{"id":704494,"date":"2026-05-21T00:00:00","date_gmt":"2026-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=704494"},"modified":"2026-05-21T02:57:07","modified_gmt":"2026-05-21T02:57:07","slug":"egyptian-resorts-company-board-wont-budge-despite-moves-to-unseat-it","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egyptian-resorts-company-board-wont-budge-despite-moves-to-unseat-it\/","title":{"rendered":"Egyptian Resorts Company board won\u2019t budge despite moves to unseat it"},"content":{"rendered":"<section id=\"704496\" 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=\"704496\">\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\/21\/cbe-expected-to-hold-interest-rates-today-for-second-consecutive-meeting\/\">\r\n                            CBE expected to leave interest rates unchanged today                        <\/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\/21\/cbe-expected-to-hold-interest-rates-today-for-second-consecutive-meeting\/\" 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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GAFI's Grievance Committee meets today to figure out where this leaves things and we'll be watching.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO \u2013 International lenders are circling the USD 3 bn EgyptAlum-Alba alumina refinery<\/strong>, Managing Director Mahmoud Agour tells us. More on this and more stories in the news well below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\">WISH THIS MORNING\u2019S ISSUE was a podcast? We\u2019ve got you. Tap or click here<\/a><\/strong> to listen to Morning Drive, a 10-minute version of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Happening today <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>It\u2019s interest rate day:<\/strong> The Central Bank of Egypt (CBE) is expected to keep interest rates on hold, at 19% for deposits and 20% for lending, for the second consecutive time when its Monetary Policy Committee meets today. Financial analysts we spoke to for <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/17\/analysts-expect-cbe-to-keep-interest-rates-steady-on-thursday\/\" style=\"\">our regular interest rate poll<\/a> say the CBE is likely to maintain its \u201cwait-and-see\u201d approach to keep inflation expectations anchored amid elevated global energy prices and geopolitical uncertainty. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Veteran banking expert and former Banque Misr Deputy Chair Sahar El Damaty also anticipates a hold scenario<\/strong>, citing the current geopolitical conditions. \u201cAlthough inflation is hovering around 14.9%, we are still facing imported inflationary pressures stemming from rising oil and natural gas prices, alongside higher shipping and ins. costs, all of which are naturally feeding into the prices of most goods,\u201d El Damaty tells EnterpriseAM.<\/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\">Still drilling down the debt<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>The <\/strong><strong>Oil Ministry<\/strong><strong> continues to pay off arrears owed to international oil c<\/strong><strong>ompanies,<\/strong> bringing the dues down to USD 440 mn <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/03\/finmin-caps-sovereign-guarantees-at-egp-560-bn\/\" style=\"\">from USD 714 mn at the end of April<\/a> and from USD 6.1 bn at its peak in June 2024, Oil Minister Karim Badawi <a target=\"_blank\" href=\"https:\/\/sis.gov.eg\/ar\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2-%D8%A7%D9%84%D8%A5%D8%B9%D9%84%D8%A7%D9%85%D9%8A\/%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%AE%D9%81%D8%B6-%D9%85%D8%B3%D8%AA%D8%AD%D9%82%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%A1-%D8%A7%D9%84%D8%A3%D8%AC%D8%A7%D9%86%D8%A8-%D9%85%D9%86-61-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A5%D9%84%D9%89-440-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\">said<\/a>. The government intends to fully settle the bill owed <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/22\/egypts-pm-signals-hes-going-to-hold-the-line-on-economic-reforms-despite-fallout-from-the-war-in-the-gulf\/\" style=\"\">by the end of June<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strategy:<\/strong> The government wants to revive upstream activity and stabilize declining domestic output. To secure its target of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/govt-wants-to-attract-usd-44-bn-in-investment-next-fiscal-year\/\" style=\"\">USD 6.2 bn in FDI<\/a> for the oil sector next fiscal year, the government is moving on multiple fronts such as clearing arrears owed to foreign energy firms, rolling out <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/12\/majority-of-analysts-see-central-bank-accelerating-the-easing-cycle-today-as-monetary-policy-committee-meets\/\" style=\"\">risk-adjusted<\/a> upstream terms, and attracting significant <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/energy-giants-pledge-usd-19-bn-to-our-petroleum-sector\/\" style=\"\">FDI commitments<\/a> \u2014 including a USD 19 bn pledge from global energy majors over the next three years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We need every barrel<\/strong><strong>.<\/strong> With oil output currently at 560k bbl \/ d versus a target of roughly 626k bbl \/ d by the end of next FY, and with gas output under 4 bcf\/d with a push to add <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=\"\">1 bcf\/d<\/a> by year-end \u2014 part of a larger target to reach 6.2 bcf\/d by 2027 \u2014 the math only works if international oil companies are willing to drill.<\/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\">Another listed SPAC<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Blank-check company <\/strong><strong>OG <\/strong><strong>Capital For Investments has formally landed on <\/strong><strong>the EGX<\/strong>, after securing approval for a temporary main-market listing, according to a bourse <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/en\/NewsDetails.aspx?NewsID=288532\" style=\"\">statement<\/a>. This makes it the second special purpose acquisition company (SPAC) to make it onto the exchange after Catalyst Partners Middle East (CPME). While OG Capital listed with an Issued capital of EGP 10 mn under the non-banking financial sector, the ticker hasn\u2019t gone live, and its shares aren\u2019t trading yet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We still don\u2019t know who actually sits behind the SPAC<\/strong>, which is unusual for a vehicle whose credibility rests on the people backing it. Investors in a blank-check company are typically underwriting the sponsors before there\u2019s an operating business or visible acquisition in the pipeline. Check out <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\" style=\"\">our explainer<\/a> for more on how SPACs work.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The clock starts now: <\/strong>OG Capital has three months from listing to raise its capital from EGP 10 mn to at least EGP 100 mn through a private placement to qualified investors and financial institutions, and six months from listing to gain shareholder approval for an acquisition target. The full acquisition must close within two years of listing, subject to FRA extension. Once those gates are cleared, the SPAC can move toward unfreezing the ticker for retail trading.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- These things take time. <\/strong>CPME first expressed interest in going public <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/18\/egypts-first-ever-spac-to-list-on-egx-by-next-month-omran\/\" style=\"\">back in 2022<\/a>. It was temporarily listed in <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/egypts-first-spac-starts-trading-on-the-egx\/\" style=\"\">November 2024<\/a> but only hit the EGX trading floor a little over <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/29\/demand-up-yields-down-for-our-first-local-debt-issuance-after-thursdays-rate-cut\/\" style=\"\">a year later<\/a>. Its shares closed up 20% to EGP 12 apiece on debut, some three months after it completed its twin acquisition of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0884d357-d16e-4587-b111-7421235b99d8\/%253cmark%253ecatalyst-partners-middle-east%253c%2Fmark%253e-completes-its-first-two-acquisitions\" style=\"\">Qardy and Catalyst Partners<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Mapping out the Alex Metro expansion<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The National <\/strong><strong>Authority for Tunnels has signed a EUR 1.4 mn contract <\/strong><strong>with French consulting firm <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.systra.com\/en\/\" style=\"\">Systra<\/a><\/strong><strong> to conduct studies for the second phase of the Abu Qir Metro<\/strong>, a senior government official tells EnterpriseAM. The firm aims to complete the required studies by July, paving the way for a construction tender to be floated and work to begin. The Transport Ministry said last month it had begun formal procedures for the phase, following breaking ground on the first phase of the project <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/02\/alexandria-metro-works-begin-as-ministry-eyes-new-abu-qir-high-speed-rail-link\/\" style=\"\">in February<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">White Knights triumph<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zamalek <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/zamalek-claim-15th-egyptian-league-title-2026-05-20\/\" style=\"\">c<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sports\/soccer\/zamalek-claim-15th-egyptian-league-title-2026-05-20\/\" style=\"\">linched<\/a><\/strong><strong> their 15th <\/strong><strong>Egyptian <\/strong><strong>Premier League crown after besting <\/strong><strong>Ceramica Cleopatra in last night\u2019s showdown<\/strong>, scoring 1-0 after a goal by Oday Dabbagh in the match\u2019s first 10 minutes. This victory follows the team\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/17\/zamalek-loses-the-confederation-cup-title-as-far-faces-sundowns-in-first-leg-of-caf-champions-league-final\/\" style=\"\">loss<\/a> of the African Confederation Cup final earlier this month to Algeria\u2019s USM Alger.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The cabinet has extended its mandatory work-from-home policy through to the <\/strong><strong>end of June<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0kv1E29GEn17jLhnjZEPDAuwcmKnmLDfsVyAGcWdRijaeiHPaVNMBd83nbsimg8xYl\" style=\"\">statement<\/a>. This is the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/30\/cabinet-keeps-sunday-wfh-for-another-month-to-curb-energy-costs\/\" style=\"\">second consecutive<\/a> renewal of the measure, which applies to both public and private-sector employees and eases pressure on the national grid during peak summer consumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another breezy day in Cairo today, with a high of 29\u00b0C and a low of 18\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s several degrees cooler in Alexandria<\/strong>, with a high of 24\u00b0C and a low of 17\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And over the weekend<\/strong>, expect to see slightly warmer weather, with a high of 31\u00b0C in the capital and a high of 24\u00b0C for our friends on the Mediterranean.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re inc<\/strong><strong>hing closer to what will be the largest IPO ever <\/strong>after <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/transactional\/bound-mars-elon-musks-spacex-unveils-filing-blockbuster-ipo-2026-05-20\/\" style=\"\">SpaceX filed publicly<\/a> late last night. Now the world is sitting tight in anticipation of the rocket maker\u2019s imminent Nasdaq debut. We dive into the full story and what it means for the Gulf in this morning\u2019s Planet Finance, below.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The return of monetary tightening? <\/strong>The latest <a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomcminutes20260429.htm\" style=\"\">meeting minutes<\/a> from the Federal Reserve indicate the central bank\u2019s willingness to raise interest rates if inflation maintains its growth trajectory above 2%. Prior to this development, CME Group data <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/fed-minutes-reveal-support-for-rate-hikes-if-inflation-proves-persistent-97e63b1c?mod=economy_lead_story\" style=\"\">showed<\/a> interest rate futures markets pricing in a nearly 50% chance of at least one quarter point rate hike in 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, in the tech world: <\/strong>Nvidia <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a7aa26d1-1bad-407f-8bff-4ae491cb8ce0?syn-25a6b1a6=1\" style=\"\">announced<\/a> USD 80 bn in stock buybacks and an increase in its dividend payout yesterday, after 1Q sales grew 85% y-o-y to USD 81.6 bn, surpassing expectations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on the Warner Bros. buyout: <\/strong>To finance Paramount\u2019s takeover of Warner Bros. Discovery, Bank of America and Citigroup are <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/banks-eye-30-billion-of-high-grade-bonds-for-warner-bros-lbo\" style=\"\">gauging investor appetite<\/a> for a massive debt package. Early talks indicate a mix of around USD 30 bn in high-grade bonds, USD 12 bn in junk bonds, and USD 7.5 bn in loans.<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary 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            <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=\"704498 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=\"704498\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/704498\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704498\" class=\"content-area-description single-story post-704498 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\/1314.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">This Eid al-Adha, Somabay comes alive with sun-drenched days, vibrant beach moments, live music, seaside gatherings, and experiences made to be shared.<br><\/span><\/p>\n<p><span style=\"font-weight:400;\">From 27-31 May, the Spirit of Eid unfolds across the destination with a curated lineup of beach activations, sunset sessions, rooftop beats, family experiences, sports tournaments, workshops, and late-night entertainment set against the stunning backdrop of the Red Sea.<\/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=\"704499\" 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=\"704499\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">The Big Story Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/egyptian-resorts-companys-board-defeats-attempt-to-unseat-it\/\">\r\n                            The board that wouldn\u2019t budge                        <\/a>\r\n                    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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1306.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1306.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1306.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1306.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704499\" class=\"content-area-description single-story post-704499 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-enterpriseam tag-general-authority-for-freezones-and-investment tag-the-big-story-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Court<\/strong><strong> blocks GAFI\u2019s forced board shake-up at ERC: <\/strong>The State Council\u2019s Administrative Court has suspended a decision by the General Authority of Investment and FreeZones (GAFI) compelling the Egyptian Resorts Company to convene a general meeting and elect a new board. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/116947.pdf\" style=\"\">interim ruling (pdf)<\/a><\/strong><strong> by the court found that GAFI\u2019s directive lacked <\/strong><strong>legal <\/strong><strong>basis and blocked votes scheduled for 16 and 23 May <\/strong>(the latter in case quorum wasn\u2019t reached at the first meeting), according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/703334.pdf\" style=\"\">regulatory disclosure (pdf)<\/a>. The appeal was filed and ruled on in just four days. GAFI\u2019s Grievance Committee is set to convene today to discuss the legal status of its decision.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ERC is the developer behind Sahl Hasheesh<\/strong>, a high-profile Red Sea coast destination that\u2019s over half the size of Manhattan.<\/p>\n<p class=\"tag-border-left\"> Remnants of a grudge<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ruling freezes a long-running boardroom dispute between ERC\u2019s management and a dissenting minority shareholder bloc <\/strong>\u2014 led by Tarek Muhammadi Mansour, Sahar Adel Suleiman, and Jehan Adel Suleiman \u2014 over the control of one of the country\u2019s largest tourism land banks, a source with first-hand knowledge of the dispute tells EnterpriseAM. \u201cWhile the dispute appears to be over the company's management, it is, in reality, a dispute over sale contracts,\u201d the source says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The real war is over the price of the dirt in Sahl Hasheesh. <\/strong>As a tourism developer, ERC can legally price land in USD, and that\u2019s where the battle lines were drawn. The shareholder bloc behind the push has been fighting since 2019 to fix the exchange rate for their specific land-purchase contracts at EGP 10 to the USD, the source tells us. By forcing a board shuffle, the family-led insurgency, which holds <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/704417.pdf\" style=\"\">a combined 24.95% stake (pdf)<\/a> in ERC as of mid April, was looking to secure more favorable terms. The EGP was at 53.39 yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why this would\u2019ve worked:<\/strong> A board of directors has the power to settle disputes and approve contract amendments without a shareholder vote. In theory, a friendly board could choose to stop pursuing payments for land at a higher exchange rate. This would allow the group to settle their outstanding contractual obligations to the company at a sharp markdown, benefitting the family bloc at the expense of ERC\u2019s broader shareholder base.<\/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\">Close, but no cigar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The latest turn in the dispute began after the bloc failed to seize control during a grueling 14-hour general assembly<\/strong> in September 2025, when a new board was elected, Matouk Bassiouny & Hennawy (MBH) partner Amr Ehab tells EnterpriseAM. The bloc requested that ERC\u2019s board call a new election in November that same year \u2014 the board rejected the request, saying there was no legal requirement for a re-do. Ehab represented ERC in the lawsuit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What really happened is, they overplayed their hand. <\/strong>Banking on their size \u2014 which on that day combined the family bloc\u2019s 24.95% stake with Beit El Khebra\u2019s 23.54% stake to form a near-majority \u2014 the coalition attempted a boardroom bluff that was called out by management, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/704418.pdf\" style=\"\">board meeting minutes filed to the EGX (pdf)<\/a>. The bloc was circulating an unauthorized memo to remove the sitting board. Given that this must be done via secret ballot, the plan crashed into a technical wall because a big portion of the shareholders were attending remotely, and the online interface could not legally support a secret ballot for an unscheduled motion without prior clearance from GAFI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The second obstacle was also procedural. <\/strong>Many of the signatures the bloc gathered for the motion to unseat the current board were backed by restricted powers of attorney (limited to attendance and voting) that did not cover the right to submit impromptu structural motions. After a heated discussion between a Beit El Khebra representative and the chairman, the bloc staged a tactical walkout and abstained from voting in a backfired bid to break quorum, which wiped their own numerical advantage and allowed current management to legally sweep and lock down new board seats.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bloc then went to court four times to annul the September election results <\/strong>\u2014 and on four separate occasions, the Qena Economic Court refused the petition. The group then turned to the regulator. Their argument? ERC\u2019s board had abdicated its duties and failed to exercise proper oversight.<\/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 BoD said no, GAFI said\u2026 yes?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Typically, the regulator would first want to investigate the claim that the board had been derelict in carrying out its duties.<\/strong> The bloc first approached GAFI in December 2025 \u2014 the regulator replied in March 2026 that the filing was missing a document, which lawyers for the families submitted the same month. Just 45 days later, with no further contact, GAFI went straight to the EGX with an announcement calling the assembly for 16 May. \u201cWe were surprised [on 20 April] that the authority announced on the EGX a call for the assembly to convene [on 16 May] to elect a new board,\u201d Ehab says. It was only then that ERC execs learned that the bloc had gone to GAFI, he adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ERC\u2019s legal team went into emergency mode. <\/strong>Lawyers asked in April that GAFI\u2019s Grievance Committee intervene and filed an appeal on Tuesday 5 May. Four days later, they were in court. Recognizing that a board shuffle, once done, would be nearly impossible to undo, the Administrative Court gave GAFI\u2019s lawyers just three hours to review the file and respond. The court\u2019s interim ruling was scathing, saying it found that since a valid board was already in place, GAFI had no grounds to say the board was in the wrong for refusing to call another election. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>It\u2019s not often the State Council (Maglis El Dowla) rules against a major watchdog in favor of a company \u2014 let alone this fast. \u201cThe speed of this ruling serves as a reassurance to EGX investors even when a regulator exceeds its statutory jurisdiction or commits a procedural impropriety, the judiciary will intervene to maintain corporate stability and protect stakeholders\u2019 interests,\u201d Ehab says.<\/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\">Reclaiming the plots<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Right on the heels of the judicial rescue<\/strong>, ERC\u2019s board secured an unappealable \u2014 and unanimous \u2014 international arbitration award on 10 May to terminate 2015 land contracts in Sahl Hasheesh held by Tarek Mansour and Jehan Suleiman, forcing them to return the coastal plots to ERC, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/704379.pdf\" style=\"\">EGX disclosure (pdf)<\/a>. ERC will refund the group USD 3.87 mn to claw back the plots into its own inventory, while the tribunal ordered the shareholders to pay USD 49.7k to cover ERC\u2019s legal costs.<\/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\">Why this doesn\u2019t set a precedent <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pundits warn against reading the case as a binding legal precedent. <\/strong>\u201cIn Egypt, rulings are used as a trend rather than a binding precedent,\u201d veteran lawyer and former MBH partner Islam Saeed tells EnterpriseAM, noting that a single first-instance procedural ruling \u201cdoes not carry the weight of a formal legal precedent.\u201d The decision still sends an important signal to the market that regulators cannot easily be used as a shortcut by activist shareholders seeking to bypass the Companies Law.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThis is a purely procedural matter regarding a specific error in process<\/strong>, rather than a substantive legal principle,\u201d Saeed tells us, adding that the Administrative Court in question is \u201ca court of first instance, not the Supreme Administrative Court \u2026 it cannot be signaled as a definitive precedent that would significantly impact other cases.\u201d<\/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\">What\u2019s next<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the 16 May general meeting is dead, the legal status of GAFI\u2019s decision remains in limbo<\/strong>, Ehab tells us. The court ruling currently acts as a stay of execution \u2014 it renders the decision \u201cpractically non-existent\u201d but doesn\u2019t technically erase it from the books, he says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The final kill rests with the GAFI\u2019s Grievance Committee, which is set to convene today (Thursday, 21 May). <\/strong>\u201cThe Grievance Committee might lean towards annulling GAFI\u2019s decision,\u201d Ehab tells us. If they do, the decision is formally annulled and binding on GAFI, effectively ending the threat. But, even if the committee rejects the grievance, the Administrative Court\u2019s interim ruling holds on its own. The committee is a specialized three-member panel chaired by a member of the judiciary alongside a GAFI representative and an outside expert.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Editor\u2019s note: <\/strong>GAFI did not respond to EnterpriseAM\u2019s request for comment on this story, sent by email on May 13.<\/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\/general-authority-for-freezones-and-investment\/\">General Authority for Freezones and Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-big-story-today\/\">THE BIG STORY TODAY<\/a>\n                <!-- <span 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                <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704502\" class=\"content-area-description single-story post-704502 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-egypt-aluminum tag-enterpriseam tag-industry tag-investment-watch tag-investments tag-manufacturing tag-renewables tag-scatec 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>International <\/strong><strong>lenders are<\/strong><strong> competing to fund the USD 3 bn alumina refinery <\/strong><strong>Egypt Aluminum (EgyptAlum) is building with Aluminium Bahrain (Alba)<\/strong> \u2014 the largest alumina refining and production facility ever built in Egypt, EgyptAlum Managing Director Mahmoud Agour tells EnterpriseAM. EgyptAlum will fund half of the estimated cost of the project \u2014 around USD 1.5 bn \u2014 with the financing structure open to review at a later date. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Alba partnership agreement was signed <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/08\/govt-to-kick-off-the-search-for-partner-to-upgrade-hurghada-airport-next-month\/\" style=\"\">back in September<\/a><\/strong>, but has seen some delays tied to regional developments, Agour says. EgyptAlum already secured land in Safaga near the port to support export logistics and is working through formal procedures and licensing. \u201cConstruction and production startup should take around three years once all procedures are complete,\u201d Agour tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why is this important?<\/strong> Egypt has no <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/403.pdf\" style=\"\">functioning alumina refineries<\/a> and currently imports the raw material to feed the Naga Hammadi smelter, which has historically left Egyptalum exposed to global alumina pricing and shipping cycles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture:<\/strong> Together with the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/trafigura-takes-minority-stake-in-egyptalum-smelter-expansion\/\" style=\"\">Trafigura-backed smelter expansion<\/a> announced earlier this month and a new <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/05\/intl-players-want-in-on-egyptalum\/\" style=\"\">600k-ton greenfield<\/a> EgyptAlum is negotiating in East Al Tafreah with Gulf and foreign investors, the Alba agreement could lift Egypt\u2019s total aluminum production capacity to around 1.2 mtpa from roughly 300k tons today, Agour says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The green hedge is also advancing.<\/strong> Norwegian firm Scatec is close to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/03\/16\/scatec-inks-ppa-with-egyptalum-for-1-1-gw-solar-plant\/\" style=\"\">completing the first 500 MW phase<\/a> of its 1.1 GW solar project in Naga Hammadi \u2014 critical for keeping EgyptAlum\u2019s exports competitive as the EU\u2019s Carbon Border Adjustment Mechanism kicks in.<\/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\/egypt-aluminum\/\">Egypt Aluminum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investments\/\">investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/scatec\/\">Scatec<\/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=\"704504\" 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=\"704504\">\r\n            \r\n                <div 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"704505\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/govt-hikes-international-bond-program-to-usd-40-bn\/1212-jpg-43\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1212.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1212.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1212.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/1212.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704504\" class=\"content-area-description single-story post-704504 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-budget tag-debt tag-debt-watch tag-enterpriseam tag-finance-ministry 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 government<\/strong><strong> raised the ceiling on its medium-term international bond <\/strong><strong>program to USD 40 bn<\/strong> \u2014 up from USD 30 bn \u2014 on the back of recent sovereign credit rating upgrades, a senior government official tells EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government doesn\u2019t plan to max it out.<\/strong> The strategy is to issue annual external debt roughly equivalent to maturing obligations, minus USD 1-2 bn, to gradually bring the overall external debt load down, the source tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry plans to launch a USD 1 bn social bond issuance next FY as part of the expanded program.<\/strong> \u201cNext year, we will focus more heavily on sustainable development issuances, as the budget is primarily centered on the social sector,\u201d the source adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan:<\/strong> The ministry is targeting USD 3-4 bn in international bond issuances next FY, out of a wider USD 11.2 bn in total external loans and financing. Over the medium term, it wants to cut debt servicing costs \u2014 which currently eat up roughly 59% of tax revenues \u2014 down to around 35% of total state expenditures, and bring external debt-to-GDP to 17.8% by next June from 21.5% last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The government issued around USD 3.5 bn in diversified international bonds this FY, including its USD 1 bn debut social bond <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/17\/imf-expects-staff-level-agreement-over-the-summer-unlock-usd-1-6-bn\/\" style=\"\">This week<\/a>, the official says. Roughly USD 500 mn remaining that could be tapped before June or postponed based on market conditions.<\/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\/budget\/\">budget<\/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\/finance-ministry\/\">Finance Ministry<\/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=\"704506 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=\"704506\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/704506\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704506\" class=\"content-area-description single-story post-704506 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:\/\/estudio.enterpriseam.com\/ifc-50-year-anniversary\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1293.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=\"704507\" 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=\"704507\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/\">\r\n                            Pulling in three directions                        <\/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\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/\" 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\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/')\">\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\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/\">\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=EFG Holding posts 18% revenue growth as Bank NXT outpaces&url=https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/\">\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\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/&title=EFG Holding posts 18% revenue growth as Bank NXT outpaces\">\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=EFG+Holding+posts+18%25+revenue+growth+as+Bank+NXT+outpaces+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F05%2F21%2Fefg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces%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\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1961.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"704508\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/efg-holding-posts-18-revenue-growth-as-bank-nxt-outpaces\/1961-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1961.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1961.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1961.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1961.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704507\" class=\"content-area-description single-story post-704507 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-efg-hermes tag-efg-holding 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>EFG Holding\u2019s three businesses pulled in opposite <\/strong><strong>directions in 1Q 2026. <\/strong>The group posted an 18% y-o-y revenue increase to EGP 6.6 bn, but net income after tax and minority interest fell to EGP 1.0 bn, as higher taxes and minority interest charges ate into an otherwise strong quarter, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/704385.pdf\" style=\"\">earnings release (pdf)<\/a>. Total assets stood at EGP 270.2 bn at the end of March.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bank NXT delivered 34% revenue growth y-o-y to EGP 1.9 bn and 39% y-o-y growth in net income to EGP 691 mn<\/strong>, driven by a 53% surge in net interest income as the loan book expanded. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Finance revenues grew 20% y-o-y to EGP 1.6 bn, led by Valu\u2019s 85% revenue jump on securitization gains and loan issuances.<\/strong> Net operating income fell 37% to EGP 276 mn and net income fell 47% to EGP 205 mn, on a 335% rise in provisions y-o-y plus non-operational FX losses at Finance Holding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes\u2019 revenues grew just 9% y-o-y to EGP 3.1 bn as sell-side eased and investment banking activity was lower against a strong 1Q 2025 base. <\/strong>Net income climbed 34% y-o-y to EGP 1.1 bn, largely on the back of unrealized gains on investments and FX gains following March\u2019s EGP devaluation. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> Group CEO Karim Awad called it a \u201csolid start to 2026\u201d but flagged that the US-Israel-Iran conflict \u201cweighed on the broader region during the latter part of the quarter,\u201d with the group focused on \u201cdisciplined execution and prudent risk management.\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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"704509 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=\"704509\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/704509\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704509\" class=\"content-area-description single-story post-704509 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=\"704510\" 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=\"704510\">\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\/21\/leoni-lines-up-eur-80-mn-for-new-electric-cables-and-wiring-facility\/\">\r\n                            Localize it                        <\/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\" 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<\/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\/21\/leoni-lines-up-eur-80-mn-for-new-electric-cables-and-wiring-facility\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1300.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"704511\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/leoni-lines-up-eur-80-mn-for-new-electric-cables-and-wiring-facility\/1300-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1300.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1300.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1300.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1300.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704510\" class=\"content-area-description single-story post-704510 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-efg-hermes tag-enterpriseam tag-industrial tag-investment tag-logistics tag-manufacturing tag-oil-and-gas tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Egyptian arm of Germany\u2019s Leoni will set up a EUR 80 <\/strong><strong>mn <\/strong><strong>industrial complex in Badr City by 2028<\/strong>, as the company scales up its production of wiring harnesses and electric cables for both conventional and electric vehicles, Managing Director Sherief El Dessouky told the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/companies\/133399\/%D9%84%D9%8A%D9%88%D9%86%D9%8A-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A9-%D8%AA%D8%B6%D8%AE-80-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D9%8A%D9%88%D8%B1%D9%88-%D8%A8%D9%85%D8%AC%D9%85%D8%B9-%D8%B5%D9%86%D8%A7%D8%B9%D9%8A-%D8%AC%D8%AF%D9%8A%D8%AF-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/\" style=\"\">Arabic press<\/a>. The new complex will double the company\u2019s current production capacity of 100k wiring harnesses per day.<\/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 move directly supports the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/17\/industry-ministry-pushes-for-100k-vehicles-a-year-and-60-local-content-in-an-auto-industry-reboot\/\" style=\"\">National Automotive Industry Development<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/17\/industry-ministry-pushes-for-100k-vehicles-a-year-and-60-local-content-in-an-auto-industry-reboot\/\" style=\"\">Program\u2019s<\/a> target of a 60% local component ratio. It\u2019s also a data point in a quiet but intensifying North Africa supply chain rivalry: Morocco \u2014 including Leoni\u2019s own recently <a target=\"_blank\" href=\"https:\/\/www.leoni.com\/press\/press-releases\/morocco-agadir-opening\" style=\"\">launched<\/a> commercial vehicle wiring plant in Agadir \u2014 is positioning itself as a lean export gateway to Europe, while Egypt is banking on its labor scale and domestic supplier depth to build something broader.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT-<\/strong> The country\u2019s electrical wiring exports surged 29% last year to USD 752 mn, with Turkey taking the largest slice at 33% (USD 249 mn). Slovakia was the second largest importer of Egyptian electrical wiring at USD 106 mn, followed by the UK at USD 87 mn, <a target=\"_blank\" href=\"https:\/\/x.com\/alarabiyabn_eg\/status\/2048990592374313391?s=46\" style=\"\">Al Arabiya<\/a> reports, citing the UN trade database.<\/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\">Powering the Med pledge<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ExxonMobil and QatarEnergy will explore how to link Cypriot gas <\/strong><strong>discoveries to the country\u2019s energy infrastructure<\/strong> under an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOPMR\/posts\/pfbid02jKq7TsNHoJMSkpVTS4oWz3kZeM1XdGWF78cJZHT76g1jwNq4EYULhSdwyXtXTdC2l\" style=\"\">MoU<\/a> inked with the Oil Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> The agreement comes a day after Cyprus set a 2028 target to route offshore natural gas exports <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/20\/cyprus-gas-a-new-export-line-and-fresh-western-desert-drilling\/\" style=\"\">to Europe through Egypt<\/a>. While Egypt already holds midstream agreements to transport, process, and liquefy gas from the Eni and TotalEnergies-operated Cronos field (off the coast of Cyprus) at its Damietta plant, looping in ExxonMobil and QatarEnergy expands the government\u2019s prospective processing pipeline.<\/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\">Bonyan sees \u201cstrong start\u201d to 2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate inv<\/strong><strong>estment company <\/strong><strong>Bonyan <\/strong><strong>saw its net income rise 42.3% y-o-y <\/strong><strong>in 1Q 2026 <\/strong>to EGP 593.3 mn on the back of robust sales activity and appreciation in the company\u2019s investment portfolio by EGP 800 mn, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1328.pdf\" style=\"\">earnings release (pdf)<\/a>. The firm\u2019s top line more than doubled to EGP 370 mn during the three-month period.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Revenue growth was driven by a successful sales restart at Walk of Cairo<\/strong>, strong rental revenues boosted by repricing, contractual escalations, and new leases.<\/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\">Telecom Egypt opens 2026 with topline surge<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Telecom <\/strong><strong>Egypt <\/strong><strong>saw its net income drop 23% y-o-y in 1Q 2026 <\/strong>to around EGP 3.6 bn on the back of losses linked to the revaluation of foreign-currency liabilities, which amounted to EGP 5.3 bn, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1336.pdf\" style=\"\">earnings release (pdf)<\/a>. Barring these losses, the bottom line would have risen around 27% y-o-y to EGP 5.9 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The firm\u2019s top line rose 14% y-o-y in the same period<\/strong> <strong>to EGP 28.2 bn<\/strong> thanks to a modest increase in its customer base. Data revenue made up 69% of total topline growth, jumping 23% y-o-y in 1Q.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More on our radar:<\/strong><\/p>\n<ul>\n<li><strong>Fintech giant <\/strong><strong>Fawry <\/strong><strong>launched its services on smart <\/strong><strong>transportation<\/strong><strong> app Tariqi <\/strong>to automate toll collection across Egypt\u2019s highway network. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1284.pdf\" style=\"\">Press release, pdf<\/a>)<\/li>\n<li><strong>Investment platform Thndr plans to launch a real estate <\/strong><strong>investment fund<\/strong><strong> in 3Q introducing fractionalized property investments<\/strong>, pending regulatory approval from the Financial Regulatory Authority. (<a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/business\/investment\/egypts-thndr-targets-launch-of-real-estate-investment-fund-in-q3-ceo-qoaespo1\" style=\"\">Zawya<\/a>)<\/li>\n<li><strong>Saudi Folk Maritime launched Red Sea Express<\/strong>, a 1.1k-TEU shipping service connecting Ain Sokhna to Jordan\u2019s Aqaba, and Saudi Arabia\u2019s Yanbu and Jeddah ports to accelerate regional cargo handling and lower transport costs. (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/mawaniksa_aelaewaeqaepaezabraetaewaepaeuaeo-aetaeyaeuaepaejabraepaesaetaesaerabraepaevaexabraepaesaedaeuaepaehaeyabraeqaeyaeuaeqaeh-activity-7462548647071596545-iTpa?utm_source=social_share_send&utm_medium=member_desktop_web&rcm=ACoAAFjEOsoBnqYDqX1ub6SafZCooOxHPCd9lZI\" style=\"\">Statement<\/a>)<\/li>\n<li><strong>EFG Hermes was the sole global coordinator for the Saudi <\/strong><strong>Omani Investment Company on a<\/strong><strong> USD 92.5 mn block equity sale in Oman\u2019s OQ Base Industries.<\/strong> The transaction marks the first accelerated bookbuild ever executed in Oman\u2019s capital markets. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/1271.pdf\" style=\"\">Press release, pdf<\/a>)<\/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\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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               <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704512\" class=\"content-area-description single-story post-704512 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>The largest IPO in history is here:<\/strong> SpaceX filed its <a target=\"_blank\" href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1181412\/000162828026036936\/spaceexplorationtechnologi.htm\" style=\"\">prospectus<\/a> with the Securities and Exchange Commission last night setting the stage for it to kick off the global roadshow on 4 June. Pricing is expected as early as 11 June, with a listing on Nasdaq 12 June at a target valuation of <a target=\"_blank\" href=\"https:\/\/www.insiderfinance.io\/news\/spacex-ipo-prospectus-nears-ahead-of-june-roadshow\" style=\"\">USD 1.75 tn<\/a>, targeting USD 70-75 bn in proceeds. The previous record was <a target=\"_blank\" href=\"https:\/\/apnews.com\/general-news-399cda92332bb79bea96d63f758e4cea\" style=\"\">Saudi Aramco\u2019s USD 29.4 bn listing in 2019<\/a>, and SpaceX is on track to clear that by more than 2x.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Gulf is positioned on every side of this trade <\/strong>\u2014 as investor, as competitor, and as the reference point against which SpaceX is being priced. Mubadala has historic exposure through the Vision Fund, and multiple GCC family offices have ridden the secondary market valuation ladder from USD 100 bn in 2021 to USD 1.25 tn after the February xAI merger to USD 1.75 tn at IPO. PIF has been a SpaceX equity holder since 2021. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does the prospectus tell us? <\/strong>SpaceX incurred around USD 4.3 bn in losses in 1Q 2026, bringing in revenues of USD 4.7 bn in the same period. During 1Q 2025, net losses amounted to USD 528 mn along with revenues of around USD 4 bn. The filing also places the par value of Class A common stock at USD 0.001 per share.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El<\/strong><strong>on Musk remains comfortably in charge<\/strong>, with his ownership of some Class A shares and most Class B shares giving the world\u2019s richest man <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-20\/musk-s-spacex-files-publicly-for-nasdaq-ipo-under-symbol-spcx?srnd=homepage-middle-east\" style=\"\">85.1% of the voting power<\/a>. The filling clarifies that Musk will remain at the wheel following the IPO. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Polymarket consensus puts the closing market cap above USD 2 tn at <\/strong><strong><a target=\"_blank\" href=\"https:\/\/augustuswealth.com\/blog\/spacex-s1-filed-ipo-planning\/\" style=\"\">47% probability<\/a><\/strong><strong>. <\/strong>For the GCC LPs who entered at single-digit-bn valuations, the listing is a generational liquidity event \u2014 paper gains crystallize on Day One, and the secondary-sale lockup expires September or October.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF recently cut its international allocation target from <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/gulf-swfs-have-become-the-swing-vote-in-global-capital-flows\/\" style=\"\">30% to 20% in April<\/a><\/strong><strong> under its 2026\/2030 strategy. <\/strong>If SpaceX IPOs with USD 70-75 bn in proceeds, this could give GCC SWFs a sudden distributable capital injection at exactly the moment the strategic direction is redirected home, instead of outward.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aramco\u2019s 2019 IPO was the largest in history because it was a sovereign listing<\/strong> \u2014 Saudi Arabia going public, in effect, with Aramco as the vehicle. SpaceX is the opposite: a private-sector listing whose physical infrastructure (Starlink ground stations, Starbase, defense contracts) is increasingly a foreign-policy instrument. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The comparison matters because every major US listing for the next 18 months <\/strong>\u2014 OpenAI at USD 852 bn, Anthropic at USD 900 bn+, the rest of the AI infrastructure pipeline \u2014 will be measured against SpaceX. The Gulf capital markets ecosystem that built itself around the 2019 listing now has to compete with a US ecosystem that has decisively reclaimed mega-cap listing primacy.<\/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<\/strong><strong> are up in early trading this morning<\/strong>, with Japan\u2019s Nikkei and South Korea\u2019s Kospi rebounding strongly from earlier losses. Stronger-than-expected 1Q Nvidia earnings and vessels making their way through Hormuz fueled the rally. <\/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\">51,937<\/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\">-1.6% (YTD: +24.2%)<\/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>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 53.37<\/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 53.51<\/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><\/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 53.37<\/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 53.47<\/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-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>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\">10,986<\/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\">0.0% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,598<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,627<\/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: -7.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">7,433<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">10,432<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +5.0%)<\/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\">5,976<\/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\">+2.1% (YTD: +3.1%)<\/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>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 105.78<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/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 3.04<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,551<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 77,583<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: -11.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">1,048<\/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: +5.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">149.64<\/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\">-0.2% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">17.44<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.4% (YTD: +16.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30<\/strong><strong> fell 1.6% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 9.3 bn (17.8% above the 90-day average). Local investors were the sole net buyers. The index is up 24.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> Ibnsina Pharma (-5.0%), Raya Holding (-4.1%), and Emaar Misr (-4.0%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"704514\" 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=\"704514\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/my-morning-routine-hesham-mahran-ceo-of-orange-egypt\/\">\r\n                            My Morning Routine: Hesham Mahran, CEO of Orange Egypt                        <\/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\/21\/my-morning-routine-hesham-mahran-ceo-of-orange-egypt\/\" 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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Speaking to us this week is the CEO of Orange Egypt Hesham Mahran (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hesham-mahran-bb7599180?originalSubdomain=eg\" style=\"\">LinkedIn<\/a>). <strong>Edited excerpts from our conversation:<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I am Hesham Mahran<\/strong>, CEO of Orange Egypt. My journey with the company began in 1998, when I joined as a sales executive at what was then Mobinil. Over the years, I have grown within the organization, but more importantly, I have grown with it. Remaining in the same institution for nearly three decades is not a matter of tenure. It is a matter of conviction. It reflects a belief that meaningful impact is built over time through continuity, accumulated understanding, and sustained contribution.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When you spend this length of time within one organization, you begin to see it not as a<\/strong><strong> structure, but as a system. <\/strong>You understand how decisions echo across years, how culture compounds, and how resilience is forged through cycles of challenge and progress. This perspective shapes how I lead today. I am not only responsible for performance in the present, but for preserving direction across time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My role is inherently multifaceted. <\/strong>It begins with setting a clear strategic direction, but the real challenge lies in ensuring that the entire organization is aligned behind it. Organizations do not move because strategies exist. They move because people understand them, believe in them, and act on them with consistency.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A significant part of my role is interpretive<\/strong> \u2014 translating strategy into something people can feel ownership over, and ensuring that every individual understands how their contribution connects to the larger picture. Leadership today is less about directing and more about orchestrating. It is about creating the conditions where insight can surface and ownership takes root naturally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What motivates me every day <\/strong>is the realization that what we do has become foundational to how people live, learn, and grow. Orange Egypt began as Mobinil in 1998, the first mobile operator in the country. At that time, the challenge was access. Today, the challenge has evolved. Access alone is no longer sufficient. The real question is how to translate connectivity into capability, and capability into potential.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have grown into a digital partner<\/strong>, enabling individuals, businesses, and government entities through infrastructure, digital services, and intelligent solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The most significant shift in telecommunications today is structural.<\/strong> It is no longer a supporting sector. It has become the foundational infrastructure underpinning how economies function and how societies operate. We are seeing a convergence of technologies \u2014 artificial intelligence, cloud, fintech, and smart infrastructure \u2014 all built on top of this foundation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Artificial intelligence, in particular, represents a deeper transformation.<\/strong> It allows organizations to redirect human effort away from repetition and toward areas where judgment, creativity, and strategic thinking are truly required. In that sense, it does not replace human capability. It redefines and elevates it. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I wake up around 5am. <\/strong>The first part of the day exists before urgency. It creates space for intentional thinking. I begin with a spiritual routine, followed by coffee and quiet reflection.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I then review global and local developments.<\/strong> EnterpriseAM is part of my daily reading. It provides a structured perspective that helps me connect broader trends with local realities. Leadership requires context. Without it, decisions become reactive. With it, they become directional.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There is no standard day, but there is a consistent principle. <\/strong>People are always at the center. My day is built around continuous engagement with teams and stakeholders. I prioritize listening.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The one constant is challenges. <\/strong>Every day presents a different set of variables, both internal and external. What matters is perspective, and perspective comes from listening. Alignment, however, remains fundamental.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Professionally, my focus is on strengthening Orange Egypt\u2019s role<\/strong> as a market leader and a central enabler of digital transformation. We are proud to be a trusted partner to government entities, supporting infrastructure, AI, and public services as part of Egypt\u2019s Vision 2030. A key priority is enabling startups, supporting SMEs, and empowering youth.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I prefer to think in terms of work-life harmony.<\/strong> I genuinely enjoy what I do. The office feels like a second home, and the team feels like family. At the same time, time with my family provides grounding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the end of the day, I like to unwind by watching movies<\/strong> or football and spending time with my children.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I am particularly drawn to books and podcasts that explore leadership, innovation, and<\/strong><strong> human behavior. <\/strong>Continuous learning is essential. The most valuable advice I have received is to be clear about your purpose and remain consistent in how you pursue 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\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecoms\/\">TELECOMS<\/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=\"704516\" 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\/21\/704516\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-704516\" class=\"content-area-description single-story post-704516 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;\">26-31 May (Tuesday-Sunday): Eid El Adha.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 June (Tuesday): June 30 Revolution.<\/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): 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): Prophet Muhammad\u2019s birthday.<\/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>| DFIs eye EgyptAlum investment | It\u2019s interest rate day | SpaceX IPO and Gulf<\/p>\n","protected":false},"featured_media":704495,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-704494","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f4febe64-95c8-401e-a6eb-298c1cab4f9e","teaser":"| DFIs eye EgyptAlum investment | It\u2019s interest rate day | SpaceX IPO and Gulf","photo_url":"https:\/\/ent.news\/2026\/5\/1340.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>Egyptian Resorts Company board won\u2019t budge despite moves to unseat it - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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