong><strong>community.<\/strong> Policymakers will be happy to hear that it seems reforms and the often hard choices are paying off, as only 2% of you disagreed and 4% didn\u2019t know. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1251.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The community also looks back on the first full year following the float of the EGP in a <\/strong><strong>broadly positive light<\/strong>, with 92.2% of you telling us you either agree or strongly agree. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1253.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bureaucracy and government regulation was the clear front runner as the biggest issue <\/strong><strong>facing your businesses today with 39.2% of the vote<\/strong>, reflecting that while progress has been made doing business in Egypt remains tricky for many of us. The interest rate environment despite recent cuts ranked as the second most widespread concern with 27.5% of the vote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But for 25.5% of you, finding and retaining talented employees ranked as your biggest<\/strong><strong> challenge<\/strong>, a theme we're starting to hear a lot more now that more immediate economic challenges are easing. Just 2.0% of you signalled taxation as the key problem, while 2.0% pointed to FX access as your biggest issue.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1257.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Challenges or not, a good 76.5% of you say your businesses will increase their <\/strong><strong>investments here in Egypt this year<\/strong>, while only 5.9% say it's unlikely and 13.7% say you don\u2019t know.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1259.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But it seems you\u2019re all waiting for rates to fall before you look to debt to fund expansion<\/strong>, with a 16-17% overnight lending rate as the highest some of you will tolerate before making the move. The sweet spot seems to be 10-13%, which had some 25.0% of the vote. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1261.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most of you seemed to be unsure whether the government is sympathetic to the needs of <\/strong><strong>the private sector<\/strong>, with 39.2% telling us neither agree nor disagree with the statement. However, a much larger percentage of you agreed with the statement than disagreed, with 37.3% of you either agreeing or strongly agreeing against 23.5% that disagreed or strongly disagreed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1271.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A majority of 66.7% of you see the EGP staying where it is against the greenback or <\/strong><strong>improving by the end of 2026<\/strong>, including an optimistic 2.0% that think the EGP could strengthen to 43 against the USD. While a fair few of you see the EGP depreciating this year, the weakest you think it will go is only as far as 51 against the greenback.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1265.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While 98.0% of you don\u2019t see inflation getting worse, only 17.7% see inflation falling <\/strong><strong>within the central banks target of 7% (\u00b12%) by the end of 2026. <\/strong>Most see inflation ending the year at 10% with 31.4% of the vote, but a surprisingly large 29.4% see inflation standing about where it is now after 12 months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1267.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The great AI shake up is coming and only 7.8% think it will harm your company.<\/strong> A collective 58.8% either agree or strongly agree that AI will be a net positive to your business, but many of you seem to think it won\u2019t have much of an effect on you, with 27.5% neither agreeing or disagreeing with the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/1\/1269.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the global tariff war continuing to dominate the pages of the international <\/strong><strong>business press, it seems the Egyptian business community is unfazed<\/strong>, with 52.9% of you telling us that the global tariff wars will have no impact on your business. In fact, more of you told us that it will help your business, not hinder it.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/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=\"684667\" 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=\"684667\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/debt-interest-eats-up-record-tax-gains-in-1h-2025-26\/\">\r\n                            Debt interest eats up record tax gains in 1H 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\/02\/01\/debt-interest-eats-up-record-tax-gains-in-1h-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(); 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Increased tax collection pushed total budget revenues up 30.2% y-o-y to EGP 1.4 tn alongside a 12.8% jump in non-tax revenues to EGP 177.5 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite efforts to curtail public spending increases<\/strong>, total public spending rose 26.9% y-o-y to EGP 2.2 tn, which the ministry attributed to a mix of rising wages, subsidies, and state investments, alongside debt service costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The result? The overall budget deficit widened 0.2 percentage points to 4.2% of GDP for <\/strong><strong>the period<\/strong>, coming in at EGP 881.73 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>The government is running a tight ship on operations, but until interest rates fall significantly, the record tax checks you\u2019re writing are going straight to the banks, not into the ground.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The market is waiting for the Public Debt Strategy, which is expected to be out very soon. We expect the Ministry to outline a pivot away from expensive, short-term T-bills toward longer-tenor bonds now that interest rates have likely peaked. This will be followed by the Tax Policy Document, which must find a way to keep revenue growing without stifling a private sector that is already reeling from high costs.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taxation\/\">TAXATION<\/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=\"684669\" 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=\"684669\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/inside-soknas-push-to-bring-tech-to-egypts-funeral-services-sector\/\">\r\n                            Inside Sokna\u2019s push to bring tech to Egypt\u2019s funeral services sector                        <\/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\/02\/01\/inside-soknas-push-to-bring-tech-to-egypts-funeral-services-sector\/\" 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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Seven years on, Sokna has become part of what happens instinctively when loss strikes \u2014 operating across the country, partnering with hospitals, embassies, and syndicates, and quietly applying data and technology to one of the most traditional sectors in the world. We sat with Gaballah to talk about Sokna\u2019s upcoming cemetery project, the technology push planned for 2026, and how the company is preparing for global expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>When we first met in 2021, people used to call you the crazy guy who left Silicon Valley to become an undertaker in Egypt. Do they still see you that way?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ahmed Gaballah:<\/strong> Today it\u2019s very different. When a funeral happens, people say, \u201cHow did you not call Sokna?\u201d It\u2019s become part of what people instinctively do when death occurs. Growth came from people seeing the team on the ground and valuing the service. About three years ago, we hit a tipping point \u2014 awareness snowballed and growth became organic. That\u2019s net promoter score in action. Traditional marketing doesn\u2019t work in a space this sensitive.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>Let\u2019s go back to the beginning. You started around seven years ago?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah: <\/strong>March 2019 exactly. We were three people and handled 19 funerals that year. I was the funeral director; the other two focused on research. We worked in Egypt, then traveled to seven countries \u2014 Singapore, Malaysia, Indonesia, and others \u2014 to study how funerals operate. We attended funerals, ran surveys, spoke to families, and shadowed undertakers. By the end of 2019, we had built a 14-step professional funeral process. In January 2020, we hired our first team \u2014 six people \u2014 and officially launched Sokna.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>Did you start with friends and family?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah: <\/strong>Of course not. You can\u2019t ask friends to call you when someone dies. We tried everything. We spoke to doormen in Zamalek, handed out cards \u2014 it didn\u2019t work. Condolence halls were too late. Health offices didn\u2019t work. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>E<\/strong><strong>ventually, we realized hospitals were the real entry point. <\/strong>So we went to hospitals and spoke to security. 99% rejected us. Three kids with notebooks \u2014 one just back from the US \u2014 saying we\u2019d organize funerals. Until one person gave us a chance and made a call. That was our first case. We were working out of my house. When the call came, we rushed \u2014 the fastest drive of my life.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>Coming from Silicon Valley, you chose a business that isn\u2019t inherently tech-driven. How does it scale?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah: <\/strong>In the beginning I was thinking of making the classic mistake: app first. After coordinating the first 19 funerals myself, I realized people in grief will not download an app. You can\u2019t build technology for its own sake and force it onto people.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At Sokna, technology works in the background<\/strong> \u2014 dispatching, prediction, data tracking, decision-making. Internally, it\u2019s everywhere. Externally, the only question is what genuinely helps the customer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This year, we\u2019ll launch technology-driven products that make the experience easier and <\/strong><strong>allow us to scale beyond Egypt. <\/strong>Death is universal. The challenge is finding where technology is relevant across cultures without physical presence, we believe that can be built from Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM:<\/strong> Did demand ever exceed your capacity?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah: <\/strong>Always, even now. The difference is how we manage it. At the core is a supply\u2013demand equation. We know our historical data precisely \u2014 how many services we delivered and how organic growth evolves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We also model future demand.<\/strong> When we enter a partnership, we study historical death rates at that hospital. Geographically, it\u2019s the same logic. If we expand into a new area, we can predict demand using seven years of data \u2014 population size, hospitals, death rates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The models tell us when to hire. <\/strong>If the signal is 100 people, we hire 100 \u2014 not 200. Demand here is inelastic, so efficiency matters. If we expect 100 cases and get 110, we activate trained on-call teams. They handle low-risk tasks, like permits, while the funeral director retains ownership. When that contingency pool gets used frequently, that\u2019s the signal to hire full-time staff.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>Have you become profitable?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah:<\/strong> We\u2019ve been profitable for years now. From 2019 to 2021, I self-funded the company. I was working in Silicon Valley and wasn\u2019t worried about money. When we made a fund round in 2022, capital wasn\u2019t the goal. I wanted two things: external validation from strategic investors who understand execution, and if we later enter cemeteries, I want real estate investors who can help execute.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I initially wanted to raise USD 300k. Demand reached USD 1.5 mn. <\/strong>The entire raise took 10 days. I ran it on a strict schedule: 20-minute pitch, four to five days of due diligence, a hard deadline, and one week to sign and fund.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We brought in top US and regional VCs<\/strong>, including Mentors Fund, ACE & Company, KV Ventures \u2014 plus long-term real estate figures, and top technology leaders who led design across Facebook, Instagram, and WhatsApp.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: <\/strong>You operate across all governorates. Is Egypt really multicultural when it comes to funeral rituals?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah:<\/strong> Extremely. This space is hyper-local \u2014 between governorates, neighborhoods, even families. We initially thought we could standardize the service. That was wrong.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>People experience death very differently. <\/strong>Some want speed, others wait for family. Some want precise rituals; others want minimal intervention. The bigger difference is emotional response \u2014 anger, denial, confusion, peace. The challenge is understanding what someone needs, often without them saying it, and very quickly. This isn\u2019t a product problem. It\u2019s a human one.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Globally, three variables define every market: religion, culture, and legal framework. <\/strong>Markets differ sharply, but there are proxy markets with shared traits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM: Does this feed into global expansion?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah: <\/strong>Yes, and even to operate properly in Egypt we had to understand this deeply. It\u2019s one of the most fascinating research areas I\u2019ve worked on \u2014 the intersection of religion, culture, and death.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From the start, Sokna has attended the world\u2019s largest funeral directors\u2019 gathering \u2014 the NFDA conference in the US.<\/strong> Every time we go, major global players approach us. They follow our work and are impressed by our data-driven model and clear technology roadmap.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Technology has barely entered this space \u2014 even in the US.<\/strong> These multi-bn companies remain highly traditional. That\u2019s the opportunity: to enter, reshape the sector, and get incumbents to adopt what we\u2019re building by proving that our technology delivers real value.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM:<\/strong> But no one has come with a direct deal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaballah:<\/strong> No, and we don\u2019t want that. We want to grow globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want more? <\/strong>Part two of our conversation with Gaballah will be published in tomorrow\u2019s issue of EnterpriseAM \u2014 stay tuned. <\/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\/ahmed-gaballah\/\">Ahmed Gaballah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sokna\/\">Sokna<\/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=\"684671\" 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=\"684671\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/edita-kima-heliopolis-housing-and-orascom-investment-holding-join-the-egx30-in-semi-annual-shuffle\/\">\r\n                            Edita, Kima, Heliopolis Housing, and Orascom Investment Holding join the EGX30 in semi-annual shuffle                        <\/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\/02\/01\/edita-kima-heliopolis-housing-and-orascom-investment-holding-join-the-egx30-in-semi-annual-shuffle\/\" 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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Sidpec, Mopco, and Credit Agricole are all departing the index, alongside real estate player Madinet Masr.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s in:<\/strong> Taking their places are snacks giant Edita, Heliopolis Housing, Kima, and Orascom Investment Holding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Funds that track the EGX30 are mandated to reflect these changes. Expect selling pressure on the exits and buying interest in the entrants as portfolio managers rebalance their holdings to match the new weights by the start of next month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sound smart:<\/strong> The EGX30 selects the market\u2019s top 30 companies primarily based on liquidity and activity, filtering for firms that trade on at least 95% of sessions and meet strict thresholds for freefloat, turnover ratio, and daily trading value. Eligible candidates are ranked by their average daily trading value, with the top 27 automatically qualifying and the final three spots selected from those ranked 28-33 \u2014 prioritizing existing constituents to ensure index stability. To preserve diversity, no single sector is allowed more than five representatives. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want to dive deeper?<\/strong> Check the <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/1\/1111.pdf\" style=\"\" rel=\"noopener\">eligibility criteria here (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n\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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing\/\">Heliopolis Housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kima\/\">Kima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-investment-holding\/\">Orascom Investment Holding<\/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=\"684673\" 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=\"684673\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/\">\r\n                            Amr Adib on where you should be investing this year                        <\/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\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/\" 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\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/')\">\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\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/\">\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=Amr Adib on where you should be investing this year&url=https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/\">\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\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/&title=Amr Adib on where you should be investing this year\">\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=Amr+Adib+on+where+you+should+be+investing+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F02%2F01%2Famr-adib-on-where-you-should-be-investing-this-year%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\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/11.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684674\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/amr-adib-on-where-you-should-be-investing-this-year\/11-jpg-51\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/11.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"11.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/11.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/2\/11.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684673\" class=\"content-area-description single-story post-684673 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-real-estate 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>As the prices of gold and silver see major fluctuations, El Hekaya\u2019s Amr Adib gave his <\/strong><strong>viewers some investment advice: <\/strong>\u201cdo nothing.\u201d He also warned his viewers against making ill-considered investment decisions this year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What about those looking to invest in real estate? <\/strong>Adib hinted at a period of stagnation in the local real estate market. He spoke to Talaat Moustafa Group chairman Hisham Talaat Moustafa, who pushed back against any suggestion that real estate prices could decline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moustafa stressed that Egypt\u2019s real estate market is fundamentally cost driven<\/strong>, and the price of land, steel, cement, and labor all on the rise \u2014 a view that echoed what we heard from multiple developers during last week\u2019s AmCham real estate conference. Moustafa argued that this dynamic automatically underpins the value of existing fully finished units, particularly in a market supported by strong demographic demand.<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"684675 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=\"684675\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/684675\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684675\" class=\"content-area-description single-story post-684675 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=\"684676\" 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=\"684676\">\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\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/\">\r\n                            Sarwa Ins. becomes the first insurer to get the green light to issue and activate title ins. policies                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/')\">\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\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            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     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=Sarwa+Ins.+becomes+the+first+insurer+to+get+the+green+light+to+issue+and+activate+title+ins.+policies+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F02%2F01%2Fsarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies%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\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/817.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"684677\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/01\/sarwa-ins-becomes-the-first-insurer-to-get-the-green-light-to-issue-and-activate-title-ins-policies\/817-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/817.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"817.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/817.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/817.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684676\" class=\"content-area-description single-story post-684676 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-aman-holding tag-automotive tag-debt tag-enterpriseam tag-evs tag-finance tag-financial-regulatory-authority tag-industry tag-insurance tag-manufacturing tag-real-estate tag-securitization tag-suez-canal-economic-zone wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Sarwa Ins. beats GIG to the finish line with Egypt\u2019s first title ins. approval<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Sarwa Ins. became the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/20\/gig-egypt-wants-to-launch-the-countrys-first-title-ins-policy\/\" style=\"\" rel=\"noopener\">first insurer<\/a><\/strong> <strong> in Egypt to receive final regulatory <\/strong><strong>approval from the Financial Regulatory Authority to issue and activate title ins. policies<\/strong>, according to a company statement seen by EnterpriseAM. The move positions the ins. arm of Contact Financial Holding as a first-mover in a segment expected to unlock liquidity from international investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe are laying the foundation for a new phase of financial maturity <\/strong>in which [ins.] plays the role of a strategic enabler, granting investors and international institutions full confidence in the safety and viability of their assets,\u201d said Contact Financial Holding CEO John Saad.<\/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\">Gov\u2019t expands 15% subsidized lending initiative to new industries<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The cabinet greenlit the expansion of its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/16\/govt-extends-subsidized-loan-program-to-support-industry-agriculture-renewables\/\" style=\"\" rel=\"noopener\">subsidized 15%<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/16\/govt-extends-subsidized-loan-program-to-support-industry-agriculture-renewables\/\" style=\"\" rel=\"noopener\">interest rate loan program<\/a><\/strong> to include the pharma, engineering, food, chemicals, mining, construction materials and refractories, leather, metals, and spinning, weaving, and ready-made garment industries, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid028vcJM99NKQHUorF26oX12e8rXz4RicpfbiMEUZRehHrPtM7EEnRb3ry1cp91eGoEl\" style=\"\" rel=\"noopener\">cabinet statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Under the newly approved amendments, the government increased the financing<\/strong><strong> limits to accommodate larger industrial projects.<\/strong> The maximum loan limit per client has been raised to EGP 100 mn, while the limit for related parties now stands at EGP 150 mn.<\/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\">China\u2019s Guide Automotive Technology to build EV, battery, and water desalination membrane factory<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Guide Group subsidiary Guide Automotive Technology became the latest <\/strong><strong>Chinese manufacturer to commit to setting up shop in Egypt with a USD 63.9 mn factory<\/strong>, which will produce electric vehicles, batteries, and membranes for water purification and desalination in the Suez Canal Economic Zone, the authority said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/SCZONE.EG\/posts\/pfbid07kMRFzR5znwQ7mXaoBoEqBmBZLACJLJgtf8RFzezmDeSmRkMTDBezsWBzzEz5DV4l\" style=\"\" rel=\"noopener\">statement<\/a>. The project is expected to create 1k direct jobs and will be developed in three stages, starting with two-, three-, and four-wheeled electric vehicles.<\/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\">More Egyptian-assembled Chinese cars to hit the market<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another Chinese auto player is setting up shop here: <\/strong>Chinese automaker Kaiyi Motors will start assembling some of its models locally, under a <a target=\"_blank\" href=\"https:\/\/almalnews.com\/2096560\/%D9%88%D9%83%D9%8A%D9%84-%C2%AB%D9%83%D8%A7%D9%8A%D9%8A%C2%BB-%D9%8A%D9%88%D9%82%D9%91%D8%B9-%D8%B9%D9%82%D8%AF%D9%8B%D8%A7-%D9%85%D8%B9-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D8%A3%D9%85\" style=\"\" rel=\"noopener\">contract<\/a> inked with its local agent yesterday. The move is expected to reduce production costs and in turn offer models at more competitive prices locally and support future exports to regional markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In line with our automotive localization efforts:<\/strong> The Madbouly government has made it a priority to localize the assembly of vehicles as the first step in its plan to truly localize the automotive sector. It updated the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb23ffbb-0e98-4b99-b1f0-390ee1fa8ee5\" style=\"\" rel=\"noopener\">Automotive Industry Development Program<\/a> last year with the goal of attracting more investments and deepening the localization of the sector.<\/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\">Aman Consumer Finance closes EGP 867.5 mn securitized bond issuance<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aman C<\/strong><strong>onsumer Finance wrapped up an EGP 867.5 mn securitized bond <\/strong><strong>issuance<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/cicapital_dcm-aman-issuannce-linkedin-final-version-activity-7422263180686491649-AxHK?utm_source=share&utm_medium=member_desktop&rcm=ACoAAD6Pju0Bh4tPHGGNzzm4cUVyo9jVrGhnLC4\" style=\"\" rel=\"noopener\">statement<\/a> from financial advisor CI Capital. The bond came in four tranches with tenors ranging from 6 to 36 months, receiving ratings of P1 to AA+ by Meris.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>CI Capital acted as the financial advisor, issuance manager, bookrunner, and lead arranger. Zaki Hashem & Partners provided counsel, and United for Auditing, Tax, Advisory & Financial Services was the financial 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\/aman-holding\/\">Aman Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"684678\" 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=\"684678\">\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\/02\/01\/fed-says-no-rate-cut-this-time-around\/\">\r\n                            Fed says no rate cut this time around                        <\/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\/02\/01\/fed-says-no-rate-cut-this-time-around\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The key rate remains unchanged at 3.5-3.75%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cAvailable indicators suggest that economic activity has been expanding at a solid pace<\/strong>. Job gains have remained low, and the unemployment rate has shown some signs of stabilization,\u201d the Fed said in a statement.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The AI effect: <\/strong>When asked about the divergence between strong GDP growth and a soft labor market during the press conference, Fed Chair Jerome Powell said it may be down to increased productivity, and that AI may have played a role. He cautioned that reading the labor market is difficult because of the unusual situation where both the demand and the supply of labor have fallen, due to lower immigration and slower job growth.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Powell is facing a barrage of attacks from the Trump administration<\/strong>. The war between the White House and the Fed turned into a legal showdown this month as Powell publicly attacked a DOJ probe into HQ renovations his office ordered, calling it a \u201cpretext\u201d for President Trump to force interest rate cuts.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The tussle saw Powell make rare political statements during the press conference.<\/strong> He advised the Fed chair set to replace him to stay out of elected politics and engage with Congress members on both sides of the aisle. Powell\u2019s tenure is set to end later this year, unless Trump follows through with his wild threats and fires the independent institution\u2019s head.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Powell also confirmed he will attend the hearing for the legal case against Fed Governor <\/strong><strong>Lisa Cook<\/strong>, calling it \u201cthe most important legal case in the Fed\u2019s 113-year history.\u201d The Supreme Court will decide whether Trump can fire a Fed governor, with the ruling set to have wide implications on the Fed\u2019s independence.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Markets are <a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html?redirect=\/trading\/interest-rates\/countdown-to-fomc.html\" style=\"\" rel=\"noopener\">pricing in<\/a> two rate cuts this year starting in July, which means the two remaining meetings in Powell\u2019s term are expected to stay the course.<\/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 and outside sources.)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\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>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\">47,786<\/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: +14.2%)<\/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 46.85<\/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 46.98<\/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 46.85<\/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 46.95<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.00% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">21.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">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\">-0.7% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">10,282<\/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\">-0.8% (YTD: +2.9%)<\/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>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\">6,435<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +6.4%)<\/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>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\">6,939<\/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: +1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">10,224<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,948<\/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: +2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 69.32<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4.35<\/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\">+11.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,745<\/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\">-11.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 78,178<\/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\">-7.2% (YTD: -10.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">1,013<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">151.48<\/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: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Fear gauge)<\/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\">17.44<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.3% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.1% at <\/strong><strong>Wednesday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 7.5 bn (35.3% above the 90-day average). International investors were the sole net buyers. The index is up 14.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Credit Agricole (+2.6%), Eastern Company (+2.2%), and Madinet Masr (+1.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Egypt Aluminum (-3.7%), Ibnsina Pharma (-2.9%), and Rameda (-2.5%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federal-reserve\/\">Federal Reserve<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jerome-powell\/\">Jerome Powell<\/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<section id=\"684680\" 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\/02\/01\/684680\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-684680\" class=\"content-area-description single-story post-684680 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;\">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>Debt interest eats tax gains | Our annual readers\u2019 poll is back | EG30 shake up<\/p>\n","protected":false},"featured_media":684658,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-684657","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d1a24b11-cfb2-4865-b599-1bb6bd64de22","teaser":"Debt interest eats tax gains | Our annual readers\u2019 poll is back | EG30 shake up","photo_url":"https:\/\/ent.news\/2026\/2\/24.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>Finance Ministry mulls postponing international bond issuance program on back of global financial uncertainty - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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