{"id":690390,"date":"2026-03-29T00:00:00","date_gmt":"2026-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=690390"},"modified":"2026-03-29T03:56:15","modified_gmt":"2026-03-29T03:56:15","slug":"egypt-targets-egp-1-2-tn-primary-surplus-target-despite-war-in-cabinet-greenlit-general-budget-for-next-fy","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-targets-egp-1-2-tn-primary-surplus-target-despite-war-in-cabinet-greenlit-general-budget-for-next-fy\/","title":{"rendered":"Egypt targets EGP 1.2 tn primary surplus target despite war  in cabinet-greenlit general budget for next FY"},"content":{"rendered":"<section id=\"690392\" 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=\"690392\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/cabinet-mandates-wfh-sundays-for-private-and-public-sectors-in-april-to-cut-down-energy-use\/\">\r\n                            Egypt goes into energy saving mode                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/977.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"977.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/977.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/977.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690392\" class=\"content-area-description single-story post-690392 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today-10 tag-electricity tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends<\/strong><strong> and welcome to a new workweek. <\/strong>We are still trying to register the reality of Cairo going to sleep at 9pm after shops and restaurants turned off their lights and shut their doors early last night in line with government directives that aim to reduce energy use. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>Starting next Sunday, both the private and public sector will be<\/strong><strong> working from home on Sundays for the month of April <\/strong>in an effort to help ease the strain on energy supplies by cutting down on consumption, Prime Minister Mostafa Madbouly said in a televised <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ubymCfjLEFZYfSsSDPPgn4EFFvHhDoAitbwf4Scwhs5h4Yp92zYXNsmfcTj4wjqdl\" style=\"\">presser<\/a> yesterday. But \u201cIf the current regional crisis continues, the possibility of adding another day will be studied,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Egypt\u2019s energy import bill will reach USD 2.5 bn this month, up from USD 1.5 bn in February and USD 1.2 bn in January. \u201cWe have no way but to reduce this bill through rationalizing consumption, which is a shared responsibility that falls on the government and the citizen together to realize the magnitude of the challenge,\u201d argued Madbouly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Several sectors and places of work will be exempt from the ruling<\/strong>, including factories, public services, water stations, gas stations, water treatment stations, and hospitals. Schools and universities will also not be included in the system.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s still unclear to us: <\/strong>What about other companies (and state agencies) with units that can only do their jobs at a place of business? Most corporate bankers? WFH is easy. Tellers in the branches? Not so much. Will branches be open a week from today? What about the Registry Office? We\u2019ve all got a week to work-out these kinds of questions, and we\u2019ll report back as we get answers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our take: The longer the war in the Gulf continues, the worse the energy crunch <\/strong>will be here in Egypt. It\u2019s a really good time to start planning for how you\u2019ll do business this summer if additional WFH days are joined by rolling blackouts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bottom line: We, as a nation, have a PhD in crisis management. <\/strong>We did everything right this time \u2018round, and we\u2019re still being squeezed. After two revolutions, innumerable past energy crises, and a few devaluations? Y\u2019all know what to do. Time to start planning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The announcements build on a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/24\/egypt-enters-war-economy-mode-with-strict-energy-austerity-measures\/\" style=\"\">decision last week<\/a> to close shops, malls, restaurants, and cafes at 9pm on weekdays and 10pm on Thursdays and Fridays starting this week. It was also decided that illuminated roadside billboards will be turned off, street lighting reduced to \u201cminimum safe levels,\u201d and government buildings in the New Capital shut down at 6pm. The government also laid out its intention to delay or slow diesel-intensive national projects and freeze or postpone select budget expenditures to preserve liquidity and manage fuel consumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state has also directed that fuel allocations for government vehicles be reduced by<\/strong><strong> 30%<\/strong> to reduce consumption and costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Rising global fuel costs filtering down into railway ticket prices and select Cairo <\/strong><strong>Metro fares<\/strong>, according to a Transport Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0DT5DTYNJuf3316SuQYbC4tKWtnYv4MeRqtQhML1KXUvS1iXiFRm7LXzP1evAXxjjl\" style=\"\">statement<\/a>. Long-distance train tickets will increase by 12.5%, while short-distance fares will jump 25% and Metro ticket prices for trips up to 16 stations have risen EGP 2. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>The Madbouly government targets a EGP 1.2 tn primary surplus for the upcoming fiscal year and a debt-to-GDP ratio of 78%; our next IMF review is scheduled for 15 June, and privatization progress is high up on the Fund\u2019s agenda; and we\u2019re among the most vulnerable EBRD nations to ongoing regional war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">^^ Read more in the news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p>\n<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=\"\">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>\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>MARITIME \u2014 Could the Houthis entrance into the war see vessels in the Bab Al<\/strong><strong> Mandab Strait be targeted next? <\/strong>After having not been absent militarily for the first month of the conflict, the group launched two attacks on Israel yesterday and spokesperson Yahya Saree indicated in a <a target=\"_blank\" href=\"https:\/\/x.com\/Yahya_Saree\/status\/2037988448695730298\" style=\"\">statement<\/a> that they would continue until \u201cthe criminal enemy ceases its attacks on the region.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While Israel seems to be the sole target for now, policymakers will likely be concerned <\/strong><strong>that the group will resume its attacks on passing vessels<\/strong> making their way to and from the Suez Canal. Even if maritime attacks do not materialize, the Houthi\u2019s active involvement in the war will likely further ward off shipping lines from the region and push up war ins. premiums.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TOURISM \u2014 <\/strong><strong>Cairo <\/strong><strong>gets its flowers on 2026 list of 50 best cities worldwide: <\/strong>UK-based magazine Time Out placed Cairo on the 42nd spot on its <a target=\"_blank\" href=\"https:\/\/www.timeout.com\/travel\/best-cities-2026\" style=\"\">list<\/a> of 50 best cities in the world in 2026. The outlet singled out the metropolis\u2019 vibrant cuisine, nightlife, and impressive accommodations, as well as the Grand Egyptian Museum.<\/p>\n<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<\/p><\/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\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<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=\"\">Saudi Arabia<\/a><\/strong><strong>, the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">MENA-India<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/mena-india\/en\" style=\"\">Corridor<\/a><\/strong><strong>?<\/strong><\/p>\n<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=\"\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/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\">Happening today<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>For<\/strong><strong>eign M<\/strong><strong>iniste<\/strong><strong>r Badr Abdelatty in Islamabad to discuss the war in Iran with<\/strong><strong> his counterparts from Pakistan, Saudi Arabia, and Turkey<\/strong>, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid0WgTNwPb2G24KctEUZtRFmKuULeyhh6Q84UQ97ptpdV19ZYTnsgaaADsqRVED3ir4l\" style=\"\">statement<\/a>. The ministerial talks discuss a \u201crange of issues, including efforts to de-escalate tensions in the region,\u201d Pakistan;s Foreign Ministry said in a <a target=\"_blank\" href=\"https:\/\/x.com\/ForeignOfficePk\/status\/2037807127956525495\" style=\"\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>12.4% \u2014 that\u2019s how much the banking sector clocked in net income in 2025<\/strong>, coming in at EGP 601.6 bn, according to data released by the central bank. Total banking assets grew to EGP 24.1 tn, compared to EGP 20.8 tn recorded the year before, supported by a 13.4% jump in deposits to EGP 15.8 tn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s a cooler day in Cairo today<\/strong>, with a high of 23\u00b0C, and a low of 12\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s also cooling down in Alexandria<\/strong>, with a high of 20\u00b0C and a low of 12\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yemen\u2019s <\/strong><strong>Houthi militia has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-28\/iran-backed-houthis-join-war-as-more-us-troops-reach-middle-east?srnd=homepage-middle-east\" style=\"\">joined the war<\/a><\/strong><strong>. <\/strong>The group fired ballistic missiles at Israel yesterday morning and vowed to keep up attacks as long as US-Israeli strikes on Iran and Lebanon\u2019s Hezbollah continue. More strikes on Israel followed subsequently, consisting of cruise missiles and drones, the Houthis said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Strait of Hormuz saw some light traffic yesterday<\/strong>, with ship-tracking data from <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-28\/hormuz-tracker-ships-exit-persian-gulf-through-iranian-corridor?srnd=homepage-middle-east\" style=\"\">Bloomberg<\/a> showing four vessels transiting the waterway to exit the Arabian Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also, Iranian strikes <\/strong><strong><a target=\"_blank\" href=\"https:\/\/media.ega.ae\/ega-al-taweelah-site-at-kezad-sustains-significant-damage\/\" style=\"\">caused \u201csignificant damage\u201d<\/a><\/strong><strong> to a smelter run by Emirates Global <\/strong><strong>Aluminium<\/strong> \u2014 the region\u2019s largest aluminum manufacturer. Several employees were injured at the Al Taweelah site in Abu Dhabi, and assessment of the damage is ongoing. The strike <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-28\/emirates-global-aluminium-says-smelter-site-damaged-in-attack-mnaeo4uk?srnd=homepage-middle-east\" style=\"\">prompted a surge<\/a> in aluminium prices, as the Middle East accounts for some 9% of global supply.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And to make things worse: <\/strong>Bahraini aluminium producer Aluminium Bahrain was also <a target=\"_blank\" href=\"https:\/\/www.bna.bh\/en\/AlbaconfirmsitsfacilitywassubjecttoIranianattackonSaturday2employeessustainminorinjuries.aspx?cms=q8FmFJgiscL2fwIzON1%2bDn34Xb9onD69YgwdPMB9qKk%3d\" style=\"\">targeted by<\/a><a target=\"_blank\" href=\"https:\/\/www.bna.bh\/en\/AlbaconfirmsitsfacilitywassubjecttoIranianattackonSaturday2employeessustainminorinjuries.aspx?cms=q8FmFJgiscL2fwIzON1%2bDn34Xb9onD69YgwdPMB9qKk%3d\" style=\"\">Iran<\/a> yesterday, resulting in two minor injuries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Some oil and gas execs <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/03\/28\/iran-war-oil-companies-price-gas-diesel-strait-hormuz.html\" style=\"\">believe<\/a><\/strong> <strong> that markets are underestimating the impact of the war <\/strong><strong>on energy supply. <\/strong>\u201cThis is an attack not only against the Gulf, but it is an attack that is holding the world\u2019s economy hostage,\u201d Kuwait Petroleum Corporation CEO Sheikh Nawaf Al Sabah was quoted as saying at S&P Global\u2019s annual CERAWeek energy conference. Executives warned that fuel shortages in Europe and Asia are imminent if hostilities do not cease, and predicted that oil prices will remain structurally high even after the conflict ends. <\/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\/electricity\/\">electricity<\/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=\"690394 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=\"690394\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/690394\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690394\" class=\"content-area-description single-story post-690394 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\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1068.jpeg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">Somabay becomes the stage for Egypt\u2019s equestrian legacy.<\/span><\/p>\n<p><span>From 26 to 29 March 2026, the Egyptian Equestrian Cup arrives on the Red Sea, uniting riders, horses, and elite competition in a setting defined by discipline, mastery, and place.<\/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=\"690395\" 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=\"690395\">\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\/03\/29\/egypt-targets-egp-1-2-tn-primary-surplus-target-in-cabinet-greenlit-general-budget-for-upcoming-fy\/\">\r\n                            Fiscal discipline in a time of war                        <\/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\/03\/29\/egypt-targets-egp-1-2-tn-primary-surplus-target-in-cabinet-greenlit-general-budget-for-upcoming-fy\/\" 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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Taking this approach will free up \u201cadditional credit for debt reduction and social protection,\u201d said Finance Minister Ahmed Kouchouk.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state\u2019s deficit reduction goals seem unfazed by the war on Iran<\/strong>, with the minister laying a target to reduce the overall deficit to GDP by 1.2 percentage points to 4.9% by the end of the fiscal year. Alongside this, the draft general budget aims to reduce the public debt-to-GDP ratio to 78% over the same period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The increase in public revenues is projected to increase at a much faster pace than <\/strong><strong>spending. <\/strong>While public revenues will rise 27.6% to EGP 4.0 tn in the budget, expenditures will rise at a slower 13.2% y-o-y pace to a nonetheless larger EGP 5.1 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>Considering that inflation looks likely to remain elevated for longer on the back of energy price and other price pressures because of the war on Iran, the projected increase in spending in real terms will be minimal or even contract. With the final two reviews of our program with the IMF and worries of investor cold feet arising from market uncertainty and conflict in the region, the state is making clear that its commitment to balancing the books remains front and center of policy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Health, education, social protection, and support for production and exports are singled<\/strong><strong> out as \u201ctop priorities in public spending.<\/strong>\u201d Kouchouk mentions that EGP 832.3 bn will go towards social protection, up 12% from the year before. The minister also highlights the plan to spend EGP 90 bn on economic support programs, but highlights that \u201cEligibility for incentives is linked to tangible results on the ground.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state is also looking to see EGP 3.8 tn invested in Egypt for the 12-month period in <\/strong>its economic and social development plan for the next fiscal year, which was also given the thumbs up from the cabinet on Thursday, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%D9%87-%D8%A7%D9%84%D9%8A%D9%88%D9%85%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D8%B9%D9%84%D9%89-%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A7%D8%AC%D8%AA%D9%85%D8%A7%D8%B9%D9%8A%D8%A9-%D9%84%D9%84%D8%B9%D8%A7\/1516838343819914\/\" style=\"\">separate cabinet statement<\/a>. Private investments will make up 59% of the total amount, with the remaining 41% coming from the state.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The state is still sticking with a 5.4% GDP growth target for the next fiscal despite the war on Iran, <\/strong>rising to 6.8% by the fiscal year 2029-30.<\/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\/cabinet\/\">Cabinet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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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=\"690398\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/egypt-faces-15-june-deadline-to-meet-divestment-targets-to-pass-funds-seventh-review\/\">\r\n                            IMF doubles down on divestment ahead of seventh review                        <\/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 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data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"271.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/271.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/7\/271.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690398\" class=\"content-area-description single-story post-690398 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch-2 tag-debt tag-enterpriseam tag-imf tag-privatization-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s seventh review under the IMF\u2019s Extended Fund Facility (EFF) is<\/strong><strong> now just 78 days away<\/strong>, with the Fund pencilling in 15 June for the country\u2019s next review, according to the Fund\u2019s latest country <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/3\/1303.pdf\" style=\"\">report (pdf)<\/a>. But to get there, the Fund is highlighting significant progress on divestment \u2014 alongside other measures \u2014 as a key condition to unlock the remaining USD 3.3 bn from the remaining two tranches from the EFF, in addition to an additional inflow from the Resilience and Sustainability Facility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To give it some time to meet the Fund\u2019s criteria, Egypt is asking for the end date of the<\/strong><strong> entire program to be pushed from October to December<\/strong>, bringing the arrangement\u2019s total length to 48 months, in addition to a corresponding extension for the RSF.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>For the Fund, divestment is seen as one of the primary indicators for it to assess the country\u2019s push to promote private sector activity and reduce the state\u2019s footprint in the economy and a key way to pay off the national debt. With the IMF noting that \u201cno material divestment has occurred over the last 24 months, while new military entities were created\u201d and its program with the country nearing its end, expect to see the Fund double down on its divestment demands in the next two reviews.<\/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 private sector, less state involvement<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To show its commitment to divestment, the Madbouly government has prepared a <\/strong><strong>pipeline of four state-owned asset sales expected to generate USD 1.5 bn by June<\/strong>, but the Fund makes a point of noting that \u201cEven after adding the Qatari land sale valued at USD 3.5 bn, this is well short of the USD 6.5 billion required to meet the program\u2019s original divestment objective.\u201d As of December, the country\u2019s \u201cpipeline involves 11 additional divestment transactions in priority sectors, plus 5 military-owned companies, and 7 companies under the IPO program\u201d in addition to management concessions at 11 airports, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To ensure the program doesn't stall again, the government has launched a new<\/strong><strong> multidimensional index to track the progress of the state ownership policy.<\/strong> The index provides an objective assessment of how effectively the state is reducing its economic footprint. It monitors key pillars of the reform plan, including the pace of divestments, the enforcement of competitive neutrality, and overall improvements to the business environment. This data-driven approach is intended to offer transparency to both the IMF and private investors, identifying exactly where bottlenecks in the privatization process remain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new centralized state-owned enterprise unit under the prime minister\u2019s office will now<\/strong><strong> act as the primary filter for the government's portfolio.<\/strong> This unit is responsible for sorting state-owned firms into three distinct tracks based on their strategic importance. Non-strategic firms that are ready for the market will be moved to a dedicated liquidation or sale unit, while strategic assets with high value-add potential will be transferred to the Sovereign Fund of Egypt. Kicking the can down the road for underperformers will be harder under this system, as entities requiring further restructuring will remain under the SOE unit's direct supervision until they are fit for exit or integration.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the regulatory front, the state is moving to a digital-first model for the private sector to<\/strong><strong> lower entry barriers.<\/strong> The government is currently preparing to launch a unified digital platform designed to streamline company formation and management across 275 different economic activities. This involves a complete re-engineering of establishment procedures, with the government pledging to publish periodic reports to track how effectively these changes are being implemented on the ground. These reforms \u2014 combined with the upcoming release of a revised state ownership policy document, which the IMF report says will be ready before the end of this month \u2014 aim to create the level playing field the IMF insists is necessary for a sustainable recovery. <\/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\">Fiscally steady as she goes<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Gulf is double-locking its USD 18.3 bn deposits at the CBE to see the IMF program<\/strong><strong> through to its December 2026 finish line.<\/strong> In a formal letter to the IMF, Finance Minister Ahmed Kouchouk and CBE Governor Hassan Abdalla confirmed they have secured \u201cstrong assurances\u201d that GCC states will not withdraw their official deposits while the Extended Fund Facility is active. These funds could be later converted into direct investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The no-withdrawal pledge effectively removes the risk of a sudden run on the bank by GCC creditors, especially given the brewing regional geopolitical crisis. This safety net \u2014 in addition to the USD 6.9 bn secured in concessional and bilateral financing \u2014 is vital as the gov\u2019t looks to plug a USD 17 bn financing gap over the next two fiscal years. Egypt needs roughly USD 13 bn this fiscal year and another USD 4 bn in the next fiscal year to meet its net international reserve targets, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry is also pivoting toward a more sophisticated debt strategy to bring<\/strong><strong> the debt-to-GDP ratio down to 70%,<\/strong> according to the report. The plan involves swapping expensive short-term debt for longer-term instruments and launching a weekly sukuk program with 3-to-5-year tenors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMF notes that Egypt\u2019s ability to repay its debts remains \u201cadequate,\u201d<\/strong> but warned that high interest payments remain the biggest threat to the budget and that success depends entirely on sticking to the program's strict schedule. The government is committing to using 100% of the proceeds from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/02\/qatari-diar-st-regis-to-launch-usd-3-5-bn-red-sea-project\/\" style=\"\">Qatari Diar\u2019s investment<\/a> agreement, along with 50% of all other privatization revenues, specifically for debt retirement as it looks to cut total financing needs by 10% of GDP by 2027.<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"690400\" 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=\"690400\">\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\">COFFEE WITH\u2013<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/\">\r\n                            Beltone opens subscriptions for Egypt\u2019s first silver fund today, plans five more funds                        <\/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\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/\" 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\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/')\">\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\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/\">\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=Beltone opens subscriptions for Egypt\u2019s first silver fund today, plans five more funds&url=https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/\">\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\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/&title=Beltone opens subscriptions for Egypt\u2019s first silver fund today, plans five more funds\">\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=Beltone+opens+subscriptions+for+Egypt%E2%80%99s+first+silver+fund+today%2C+plans+five+more+funds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F03%2F29%2Fbeltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds%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\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1434.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"690401\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/beltone-opens-subscriptions-for-egypts-first-silver-fund-today-plans-five-more-funds\/1434-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1434.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1434.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1434.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1434.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690400\" class=\"content-area-description single-story post-690400 post type-post status-publish format-standard has-post-thumbnail hentry category-coffee-with-5 tag-beltone tag-capital-markets tag-coffee-with-4 tag-enterpriseam tag-khalil-el-bawab 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;text-align: left\"><strong> Beltone has opened Fadda, Egypt\u2019s first silver investment fund, to subscription <\/strong>starting today, expanding its precious metals offering as volatility sweeps global markets. We sat down with Khalil El Bawab, CEO for local and regional markets at Beltone Holding, to unpack how the fund works, why now, and how it fits into Beltone\u2019s broader push to build a full-spectrum asset management platform.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Key Takeaways:<\/strong><\/p>\n<ul>\n<li><strong>Beltone is positioning its silver fund as a medium- to long-term allocation tool<\/strong>, urging investors to enter gradually rather than trade short-term volatility.<\/li>\n<li><strong>The fund invests directly in physical silver held in custody <\/strong>and is co-sponsored by Evolve, Beltone\u2019s partner in a gold fund launched two years ago that now has EGP 3.6 bn worth of AUM;<\/li>\n<li><strong>Beltone has at least five other funds in the pipeline<\/strong> set to launch between 2Q and 3Q this year;<\/li>\n<li><strong>The firm is preparing to launch a digital wealth management platform in 2H<\/strong> that will handle onboarding, risk profiling, and portfolio allocation end-to-end;<\/li>\n<li><strong>A REIT could be on the menu <\/strong>for the second half of this year.<\/li>\n<\/ul>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: Precious metals have been on a rollercoaster in recent months. Why silver and <\/strong><strong>why now?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Khalil El Bawab: <\/strong>In extraordinary times, anybody who would tell you a direction wouldn\u2019t be solid\u2026 It is quite volatile. That\u2019s why I\u2019m urging clients to incrementally invest in the fund. This is a medium to long-term investment \u2014 not a fund for trading. The fund offers physical delivery, so there is a cost that you're already incurring. This would be covered by staying invested for a longer period.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">We\u2019ve been studying this product for nearly two years, since the launch of the gold fund. Previously, high bid-offer spreads, placement fees, and custody costs \u2014 driven by silver\u2019s lower value relative to gold \u2014 made the product less viable. Over the past two years, we worked with service providers to address these challenges, enabling the launch we are announcing today.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: What\u2019s your pitch to investors?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB: <\/strong>It\u2019s part of a diversification plan of your investment portfolio, even if silver is a little bit more volatile. Normally, with silver, you need to transact in cash. For a fund, you don\u2019t need to transact in cash. It is regulated. It is secure. Custody is offered. You also have insurance on the movement of silver, and we ensure everything is up to international standards. You\u2019re not taking on that risk, and you get it at minimal cost. Investors holding silver equivalent to at least 10 kg can request delivery.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">This is not an ETF, as the market still lacks sufficient depth. The fund maintains a minimum exposure of 80% and a maximum of 95% to silver, allowing flexibility in portfolio management.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: How is it regulated?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB: <\/strong>Oversight includes an independent supervisory committee, Financial Regulatory Authority regulation, service providers supplying the metals, a fund administrator handling IC pricing and operations, and professional asset managers.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: There is a historical perception that gold and silver move together. Why should <\/strong><strong>I, as an investor, diversify between gold and silver?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB:<\/strong> It is still true \u2026 that correlation is going to prevail in my humble opinion. But still silver is still lagging. Because in that perspective, it has more commercial uses than gold. Gold is usually more of a safe haven, inflation protection. Silver is a precious metal but has other commercial usage, so it adds another flavor.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: How does the silver fund fit in your wider asset management strategy?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB: <\/strong>Our long-term strategy is to build a full suite of products across money market funds, fixed income, equities, both passive and active, as well as sector-specific and thematic funds. Our focus has been on filling product gaps. We now offer a full spectrum across low-, medium-, and high-risk products, both conventional and Sharia-compliant.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">We\u2019ve issued 14 funds over the past two and a half years. Alongside Beltone-branded funds, we also manage third-party funds for banks and insurance companies. Building our mutual funds platform has been a core part of a strategy we launched nearly three years ago.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: What\u2019s next?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB:<\/strong> The wealth management platform we plan to launch in the second half of this year will be built on these funds.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">The process will be fully digital: onboarding clients, conducting risk assessments, defining investment objectives, and generating suggested asset allocations. Clients can then invest through lump sums or periodic contributions, monthly, quarterly, semi-annually, or annually, depending on their goals. These plans could be tailored for education, marriage, travel, or retirement.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">We have at least five more funds in the pipeline set to launch between 2Q and 3Q this year, completing our product suite. We\u2019re the asset manager offering index trackers for every index in the market, and we are also the only issuer of an ETF on the EGX30, providing full market exposure.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">We are also exploring launching a real estate investment trust (REIT) in the second half of this year.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM: Could we see the launch of funds for other metals in the Egyptian market, such <\/strong><strong>as copper?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>KB:<\/strong> Well, I wouldn\u2019t be surprised. Two years ago, I didn\u2019t see a viable silver fund \u2026 the bid-offer spread and the cost was around 15%. This was crazy as a spread. When we saw it going down \u2026 it dropped to 4.25%. I wouldn\u2019t rule out another precious metal, but there\u2019s a learning curve. There is growth in the market. The market is evolving.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">We\u2019re trying to push the market to the limit\u2026 I wouldn\u2019t be surprised that at a certain point in time we would be seeing gold receipts being traded on the stock exchange \u2014 gold or silver or other metals.<\/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\/beltone\/\">Beltone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/coffee-with-4\/\">COFFEE WITH\u2013<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khalil-el-bawab\/\">Khalil El Bawab<\/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=\"690402\" 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=\"690402\">\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\">A MESSAGE FROM SEKEM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/\">\r\n                            The FRA carbon disclosure mandate: What non-bank financial institutions need to do next                        <\/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\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/\" 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\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/')\">\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\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/\">\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=Egypt\u2019s FRA carbon disclosure mandate: What non-bank financial institutions need to do next&url=https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/\">\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\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/&title=Egypt\u2019s FRA carbon disclosure mandate: What non-bank financial institutions need to do next\">\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=Egypt%E2%80%99s+FRA+carbon+disclosure+mandate%3A+What+non-bank+financial+institutions+need+to+do+next+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F03%2F29%2Fegypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next%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\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/690768.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"690768\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/egypts-fra-carbon-disclosure-mandate-what-non-bank-financial-institutions-need-to-do-next\/desktop-cfc-fra-eng-1\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/690768.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Desktop-CFC-FRA-Eng (1)\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/690768.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/internal\/690768.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690402\" class=\"content-area-description single-story post-690402 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-sekem tag-a-message-from-sekem tag-enterpriseam tag-sekem 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;text-align:left\"><strong>Egypt\u2019s Financial Regulatory Authority (FRA) has introduced new carbon disclosure <\/strong><strong>requirements for non-bank financial institutions (NBFIs).<\/strong> Recent resolutions require companies with capital or net equity exceeding EGP 100 mn to prepare an annual carbon footprint report and disclose their emissions as part of broader environmental, social, and governance (ESG) practices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The regulation also introduces a mandatory carbon offsetting component. <\/strong>Companies must purchase carbon credits equal to around 20% of their reported emissions through the FRA\u2019s voluntary carbon market. The first reporting deadline is set for the end of June 2026, with offsets due within 90 days of submission.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>As organizations prepare for the mandate, many are assessing how to measure and <\/strong><strong>disclose their emissions in line with international standards. <\/strong>The <a target=\"_blank\" href=\"https:\/\/hu.edu.eg\/carbon-footprint-center\/\">Carbon Footprint Center<\/a> (CFC) at Heliopolis University provides greenhouse gas (GHG) accounting across Scopes 1, 2, and 3, carbon footprint reporting aligned with global frameworks, and advisory support to help organizations strengthen their environmental performance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>The center also facilitates access to FRA-registered carbon credits through the Economy <\/strong><strong>of Love (EoL) standard. <\/strong>These credits allow companies to meet carbon offsetting requirements while supporting organic agriculture initiatives and smallholder farmers in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">To learn more about Carbon Footprint Center and FRA carbon disclosure compliance procedures for your organization, click <a target=\"_blank\" href=\"https:\/\/linktr.ee\/cfc.hu\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-sekem\/\">A MESSAGE FROM SEKEM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sekem\/\">SEKEM<\/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=\"690404\" 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=\"690404\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ebrd-hints-at-likely-growth-downgrade-as-egypt-ranks-as-its-fourth-most-war-vulnerable-regions\/\">\r\n                            EBRD warns Egypt faces high vulnerability as Iran war stokes fiscal pressure                        <\/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\/03\/29\/ebrd-hints-at-likely-growth-downgrade-as-egypt-ranks-as-its-fourth-most-war-vulnerable-regions\/\" 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 country was behind only Lebanon in first place, Jordan, and Iraq.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The war is beginning to filter down to revised-down growth forecasts<\/strong>, with a welcome flurry of improved GDP growth predictions in recent months coming to an abrupt halt. For its part, the EBRD cautions that the \u201cgrowth forecast for the EBRD regions is likely to be revised down by up to 0.4 percentage points\u201d in its June update if energy prices were to remain elevated.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country\u2019s position as a net energy exporter is proving punishing to the wallet<\/strong>, with Brent crude surpassing USD 100 \/ bbl and LNG witnessing significant price increases. But this won\u2019t just be felt in the state\u2019s energy import bill or at the pump, with the report warning that knock-on effects from this if prices remain high and disruptions to metals and chemicals potentially leading to a more than 1.5 percentage point increase in global inflation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>For net-energy importers like Egypt, the real concern is that this war and energy disruptions will drag on for months. The price of oil \u201cmight reach USD 180 per barrel if Gulf oil remains largely off-market\u201d and the region\u2019s importance in the LNG trade should lead to similar increases for this energy source that Egypt has increasingly relied on in recent years to bridge the gap between the supply and demand, further pushing up the country\u2019s energy import bill.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But even with a welcome quick end to the war, gas prices are still expected to remain<\/strong><strong> high<\/strong> as \u201cas European and Asian buyers scramble to refill storage while LNG production takes weeks to restart,\u201d according to the report. A lot also depends on how damaged energy infrastructure in the region is when the war ends and how long it takes to first repair and then restart operations \u2014 a particularly lengthy process for LNG facilities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The steady increase in remittances we\u2019ve been seeing could also be negatively affected<\/strong><strong> \u2014 but it\u2019s too early to tell. <\/strong>Although \u201cremittance flows tend to remain stable in times of crises,\u201d the longer-term concern is that \u201cprolonged conflict could reduce demand for foreign labour in the GCC economies.\u201d Remittances, which rose 40.5% y-o-y to USD 41.5 bn in 2025, have become an increasingly part of the country\u2019s hard currency inflows that helped counter the drop off in Suez Canal revenues in 2023.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n   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class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ebrd-continues-egypt-msme-push-with-targeted-usd-50-mn-facility\/\">\r\n                            EBRD directs USD 50 mn to NBK Egypt for MSME lending                        <\/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\/03\/29\/ebrd-continues-egypt-msme-push-with-targeted-usd-50-mn-facility\/\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1307.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"690408\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ebrd-continues-egypt-msme-push-with-targeted-usd-50-mn-facility\/1307-jpg-25\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1307.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1307.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1307.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1307.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690407\" class=\"content-area-description single-story post-690407 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-development-finance tag-ebrd tag-enterpriseam tag-smes wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The European Bank for Reconstruction and Development (<\/strong><strong>EBRD<\/strong><strong>) is providing <\/strong><strong>a USD 50 mn financing package to NBK Egypt to support MSMEs<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/home\/news-and-events\/news\/2026\/ebrd--eu-and-nbk-egypt-support-msmes-in-egypt.html\" style=\"\">statement<\/a> from the lender. The facility includes a USD 20 mn credit line under the Youth in Business program, targeting enterprises led or majority-owned by entrepreneurs under 35, with a focus on women-led businesses and underserved rural areas. <\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"690409\" 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=\"690409\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ai-will-likely-widen-existing-wealth-gaps-larry-fink-warns-in-annual-letter\/\">\r\n                            A wider wealth gap?                        <\/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\/03\/29\/ai-will-likely-widen-existing-wealth-gaps-larry-fink-warns-in-annual-letter\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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Larry Fink warns in annual letter&url=https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ai-will-likely-widen-existing-wealth-gaps-larry-fink-warns-in-annual-letter\/\">\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\/03\/29\/ai-will-likely-widen-existing-wealth-gaps-larry-fink-warns-in-annual-letter\/&title=AI will likely widen existing wealth gaps, Larry Fink warns in annual letter\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"690410\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ai-will-likely-widen-existing-wealth-gaps-larry-fink-warns-in-annual-letter\/1223-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1223.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1223.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1223.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/1223.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690409\" class=\"content-area-description single-story post-690409 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-blackrock tag-enterpriseam tag-financial-markets tag-investment tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The ongoing war didn\u2019t feature much in<\/strong><strong> Larry Fink\u2019s latest annual letter, but what did is AI <\/strong>\u2014 unsurprising given the amount of developments in that space since he wrote his <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/03\/27\/esg-and-climate-change-take-the-backseat-for-infrastructure-energy-pragmatism-in-finks-letter\/\" style=\"\">last letter<\/a>, when energy infrastructure and pragmatism took precedence. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another topic that\u2019s once again absent? <\/strong>ESG and climate \u2014 topics that featured prominently in his older letters but not since last year, as the AI infrastructure narrative begins to push them further into the margins and bring the more balanced concept of \u201cenergy pragmatism\u201d into focus. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why Fink\u2019s letter matters:<\/strong> He\u2019s the co-founder of the world\u2019s largest asset manager, with some USD 14 tn. His annual letter to shareholders is now regularly read and scrutinized by the world\u2019s top investors and traders. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, what about AI? <\/strong>Fink mentions its potential, yes, but also its potential downside. He argues that asset ownership remains the driving line in wealth creation, and that AI risks amplifying that gap unless more people gain access to markets. \u201cCompanies with the data, infrastructure, and capital to deploy AI at scale are positioned to benefit disproportionately\u201d from the AI boom, Fink cautions. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And the solution? More investing<\/strong>, Fink says. \u201cWhen market capitalization rises but ownership remains narrow, prosperity can feel increasingly distant to those on the outside,\u201d he explains. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financial education is part of it, but so is widening the avenues for participation.<\/strong> Early-stage investing accounts for children is an option and can often lead to wider economic growth further down the line. Better social security systems, tweaked for longer-term investments and wider access to tokenization, are others. His argument? The growth of the individual should come with the growth of a country. \u201c[Y]our future and your nation\u2019s future become linked. You help finance its growth. It helps finance yours,\u201d he writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Yes, but: <\/strong>The letter fails to acknowledge that it\u2019s not just the lack of access to capital markets that\u2019s stopping people from investing, but also the lack of access to capital itself, as the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d8f32e06-2618-4c9a-96f5-ce9d3f60ba52?syn-25a6b1a6=1\" style=\"\">Financial Times<\/a> \u2019 Simon Mundy writes. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can read the full letter <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.blackrock.com\/corporate\/investor-relations\/larry-fink-annual-chairmans-letter#section-1-why-growing-with-your-country-has-never-mattered-more\" style=\"\">here<\/a><\/strong>, and read what others are saying on: <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2026-03-25\/ai-might-destroy-wealth-before-it-creates-more?srnd=homepage-middle-east%20\/%20https:\/\/www.cnbc.com\/2026\/03\/23\/blackrock-ceo-fink-letter-trump-accounts.html&amp;embedded-checkout=true\" style=\"\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/blackrock-ceo-fink-backs-staying-invested-amid-volatility-flags-ai-shift-2026-03-23\/\" style=\"\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/investing\/larry-finks-warning-invest-or-risk-getting-left-behind-by-ai-d2f1d09d\" style=\"\">The Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/03\/23\/blackrocks-larry-fink-warns-against-trying-to-time-the-market-.html\" style=\"\">CNBC<\/a>.<\/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\">47,002<\/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: +12.4%)<\/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>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 52.75<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 52.89<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 52.75<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 52.85<\/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\">19.00% 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\">20.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,090<\/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: +5.7%)<\/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>ADX<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,597<\/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: -4.0%)<\/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>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\">5,511<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -8.9%)<\/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>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\">6,369<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.7% (YTD: -7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,967<\/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: +0.2%)<\/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>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\">5,506<\/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\">-1.1% (YTD: -4.9%)<\/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>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 112.57<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+4.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.03<\/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%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,524<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+2.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 66,755<\/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\">+1.1% (YTD: -23.8%)<\/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\">1,040<\/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: +4.7%)<\/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>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\">148.74<\/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: -2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">31.05<\/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\">+13.2% (YTD: +107.7%)<\/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 1.0% at <\/strong><strong>Thursday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 5.8 bn (12.1% below the 90-day average). International investors were the sole net sellers. The index is up 12.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Arabian Cement (+5.3%), Heliopolis Housing (+2.4%), and Misr Cement (+0.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Abu Qir Fertilizers (-3.8%), Edita (-3.5%), and Valmore Holding -EGP (-2.5%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alexandria Mineral Oils Company (<\/strong><strong>AMOC<\/strong><strong>) will pay out a dividend of EGP 0.40 per share <\/strong><strong>for its 2H 2025 earnings<\/strong>, after its ordinary general assembly greenlit the move, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOPMR\/posts\/pfbid0cWngsFkpM4ziLsKxAMKD7scEs937BVMWNPRQLBVZ8fvndeQY6n4UV1ZoELDpZTAZl\" style=\"\">statement<\/a>. <\/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\/blackrock\/\">BlackRock<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment\/\">investment<\/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=\"690411\" 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\/03\/29\/690411\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-690411\" class=\"content-area-description single-story post-690411 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;\">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;\">30 March-1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (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>15 June (Monday): Seventh review of the IMF\u2019s Extended Fund Facility <\/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 the 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-Nasr 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;\">1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt\u2019s first high-speed rail line scheduled to begin.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2026: End of extension for developers on 15% interest rates for land installment payments.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>July 2026: British Prime Minister Keir Starmer set to visit 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;\">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>Mandatory WFH Sundays | IMF doubles down on divestment | War-time vulnerabilities | Houthi\u2019s entrance into war threatens Suez Canal<\/p>\n","protected":false},"featured_media":690391,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-690390","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"7f4674ac-4bba-4832-8c00-a27abbb61f10","teaser":"Mandatory WFH Sundays | IMF doubles down on divestment | War-time vulnerabilities | Houthi\u2019s entrance into war threatens Suez Canal","photo_url":"https:\/\/ent.news\/2026\/3\/1310.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>Egypt targets EGP 1.2 tn primary surplus target despite war in cabinet-greenlit general budget for next FY - 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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