{"id":700719,"date":"2026-05-10T00:00:00","date_gmt":"2026-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=700719"},"modified":"2026-05-10T02:52:50","modified_gmt":"2026-05-10T02:52:50","slug":"world-bank-approves-usd-1-bn-in-concessional-financing","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-approves-usd-1-bn-in-concessional-financing\/","title":{"rendered":"World Bank approves USD 1 bn in concessional financing"},"content":{"rendered":"<section id=\"700721\" 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=\"700721\">\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\/05\/10\/energy-giants-pledge-usd-19-bn-to-our-petroleum-sector\/\">\r\n                            Settle the tab, fill the tank                        <\/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\/05\/10\/energy-giants-pledge-usd-19-bn-to-our-petroleum-sector\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The World Bank just signed off on <strong>USD 1 bn in concessional financing<\/strong> under the second phase of its Growth program, tied to structural reforms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have welcome news for our wallets \u2014 inflation has cooled.<\/strong> April\u2019s urban print shows the first decline in three months. <\/p>\n<p><strong>ALSO- <\/strong>We have a<strong> tax package heading to the House<\/strong> that kills the EGX capital gains tax, <strong>USD 19 bn in commitments from the oil and gas majors<\/strong>, and commodities trader <strong>Trafigura sinking investments <\/strong>into the Naga Hammadi smelter. <\/p>\n<p>We haven\u2019t had a morning this dense with good news in some time. Let\u2019s dive right in.<\/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>Got a few minutes to spare? We\u2019d love to hear from you.<\/strong> Morning Drive has been up and running for about seven months, and we think it\u2019s time for a quick check-in. We\u2019ve put together a few questions that will help guide us as we grow to become a vital part of your morning routine. So, whether you\u2019re a longtime listener, you\u2019ve only just heard us, or you\u2019re somewhere in between, please spare a few minutes to fill out <a target=\"_blank\" href=\"https:\/\/www.surveymonkey.com\/r\/82M9WYG\" style=\"\">this survey<\/a>. AND \u2014 here\u2019s <a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\">today\u2019s episode<\/a>.<strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">Debt down, rigs up<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>Global energy giants have pledged to pour USD 19 bn into our <\/strong><strong>petroleum sector over the next three years<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/1aQuu5UGDh\/\" style=\"\">statement<\/a> from Prime Minister Mostafa Madbouly. This fresh wave of FDI will be deployed across new exploration, drilling, and production programs, giving a much-needed jolt to our domestic energy supplies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This influx of FDI arrives after the government <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/govt-wants-to-attract-usd-44-bn-in-investment-next-fiscal-year\/\" style=\"\">slashed arrears owed to foreign energy firms<\/a><\/strong><strong> from USD 6.1 bn to just USD 714 mn<\/strong>, with a strict mandate to clear the rest by June 2026 \u2014 this new wave indicates the strategy is working.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who is writing the checks?<\/strong> Italy\u2019s Eni is leading the pack with a USD 8 bn commitment, followed by British Petroleum (USD 5 bn), the US\u2019 Apache (USD 4 bn), and the UAE\u2019s Archios (USD 2 bn). <\/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\">Keeping it fresh<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>US agribusiness firm Blumberg Grain is narrowing <\/strong><strong>down the site for its USD 500 mn regional food security hub<\/strong>, with a final decision between East Port Said and Abu Qir expected by June, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2026\/05\/07\/%D8%A8%D9%84%D9%88%D9%85%D8%A8%D8%B1%D8%BA-%D8%BA%D8%B1%D9%8A%D9%86-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%86%D8%B5%D9%81-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A8%D8%A7%D8%AD%D8%AF-%D8%A7%D9%84%D9%85%D9%88%D8%A7%D9%86%D8%A6-%D8%B4%D9%85%D8%A7%D9%84-%D9%85%D8%B5%D8%B1\" style=\"\">Al Arabiya<\/a> reports, citing unnamed sources. The facility is designed to serve as the company\u2019s central operational launchpad for the Middle East and East Africa, featuring cold-chain terminals, agricultural greenhouses, and specialized storage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>Since <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/11\/11\/a-global-grain-hub-rising-in-port-said\/\" style=\"\">late 2025<\/a>, the gov\u2019t has been working to transform East Port Said port into a large grain storage and distribution center to secure domestic food supply and tap into wider regional markets. Plans also include expanding into food processing and integrating Egypt\u2019s grain networks with Arab and African markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI<\/strong><strong>-<\/strong> The potential investment follows a meeting <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%88%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC%D9%8A%D8%A9-%D9%8A%D8%A8%D8%AD%D8%AB-%D9%85%D8%B9-%D9%88%D9%81%D8%AF-%D8%A8%D9%84%D9%88%D9%85%D8%A8%D8%B1%D8%AC-%D8%AC%D8%B1%D9%8A%D9%86-%D8%A7%D9%84%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D9%8A%D8%A9-%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D9%85%D8%B1%D9%83%D8%B2-\/1419954570174959\/\" style=\"\">in December<\/a> between Blumberg CEO Philip Blumberg and Investment Minister Hassan El Khatib, where the government pitched the firm on managing infrastructure for the state\u2019s New Delta agricultural megaproject under a public-private partnership. Blumberg also met with other state officials to explore parallel cold-storage investments in the pharma sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>A company delegation is expected back in Cairo this June to finalize regulatory groundwork and sign the contracts.<\/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\">Fixing the neighbour\u2019s gas pipes<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Egyptian-Jordanian JV<\/strong><strong> Technical Gas Services (TGS) is stepping <\/strong><strong>in to<\/strong><strong> overhaul the<\/strong><strong> Lebanese segment of the Arab Gas Pipeline<\/strong>, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D9%8A%D8%B4%D9%87%D8%AF-%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D9%84%D8%AA%D8%A3%D9%87%D9%8A%D9%84-%D8%B4%D8%A8%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D9%84%D8%A8%D9%86%D8%A7%D9%86%D9%8A%D8%A9-%D8%A8%D8%AE%D8%A8%D8%B1%D8%A7%D8%AA-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84\/1553163406854074\/\" style=\"\">statement<\/a>. Under the agreement, the Oil Ministry and its Lebanese counterpart will repair around 30 km of 24-inch pipe and upgrade metering stations and power plant connections.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> This is the technical follow-through needed to make good on our <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\" style=\"\">December<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/our-lng-supplies-will-soon-feed-lebanons-power-grid\/\" style=\"\">agreement<\/a> to supply Lebanon\u2019s Deir Ammar Power Plant with natural gas. While we started pumping gas to Lebanon and Syria <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/13\/egyptian-regasified-natural-gas-starts-heading-to-lebanon-and-syria\/\" style=\"\">back in January<\/a>, the aging Lebanese domestic network has slowed down distribution. Deploying TGS to modernize these lines ensures the local infrastructure can handle the flows needed to stabilize the country\u2019s energy supply.<\/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 price of staying connected <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National Tel<\/strong><strong>ecom Regulatory Authority (NTRA) has approved a 9-15% <\/strong><strong>hike to the price of telecom services<\/strong> after repeated calls from service providers for a price adjustment, according to a <a target=\"_blank\" href=\"https:\/\/www.tra.gov.eg\/ar\/%D8%A7%D9%84%D8%AC%D9%87%D8%A7%D8%B2-%D8%A7%D9%84%D9%82%D9%88%D9%85%D9%8A-%D9%84%D8%AA%D9%86%D8%B8%D9%8A%D9%85-%D8%A7%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D9%8A%D8%AA%D9%8A%D8%AD-%D8%A8\/\" style=\"\">statement<\/a>. There is one caveat \u2014 mobile operators must offer new packages to offset the impact on lower-income users, including a minimum home internet package of EGP 150 (down from EGP 210) a month, as well as mobile data starting at EGP 5 (down from EGP 13).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>Telecom operators have been lobbying for a price adjustment for months, citing the soaring costs of electricity, fuel (for powering cell towers), and the FX-heavy cost of imported network hardware and microchips. With landline data usage surging 36% over the past year, the NTRA is allowing service providers to recalibrate their margins to fund infrastructure upgrades while ensuring that essential state services remain digitally accessible to all users regardless of their balance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your minutes aren\u2019t getting any more expensive.<\/strong> The price hike only applies to select data and service bundles \u2014 the regulator confirmed that the price of voice minutes for both landline and mobile will remain unchanged.<\/p>\n<p class=\"tag-border-left\">Direct-payment subsidies, take two<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government has confirmed the transition to a <\/strong><strong>direct-payment <\/strong><strong>subsidy system <\/strong><strong>will start in FY 2026\/27<\/strong>, Prime Minister Moustafa Madbouly said during a press conference last week (<a target=\"_blank\" href=\"https:\/\/x.com\/AlArabiyaBN_EG\/status\/2052063858378846540?s=20\" style=\"\">watch, runtime: 0:22<\/a>). The transition will replace the physical distribution of bread and oil with targeted digital transfers. More details on the exact mechanics of the rollout will be revealed soon, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Swapping in-kind commodities to direct payment is the state\u2019s primary strategy for <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/fresh-details-on-the-move-to-cash-based-subsidies\/\" style=\"\">slashing the waste and leakage<\/a> inherent in the traditional ration card system. The move was initially <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/sneak-peek-into-the-general-government-budget-for-fy-2025-26\/\" style=\"\">pushed back by a year<\/a> following recommendations from the National Dialogue to let inflation cool. The shift aims to make sure support reaches the most vulnerable while shrinking the fiscal burden of the state\u2019s massive supply chain.<\/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\"><strong>Macron wraps u<\/strong><strong>p visit: <\/strong>French President Emmanuel Macron is expected to depart Egypt today, wrapping up a diplomatic visit highlighted by a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0pXnrHrJ8DXnHyqqNPMWGfGwvRtpLDKXbUcgWN9nctNE12EQVupavD9BjYsGs2GUbl\" style=\"\">meeting<\/a> with President Abdel Fattah El Sisi. The two heads of state attended the inauguration of Senghor University\u2019s headquarters in New Borg El Arab and held discussions on regional geopolitics.The trip is part of a wider Africa tour that will see Macron visit Kenya and Ethiopia.<\/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\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>We\u2019re in for a warm day in Cairo today, with a high of 33\u00b0C and a low of 19\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 more moderate in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 18\u00b0C.<\/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:\/\/sub.ent.news\/menaplus\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/258.gif?ssl=1\"\/><\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The most important business stories in MENA aren\u2019t happening inside MENA anymore<\/strong> \u2014 they\u2019re happening at the edges, where regional capital meets global ambition.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM MENA+ is our new flagship newsletter<\/strong>, built to cover the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.<\/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:\/\/sub.ent.news\/menaplus\/\" style=\"\">Tap or click here to get your own copy<\/a><\/strong> delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.<\/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\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global headlines<\/strong><strong> are a<\/strong><strong>buzz with geopolitical updates from around the world. <\/strong>After reports of US-Iran clashes on Friday, the situation in the Strait of Hormuz <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/us-iran-no-closer-ending-war-gulf-clashes-flare-2026-05-09\/\" style=\"\">appeared to reach relative calm<\/a> as of yesterday, while Washington awaits Tehran\u2019s response to its latest proposals. A Qatari LNG vessel is attempting to transit the waterway in what sources characterize as Tehran\u2019s bid to build confidence with mediators in Doha and Islamabad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, the world\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-09\/iran-war-is-draining-world-s-oil-buffer-at-unprecedented-pace?srnd=homepage-middle-east\" style=\"\">oil inventory is shrinking<\/a><\/strong>, with one estimate placing the drop at roughly 4.8 mn bbl \/ d between March and April. As the global economy is forced to draw increasingly from its security buffers, the risk of more volatile price fluctuations and severe supply shortages rises.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over in the UK, Prime Minister Keir Starmer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/uk\/uk-pm-starmer-names-former-pm-gordon-brown-special-envoy-global-finance-2026-05-09\/\" style=\"\">declared<\/a><\/strong><strong> he plans to stay in office<\/strong> following calls for his removal after the Labor Party\u2019s dire performance in local elections \u2014 the worst results by a governing party in decades. Right-wing party Reform UK and Welsh nationalist party Plaid Cymru <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/05\/09\/uk-pm-starmer-says-no-plans-to-quit-despite-local-elections-defeat.html\" style=\"\">made notable gains<\/a> at Labor\u2019s expense in key areas.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Brazil\u2019s IPO dry spell is over:<\/strong> Energy player Compass <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5550f96d-fd10-421e-af53-bdfe597db00a?syn-25a6b1a6=1\" style=\"\">sold around USD 655 mn in shares<\/a> in Brazil\u2019s first landmark listing in nearly five years. The ongoing regional conflict, which shot up crude prices, prompted foreign investors to pump funds in the oil exporter, as well as other energy heavyweights.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another virus outbreak on the brink? <\/strong>World Health Organization officials are working to contain a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/healthcare-pharmaceuticals\/experts-race-write-guidance-contain-first-ship-borne-hantavirus-outbreak-2026-05-08\/\" style=\"\">hantavirus outbreak<\/a> reported on a cruise ship carrying around 150 passengers. The vessel is due to arrive at Spain\u2019s Tenerife island today.<\/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\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-telecommunications-regulatory-authority-ntra\/\">National Telecommunications Regulatory Authority (NTRA)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"700723 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=\"700723\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/700723\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700723\" class=\"content-area-description single-story post-700723 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\/5\/255.jpeg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">The Anantara x Somabay Strategic Partnership signing ceremony marked a key milestone for Somabay, as Somabay Hotel Company S.A.E officially signed its agreement with Minor Hotels to bring a luxury Anantara-branded resort and residences to the destination.<\/span><\/p>\n<p><span style=\"font-weight:400;\">The ceremony underscored Somabay\u2019s continued growth and long-term vision to position itself as a globally recognized luxury lifestyle hub, aligned with rising demand for experience-led hospitality, branded residences, and wellness-driven travel.<\/span><\/p>\n<p><span>The planned development is set to introduce a luxury resort, branded residences, and Red Sea-inspired wellness experiences, reinforcing Somabay\u2019s role in elevating Egypt\u2019s luxury tourism offering while preserving its natural identity and sustainability vision.<\/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=\"700724\" 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=\"700724\">\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\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/\">\r\n                            World Bank doubles down                        <\/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\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/\" 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\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/&title=World Bank greenlights USD 1 bn in concessional financing\">\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=World+Bank+greenlights+USD+1+bn+in+concessional+financing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F10%2Fworld-bank-greenlights-usd-1-bn-in-concessional-financing%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\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"700725\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/world-bank-greenlights-usd-1-bn-in-concessional-financing\/412-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"412.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/412.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700724\" class=\"content-area-description single-story post-700724 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-debt tag-development-finance tag-enterpriseam tag-the-big-story-today tag-the-world-bank 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 World Bank Group approved USD 1 bn in concessional financing for <\/strong><strong>Egypt under the second phase of its Growth program<\/strong>, tied to structural reforms targeting state ownership, debt markets, and private-sector mobilization, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/402.pdf\" style=\"\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The package includes USD 800 mn from the World Bank and a USD 200 mn credit guarantee from the UK government.<\/strong> \u201cGiven the uncertainty in the region and the shock facing Egypt like other countries \u2026 we agreed with the authorities to increase from USD 500 mn to USD 800 mn,\u201d World Bank Country Director Stephane Guimbert said during a media briefing attended by EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How the program works: <\/strong>This is the second tranche of a three-part Development Policy Financing (DPF) program launched with the IMF and the European Union <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/25\/world-bank-greenlights-usd-700-mn-in-development-financing\/\" style=\"\">in June 2024<\/a>. Unlike project financing, DPF disburses directly into the state budget once agreed-upon reforms are enacted. \u201cIt\u2019s essentially supporting a set of reforms,\u201d Guimbert said. The reforms tied to this tranche include state-owned enterprise governance, domestic debt market efficiency, fair competition rules, and the automatic enrollment of Takaful and Karama beneficiaries in the Universal Health Ins. System, the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mobilizing private capital: <\/strong>The bank is in talks with the government on mechanisms to draw private investment into desalination, water, and electricity infrastructure \u2014 the third and final pillar of the operation, due next year. \u201cWe\u2019re thinking with the Planning and Finance ministries how to create a facility that would give confidence to private investors to finance those sectors,\u201d Guimbert said. \u201cInvestors will need clearer visibility on the government\u2019s long-term plans and the financial sustainability of utilities to reduce reliance on sovereign guarantees,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where growth could come from:<\/strong> Egypt can sustainably grow at around 6% a year over the medium term, up from roughly 4% in recent years \u2014 a rate that generated only around 600k jobs annually, Guimbert said. \u201cGrowth at 6% or higher could create as many as 2 mn jobs a year,\u201d he argued. The bank sees tourism, agriculture and agribusiness, healthcare, renewable energy, infrastructure, and manufacturing as Egypt's highest-potential sectors, capable of driving exports, improving energy security, easing food-price pressures, and creating jobs outside Cairo.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More funds coming our way: <\/strong>The Asian Infrastructure Investment Bank is expected to provide parallel financing tied to the same reform agenda, the World Bank said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-world-bank\/\">The World Bank<\/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=\"700726\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                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href=\"https:\/\/api.whatsapp.com\/send?text=Inflation+unexpectedly+cools%2C+putting+rate-cut+cycle+back+in+play+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F10%2Finflation-unexpectedly-cools-putting-rate-cut-cycle-back-in-play%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\/05\/10\/inflation-unexpectedly-cools-putting-rate-cut-cycle-back-in-play\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700727\" class=\"content-area-description single-story post-700727 post type-post status-publish format-standard hentry category-economy tag-banking tag-capmas tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-gdp tag-inflation tag-monetary-policy tag-net-foreign-assets 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>Annual urban inflation <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/war-pushes-egypts-inflation-higher-to-15-2-in-march-beating-expectations\/\" target=\"_blank\" rel=\"noopener\">eased 0.3 percentage points<\/a><\/strong><strong> to 14.9% <\/strong><strong>y-o-y in April<\/strong> \u2014 the first decline in three months and a full point below the 15.9% consensus from 14 analysts polled by Reuters, according to Capmas data. Core inflation fell 0.2 percentage points to 13.8% y-o-y, according to CBE <a href=\"https:\/\/www.cbe.org.eg\/ar\/news-publications\/news\/2026\/05\/06\/15\/18\/cpi-press-release-april-2026\" target=\"_blank\" rel=\"noopener\">data<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Headline m-o-m inflation decelerated 2.1 percentage points to 1.1%, with food and beverages tipping into disinflation at -0.7%. <\/strong>Core m-o-m slowed more modestly, by 0.1 percentage points to 1.1%.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The mix was uneven.<\/strong> Food and beverages rose 1.1 percentage points to 6.7% y-o-y and housing and utilities jumped 3.2 percentage points to 38.5% on the back of electricity price hikes. Pulling the headline down? Transport (a 10.2 percentage point drop to 29.2%) and health (a 7.7 percentage point decrease to 9.3%).<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A step in the right direction? Sure. But we\u2019re still a long way away from meeting our <\/strong><strong>targets<\/strong>, as the central bank's 7% y-o-y (\u00b12 percentage points) inflation target for 4Q 2026 looms ever closer. Zooming out, annual inflation is still at its highest level since May of last year.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Looking ahead, \u201cinflation will remain around current levels in 2Q-3Q 2026, on average, <\/strong><strong>with the CBE year-end inflation target of 5-9% looking increasingly unlikely<\/strong>,\u201d Beltone head of research Ahmed Hafez tells us. \u201cNotwithstanding this, with the currency finding some stability, the ceasefire deal still holding up, and early signs of a potential de-escalation, we are also ruling out further material price pressures,\u201d he adds.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>The central bank\u2019s Monetary Policy Committee meets on 21 May, and the calculus has shifted. After <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/cbe-holds-rates-as-regional-war-derails-easing-cycle\/\" target=\"_blank\" rel=\"noopener\">putting rates on hold last meeting<\/a>, a hike is now less likely \u2014 and resuming the easing cycle is back in play.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ALSO FROM THE DEPT. OF UNEXPECTEDLY GOOD NEWS- <\/strong>Growth hit 5.0% in 3Q FY 2025\/26, 0.2 percentage points above original estimates and despite \u201cthe repercussions of the start of the war in March,\u201d Prime Minister Mostafa Madbouly said Wednesday, per a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid036uopyAZEzcetrS5QozQKFtdkT67DJoPup7whKozJeVRXJ9yv73JURwySW42ukuESl\" target=\"_blank\" rel=\"noopener\">statement<\/a>. He cautioned that 4Q may take a harder hit, but said full-year growth \u201cwill, God willing, be promising and higher than the previous fiscal year\u201d \u2014 which clocked 5.3% y-o-y across the first two quarters.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AND IN NOT SO POSITIVE NEWS- <\/strong>Net foreign assets contracted 22.0% m-o-m in March to USD 21.4 bn, down USD 6.0 bn from February, per <a href=\"https:\/\/ent.news\/2026\/5\/398.pdf\" target=\"_blank\" rel=\"noopener\">CBE data (pdf)<\/a>. That breaks a 21-month appreciation streak that <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/03\/new-drilling-incentives-aim-to-bridge-the-output-gap\/\" target=\"_blank\" rel=\"noopener\">peaked at USD 29.5 bn<\/a> in January before reversing when the war on Iran was launched in late February. \u201cThe decline in foreign assets held by commercial banks was expected post war due to capital outflows,\u201d Genena tells us.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Commercial banks are taking the hit.<\/strong> Their net foreign assets fell USD 5.9 bn (-50.5%) to USD 5.8 bn, while the CBE\u2019s own position barely moved \u2014 down USD 108 mn (-0.6%) to USD 15.5 bn.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/net-foreign-assets\/\">net foreign assets<\/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=\"700728\" 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=\"700728\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/new-tax-bill-heads-to-house-ahead-of-july-rollout\/\">\r\n                            Stamp of approval pending                        <\/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\/05\/10\/new-tax-bill-heads-to-house-ahead-of-july-rollout\/\" 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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In its place: a tiered stamp tax of 0.05% on market makers and blue-chip stocks, and 0.1% on all other shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Newly listed companies also get a three-year corporate income tax incentive<\/strong> \u2014 30% in year one, 20% in year two, 10% in year three \u2014 formally cementing a scheme we heard about <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/26\/new-tax-breaks-aim-to-revive-egx-listing-appetite\/\" style=\"\">in March<\/a>.<\/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 structure is designed to \u201cencourage major companies to list on the exchange and provide an advantage for large stocks to support the Egyptian bourse,\u201d our source tells us. It deepens liquidity in blue-chip names, makes the bourse more stable, and gives big-ticket companies one less reason to stay private.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The government has been circling a stamp tax as a cleaner CGT replacement since <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/11\/goodbye-capital-gains-tax-hello-stamp-tax\/\" style=\"\">at least 2024<\/a>, with the plan gaining detail <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/egypt-targets-16-tax-to-gdp-ratio-with-sweeping-new-reform-package\/\" style=\"\">earlier this year<\/a>. The 0.1% rate isn't new either \u2014 we reported <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/06\/22\/trumps-says-three-targeted-iranian-nuclear-sites-totally-obliterated\/\" style=\"\">last June<\/a> the government was looking to land there for both buyers and sellers, down from an earlier 0.125% proposal.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shaking up the VAT: <\/strong>Detergents move out of the 5% schedule bracket into the standard 14% rate, letting manufacturers deduct input tax against general liabilities \u2014 similar to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/28\/finmin-in-talks-with-construction-players-over-new-vat-rules-but-challenges-remain\/\" style=\"\">recent adjustments<\/a> for contracting. State revenues from the item are projected to more than double, from EGP 1 bn to EGP 2.3 bn, our source tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on the VAT front:<\/strong> The legislation introduces a direct exemption for transit goods and related services to stimulate the country's broader ambitions of becoming a regional transit trade hub.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- White c<\/strong><strong>ement<\/strong><strong> is getting taxed for the first time.<\/strong> A flat EGP 35 per ton state development fee now applies across all cement types, ending the carve-out that limited the levy to black cement. Total development fee revenues from the sector are expected to rise to EGP 7.7 bn from EGP 2.9 bn, our source says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Medical devices catch a break.<\/strong> VAT drops to 5% from 14%, with a full exemption for dialysis and kidney filter inputs and a four-year VAT suspension on machinery and medical equipment. Foreign passenger departure fees will be set at EGP 50-100 across Egypt's airports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Compliant taxpayers get a clearer lane.<\/strong> The draft codifies the \"white list\" and the Tamayoz card, building on FinMin\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/24\/finmin-to-introduce-33-step-tax-reform-package-end-arbitrary-tax-assessments\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/24\/finmin-to-introduce-33-step-tax-reform-package-end-arbitrary-tax-assessments\/\" style=\"\">push to reward compliant taxpayers<\/a> with faster treatment. Companies can also get a temporary tax card valid for four months to speed up incorporation.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"700730\" 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=\"700730\">\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 AUC ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/the-missing-middle-closing-the-leadership-gap\/\">\r\n                            The missing middle: closing the leadership 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\/05\/10\/the-missing-middle-closing-the-leadership-gap\/\" 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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As organizations grow, this gap becomes more visible and more costly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>McKinsey research is unambiguous on this point: organizations with top-performing <\/strong><strong>middle managers can achieve between three and 21 times greater total shareholder returns (TSR) than those with weaker management layers.<\/strong> Yet the same research finds that middle managers spend much of their time navigating administrative tasks and organizational bureaucracy, leaving little room for the strategic and people-focused work that drives performance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Closing this gap requires more than incremental training. It demands deliberate <\/strong><strong>investment in leadership capability at the middle layer. <\/strong>Organizations are increasingly investing in programs that build strategic thinking, business acumen, and people leadership. As this need grows, executive education is evolving to meet it where it matters most: in the middle.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At AUC Onsi Sawiris School of Business Executive Education, programs such as<\/strong> the <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/management\/senior-executive-diploma\" style=\"\">Senior Executive Diploma<\/a>, <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/management\/management-acceleration-program\" style=\"\">Management Acceleration Program<\/a>, <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/management\/executive-leadership-program\" style=\"\">Executive Leadership Program<\/a>, and <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/management\/advanced-management-program\" style=\"\">Advanced Management Program<\/a> are designed to help managers strengthen decision-making and connect strategy with execution, turning the missing middle into an organization's most reliable layer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strength of an organization is not defined at the top or the front lines, but in the layer <\/strong><strong>that connects them.<\/strong><\/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-auc-onsi-sawiris-school-of-business-executive-education\/\">A MESSAGE FROM AUC ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/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=\"700732\" 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=\"700732\">\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\">IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/\">\r\n                            NRPM setting sail on the EGX?                        <\/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\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/\" 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\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/')\">\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\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/\">\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=Qalaa Holdings preps river transport subsidiary NRPM for EGX listing&url=https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/\">\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\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/&title=Qalaa Holdings preps river transport subsidiary NRPM for EGX listing\">\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=Qalaa+Holdings+preps+river+transport+subsidiary+NRPM+for+EGX+listing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F10%2Fqalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing%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\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1276.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"700733\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/qalaa-holdings-preps-river-transport-subsidiary-nrpm-for-egx-listing\/1276-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1276.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1276.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1276.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/1276.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700732\" class=\"content-area-description single-story post-700732 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch-2 tag-al-ahly-sabbour tag-capital-markets tag-egx tag-enterpriseam tag-ipo-watch tag-qalaa-holdings tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Qalaa<\/strong><strong> Holdings logistics subsidiary National River <\/strong><strong>Ports Management<\/strong><strong> (NRPM) is reportedly preparing to list a 30-40% stake on the EGX<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2026\/05\/07\/%D8%AA%D8%A7%D8%A8%D8%B9%D8%A9-%D9%84%D9%80%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9-%D8%AA%D8%B3%D8%B9%D9%89-%D9%84%D9%84%D8%AA%D9%82%D8%AF%D9%85-%D9%84%D9%84%D9%82%D9%8A%D8%AF-%D9%81%D9%8A-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-3-%D8%A7%D8%B3%D8%A7%D8%A8%D9%8A%D8%B9\" style=\"\">Al Arabiya<\/a> reports, citing unnamed sources. The company plans to submit its listing paperwork within the next few weeks, targeting a public offering in June or July, depending on market conditions. The move values the company\u2019s capital at an initial EGP 1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the IPO hopeful:<\/strong> NRPM is a heavy hitter in our local logistics and river transport sector, operating the Tanash River Port in Giza and developing the Tebbin Port in Alexandria. The company provides specialized warehousing and handling solutions for bulk commodities like coal, grain, cement, and phosphate \u2014 handling 1.1 mn tons of coal and petcoke last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>This IPO is just the start of Qalaa\u2019s plan to unlock value and shrink its debt pile \u2014 the board signed off on an ambitious plan <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/11\/12\/qalaa-holdings-to-unlock-value-through-egx-listings-convertible-bonds-and-portfolio-optimization\/\" style=\"\">last year<\/a> to float up to five of its subsidiaries on the EGX over the next two years, including Dina Farms for Food Industries, ASEC for Automation, and two undisclosed companies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa\u2019s plan is setting sail just as the Nile gets a much-needed digital upgrade. <\/strong>The Cabinet just <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/03\/cabinet-approves-digital-tracking-system-for-nile-freight-transport\/\" style=\"\">signed off<\/a> on a contract with Austrian tech firm Frequentis to deploy a real-time River Information System across the waterway. By wiring vessels with advanced tracking and electronic charts, the new tech will allow commercial barges to navigate safely 24\/7 \u2014 laying the infrastructure needed for the state to actually hit its target of increasing the river\u2019s share of national freight to 10% by 2038.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Zilla Capital has been tapped to manage the offering, while Baker Tilly is acting as an independent financial advisor.<\/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\">IN OTHER IPO NEWS<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Ahly Sabbour is hitting the brakes on its <\/strong><strong>planned<\/strong><strong> EGX debut until the regional conflict<\/strong><strong> subsides<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/ar\/%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82\/%D8%A3%D8%B3%D9%87%D9%85\/%D8%A7%D9%84%D8%A3%D9%87%D9%84%D9%8A-%D8%B5%D8%A8%D9%88%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%A4%D8%AC%D9%84-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%B7%D8%B1%D8%AD%D9%87%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D8%A3%D9%88%D9%84%D9%8A-%D8%A8%D8%B3%D8%A8%D8%A8-%D8%AD%D8%B1%D8%A8-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86-apszu5tw\" style=\"\">Zawya<\/a> writes, citing comments by Chairman and Managing Director Ahmed Sabbour. The real estate developer was gearing up to float a 20-25% stake, but Sabbour confirmed the IPO is now on hold to shield the transaction from market volatility.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> A public listing has been in the pipeline <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/al-ahly-sabbour-planning-ipo-within-the-year\/\" style=\"\">since 2017<\/a> and the developer \u2014 whose ownership is split between the Sabbour family (60%) and the National Bank of Egypt (40%) \u2014 said <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/al-ahly-sabbour-to-select-advisor-for-its-planned-ipo-by-june\/\" style=\"\">last year<\/a> it was in the final stages of selecting an IPO advisor by June 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sabbour noted, however, domestic sales remain fully insulated despite the IPO freeze<\/strong>, although rising construction costs are expected to drive up local property prices by 15-20% this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-sabbour\/\">Al Ahly Sabbour<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"700734\" 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=\"700734\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\">\r\n                            A trader builds a smelter                        <\/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\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\" 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\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/')\">\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\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\">\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=Trafigura takes minority stake in Egyptalum smelter expansion&url=https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\">\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\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/&title=Trafigura takes minority stake in Egyptalum smelter expansion\">\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=Trafigura+takes+minority+stake+in+Egyptalum+smelter+expansion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F10%2Ftrafigura-takes-minority-stake-in-egyptalum-smelter-expansion%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\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/408.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"700735\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/408-jpg-28\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/408.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"408.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/408.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/408.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700734\" class=\"content-area-description single-story post-700734 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma tag-ma-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>Trafigura goes upstream: <\/strong>Commodities trading giant Trafigura has signed a term sheet to take a minority stake in a new project company alongside the Metallurgical Industries Holding Company (MIH) and Egyptalum, according to statements <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D8%B4%D9%87%D8%AF%D9%87-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D8%B5%D8%A8%D8%A7%D8%AD-%D8%A7%D9%84%D9%8A%D9%88%D9%85%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D8%B4%D8%B1%D8%A7%D9%83%D8%A9-%D8%A7%D8%B3%D8%AA%D8%B1%D8%A7%D8%AA%D9%8A%D8%AC%D9%8A%D8%A9-%D9%85%D8%B9-%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%B1%D8%A7%D9%81%D9%8A%D8%AC%D9%88%D8%B1%D8%A7-%D8%A7%D9%84%D9%85%D8%AD%D8%AF\/1553165253520556\/\" style=\"\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/405.pdf\" style=\"\">here (pdf)<\/a> released last week. The expansion will carry an investment ticket of USD 750-900 mn and involves doubling the Naga Hammadi complex\u2019s capacity to 600k tonnes per year by adding a 300k tpa primary smelter plus a 150k tpa anode plant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trafigura is coming in as minority equity holder, debt provider, long-term offtake partner, and the supplier of alumina feedstock<\/strong>, according to EFG\u2019s statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why is this important? <\/strong>Egypt has no <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/403.pdf\" style=\"\">functioning alumina refineries<\/a> and currently imports the raw material to feed the Naga Hammadi smelter, which has historically left Egyptalum exposed to global alumina pricing and shipping cycles. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Back in September, MIH and Egyptalum signed a non-binding MoU with Aluminium Bahrain (Alba) to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/an-aluminum-news-dump-belcash-is-now-seven\/\" style=\"\">study a USD 3 bn alumina refinery<\/a> with a target capacity of around 2 mn tpa. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And why now? <\/strong>The International Aluminium Institute <a target=\"_blank\" href=\"https:\/\/international-aluminium.org\/report-reveals-global-aluminium-demand-to-reach-new-highs-after-covid\/\" style=\"\">projects<\/a> demand will grow 40% by 2030, with transportation alone adding 11.8 mn tonnes of new demand and electric vehicles accounting for some 63% of that growth. Supply isn\u2019t keeping pace \u2014 global inventories are at multi-year lows, and new primary capacity remains limited by high capital costs, energy constraints, and environmental permitting. That\u2019s the backdrop against which Trafigura is willing to lock in feedstock and offtake on a 25-year project.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>EFG Hermes is sole financial advisor, working on both the equity and the debt raise. <\/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\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A 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=\"700736 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=\"700736\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/700736\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700736\" class=\"content-area-description single-story post-700736 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/1089.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"700737\" 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=\"700737\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/valu-gets-fra-nod-to-enter-sme-lending\/\">\r\n                            Valu gets FRA nod to enter SME 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\/05\/10\/valu-gets-fra-nod-to-enter-sme-lending\/\" 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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Valu says it plans to use proprietary underwriting algorithms and data analytics to assess SME financing applications.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> Algorithmic underwriting uses data models and automated analytics to assess a borrower\u2019s creditworthiness and price risk faster than traditional manual lending processes. In Valu\u2019s case, that likely means using merchant transaction and repayment data collected through its consumer finance business to evaluate SME financing applications.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>SMEs continue to face limited access to formal credit, constraining growth and operations. Valu is looking to plug that gap by deploying its consumer finance tech stack \u2014 including proprietary underwriting algorithms \u2014 into business lending as it positions itself as a broader financial services platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">FRA greenlights three non-banking financial activity licenses<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Financial Regulatory Authority (FRA) has approved three new <\/strong><strong>licenses for<\/strong><strong> local companies to operate across the non-banking financial sector<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d9%85%d9%86%d8%ad-3-%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d9%88%d8%a7\/\" style=\"\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meet the companies:<\/strong> Fawry Healthcare-TreMed is the standout, snagging the market\u2019s first-ever specialized license to operate as a third-party healthcare administrator (TPA). The authority also licensed Misr Reins. Brokerage to begin operations and gave Horizon Securities and Bonds Trading the regulatory nod to receive subscriptions for investment fund certificates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise\u2026 What's<\/strong><strong> a TPA?<\/strong> TPAs act as the operational middleman between patients, healthcare providers, and ins. companies \u2014 managing processing claims, provider networks, and ins. paperwork.<\/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\">Belarusian tractors, made in Egypt?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gaining tract-ion: <\/strong>Belarus and Egypt have signed a cooperation protocol to expand joint production of tractors and heavy equipment, according to an Industry Ministry statement. The move will give Belarus access to the African and Arab markets and Egypt's freetrade agreements via the Arab Organization for Industrialization. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two are also eyeing a joint pharma manufacturing zone<\/strong>, in line with Egypt's goal of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/inside_industry\/egypts-pharma-industry-enters-biggest-restructuring-phase-in-a-decade\/\" style=\"\">becoming a producer<\/a> in global supply chains, not just a consumer.<\/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\/egypt-belarus-relations\/\">Egypt-Belarus relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"700739\" 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=\"700739\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/hybrid-bond-issuances-at-a-record-high-ytd\/\">\r\n                            Hybrid bond rush                        <\/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\/05\/10\/hybrid-bond-issuances-at-a-record-high-ytd\/\" 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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data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1166.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1166.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700739\" class=\"content-area-description single-story post-700739 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bond tag-debt tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   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style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Companies are selling<\/strong><strong> hybrid bonds at a record pace this year<\/strong>, with <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-07\/hybrid-bond-sales-reach-record-as-companies-pounce-on-low-costs?srnd=homepage-middle-east\" style=\"\">Bloomberg<\/a> data showing that firms have sold USD 65 bn worth of the debt instrument YTD, continuing on from a wave of issuances that followed a move from Moody\u2019s to raise the equity credit in hybrid bonds back in 2024.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why hybrid bonds, and why now?<\/strong> Hybrid bonds allow issuers to strengthen their balance sheet given that their debt-equity mix doesn\u2019t only add leverage like traditional bonds. For buyers, the subordinated debt comes with a higher coupon in comparison to senior notes. Right now, that additional cost is near record lows, with spreads reaching an all-time low of 58 bps in March. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also \u201cmassive demand\u201d for the instrument<\/strong> from investors willing to take on extra risk, analysts said. Orders in Europe are currently surpassing issuance sizes by 4.5x. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Europe is the primary issuance hub<\/strong> for the moment, with the likes of Carlsberg issuing hybrid notes to shore up its balance sheet after an acquisition play. The Gulf is also starting to warm up to the concept, with Abu Dhabi developer Aldar Properties raising not one, but two <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/23\/aldar-locks-in-usd-1-bn-from-apollo-tightens-grip-on-income-arm\/\" style=\"\">hybrid issuances<\/a> this year. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A wider debt rush is happening over in Asia as well<\/strong>, with hopes of an end to the war also triggering record lows in credit spreads and leading issuers to race to secure cheap financing, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-07\/hybrid-bond-sales-reach-record-as-companies-pounce-on-low-costs?srnd=homepage-middle-east\" style=\"\">Bloomberg<\/a> reported elsewhere. Westpac Banking issued a USD 4 bn offering, while HSBC is also preparing a USD-denominated issuance.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Credit spreads tightened by 13 bps in 1Q in Asia<\/strong>, outperforming global averages of 5 bps, Bloomberg data showed. The findings indicate a vote of confidence in the fundamentals of the energy import-reliant region, amid reports of a possible ceasefire.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outlook:<\/strong> For hybrid notes, the more selective, the better, one analyst says, pointing to issuances with shorter waiting periods before the first call. For now, the flurry of activity in Europe is particularly precarious, given its exposure to energy distribution linked to the war.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">53,605<\/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\">+2.0% (YTD: +28.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 52.63<\/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 52.77<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 52.60<\/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 52.70<\/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\">11,031<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +5.2%)<\/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>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\">9,840<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -1.6%)<\/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\">5,902<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -2.4%)<\/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>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\">7,399<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,233<\/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: +3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,912<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.0% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 101.29<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.76<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 4,529<\/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%<\/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 80,819<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: -7.8%)<\/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\">1,050<\/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: +5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P MENA bond &amp; sukuk<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">151.88<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: 0.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">17.19<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +15.0%)<\/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<\/strong><strong> rose 2.0% at <\/strong><strong>Wednesday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 13.8 bn (84.8% above the 90-day average). International investors were the sole net buyers. The index is up 28.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Orascom Development (+10.1%), Orascom Construction (+6.2%), and E-finance (+5.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Qalaa Holdings (-6.2%), AMOC (-4.0%), and Egypt Aluminum (-2.0%).<\/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\/bond\/\">Bond<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"700741\" 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\/05\/10\/700741\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-700741\" class=\"content-area-description single-story post-700741 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;\">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;\">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.<br \/><\/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;\">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:400;\">2026: The Egyptian-American Economic Forum.<\/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>Inflation surprisingly down | Tax package heads to House | Qalaa plots NRPM IPO | Trafigura tries on a new role<\/p>\n","protected":false},"featured_media":700720,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-700719","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a1b6ef55-1dc3-4bad-91e7-f3184b5632df","teaser":"Inflation surprisingly down | Tax package heads to House | Qalaa plots NRPM IPO | Trafigura tries on a new 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