{"id":703608,"date":"2026-05-19T00:00:00","date_gmt":"2026-05-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=703608"},"modified":"2026-05-19T02:55:27","modified_gmt":"2026-05-19T02:55:27","slug":"cbe-tightens-oversight-on-non-bank-lenders","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-tightens-oversight-on-non-bank-lenders\/","title":{"rendered":"CBE tightens oversight on non-bank lenders"},"content":{"rendered":"<section id=\"703610\" 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=\"703610\">\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\/19\/govt-targets-100-exports-with-new-service-freezones\/\">\r\n                            Gov\u2019t rolls out new class of service-only freezones                        <\/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\/19\/govt-targets-100-exports-with-new-service-freezones\/\" 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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An April circular has barred banks from granting or renewing credit to NBFIs unless those firms are fully coded with the CBE and reporting to I-Score.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We also dive into:<\/strong> The government carving out a <strong>dedicated class of freezones<\/strong> strictly for <strong>service startups<\/strong>. Recent <strong>electricity tariff hikes<\/strong> are already doing real work in the lighting market. And the IFC is loaning Sawiris-backed Nile Sugar Company USD 40 mn.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ICYMI- Eyes on the prize: <\/strong><a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/magrabi-retail-acquires-51-stake-in-egyptian-retailer-baraka-optics-group\/\" target=\"_blank\" rel=\"noopener\">Read our exclusive interview<\/a> with Baraka Optics Chairman and CEO Ahmed Ragab on yesterday\u2019s news that regional giant Magrabi Retail will acquire 51% of the homegrown optical group. The transaction will bring together two of the country\u2019s biggest eyewear family businesses under a single corporate umbrella, with roughly 50 stores nationwide.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>***<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\">WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">Freezones for service startups<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt1\"><\/a> <strong>Service startups <\/strong><strong>are getting a dedicated class of freezones<\/strong>, and all new freezone licenses are subject to a strict 100% export mandate going forward, Investment Minister Mohamed Farid and Finance Minister Ahmed Kouchouk said during a seminar attended by EnterpriseAM yesterday.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters:<\/strong> The move builds on a previous policy which only allowed service startups to <a href=\"https:\/\/www.gafi.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/%D9%84%D8%A3%D9%88%D9%84-%D9%85%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D8%A7%D8%B7%D9%82-%D8%A7%D9%84%D8%AD%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D9%86%D8%A7%D8%B4%D8%A6%D8%A9-%D8%A7%D9%84%D9%85%D9%8F%D8%B5%D8%AF%D8%B1%D8%A9-%D9%84%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA.aspx\" target=\"_blank\" rel=\"noopener\">operate within existing general freezones<\/a>. The new amendments will provide the legislative framework for the new service-only freezone category, giving them a dedicated status and access to tax and customs incentives.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>DATA POINT- USD 7.4 bn \u2014 that\u2019s how much <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/egypt-begins-work-from-home-experiment-to-cut-energy-use-amid-wartime-pressures\/\" target=\"_blank\" rel=\"noopener\">Egypt\u2019s digital exports<\/a><\/strong><strong> reached in 2025<\/strong>, up from USD 3.3 bn the year before, driven by outsourcing services revenues increasing to USD 4.8 bn for the year.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The Investment Ministry is also close to launching the country\u2019s first services export council<\/strong>, Farid said. Its initial focus will be on scaling and exporting educational, training, and outsourcing services to capture regional demand and draw a larger pipeline of international students.<\/p>\n<p class=\"tag-border-left\">Hurghada Airport on the privatization runway<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt2\"><\/a> <strong>The Madbouly government<\/strong><strong> will select the winning bidder to manage and<\/strong> <strong>operate Hurghada International Airport by July<\/strong>, the International Finance Corporation\u2019s (IFC) Egypt Country Head Saad Sabrah told the <a href=\"https:\/\/x.com\/AsharqbEGY\/status\/2056333999442669590\" target=\"_blank\" rel=\"noopener\">Arabic<\/a><a href=\"https:\/\/x.com\/AsharqbEGY\/status\/2056333999442669590\" target=\"_blank\" rel=\"noopener\">press<\/a>. The move is a critical step in the state\u2019s broader push to privatize its aviation infrastructure.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters:<\/strong> The IFC-backed program plans to offload the operation and maintenance of <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/08\/govt-to-kick-off-the-search-for-partner-to-upgrade-hurghada-airport-next-month\/\" target=\"_blank\" rel=\"noopener\">state-owned airports to private consortiums<\/a> under public-private partnerships \u2014 which are designed to upgrade terminal efficiencies without transferring asset ownership. The bids under review are mostly by international airport operators working in tandem with local partners, Sabrah said.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The backdrop:<\/strong> The upcoming July selection deadline follows heavy market interest, with some 62 consortiums picking up pre-qualification documents <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/62-consortiums-are-interested-in-managing-developing-hurghada-airport\/\" target=\"_blank\" rel=\"noopener\">earlier this year<\/a> ahead the bidding deadline back in mid-February. To enter the bidding, private sector players were required to form a consortium consisting of a specialized airport operator, a global construction firm, and a financing arm.<\/p>\n<p class=\"tag-border-left\">Helping houses go solar<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt3\"><\/a> <strong>Banque Misr<\/strong><strong> is now offering up to 100% financing for <\/strong><strong>residential solar<\/strong><strong> panel installations<\/strong>, according to a <a href=\"https:\/\/ent.news\/2026\/5\/1112.pdf\" target=\"_blank\" rel=\"noopener\">statement (pdf)<\/a>. The timing is deliberate \u2014 the product comes just a few weeks after Prime Minister Moustafa Madbouly signaled an <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/01\/no-more-11pm-commercial-curfew\/\" target=\"_blank\" rel=\"noopener\">upcoming national incentive framework<\/a> designed to push factories and households toward decentralized solar to ease the aggregate load on the state grid.<\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WEATHER- <\/strong>Cairo is looking at a high of 35\u00b0C and a low of 20\u00b0C throughout the day, according to our favorite weather app.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It feels more like spring in Alexandria<\/strong>, with a high of 26\u00b0C and a low of 18\u00b0C.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1140.jpg?ssl=1\" \/><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">In a market defined by geopolitical risk, inflation, currency volatility, and declining interest rates, knowing how to manage your money has never been more important, and yet few people are really good at it.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">The default in Egypt has traditionally been to dollarize, buy real estate, or stash your extra cash in a high-yield certificate of deposit, but that playbook is dying.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">With an illiquid real estate market, the era of ultra-high-yield deposits coming to an end, and a rapidly expanding ecosystem of digital investment options, investors are looking for new, smarter opportunities.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">In this four-part series, EnterpriseAM Money Matters will walk you through smart personal finance decisions regardless of your age, income, or starting point.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Coming straight to your inbox \u2014 tomorrow, May 20.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>U<\/strong><strong>S Presid<\/strong><strong>ent Donald Trump <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-18\/us-and-iran-still-at-odds-despite-renewed-diplomatic-efforts\" target=\"_blank\" rel=\"noopener\">has decided<\/a><\/strong><strong> to \u201cput off\u201d a scheduled strike against Iran<\/strong>, following requests from the leaders of the UAE, Saudi Arabia, and Qatar. Trump said the strike was scheduled for today and that a \u201cfull, large scale assault\u201d on the Islamic Republic will go ahead if a resolution is not reached.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A quid pro quo with Adani?<\/strong> The Trump administration <a href=\"https:\/\/www.reuters.com\/world\/india\/us-treasury-announces-275-million-settlement-with-indias-adani-enterprises-2026-05-18\/\" target=\"_blank\" rel=\"noopener\">dropped<\/a> a criminal fraud case against Indian b'naire Gautam Adani. The move followed statements from Adani\u2019s lawyer indicating that the pending cases were blocking his planned USD 10 bn investment in the US.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>One last thing from Washington: <\/strong>The Securities and Exchange Commission is reportedly <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-18\/sec-is-said-to-ready-plan-for-trading-crypto-versions-of-stocks?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">readying a plan<\/a> for trading tokenized stocks as early as this week. The new framework is expected to allow tokens that track share prices without the backing or consent of underlying public companies.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Meanwhile, in the world of AI:<\/strong> Elon Musk <a href=\"https:\/\/www.reuters.com\/legal\/government\/elon-musk-loses-lawsuit-against-openai-2026-05-18\/\" target=\"_blank\" rel=\"noopener\">lost<\/a> his lawsuit against OpenAI after a US jury unanimously ruled that the startup was not liable to Musk for allegedly abandoning its humanitarian goal. The development further paves the way to OpenAI\u2019s highly anticipated IPO, which could value the firm at USD 1 tn.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A new player will soon enter the AI space: <\/strong>Google and Blackstone <a href=\"https:\/\/www.wsj.com\/tech\/ai\/google-and-blackstone-to-create-new-ai-cloud-company-0e35b91f?mod=hp_lead_pos4\" target=\"_blank\" rel=\"noopener\">plan to form<\/a> an AI cloud company with USD 5 bn in capital, scheduled to bring 500 MW of capacity online by next year. Blackstone \u2014 the majority owner \u2014 will front the equity while Google will provide its specialized chips. This will place the duo in competition with companies like CoreWeave \u2014 which uses Nvidia-made chips \u2014 as the demand for AI computing power continues to rise.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Citigroup + BlackRock arm to fund firms in Europe (and MENA?):<\/strong> A new alliance between Citigroup and BlackRock\u2019s private credit division <a href=\"https:\/\/www.ft.com\/content\/65602a81-ee5b-4b65-803d-a7570fb5d5c8?syn-25a6b1a6=1\" target=\"_blank\" rel=\"noopener\">will deploy<\/a> up to USD 15 bn in loans to European corporations and leveraged buyout groups. They expect the partnership \u2014 where Citi sources agreements for BlackRock funds to finance \u2014 to eventually expand into the Middle East.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\" \/><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> EnterpriseAM\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices, and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>In<\/strong><strong> today\u2019s issue: <\/strong>We\u2019re unpacking a new OECD report on how the country\u2019s EGP 301 bn in agricultural support is actively worsening the water crisis.<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/general-authority-for-investment-and-freezones\/\">General Authority for Investment and Freezones<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-ministry\/\">investment ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solar-energy\/\">solar energy<\/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=\"703612 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=\"703612\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/703612\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703612\" class=\"content-area-description single-story post-703612 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\/1088.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700;\">Where the grass court season begins.<\/span><\/p>\n<p><span style=\"font-weight:400;\">From 8-14 June 2026, Somabay will host one of the region\u2019s first professional grass court tournaments as part of the ITF World Tennis Tour, welcoming international players to the Red Sea for a week of world-class competition.<\/span><\/p>\n<p><span>Set within the Soma Sports Arena, the tournament reflects Somabay\u2019s continued rise as a leading destination for global sports events.<\/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=\"703613\" 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=\"703613\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/cbe-tightens-oversight-on-nbfis-banking-amid-debate\/\">\r\n                            Small spark, big fire?                        <\/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\/19\/cbe-tightens-oversight-on-nbfis-banking-amid-debate\/\" 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wp-post-image\" alt=\"\" data-attachment-id=\"703614\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/cbe-tightens-oversight-on-nbfis-banking-amid-debate\/1209-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1209.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1209.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1209.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/4\/1209.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703613\" class=\"content-area-description single-story post-703613 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-central-bank-of-egypt tag-enterpriseam tag-fawry tag-financial-regulatory-authority tag-nbfis tag-valu 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 <\/strong><strong>Central Bank of Egypt<\/strong><strong> has quietly tightened oversight on how commercial banks interact with non-banking financial institutions (NBFIs)<\/strong>, staying ahead of a growing debate over the rapid expansion of market-based finance and consumer credit standards. The move took effect well before the issue gained media attention, a banking source familiar with the matter tells EnterpriseAM, confirming that the CBE issued an updated circular in April building on an initial framework introduced in March 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s <\/strong><strong>changed: <\/strong>Under the new rules, commercial banks are prohibited from granting or renewing credit facilities to non-bank lenders unless those entities are fully coded with the CBE and actively reporting customer data to both the central bank\u2019s information network and the Egyptian Credit Bureau (I-Score). For existing exposures, the CBE instructed banks to move toward liquidating debt positions tied to non-compliant NBFIs if those firms fail to regularize their status within a three-month grace period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The CBE explicitly linked the move to weak compliance within parts of the market-based finance ecosystem.<\/strong> The measures were introduced in light of \u201cwhat has been observed regarding the non-compliance of some entities in reporting [credit data] as previously directed, and out of the CBE\u2019s keenness to ensure the availability of comprehensive credit information on clients to accurately reflect their credit positions \u2014 which positively impacts credit-granting decisions and enhances the safety and stability of the banking system,\u201d the circular says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The spark: <\/strong>The move comes amid mounting concerns within the banking sector after CIB CEO Hisham Ezz Al-Arab publicly warned about the rapid growth of non-banking financing, and what industry insiders considered loosely regulated consumer lending. Speaking during a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Elhekayashow\/videos\/%D8%B9%D9%85%D8%B1%D9%88-%D8%A3%D8%AF%D9%8A%D8%A8-%D9%84%D9%87%D8%B4%D8%A7%D9%85-%D8%B9%D8%B2-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8-%D9%84%D9%8A%D9%87-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D9%87%D9%84%D8%A7%D9%83%D9%8A-%D8%AE%D8%B7%D8%B1-%D9%87%D9%88-%D8%A7%D9%86%D8%A7-%D8%A7%D9%84%D9%84%D9%8A-%D8%B9%D9%85%D9%84%D8%AA%D9%87%D9%85-%D9%88%D9%84%D8%A7\/2450863965786646\/\" style=\"\">televised interview<\/a> with Amr Adib on MBC Masr\u2019s El Hekaya, Ezz Al-Arab warned: \u201cA small spark can create something much bigger, just like what happened during the subprime crisis in the United States, where the collapse of a group of institutions dragged the rest down.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ezz Al-Arab raised concerns over what he described as a growing pool of subprime borrowers<\/strong>, arguing that customers rejected by banks are increasingly turning to non-bank lenders despite lacking sufficient repayment capacity. He also questioned whether all players in the sector are applying the same disciplined credit-scoring standards imposed on commercial banks, which remain subject to strict reserve requirements and capital adequacy ratios (CAR).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> Consumer finance volumes surged 57% y-o-y to EGP 96.3 bn by end-2025, serving more than 10.8 mn customers across 48 licensed companies, according to <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a8%d8%a7%d9%84%d8%a3%d8%b1%d9%82%d8%a7%d9%85-%d8%a5%d8%ad%d8%b5%d8%a7%d8%a6%d9%8a%d8%a7%d8%aa-%d8%a7%d9%84%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%b9%d8%a7%d9%85%d8%a9-%d9%84%d9%84%d8%b1%d9%82\/\" style=\"\">Financial Regulatory Authority (FRA) data<\/a>. Financing extended to MSMEs and microfinance clients rose 24% y-o-y to EGP 106.9 bn, though the number of beneficiaries edged down slightly to 3.6 mn. Total financing portfolios across all non-bank financing activities reached roughly EGP 417 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\">The NPL debate<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why banks are worried: <\/strong>Risks in the NBFI sector could spill into the formal financial system given its heavy reliance on bank funding, industry experts warn. \u201cThe risks are tied to companies that grant loans without sound credit foundations or analysis, giving limits that exceed the client\u2019s capacity, which will lead to a rise in consumer default rates,\u201d financial expert Mohamed Abdel Moneim tells EnterpriseAM. \u201cThis will, in turn, be transmitted directly to the banks, because most of these finance companies rely on credit facilities obtained from commercial banks to fund their operations,\u201d he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While <\/strong><strong>non-performing loan (<\/strong><strong>NPL<\/strong><strong>)<\/strong><strong> ratios below 5% are technically manageable, the pace of unhedged growth requires stronger institutional safeguards<\/strong>, Abdel Moneim argues. He points to cases where consumer finance apps provide credit lines of up to EGP 250k to individuals earning monthly salaries between EGP 6k and EGP 8k. \u201cThis mismatch is unsustainable and inevitably ends with consumer default and legal penalties,\u201d he says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The counter-argument: <\/strong>Banking expert Mohamed Abdel Aal argues the headline NPL figures may not fully capture underlying stress. \u201cThe average sector-wide ratio stands at 3%, but if you look closer, you will find pocket distortions \u2014 or what can be described as structural randomness \u2014 underneath,\u201d he says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>FRA pushed back against concerns surrounding the sector, <\/strong><strong>stating that the aggregate non-performing loan ratio across NBFIs r<\/strong><strong>emained below 3% at end-2025. <\/strong>The sector\u2019s largest player \u2014 which controls around 26.5% of the market \u2014 separately disclosed a corporate default rate of just 1.24%.<\/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\">Consolidation wave ahead?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rules just changed at the ownership level. <\/strong>Abdel Aal notes that the CBE recently removed the previous 40% cap on bank ownership stakes in NBFIs, allowing lenders to acquire up to 100% of such companies. He expects the tighter framework to trigger a wave of consolidation. \u201cThe large groups that emerged over the past few years, such as valU and Fawry, are well established and have advanced risk management and monitoring systems,\u201d he says, adding that mid-sized firms are also moving quickly to regularize their positions as compliance and infrastructure costs rise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smaller players, however, could struggle to survive<\/strong><strong>.<\/strong> \u201cThe final group is represented by the limited, small \u2018pygmy\u2019 companies scattered across the governorates, alongside branches of larger firms that lack proper oversight,\u201d Abdel Aal warns.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Capital strength will determine survival.<\/strong> \u201cIf a company's capital adequacy ratio falls below prescribed thresholds, it will be required to inject fresh capital. If it cannot raise capital within a designated timeframe, it will either have to merge with another entity or shut down,\u201d he says. \u201cAs a result, we will see these 2.5k companies dwindle down to a very minor, streamlined figure.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture:<\/strong> \u201cThe sector cannot yet be described as a full-fledged bubble, given that its size remains relatively limited compared to Egypt's banking sector, which stands at roughly EGP 10.77 tn \u2026 the current situation appears closer to an early warning signal rather than an imminent systemic blow-up,\u201d industry insider Ahmed Shawky says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe non-bank financial sector is no longer viewed as a marginal activity, but rather as one of the fastest-growing and most profitable segments in the financial industry<\/strong>,\u201d he adds. Banks are increasingly eyeing the sector to access younger and underserved customers, generate higher margins, and evolve into integrated financial services groups rather than remaining traditional lenders alone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The focus now must shift toward governance and risk controls <\/strong>\u2014 stricter creditworthiness standards, tighter debt-burden limits, stronger credit-data integration, stress testing, and closer monitoring of concentration risks in sectors such as electronics, automobiles, and durable goods, Shawky argues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bottom line: <\/strong>\u201cConsumer finance is not inherently a risk \u2014 in fact, it can serve as an important tool for stimulating economic activity and advancing financial inclusion,\u201d Shawky says. \u201cThe risk emerges when credit grows faster than income, consumption turns into permanent debt, and market share becomes more important than financing quality. At that point, governance and risk management are no longer a luxury, but rather the first line of defense for protecting both the economy and the financial sector.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/nbfis\/\">NBFIs<\/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=\"703615\" 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                <h4 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                        Lights out for the grey market                        <\/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\/19\/electricity-tariff-hikes-drive-shift-to-energy-efficient-lighting\/\" 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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wp-post-image\" alt=\"\" data-attachment-id=\"703617\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/electricity-tariff-hikes-drive-shift-to-energy-efficient-lighting\/1116-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1116.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1116.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1116.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1116.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703616\" class=\"content-area-description single-story post-703616 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-electricity tag-enterpriseam tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/14\/imf-mission-lands-in-cairo-a-month-early-for-seventh-review\/\" style=\"\">electricity tariff hikes<\/a><\/strong><strong> are putting the informal <\/strong><strong>lighting market on the back foot. <\/strong>With payback periods on smart, energy-efficient systems now running 18-36 months \u2014 short enough to write the business case themselves \u2014 buyers are turning down cheap sticker prices for long-term savings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The formal sector is finally a more attractive option for buyers now that monthly <\/strong><strong>electricity-bill savings can repay a quality system in under three years.<\/strong> \u201cWe focus on highlighting total cost rather than just the purchase price \u2014 low-quality products often lead to higher energy consumption, frequent breakdowns, and a shorter lifespan,\u201d Signify Egypt and Northeast Africa president and CEO Mohamed Saad tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This is bad news for the gray market<\/strong>, which still controls roughly 60% of Egypt\u2019s USD 400-550 mn lighting sector, according to Bahaa El Adly, head of the electrical equipment division at the Engineering Industries Chamber. The informal sector is more than unlicensed factories \u2014 it\u2019s primarily counterfeiting, with small and mid-sized manufacturers copying international brands outside any quality-control framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> The country\u2019s lighting market is growing at around 7% annually \u2014 on El Adly\u2019s read \u2014 well ahead of the 3.83% <a target=\"_blank\" href=\"https:\/\/www.morganreedinsights.com\/egypt-led-lighting-market\/\" style=\"\">Morgan Reed Insights<\/a> projects, which sees the sector expanding from USD 522.7 mn in 2026 to USD 733.3 mn by 2035. Lighting isn\u2019t energy-intensive, so the tariff hike hits manufacturers\u2019 bottom lines lightly. The real cost pressure \u2014 around 10% \u2014 is coming from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/inside_industry\/the-hormuz-crisis-is-a-stress-test-for-egyptian-industry-amid-energy-and-export-uncertainty\/\" style=\"\">copper and aluminum prices<\/a>, which have risen due to disruptions in regional logistics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The limits on localization:<\/strong> Egypt can domestically produce 75\u201380% of an LED product. The hard stop is precision electronic components, imported almost entirely from China. At current market volumes, importing still beats local production on economics.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"703618\" 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=\"703618\">\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\">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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/\">\r\n                            Supply chain leaders: the next disruption won\u2019t wait for your team to catch up                        <\/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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/\" 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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/')\">\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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/\">\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=Supply chain leaders: the next disruption won\u2019t wait for your team to catch up&url=https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/\">\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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/&title=Supply chain leaders: the next disruption won\u2019t wait for your team to catch up\">\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=Supply+chain+leaders%3A+the+next+disruption+won%E2%80%99t+wait+for+your+team+to+catch+up+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F19%2Fsupply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up%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\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1100.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"703619\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/supply-chain-leaders-the-next-disruption-wont-wait-for-your-team-to-catch-up\/1100-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1100.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1100.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1100.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1100.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703618\" class=\"content-area-description single-story post-703618 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-auc-onsi-sawiris-school-of-business-executive-education tag-a-message-from-auc-onsi-sawiris-school-of-business-executive-education tag-auc tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s manufacturers and trading companies have spent the past decade building<\/strong><strong> leaner, more connected supply chains.<\/strong> The rationale was clear: tighter networks, reduced inventory, improved visibility, and strengthened supplier relationships across increasingly competitive markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Recent shocks tested that logic quickly.<\/strong> Pandemic shutdowns, pressure on key maritime routes such as the Strait of Hormuz, and geopolitical uncertainty exposed how quickly freight corridors can change and costs can rise with little warning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In that environment, resilience depended on how teams responded under pressure.<\/strong> It was rarely about network design alone. The difference came down to whether teams could renegotiate supplier terms under pressure, reroute logistics without disrupting operations, and make disciplined cost decisions early.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Those capabilities rarely develop through experience alone. <\/strong>Recognizing when a cost issue is a resilience issue, or how to restructure a network without introducing new risks, requires structured training. For companies that lacked it, the past five years made that distinction measurable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/operations-management\/supply-chain-management-professional-certificate\" style=\"\">Supply Chain Management Professional Certificate<\/a><\/strong><strong> at AUC Onsi Sawiris School of <\/strong><strong>Business Executive Education is built around that reality.<\/strong> The five-month blended program, accredited by the <a target=\"_blank\" href=\"https:\/\/www.iscea.org\/\" style=\"\">International Supply Chain Education Alliance<\/a>, covers supply chain strategy and design, planning and execution, finance, and resilience modeling, helping teams build the capabilities needed to lead through volatility rather than react to it.<\/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=\"703620\" 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=\"703620\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/ifc-extends-a-usd-40-mn-senior-loan-to-nile-sugar\/\">\r\n                            A sweet loan                        <\/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\/19\/ifc-extends-a-usd-40-mn-senior-loan-to-nile-sugar\/\" 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 package should help make Egypt more resilient to global commodity price swings by boosting domestic output.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> We\u2019ve been tracking this transaction <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/12\/egx-listed-edita-saw-its-net-income-jump-73-in-2025\/\" style=\"\">since March<\/a> when IFC first began mulling the package to expand capacity at the sugar refinery. The current agreement will see the IFC deploying USD 20 mn from its own account and mobilizing the remaining USD 20 mn from external co-investors, per the <a target=\"_blank\" href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/51860\/nile-sugar\" style=\"\">project summary<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong> The government moved to protect domestic crop refiners by extending a ban on refined sugar imports back <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/18\/lvp-pharma-becomes-ramedas-largest-shareholder-with-23-2-share\/\" style=\"\">in March<\/a> to shield local factories from cheaper foreign inflows, which have historically triggered high storage costs and inventory pileups. With the market leaning on a 1.3 mn ton surplus to cover near-term consumption, long-term supply stability depends on scaling corporate cultivation projects that mirror Nile Sugar\u2019s Minya footprint.<\/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\/commodities\/\">commodities<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sugar\/\">Sugar<\/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=\"703622 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=\"703622\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/703622\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703622\" class=\"content-area-description single-story post-703622 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=\"703623\" 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=\"703623\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/eni-attempts-usd-20-mn-quick-fix-to-partially-recover-zohr-output\/\">\r\n                            Eni attempts USD 20 mn quick fix to partially recover Zohr output                        <\/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\/19\/eni-attempts-usd-20-mn-quick-fix-to-partially-recover-zohr-output\/\" 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 intervention aims to isolate water flows in two wells, which is expected to add some 120 mmcf\/d of natural gas and 160 bbl \/ d of condensates to the Mediterranean field\u2019s output by June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Zohr \u2014 which accounts for roughly 30% of the country\u2019s total natural gas output \u2014 has seen its production slide to around 1.2 bcf\/d from a 2019 peak of 3.2 bcf\/d. National production dragged to under 4 bcf\/d against summer demand of 7 bcf\/d, forcing a costly import squeeze. The fix is modest, but fits into a broader push to add an <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/25\/egypt-targets-1-bcf-d-natural-gas-boost-by-years-end-with-investment-model-shakeup\/\" style=\"\">additional 1 bcf\/d<\/a> to domestic production by year-end \u2014 part of a larger target to reach 6.2 bcf\/d by 2027. <\/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\">A fresh water venture<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orascom Construction and Alpha Dhabi Holding subsidiary <\/strong><strong>Trojan<\/strong> <strong>Construction Holding are teaming up to launch Everwater for Treatment Systems<\/strong>, a new Abu Dhabi-based company targeting large-scale water infrastructure projects across the region, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1080.pdf\" style=\"\">press release (pdf)<\/a>. The 50:50 venture will provide EPC and operation and maintenance services, with a 300k cbm\/d desalination plant already in final negotiations. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>Orascom has a roster of major water infrastructure projects under development in the region, including a USD 5.8 bn desalination plant <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/28\/orascom-construction-arab-contractors-land-jordans-largest-infrastructure-project\/\" style=\"\">in Jordan<\/a>. It is also part of a consortium with Adnoc and Taqa which will develop a USD 2.4 bn large-scale seawater treatment project <a target=\"_blank\" href=\"https:\/\/orascom.com\/updates\/orascom-construction-metito-consortium-to-develop-own-and-operate-a-large-scale-seawater-treatment-and-water-transportation-project-worth-up-to-2-4-billion-in-the-uae\/\" style=\"\">in Abu Dhabi<\/a> \u2014 with an expected 520k cbm\/d capacity once completed.<\/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\">Sky Ports steps up for stalled project<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The General Authority for Land and Dry Ports signed an MoU with<\/strong> <strong>local<\/strong><strong> logistics provider Sky Ports to finance, build, and operate a dry port and logistics zone<\/strong> in New Borg El Arab, according to a Transport Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid0wVKwYcwEyuqfMTsQ5J8r5Q1QbquwvXaa84Ci3v2mcPtjFMaKHPDxoA4WhbaTkaeLl\" style=\"\">statement<\/a>. The project is expected to handle some 120k containers annually \u2014 hauling about 6.7 mn tons of dry goods.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> This is the latest move in a long string of attempts to get the project off the ground. The government has been courting developers since 2020, with proposals from <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/koreas-cgn-tapped-to-manage-borg-el-arab-port\/\" style=\"\">Korea\u2019s CGN<\/a>, a consortium led by <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/05\/valu-wants-you-to-shop-by-whatsapp-and-we-have-new-solar-plants-coming-online-in-sharm-this-october\/\" style=\"\">Alpha Capital<\/a>, and GCC-based <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/11\/24\/gcc-contractor-mulls-setting-up-dry-port-in-borg-al-arab\/\" style=\"\">Al Ahmadiah Contracting<\/a> all previously on the table, alongside a stalled 2023 agreement with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/logistics\/2024\/11\/18\/today-marsa-maroc-eyes-liberian-port-development-bahrain-ramps-up-bahs-facilities\/\" style=\"\">Ocean Express Shipping<\/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 project is central to the government\u2019s goal to roll out 33 dry ports nationwide and ease container bottlenecks at marine ports.<\/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\">Elsewedy Electric wants to expand its footprint in Algeria<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewedy Electric<\/strong><strong> is loo<\/strong><strong>king to invest an additional USD 1.3 bn in Algeria<\/strong>, which would go into the country\u2019s industry, housing, tourism, and agriculture sectors, the firm\u2019s Algeria General Manager Mostafa Elhalawani told the <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AsharqBusiness\/videos\/-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%AF%D9%8A-%D8%AA%D9%86%D9%88%D9%91%D8%B9-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%87%D8%A7-%D9%81%D9%8A-%D8%A7%D9%84%D8%AC%D8%B2%D8%A7%D8%A6%D8%B1-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-13-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D9%88%D8%A7%D9%84%D8%A5%D8%B3%D9%83%D8%A7%D9%86-%D9%88\/1301009198787803\/\" style=\"\">Arabic Press<\/a>. The investments are awaiting the green light from the country\u2019s state institutions, Elhalawani said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company is currently acquiring land to launch projects valued at <\/strong><strong>USD 2.5 bn<\/strong>, spanning water treatment, agriculture, irrigation, sanitation, and aluminum, Elhalawani said. We first heard of the investment target back in September after the company <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/10\/eni-bp-to-drill-exploratory-gas-well-with-usd-70-mn-in-investments-this-year\/\" style=\"\">inked an agreement<\/a> with the Algerian Agency for Investment Promotion on cooperation on industrial projects and expanding investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewedy Electric is already well-established in Algeria<\/strong>, where it operates local factories producing cables, accessories, and transformers for both the domestic market and export to Europe and Africa.<\/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\">Valmore Holding sees bottom line rise in 1Q<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Valmo<\/strong><strong>re Holding \u2014 formerly Egypt Kuwait Holding \u2014 saw its net income from continued <\/strong><strong>operations rise 15% y-o-y to USD 41.6 mn in 1Q 2026<\/strong>, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1135.pdf\" style=\"\">earnings release (pdf)<\/a>. Revenues for the three-month period were \u201cbroadly stable\u201d at USD 166 mn, while hard-currency revenues \u2014 which make up more than half of consolidated top line \u2014 reached USD 87 mn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the numbers: <\/strong>The group\u2019s energy and utilities arm NatEnergy saw its highest quarterly connections recorded in the last 10 quarters, while fertilizer player AlexFert saw gains on the back of rising urea prices. Chemicals manufacturer Sprea also saw margin expansion despite Gulf export hurdles.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span 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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=\"703625\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/how-the-halo-trade-is-positioning-to-buy-what-ai-cant-replace\/\">\r\n                            The other AI trade                        <\/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\" 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               \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\/19\/how-the-halo-trade-is-positioning-to-buy-what-ai-cant-replace\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/452.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"703626\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/19\/how-the-halo-trade-is-positioning-to-buy-what-ai-cant-replace\/452-jpg-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/452.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"452.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/452.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/452.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703625\" class=\"content-area-description single-story post-703625 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A new equity market split is forming, and the smart money is already on one side <\/strong><strong>of it. <\/strong>Investors are shying away from companies AI will most likely disrupt, including software, payments, and consumer platforms, and investing in companies AI can\u2019t easily replace: heavy industrials, freight, energy, and consumer staples. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The trade has a name: <\/strong>\u201cHeavy assets, low obsolescence,\u201d also known as Halo, is a term coined last February by Ritholtz Wealth Management CEO Josh Brown and now incorporated into investment research being carried out this year at both Goldman Sachs and Morgan Stanley, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/05\/17\/ai-stock-market-trade-halo-investing.html\" style=\"\">CNBC<\/a> reported Sunday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The performance gap is real.<\/strong> FedEx and ExxonMobil are up close to 30% YTD, and Coca-Cola is up around 17%. On the other side of the split, Adobe, ServiceNow, and Salesforce have drifted to 52-week lows as investors reassess software exposure to AI disruption. Roundhill Investments launched a Halo ETF last week with top holdings in Cummins, AutoZone, CSX, JB Hunt, and Lennox \u2014 companies that, as Brown put it, \u201care 100-years-old.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new ETF launched 43 days after Roundhill\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/05\/15\/dram-etf-roundhill-record-fastest-9-billion-aum.html\" style=\"\">Dram ETF<\/a><\/strong><strong> hit USD 9.8 bn in AUM <\/strong>\u2014 the fastest in ETF history \u2014 capturing the AI-memory bottleneck trade from the other direction.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this matters: <\/strong>GCC sovereign wealth funds and Egyptian institutional investors have been heavily positioned on the wrong side of the Halo split. Years of building US exposure through the consensus growth trade \u2014 Amazon, Visa, Mastercard, software platforms, consumer payments \u2014 left the regional capital base concentrated in exactly the cohort the Halo thesis flags as AI-disruptable. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi PIF\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/18\/pif-and-berkshire-are-now-telling-the-same-story-about-us-equities\/\" style=\"\">1Q 13F filing last week<\/a><\/strong> <strong> shows the fund already executed the switch in stealth mode. <\/strong>Just four US-listed positions remain standing, including Uber, Electronic Arts, Lucid, and Clarivate, all of which fit the Halo profile. The fund\u2019s US book shrank from 36 positions and USD 56.7 bn in 4Q 2021 to four positions and USD 12 bn this quarter.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The harder read:<\/strong> PIF changed the playbook a year early, but the rest of the GCC sovereign wealth funds have not. Mubadala, Adia, ADQ, and QIA all still carry exposure across a cohort now being flagged as structurally vulnerable \u2014 and the same logic extends to Egyptian, Saudi, and UAE-listed ins., pension, and family-office portfolios that have built US equity exposure through the same consensus playbook.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>The AI trade most people are watching is the one with Nvidia\u2019s name on it. The other AI trade \u2014 the one Brown, Goldman, Morgan Stanley, and PIF are all positioned for \u2014 is rotating capital toward the companies and assets that AI can\u2019t replace. <\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mi<\/strong><strong>xed in early trading this morning<\/strong>, but we expect them to inch higher as the day unfolds and investors react to US President Donald Trump\u2019s decision to postpone a planned attack on Iran. Japan\u2019s Nikkei is flat, while South Korea\u2019s Kospi is down over 3%. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">52,007<\/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: +24.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 53.26<\/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 53.40<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 53.27<\/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 53.37<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,956<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +4.4%)<\/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>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\">9,561<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.2% (YTD: -4.3%)<\/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\">5,610<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.7% (YTD: -7.2%)<\/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>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\">7,403<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +8.1%)<\/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>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\">10,324<\/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\">+1.3% (YTD: +4.0%)<\/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>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\">5,849<\/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: +0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 109.38<\/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>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.02<\/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\">+2.2%<\/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>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 4,558<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 76,935<\/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\">-1.9% (YTD: -12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">1,049<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">150.35<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: -1.0%)<\/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>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\">17.82<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.3% (YTD: +19.2%)<\/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> fell 0.7% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 10.4 bn (32.9% above the 90-day average). Local investors were the sole net buyers. The index is up 24.3% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Abu Qir Fertilizers (+2.0%), ADIB (+1.9%), and Ibnsina Pharma (+1.5%).<\/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 (-5.0%), Heliopolis Housing (-4.8%), and Oriental Weavers (-4.6%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"703627\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-egp-301-bn-in-agricultural-support-undermines-its-water-strategy-oecd-warns\/\">\r\n                            Down the drain<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypts-egp-301-bn-in-agricultural-support-undermines-its-water-strategy-oecd-warns\/\" 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 engineering will help, but the economics will cancel most of it out, the report says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In a single sentence: we are paying farmers to waste the water and soil we are simultaneously spending bns to conserve. <\/strong>Per capita water availability has fallen by nearly half since 1990, and we have crossed the 500 cbm absolute-scarcity threshold. The Water Resources Ministry offers supply-side fixes \u2014 megaprojects like Bahr El Baqar. The OECD says the real crisis is on the demand side.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters for our green economy:<\/strong> Every sustainability play in Egyptian agriculture \u2014 drip irrigation, precision agronomy, salinity remediation \u2014 runs through a price system that rewards the opposite behavior. Agritech investors, green-credit lenders, and water-efficient kit vendors are all swimming against a current the state itself is generating.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/news.northeastern.edu\/2025\/02\/07\/jevons-paradox-ai-future\/\" style=\"\">Jevons paradox<\/a><\/strong><strong>: <\/strong>Common sense says drip irrigation saves water. The data says it doesn\u2019t. When farm-level efficiency rises, farmers plant thirstier, more lucrative crops and expand onto marginal land, which then eliminates return flows that under flood irrigation recharge groundwater. This leads to more efficient irrigation, more water consumed, and less aquifer recharge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fertilizer overdose:<\/strong> Egypt\u2019s nitrogen application runs at over three times the OECD average. Wheat farmers apply roughly 139 kg per feddan \u2014 85% above the government\u2019s own guidelines. Natural-gas subsidies make domestic nitrogen artificially cheap. Combined with low-quality irrigation water and seawater intrusion, the overuse has pushed salinity into 35% of cultivated land. In the lower Delta, 60%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The feed tax:<\/strong> To chase grain self-sufficiency, the state holds domestic prices well above international levels. Poultry and dairy feed is up to 70% yellow maize. Local dairy, beef, and egg producers pay inflated feed costs as a direct artifact of the policy. We are taxing local protein to subsidize starch.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Six entities pulling in different directions:<\/strong> The Agriculture and Land Reclamation Ministry runs fertilizer and credit. The Water Resources and Irrigation Ministry runs canals. The Supply and Internal Trade Ministry sets crop prices. The state-owned Holding Company for Food Industries operates 36 subsidiaries across processing, milling, and 40k retail outlets. Mostakbal Misr, the military-owned vehicle, is expanding across agricultural inputs and strategic crops. One ministry funds drip irrigation; another sets sugar cane procurement prices that prompt farmers to use every drop they can.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fix, according to the OECD report:<\/strong><\/p>\n<ul>\n<li>Phase out fertilizer subsidies and redirect to income support or innovation grants;<\/li>\n<li>A blanket water charge with a quota-based system could incentivize conservation. Farmers who stay within sustainable limits would earn financial rewards, those exceeding them would pay a scarcity charge;<\/li>\n<li>Merging agronomy and water management extension services. Treating them as separate bureaucracies undermines efficiency.<\/li>\n<\/ul>\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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"703629\" 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\/19\/703629\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-703629\" class=\"content-area-description single-story post-703629 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;\">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>Energy efficiency wins | IFC funds Nile Sugar | OECD water warning<\/p>\n","protected":false},"featured_media":703609,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-703608","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"16c7b6e1-40ee-4520-ac46-a66402751e60","teaser":"Energy efficiency wins | IFC funds Nile Sugar | OECD water warning","photo_url":"https:\/\/ent.news\/2026\/5\/1138.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE tightens oversight on non-bank lenders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-tightens-oversight-on-non-bank-lenders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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