{"id":710920,"date":"2026-06-17T00:00:00","date_gmt":"2026-06-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=710920"},"modified":"2026-06-17T02:38:13","modified_gmt":"2026-06-17T02:38:13","slug":"why-hasnt-the-futures-market-taken-off","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/why-hasnt-the-futures-market-taken-off\/","title":{"rendered":"Why hasn't the futures market taken off?"},"content":{"rendered":"<section id=\"710922\" 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=\"710922\">\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\/06\/17\/finmin-keeps-the-solidarity-tax-shift-on-the-top-line\/\">\r\n                            Gov\u2019t hits pause on solidarity tax overhaul                        <\/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\/06\/17\/finmin-keeps-the-solidarity-tax-shift-on-the-top-line\/\" 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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Three months after their debut, they are barely registering a pulse, averaging just a handful of trades a day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- <\/strong>We finally see the hit of the regional war in April\u2019s auto market sales, which dropped to 15.3k units after buyers front-loaded their purchases earlier in the year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also on our radar:<\/strong> Osool Securities Brokerage plans to up its current sub-5% position in real estate heavyweight TMG, banking on the developer\u2019s soaring hospitality revenues and its Saudi expansion.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A quick programming note before we dive in: <\/strong>EnterpriseAM Egypt won\u2019t be landing in your inbox tomorrow \u2014 we\u2019re taking the day off in observance of the Islamic New Year. Enjoy the long weekend, and we will be back in your inboxes bright and early on Sunday.<\/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=\"\">ARE YOU MORE OF A LISTENER?<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" style=\"\">Morning Drive is a 10-minute summary<\/a> of today\u2019s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or driving through the morning rush.<strong> And if you like it, tell your friends to tell their friends. They can find us on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/enterpriseam-egypt\/id1617987136\" style=\"\">Apple<\/a><\/strong><strong>, <\/strong><strong><a target=\"_blank\" href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\" style=\"\">Spotify<\/a><\/strong><strong>, or wherever they get their podcasts.<\/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 class=\"tag-border-left\">Slightly softer solidarity contribution<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a>  <strong>The government is delaying its promised overhaul of the solidarity contribution companies pay to help fund the Universal Health Ins. s<\/strong><strong>ystem<\/strong>, government sources tell EnterpriseAM. Finance Minister Ahmed Kouchouk has asked the House to defer plans to shift the levy\u2019s calculation from gross revenues to net income, citing the heavy human development spending in the FY 2026\/27 budget. Kouchouk argued that the state simply cannot afford a funding gap right now as the second phase of the healthcare system prepares to launch in densely populated governorates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Rejected compromise:<\/strong> The Investment Ministry pitched a middle ground \u2014 keeping the 0.25% rate but applying it to net income instead of total revenues to ease the burden on loss-making firms, the sources say. The Finance Ministry shot it down, arguing it would blow a massive hole in a healthcare system that relies on it for the majority of its revenues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A softer fix for a multi-year saga:<\/strong> The <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/01\/14\/finmin-says-its-willing-to-revisit-tax-scheme-under-egypts-universal-healthcare-act\/\" style=\"\">corporate push<\/a> to move the levy to the bottom line has been stuck in stop-start mode, with the government initially postponing amendments <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/10\/government-postpones-amendments-on-universal-healthcare-tithe\/\" style=\"\">back in 2019<\/a>, then <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/25\/govt-to-change-up-how-solidarity-contributions-are-calculated\/\" style=\"\">reviving plans last year<\/a> to change how the contribution is calculated. Instead of a full pivot, the contribution will be folded into the upcoming third tax relief package in a softer form, according to Kouchouk. Companies will still calculate the 0.25% levy on top-line revenues, but they will finally be allowed to treat it as a tax-deductible expense to ease liquidity pressures \u2014 confirming what former Deputy Finance Minister Sherif El Kilany <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/30\/finance-ministry-targets-freezone-backdoors-in-major-structural-tax-overhaul\/\" style=\"\">told us<\/a> late last year.<\/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\">Real estate taxes? There\u2019s an app for that<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>T<\/strong><strong>he Finance Ministry launched Egypt\u2019s first real estate tax mobile app<\/strong>, along with sweeteners to lure taxpayers to pay their <a target=\"_blank\" href=\"https:\/\/www.rta.gov.eg\/en\/real-estate-tax\" style=\"\">real estate taxes<\/a>, including quadrupling the exemption ceiling for primary residences, offering amnesty on late penalties, and extending olive branches to owners of unregistered properties, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%A7%D8%AF%D8%B1-%D8%B9%D9%86-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%D9%83%D9%85%D8%A7-%D9%88%D8%B9%D8%AF%D9%86%D8%A7-%EF%B8%8E%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%8A%D8%B9%D9%84%D9%86-%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%A3%D9%88%D9%84-%D9%85%D9%88%D8%A8%D8%A7%D9%8A%D9%84-%D8%A3%D8%A8%D9%84%D9%83%D9%8A%D8%B4%D9%86-\/1593337636169984\/\" style=\"\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s what we can expect from the app: <\/strong><\/p>\n<ul>\n<li><strong>The EGP 8 mn exemption:<\/strong> The zero-tax ceiling for primary residences quadruples to an EGP 8 mn market value \u2014 up from EGP 2 mn \u2014 bowing to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/04\/property-tax-law-amendments-are-on-the-horizon\/#:~:text=A%20push%20by%20the%20Senate%3A%20Some%20in%20the%20Senate%2C%20the%20nation%E2%80%99s%20upper%20house%20of%20parliament%2C%20are%20reportedly%20advocating%20to%20double%20that%20threshold%20to%20EGP%20100k%20(equivalent%20to%20an%20EGP%208%20mn%20market%20value)%2C%20a%20source%20tells%20EnterpriseAM%2C%20reflecting%20real%20market%20conditions\" style=\"\">Senate pressure<\/a> last year to reflect market realities and inflation, a source told EnterpriseAM at the time;<\/li>\n<li><strong>Consolidated filing: <\/strong>Multi-property owners can now submit a single return and settle liabilities using digital receipts;<\/li>\n<li><strong>Settlement incentives: <\/strong>Clearing principal tax debt by 2 October wipes all late fees. Owners with active tax disputes can close them by paying 70% of the owed amount by the same deadline;<\/li>\n<li><strong>Voluntary filer deductions<\/strong><strong>:<\/strong> Those who come forward proactively secure a 25% deduction on residential properties (10% non-residential), rising to 30% for advance payments between EGP 200 and EGP 1k;<\/li>\n<li><strong>Exemptions for unusable properties: <\/strong>Demolished or otherwise unusable properties are fully tax-exempt;<\/li>\n<li><strong>Amnesty for unregistered units:<\/strong> Owners who step forward voluntarily get a clean slate \u2014 the Tax Authority is dropping pending appeals, forfeiting its right to contest assessment committee valuations, and greenlighting electronic installment plans.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it <\/strong><strong>matters<\/strong><strong>: <\/strong>This digital shift is a welcome change from the original bureaucratic system. The strategy also brings the informal economy into the light with less friction, placing Egypt on track to boost <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/19\/egypt-targets-16-tax-to-gdp-ratio-with-sweeping-new-reform-package\/\" style=\"\">tax revenues by 1-2% of GDP<\/a> within three years.<\/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\">Room to grow <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Pickalbatros Hotels & Resorts received the green light to borrow USD 200 mn from the World Bank for its Morocco expansion<\/strong>, with funds expected to arrive in August or September, the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/136471\/%D8%A8%D9%8A%D9%83-%D8%A7%D9%84%D8%A8%D8%A7%D8%AA%D8%B1%D9%88%D8%B3-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D9%82%D8%AA%D8%B1%D8%B6-200-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D9%86-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A\/\" style=\"\">Arabic press<\/a> reports, citing Chairman and CEO Kamel Abou Aly. The company is betting on Morocco\u2019s booming tourism industry, which will be boosted when it hosts the 2030 World Cup.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Doubling down on Morocco:<\/strong> Back in 2023, Pickalbatros <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/pickalbatros-to-invest-usd-140-mn-in-morocco\/\" style=\"\">pledged USD 140 mn in investments<\/a> through 2025 in Morocco. In 2024, it <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/jaz-hotel-group-to-invest-usd-215-mn-to-open-six-new-hotels-in-2025-plus-pickalbatros-expands-hotel-portfolio-across-morocco\/\" style=\"\">acquired four hotels<\/a> and added another \u2014 Sofitel Casablanca Tour Blanche \u2014 to its country portfolio last April. In May, it <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/13\/pickalbatros-files-for-movenpick-casablanca-its-second-casablanca-hotel-buy-in-a-month\/\" style=\"\">filed to acquire<\/a> M\u00f6venpick Casablanca, which was <a target=\"_blank\" href=\"https:\/\/conseil-concurrence.ma\/communique-de-conseil-de-la-concurrence-relatif-a-la-reunion-de-la-commission-permanente-du-conseil-de-la-concurrence-lundi-25-mai-2026\/\" style=\"\">later approved by regulators<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expanding at home and abroad: <\/strong>The company aims to launch Le M\u00e9ridien Heliopolis hotel in Cairo and Royal Paradise Resort in Sharm El Sheikh this year. Last May, the company <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/andalusia-health-gets-a-booster-shot-from-banque-misr\/\" style=\"\">acquired Oberoi Beach Resort Sahl Hasheesh<\/a> from EBank, racking up three hotel plays in around five weeks across Morocco and Egypt.<\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another warm day in Cairo today, with a high of 34\u00b0C and a low of 23\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 nicer in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 21\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And over the long weekend, <\/strong>expect to see similar conditions in the capital (high of 34\u00b0C) and a high of 29\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<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/941.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">You can survive a bad investment, but you cannot undo a severance package you never negotiated.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">You're at the stage where the questions have shifted: who gets what, whether your estate survives you intact or gets tied up in courts, whether you exit on your terms or let timing decide for you.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Retirement isn't a finish line but a structure problem, and most people get it wrong. It's not because they ran out of money but because they never asked the right questions at the right time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">In the final issue of <strong>EnterpriseAM Money Matters<\/strong>, we cover the decisions that define how you exit: estate planning under Egyptian law, what to actually ask your lawyer before you step back, how to read a severance package, when phased retirement makes financial sense \u2014 and when cashing out your options is the smartest move you'll make this decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Coming straight to your inbox \u2014 today, 11 AM Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p 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>The details of the US-Iran agreement are out<\/strong>, headlined by a USD 300 bn development fund designed to jumpstart investment into Iran. The private investment vehicle \u2014 aimed to incentivize both sides to work on a final deal \u2014 is already halfway committed, sources tell <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/iran-deal-includes-300-billion-fund-more-than-half-which-already-committed-2026-06-16\/\" style=\"\">Reuters<\/a>, and will focus on energy, logistics, manufacturing, and transport. Under the terms, the US will also release all frozen Iranian funds and assets and lift all sanctions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Hormuz outlook: <\/strong>Upon signing the framework agreement this Friday, the US will lift its naval blockade and \u2014 alongside Iran \u2014 ensure traffic through the Strait of Hormuz reach pre-war level within 30 days.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Nuclear equation: <\/strong>While Tehran reiterated that it will never produce nuclear weapons, the fate of enriched material and other mutually agreed nuclear issues will be tackled in the final agreement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Once the initial framework is inked, the two sides will have 60 days to reach a final agreement. Bloomberg has the complete text of the 14-point draft agreement <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-16\/read-the-14-point-draft-memorandum-between-the-us-and-iran?srnd=homepage-middle-east\" style=\"\">here<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And in business news: <\/strong>SpaceX <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/17153f13-b0c8-4331-8f97-32a19a5e966e?syn-25a6b1a6=1\" style=\"\">extended its rally<\/a> during yesterday\u2019s session, dethroning Amazon to become the fifth most valuable company in the world. The company saw its valuation reach almost USD 3 tn during trading, before ending the session at USD 2.7 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eyes on the Fed: <\/strong>The US Federal Reserve concludes its first policy meeting under new Chair Kevin Warsh today. While markets expect the central bank to hold rates steady, Warsh\u2019s debut post-meeting presser is what we\u2019ll be watching closely for his first substantive comment on inflation and employment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> EnterpriseAM\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We break down the end of blanket sovereign guarantees for infrastructure projects, exploring how the government\u2019s push to shield the budget from hidden debt is forcing developers and banks to reprice risk and pivot to alternative models like take-or-pay contracts.<\/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\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment\/\">investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"710924 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=\"710924\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/710924\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710924\" class=\"content-area-description single-story post-710924 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:\/\/londonmeetsoma.com\/\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/786.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:400;\">London, Meet SOMA.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Join us at the Nile Property Expo, London Hilton Park Lane, 27\u201328 June.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Discover Red Sea residences crafted for real living.<\/span><\/p>\n<p><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/londonmeetsoma.com\/\" style=\"\">Click here to book your appointment now.<\/a><\/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=\"710925\" 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=\"710925\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/why-the-egx30-futures-market-hasnt-taken-off-yet\/\">\r\n                            Can futures find takers?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1417.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"710926\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/why-the-egx30-futures-market-hasnt-taken-off-yet\/1417-jpg-82\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1417.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1417.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1417.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1417.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710925\" class=\"content-area-description single-story post-710925 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-egx tag-enterpriseam tag-trading 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>Why EGX futures haven\u2019t taken off yet:<\/strong> When EGX30 index futures went live in March (coinciding exactly with the outbreak of the Iran war), both the bulls and skeptics said the same thing: <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/01\/egx-kicks-off-first-day-of-futures-trading-on-the-egx\/\" style=\"\">give it time<\/a>. Three months in, the product \u2014 billed the single biggest upgrade to the EGX\u2019s market architecture in a decade \u2014 is averaging a handful of trades a day, with the EGX rolling out single-stock futures in a move that almost recognizes the mismatch between the first index-tracking product and buy-side interest.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> EGX30 index futures are contracts to buy or sell the bourse\u2019s benchmark index (which includes the EGX\u2019s 30 most liquid listed companies) at a predetermined price on a specified future date. So far, they only come in two flavors: a three-month contract (more liquid and suited to short-term positioning) and a six-month contract (geared toward longer-term hedging). The multiplier is set at EGP 1 per index point, a deliberate play to lower the bar for entry, support liquidity, and enable more precise hedging.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Combined daily turnover across the three- and six-months contracts came in at EGP 641.1k yesterday, a sum the stock market could eclipse in under an hour. Four trades changed hands all day, split evenly between the June and September contracts. By the close, neither contract had a live bid or ask on the screen.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reasons for the slow start run deeper than the war-clouded market.<\/strong> Local investors have historically preferred backing names they know rather than buying a whole basket of them. The institutional and foreign investors the product was designed for aren\u2019t meaningfully in the market, and retail doesn\u2019t understand it. With market-making still thin and T-bill yields so high that posting margin carries a steep opportunity cost, derivatives are competing with themselves as much as with investor appetite.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Index-linked investing doesn\u2019t have a stellar record here: <\/strong>\u201cPeople like to buy stocks directly to form a concentration,\u201d Hany Genena, head of research at Al Ahly Pharos, tells EnterpriseAM. When the bourse first introduced exchange-traded funds (ETFs) tracking the EGX30 in 2014, volume never materialized, and the product quietly faded, he adds. Even though the mechanics of futures are different, the underlying behavioral preference is the same. Local investors, retail and institutional alike, want exposure to names they know and have a view on \u2014 an index product gives them neither.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a real market-making problem too:<\/strong> \u201cPeople are afraid that there will be friction due to the absence of sufficient bids and asks,\u201d Genena says. In a thin market, that fear becomes self-fulfilling \u2014 investors hold back because they\u2019re worried there won\u2019t be a counterparty, and the absence of participants ensures there isn\u2019t one. The index-tracking ETF ran into exactly this loop, and so far, EGX30 futures look like they may be running into it too.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pundits are counting on awareness to turn into flow: <\/strong>Volumes will pick up once investors become more familiar with the product, Tasweyat CEO Khaled Amer, whose firm clears and settles all futures transactions on the EGX, tells EnterpriseAM. \u201cThe early stages of any derivatives market are typically characterized by gradual adoption as investors, brokers, and market participants familiarize themselves with the product and the associated operational processes,\u201d Amer says. \u201cWhile volumes remain modest, this is not unusual for a newly-launched market,\u201d he adds.<\/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\">No hedgers, no hedges<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A hedging product can only do so much if the investors it is built for aren\u2019t trading. <\/strong>EGX30 futures were designed with institutional and foreign investors in mind, but so far neither group is showing up in the numbers. The product\u2019s main selling point is its ability to hedge large equity portfolios without forcing investors to sell underlying positions. But that only works if you have sizeable institutional portfolios to hedge in the first place, as well as enough market participants with the systems, mandates, and appetite to trade derivatives alongside their cashholdings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign participation in the Egyptian market remains a fraction of what it was before the 2022 FX crisis:<\/strong> \u201cThe overall percentage of foreign investors in the Egyptian market is currently quite low compared to what it used to be,\u201d Amr El Alfy, Thndr\u2019s head of equity, tells EnterpriseAM. \u201cThe driving force in the market so far is mainly retail, specifically Egyptian retail.\u201d Foreigners accounted for 15.4% of the total traded value in listed stocks in 4Q 2021, a share that dropped to 5.4% by 4Q 2025, according to EGX data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local institutions face their own constraints. <\/strong>Pension funds and ins. companies, the natural long-term users of hedging instruments, operate under mandates that in many cases don\u2019t yet permit leveraged positions, Genena told us in March. Fund managers that might want to use futures often can\u2019t because their investment policies haven\u2019t caught up with the market\u2019s new products.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Any retail takers? <\/strong>\u201cRetail investors typically do not use futures at all,\u201d El Alfy says. The platform with arguably the widest reach into Egypt\u2019s retail investor base hasn\u2019t activated futures trading on its app yet. \u201cWe are not pushing for this right now because trading futures requires a specific license,\u201d he explains. \u201cWe are currently still talking about basic investor education for stocks or equity trading. To move into the futures segment, only a small subset of [retail investors] might consider it,\u201d he adds.<\/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 T-Bill problem<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Can futures realistically compete with T-bills for investor attention? <\/strong>Amer argues the comparison misses the point. \u201cTreasury bills and futures contracts serve fundamentally different investment objectives,\u201d he tells us. \u201cInvestors evaluating futures are typically considering [prospects] for risk management, tactical positioning, or leveraged market exposure rather than comparing them directly with fixed-income returns.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OUR TAKE- That\u2019s only fair in a market where derivatives are already part of the toolkit.<\/strong> In Egypt, however, investors can still earn riskfree returns of nearly 25% on one-year government paper \u2014 the weighted average on the most recent <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/auctions\/egp-t-bills\" style=\"\">364-day EGP T-bill auction<\/a> came in at 24.6%. Whether enough investors find the trade-off worthwhile is a question the clearing house was less keen to answer.<\/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 smarter play<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX rolled out single-stock futures earlier this month<\/strong>, starting with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/09\/egx-rolls-out-single-stock-futures-on-blue-chips-cib-and-tmg\/\" style=\"\">contracts on CIB and TMG<\/a> in a turnaround that may be intended to address the first product\u2019s limitations. Rather than asking investors to take a view on a basket of thirty stocks, the exchange is now offering something they already understand: a leveraged position on two of the market\u2019s most liquid names. CIB and TMG contracts will hit the EGX on Sunday, 21 June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER-<\/strong> The two names account for an outsized share of EGX liquidity. CIB was the single most-traded stock on the exchange in May at EGP 10.4 bn (6.6% of total listed stock turnover), with TMG close behind at EGP 9.7 bn (6.3%). Together, just two tickers out of 200-plus pulled nearly 13% of all listed stock trading value last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWhen you place a derivative contract on stocks that people already like and see value in, it supports the chances of success<\/strong>,\u201d Genena tells us. CIB and TMG together represent the highest freefloat adjusted market caps on the exchange. Their investor bases (local, regional, and international) are deep, and both stocks carry what Genena calls value. Investors who want to express a directional view on either name can now do it with 4x leverage instead of buying the physical shares, meaning a 1% move in the underlying stock translates into a 4% gain or loss on the futures position.<\/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>The first real test comes later this month when the June contract expires.<\/strong> It\u2019ll be the market\u2019s first look at the full lifecycle of an EGX30 futures contract \u2014 from launch to final settlement \u2014 and the first chance to see how the clearing and settlement infrastructure holds up under live conditions. \u201cIt will serve as an important practical demonstration of the market infrastructure,\u201d Amer says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story the market needs to tell by then is whether single-stock futures can find the audience that index-tracking instruments couldn\u2019t. <\/strong>The conditions needed for broader EGX30 futures adoption (institutional participation, foreign investor appetite, and retail fluency) aren\u2019t there yet. CIB and TMG contracts have better odds precisely because they sidestep those conditions and investors already have a view on them. If CIB and TMG contracts find an audience, and the June expiry goes off without a hitch, the case for the broader derivatives market gets easier to make. If it doesn\u2019t, the market will have a harder sell on its hands.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trading\/\">trading<\/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=\"710927\" 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   <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/egypts-auto-market-cools-in-april-as-buyers-digest-1q-pull-forward\/\">\r\n                            Hitting the brakes                        <\/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\/06\/17\/egypts-auto-market-cools-in-april-as-buyers-digest-1q-pull-forward\/\" target=\"_blank\">\n                    Open 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hentry category-automotive tag-amic tag-automotive tag-enterpriseam tag-evs tag-sales wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s automotive market cooled in April, falling to 15.3k units from 17.8k in March as it digested two months of pulled-forward demand<\/strong>, according to Automotive Marketing Information Council (Amic) figures seen by EnterpriseAM. Buyers had <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/imports-pull-further-ahead-of-local-assembly-in-march\/\" style=\"\">front-loaded purchases<\/a> through February and March \u2014 each clearing 17k units \u2014 to beat price hikes and Red Sea shipping disruptions, leaving April to absorb the correction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The drivers<\/strong><strong>: <\/strong>\u201cApril was the height of uncertainty,\u201d industry insider and importer (and Cars by Maged Youtube channel host) Maged El Tawil tells EnterpriseAM. \u201cIt was a logistical nightmare for everyone,\u201d he says, citing delayed shipments and a sharply rising local USD that froze consumer spending. Khaled Saad, secretary-general of the Egyptian Association of Automobile Manufacturers, echoes this view, explaining that while early 2026 saw ample inventory and fierce competition, \u201cthe war choked the market.\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\">The breakdown<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Passenger car volumes dropped to 11.2k units in April from 14.2k in March.<\/strong> The SUV sub-segment under 2.0L continued sliding for the third consecutive month, with volumes hitting 1.7k in April after falling from 2.2k in February to 2k in March. But this does not mean a structural collapse in SUV demand. \u201cIt\u2019s not that SUV demand is softening \u2014 it\u2019s that everyone was pulling back from purchasing a car, and since most of what\u2019s being sold today are SUVs, that\u2019s where you see the biggest hit,\u201d El Tawil says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While the broader truck segment held steady \u2014 rising from 2.4k units in March to 2.7k in April \u2014 heavy truck sales swung wildly<\/strong>, going from 101 units in February to 25 in March, then recovering to 118 in April. However, El Tawil dismisses it, saying \u201cthese are very small numbers \u2014 a single real estate developer buying 30 trucks for a new project can move the whole figure.\u201d He links heavy truck demand directly to construction activity, noting that Egypt\u2019s real estate market has \u201cpractically stalled.\u201d \u201cOur own sales team is now heavily comprised of former real estate brokers who left property companies to sell cars because the real estate market dried up,\u201d El Tawil says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The import gap: <\/strong>The divide between completely built unit (CBU) imports \u2014 vehicles imported as fully assembled products \u2014 and completely knocked-down (CKD) vehicles, shipped as parts for local assembly, persisted through April. Total market CBU sales spiked 65.9% YTD, outpacing the 33.6% YTD growth in CKD. In the passenger car segment, CBU volumes climbed 61.4% YTD compared to just 29.8% for CKD. As we noted <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/06\/imports-pull-further-ahead-of-local-assembly-in-march\/\" style=\"\">in May<\/a>, this divergence is not a structural market shift \u2014 it is the result of distributors clearing out CBU inventory that piled up during 2025\u2019s market paralysis. The Nissan Sunny \u2014 locally assembled and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/\" style=\"\">Egypt\u2019s top-selling car<\/a> \u2014 held up better given its stable, locally-set pricing, El Tawil adds.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>However, the macro strategy is starting to shift defensively toward domestic localization.<\/strong> \u201cLocal assembly is actively expanding in Egypt right now as a critical mechanism to bypass the automotive sector\u2019s import bottlenecks and soaring costs,\u201d Saad points out. A key test of whether local assembly can eventually narrow this gap will be upcoming projects like <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/15\/rox-esi-to-manufacture-egypts-first-luxury-passenger-ev\/\" style=\"\">Rox ESI Egypt<\/a> \u2014 a joint venture between Chinese luxury EV maker Rox Global and Ezz El Arab Elsewedy Investments (ESI) set to begin manufacturing the country\u2019s first luxury EV in mid-2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- The Industry Ministry is trying to close auto import loopholes.<\/strong> To stop unregulated importers from squeezing out local manufacturers, the ministry is <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/136723\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D8%AC%D9%87-%D9%84%D9%81%D8%B1%D8%B6-%D9%82%D9%8A%D9%88%D8%AF-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%88%D8%B1%D8%AF%D8%A9\/\" style=\"\">changing car import quotas<\/a> for merchants, disabled citizens, and personal use.<\/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\">EV drop, but undercounted<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EV sales nearly halved from 290 units in March to 147 in April<\/strong> \u2014 but El Tawil says Amic\u2019s April numbers are undercount and the m-o-m drop reflects logistics disruption more than demand. El Tawil estimates the real April EV figure is \u201cclose to 200\u201d once unregistered sales from non-Amic member importers are accounted for. \u201cIf there are 20 or 30 players like us, I\u2019d put the number way higher,\u201d he says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The economics are still turning:<\/strong> EV adoption in Egypt is \u201ca function of gas prices,\u201d El Tawil says \u2014 with range-extender EVs cutting monthly fuel costs from EGP 7k-8k to around EGP 5k for a household car driven daily. However, Saad points at traditional fuel pump hikes combined with soaring maintenance costs. \u201cThe cost of automotive oils, lubricants, and spare parts for traditional internal combustion engines has risen so significantly that it has heavily tipped the scales in favor of economic EVs.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For now, the ceiling is infrastructure:<\/strong> Because Egypt lacks widespread infrastructure, buyers are almost exclusively purchasing pure electric vehicles as a \u201csecond car\u201d for the household rather than a primary vehicle, keeping volumes constrained, Tawil notes. Saad believes that while a major leap in sales is imminent, \u201cthe market is still waiting on a true breakthrough in public charging infrastructure.\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\"> The China shift<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the brand mix<\/strong>, El Tawil says BYD is not the dominant player, as many assume. \u201cI\u2019d say Lynk & Co, Xiaomi, and BYD \u2014 but BYD was actually off to a slow start in this market,\u201d he says, pointing to a fragmented Chinese brand landscape where volume is diluted across many names.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The China pivot:<\/strong> El Tawil\u2019s own import ratio has flipped to five or six Chinese cars to one European car today, compared to four European cars to one Chinese car two years ago. \u201cChinese agencies are currently the fastest-growing segment in the Egyptian market due to a fundamental shift in consumer perception,\u201d Saad says, pointing to improved Chinese technology and pricing compared to European agencies.<\/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 to watch out for<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Tawil flags May, June, and July as the months that will determine whether April was a blip or the start of a softer trend.<\/strong> Summer historically sees a demand uptick driven by two factors: school fees end \u2014 freeing up household funds \u2014 and expats working in the Gulf returning for the summer with money earmarked for big purchases, including cars. \u201cIf it rebounds, April was transient. If the decline continues into May and June, then it becomes a trend.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT- <\/strong><strong>S<\/strong><strong>aad warns that prohibitive pricing is currently capping <\/strong><strong>purchases.<\/strong> \u201cDealers and distributors have started preparing offers and [price reductions], but the customer is still not matching expectations for this period,\u201d he says. The market\u2019s new baseline goal is simply to match 2025\u2019s total sales volume of <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/05\/auto-sales-were-up-69-9-in-2025-but-imports-outpaced-locally-assembled-vehicles-at-an-increased-rate\/\" style=\"\">173.8k<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/05\/auto-sales-were-up-69-9-in-2025-but-imports-outpaced-locally-assembled-vehicles-at-an-increased-rate\/\" style=\"\">vehicles<\/a> by year-end, a target Saad warns could be missed if the USD continues to appreciate against the EGP.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                           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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">A MESSAGE FROM AUC ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/how-execeds-partnership-with-mountain-view-helped-professionalize-real-estate-management-in-egypt\/\">\r\n                            How ExecEd\u2019s partnership with Mountain View helped professionalize real estate management in 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 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/943.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"943.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/943.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/943.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710930\" class=\"content-area-description single-story post-710930 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-auc-onsi-sawiris-school-of-business-executive-education tag-a-message-from-auc-onsi-sawiris-school-of-business-executive-education tag-auc tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s real estate sector has expanded rapidly over the past two <\/strong><strong>decades. <\/strong>That growth also exposed a gap: professional development programs tailored to real estate development, finance, investment, operations, asset management, and community management remained limited despite the sector\u2019s increasing complexity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That gap helped prompt a 17-year partnership between AUC Onsi Sawiris School of Business Executive Education and Mountain View.<\/strong> For Mountain View, the partnership was a strategic bet on the sector\u2019s future: as real estate became more complex, leadership increasingly required management capability, project discipline, and stronger decision-making.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The partnership began in 2009 with the launch of Egypt\u2019s first real estate executive development program, developed alongside the National University of Singapore.<\/strong> Since then, the program portfolio has expanded to cover different career stages and specializations, including the <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/real-estate-management\" style=\"\">Real Estate Management program<\/a>, the <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/real-estate-management\/real-estate-development-management-certificate\" style=\"\">Real Estate Development and Management Certificate<\/a>, and the <a target=\"_blank\" href=\"https:\/\/business.aucegypt.edu\/execed\/individual-programs\/real-estate-management\/real-estate-finance-investment-certificate\" style=\"\">Real Estate Finance and Investment Certificate<\/a>, alongside various introductory programs for professionals entering the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More than 755 professionals have graduated from one or more programs, while 110 participants are currently enrolled.<\/strong> The pipeline spans career levels, from junior professionals with fewer than five years of experience to senior leaders with more than 11. It also draws from both large companies and SMEs, with 80% of participants coming from local firms, reflecting the focus on building domestic industry capability. Customized versions were also delivered to real estate development companies in Egypt and Saudi Arabia.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The collaboration has also grown into a broader industry platform.<\/strong> Conferences, roundtables, and forums have brought together international experts, government ministers, and developers to discuss operational and strategic challenges facing the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The outcome is a training pipeline the sector did not have before.<\/strong> As the offering continues to expand, AUC Onsi Sawiris School of Business Executive Education and Mountain View are positioning executive education as a practical route into more professional real estate management.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-auc-onsi-sawiris-school-of-business-executive-education\/\">A MESSAGE FROM AUC ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"710932\" 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=\"710932\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/osool-wants-to-add-to-its-tmg-position\/\">\r\n                            More TMG, please                        <\/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\/06\/17\/osool-wants-to-add-to-its-tmg-position\/\" 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\/06\/17\/osool-wants-to-add-to-its-tmg-position\/')\">\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\/06\/17\/osool-wants-to-add-to-its-tmg-position\/\">\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=Osool wants to add to its TMG position&url=https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/osool-wants-to-add-to-its-tmg-position\/\">\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\/06\/17\/osool-wants-to-add-to-its-tmg-position\/&title=Osool wants to add to its TMG position\">\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=Osool+wants+to+add+to+its+TMG+position+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F06%2F17%2Fosool-wants-to-add-to-its-tmg-position%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\/06\/17\/osool-wants-to-add-to-its-tmg-position\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/686.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"710933\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/osool-wants-to-add-to-its-tmg-position\/686-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/686.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"686.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/686.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/686.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710932\" class=\"content-area-description single-story post-710932 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-investment tag-investment-watch tag-talaat-moustafa-group 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>Osool eyes TMG stake: <\/strong>EGX70-listed Osool Securities Brokerage (Osool ESB) plans on upping its stake in real estate blue-chip Talaat Moustafa Group (TMG) \u2014 one of the most liquid names in the EGX30 \u2014 Chairman Ayman Sabry tells EnterpriseAM. The brokerage firm\u2019s current position in TMG is less than 5%, according to Sabry. Neither the size of the planned increase nor its timeline were disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The case for TMG speaks for itself: <\/strong>Sabry points to the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/13\/egypts-largest-listed-developer-talaat-moustafa-reports-jump-in-income-revenue\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/13\/egypts-largest-listed-developer-talaat-moustafa-reports-jump-in-income-revenue\/\" style=\"\">recent<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/13\/egypts-largest-listed-developer-talaat-moustafa-reports-jump-in-income-revenue\/\" style=\"\">jump<\/a> in TMG\u2019s hospitality business and its Saudi expansion through a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/08\/tmg-deepens-saudi-ties-with-new-pif-real-estate-agreement\/\" style=\"\">partnership with the Public Investment Fund<\/a>, which he says will give the group access to premium development land and financing at a scale that puts it on \u201can unprecedented growth trajectory.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The move follows a string of small-to-mid-caps M&As that saw Osool break into the pharma sector.<\/strong> In a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/710762.pdf\" style=\"\">disclosure to the EGX (pdf)<\/a>, EGX70-listed Memphis Pharma said Osool for Investments acquired 27.4k of its shares for EGP 6.1 mn, bringing its direct ownership to 1.89%. Combined with the 3.18% held by related entities, the group\u2019s total footprint reached 5.07%. Sabry tells us they snapped this stake in Pharma in an EGP 256 mn play via its affiliated vehicles, marking their first investment in the drug-manufacturing sector. Memphis\u2019s market cap currently stands at roughly EGP 4.9 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Osool ESB recently bought a 25% stake in Mena Touristic and Real E<\/strong><strong>state Investment<\/strong>, another EGX70 constituent, for an undisclosed sum, and plans on acquiring more companies with strong assets, solid operational fundamentals, and \u201cdistinguished management,\u201d Sabry adds. Mena Touristic has a small market cap of EGP 1.6 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- Emirati capital sits on Osool ESB\u2019s cap table. <\/strong>Abu Dhabi-based Amass Investment acquired 22.35% of Osool ESB in an <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/02\/04\/uaes-amass-submits-offer-to-acquire-egp-100-mn-stake-in-osool-esb-through-capital-increase\/\" style=\"\">EGP 100 mn capital increase<\/a> last year, bringing Osool Holding for Financial Investment\u2019s stake to 56.75%, according to an EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/710803.pdf\" style=\"\">disclosure (pdf)<\/a> dated 19 April.<\/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\/investment\/\">investment<\/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\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/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=\"710934 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=\"710934\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/710934\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710934\" class=\"content-area-description single-story post-710934 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=\"710935\" 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=\"710935\">\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\/06\/17\/valu-secures-egp-600-mn-from-ebrd-to-widen-access-to-eco-conscious-products\/\">\r\n                            EBRD lends Valu to widen access to eco-conscious products                        <\/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\/06\/17\/valu-secures-egp-600-mn-from-ebrd-to-widen-access-to-eco-conscious-products\/\" 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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EUR<\/strong><strong> 10.7 mn) loan from the European Bank for Reconstruction and Development (EBRD)<\/strong> to finance household purchases of energy-efficient and renewable technologies, the lender said in a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/home\/news-and-events\/news\/2026\/ebrd-and-valu-expand-access-to-energy-efficient-household-soluti.html\" style=\"\">press release<\/a>. The facility aims to drive retail adoption of solar power and electric mobility. The EBRD is also attaching a EUR 74.9k technical cooperation package to help Valu build out bespoke green finance products and track eligible retail investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Valu has been steadily expanding its green financing footprint through strategic partnerships \u2014 announced last December \u2014 with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/21\/maersk-returns-to-the-red-sea-efg-hermes-advises-on-kuwait-ipo-and-ebrd-gives-alexbank-green-financing\/\" style=\"\">renewable energy infrastructure players<\/a>, including Infinity and KarmSolar, to finance EV charging infrastructure.<\/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\">Breaking ground on Afreximbank\u2019s gold refinery<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>African Export-Import Bank <\/strong><strong>(Afreximbank) is<\/strong><strong> set to break ground on its Egypt-based gold refinery by year-end<\/strong>, investing as much as USD 100 mn in the project, Ayman El Zoghbi, the bank\u2019s director and global head of trade, investment, and corporate finance, told the <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/financing-and-investment\/136467\/%D8%A3%D9%81%D8%B1%D9%8A%D9%83%D8%B3%D9%8A%D9%85-%D8%A8%D9%86%D9%83-%D9%8A%D8%B9%D8%AA%D8%B2%D9%85-%D8%AA%D8%AF%D8%B4%D9%8A%D9%86-%D8%A3%D9%88%D9%84-%D9%85%D8%B5%D9%81%D8%A7%D8%A9-%D9%84%D9%84%D8%B0%D9%87%D8%A8-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/\" style=\"\">Arabic press<\/a>. The facility is expected to launch production within two years, pending the completion of a feasibility study by McKinsey.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project is part of a broader effort by Afreximbank and the CBE to position Egypt as an international<\/strong><strong> hub for gold refining and trading.<\/strong> The two institutions signed an MoU <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/31\/a-pan-african-gold-bank\/\" style=\"\">in December 2025<\/a> to commission a feasibility study on the requirements for an integrated gold-banking ecosystem within a designated Egyptian freezone, including an internationally accredited refinery, vaulting infrastructure, and related financial services. The initiative could mark the end of Egypt\u2019s decades-old practice of exporting raw gold only to buy it back as refined bullion, bolstering the country\u2019s monetary sovereignty, credit rating, and borrowing costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OTHER STORIES WE\u2019RE WATCHING-<\/strong><\/p>\n<ul>\n<li> <strong>Kenz \u2014 the <\/strong><strong>Arab African <\/strong><strong>Investment Management's<\/strong><strong> multi-issues equity<\/strong><strong> fund \u2014 has two new<\/strong> <strong><a target=\"_blank\" href=\"https:\/\/arabfinance.com\/en\/news\/newdetails\/fra-approves-2-new-issuances-under-kenz-fund-as-subscription-opens\" style=\"\">FRA-approved issuances<\/a><\/strong> <strong> open for subscription. <\/strong>Kenx EGX70 EWI and Kenz EGX35 LV each target EGP 50 mn across 500k policies at EGP 100 apiece.<\/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\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"710937\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"710937\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/biotech-firms-weigh-up-listings-and-takeovers-amid-fierce-demand\/\">\r\n                            It\u2019s a good time to be a biotech                        <\/a>\r\n   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wp-post-image\" alt=\"\" data-attachment-id=\"710938\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/17\/biotech-firms-weigh-up-listings-and-takeovers-amid-fierce-demand\/977-jpg-34\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/977.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"977.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/977.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/6\/977.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710937\" class=\"content-area-description single-story post-710937 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-biotech tag-enterpriseam tag-financial-markets tag-ipo tag-ma tag-pharma 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> Biotech firms are sitting on a rare double exit windo<\/strong><strong>w<\/strong> \u2014 IPO markets and major pharma acquirers are both competing for the same assets, JPMorgan EMEA healthcare investment banking co-heads Juha Anjala and Roy Wouters told <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/06\/16\/biotech-deals-ipo-pharma-dealmaking-2026.html\" style=\"\">CNBC<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>Biotech dealmaking has already hit USD 106 bn from 21 transactions this year, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2026\/06\/04\/biotech-ma-dealmaking-pharma-106-billion.html\" style=\"\">CNBC<\/a> reports elsewhere, after 2025 saw seven transactions each worth USD 5-15 bn. That puts it on track for its strongest year since its pre-pandemic peak seven years ago. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why the frenzy: <\/strong>Pharma firms are racing against a patent cliff \u2014 when a blockbuster drug's exclusivity expires, generics flood the market and revenues can collapse by 80-90% almost overnight. A wave of those expirations is coming simultaneously, with analysts estimating a sector-wide revenue hit of up to USD 350 bn by 2032. Buying proven biotech assets is the fastest way to replace that pipeline \u2014 around half of the best-performing drugs in recent years were acquired rather than developed in-house, with the most competition clustering around metabolic conditions, infectious diseases, and oncology.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The result:<\/strong> The strongest performers are keeping both options open simultaneously \u2014 prepping for an IPO while fielding acquisition conversations. Some are choosing the takeover route outright.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GCC sovereign wealth is also circling. <\/strong>Abu Dhabi\u2019s Mubadala has been expanding its presence in the biotech sector through its pharma unit arm Mubadala Bio with investments in <a target=\"_blank\" href=\"https:\/\/electra-therapeutics.com\/electra-therapeutics-announces-183-million-series-c-financing-to-advance-first-in-class-sirp-targeted-therapies-for-immune-disorders-and-cancer\/?utm_source=chatgpt.com\" style=\"\">the US\u2019 ElectraTherapeutics<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/27\/mubadala-makes-another-healthcare-play-with-investment-in-l-nutra-which-will-set-up-a-jv-in-abu-dhabi\/\" style=\"\">nutri-tech firm L-Nutra<\/a>, while the Abu Dhabi Investment Authority has been <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/03\/17\/adia-invests-in-biotech-startup-ignite-energy-access-to-set-up-hq-in-abu-dhabi\/\" style=\"\">similarly active<\/a>. Qatar has a sizable biotech investment footprint, with a USD 250 mn play <a target=\"_blank\" href=\"https:\/\/investor.bridgebio.com\/news\/news-details\/2023\/bridgebio-pharma-announces-250-million-private-placement-equity-financing-09-25-2023\/default.aspx\" style=\"\">into BridgeBio Pharma<\/a> and <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/qia-invests-in-itm-isotope-technologies-munich-ugcPost-7074295787240796160-FQWM\/?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAADox4C4BEF2M1OJkaewcVSH_nzAS8pYnVQA\" style=\"\">USD 255 mn for Isotope Technologies Munich<\/a>.<\/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>Asia-Pacific markets are mixed in early trading this morning <\/strong>as the rally sparked by the US-Iran framework agreement cools and investors sit tight ahead of today\u2019s Federal Reserve policy decision. Japan\u2019s Nikkei is up 0.7%, while South Korea\u2019s Kospi is down 0.1%. Over on Wall Street, equities are set to open higher, with futures in the green.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">52,047<\/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: +24.4%)<\/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>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 50.16<\/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 50.30<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 50.12<\/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 50.22<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">19.00% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">20.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,146<\/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: +6.2%)<\/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>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\">9,936<\/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: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6,055<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.7% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">7,511<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +9.7%)<\/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\">10,494<\/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: +5.7%)<\/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\">6,257<\/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: +8.0%)<\/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>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 79.48<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-4.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.24<\/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\">+2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 4,354<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 65,713<\/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: -25.0%)<\/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 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\">1,061<\/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: +6.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 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\">152.49<\/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\">+0.3% (YTD: +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>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\">16.22<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 <\/strong><strong>fell 0.5% at <\/strong><strong>yesterday\u2019s<\/strong><strong> close<\/strong> on turnover of EGP 10.2 bn (18.7% above the 90-day average). Local investors were the sole net buyers. The index is up 24.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green:<\/strong> Kima (+4.2%), EFG Holding (+3.2%), and Valmore Holding -EGP (+2.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red:<\/strong> E-finance (-2.7%), Eastern Company (-2.3%), and Abu Qir Fertilizers (-2.2%).<\/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\/biotech\/\">biotech<\/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\/ipo\/\">IPO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma\/\">M&amp;A<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"710939\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-is-redrawing-infrastructure-finance\/\"> \r\n                            How PPP financing rules are changing<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-is-redrawing-infrastructure-finance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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As the Finance Ministry imposes a stricter cap on new guarantees to limit contingent liabilities, market players are saying the squeeze has not derailed financing. Instead, it has pushed the market toward more sustainable alternative contract models. Take-or-pay contracts have found a workable middle ground: lifting heavy execution costs off the Treasury while providing targeted operating guarantees that have banks and private-sector players competing to finance these projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The full story- <\/strong>For decades, sovereign guarantees were the key that unlocked bank financing for major infrastructure projects in Egypt and the wider region. Investors and project financiers favor them because they shift default risk and demand volatility off their shoulders and onto the state budget. But in its latest <a target=\"_blank\" href=\"https:\/\/www.oecd.org\/content\/dam\/oecd\/en\/publications\/reports\/2026\/05\/mobilising-financing-and-investment-for-quality-infrastructure-in-egypt_dc3b1655\/928bd5b8-en.pdf\" style=\"\">May 2026 report (pdf)<\/a>, the OECD explicitly recommends that the government rein in that fiscal generosity \u2014 moving away from blanket sovereign guarantees toward project-specific guarantees based on a rigorous assessment of each project's risk profile. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These recommendations are shaping the government\u2019s policy.<\/strong> The Finance Ministry plans to tighten its grip on contingent liabilities by lowering the ceiling on government guarantees to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/03\/finmin-caps-sovereign-guarantees-at-egp-560-bn\/\" style=\"\">EGP 560 bn in FY2026\/27<\/a>, down from EGP 740 bn in the current fiscal year. The new cap is meant to \"govern the guarantees system and limit it to necessary projects only,\" a government official previously told EnterpriseAM, in response to IMF warnings over the high risks posed by government-guaranteed debt and the sovereign pressures it creates. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banks still play the central role<\/strong>, CBE Governor Hassan Abdalla <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/news-publications\/news\/2026\/02\/16\/08\/34\/inauguration-of-the-sustainable-finance-conference-hosted-by-cbe-and-ifc\" style=\"\">said<\/a> at a February 2026 sustainable finance conference. He explains that banks are no longer just traditional financial institutions, but \u201ckey partners in shaping financing solutions and innovating tools that support these kinds of long-term projects, particularly in green and climate finance.\u201d Central banks, he adds, have an important role in \u201cencouraging banks to finance these projects,\u201d while reinforcing the financial stability that underpins trust between all parties. He had also previously emphasized the importance of public-private partnerships as indispensable tools for long-term infrastructure and development finance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Protecting the budget vs. keeping projects bankable:<\/strong> Under the current model, the government issues sovereign guarantees for PPP projects where the state is the end-buyer of the service. The OECD warns that continuing to issue blanket guarantees means the government is giving up control over project outcomes while taking on the obligation to provide financing if things go wrong. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From a macro standpoint, that narrowing is necessary.<\/strong> The OECD says limiting the scope of guarantees would help \"ease the fiscal pressure that contingent liabilities place on the state budget, creating fiscal space for more PPP projects.\" The shift also fits into a broader plan to rein in borrowing and reduce the state's crowding out of the private sector in the domestic debt market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How do operators see the shift?<\/strong> For project finance teams, it means risk is being repriced. Developers are already testing that new reality in current infrastructure tenders. Tarek El Gammal, founder and chairman of Redcon Construction, says the rules have changed on the ground, particularly in water projects. \u201cRedcon Construction is already entering seawater desalination plant projects,\u201d he says. The old model was different: \u201cPreviously, the state would grant sovereign guarantees for projects \u2014 and it would build the plant.\u201d Now, the structure has changed to ease the burden on the state, El Gammal says. \u201cThe state has now limited sovereign guarantees with the aim of reducing public spending. Companies build the plant, whose cost is estimated at around EGP 5 bn, and finance it as well, then deal with the government through take-or-pay contracts.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Take-or-pay structure explained.<\/strong> Instead of guaranteeing the full capital cost of a project, the sovereign guarantee is now limited to the agreed monthly offtake payment. \u201cThe payment, for example, would be EGP 10 mn a month \u2014 that EGP 10 mn has a sovereign guarantee, plus any additional consumption,\u201d El Gammal explains. The structure balances budget protection with enough security for financiers, he adds, noting that the new model has \u201cmade the private sector and banks compete to finance projects.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This fits the wider market reset:<\/strong> The new guarantee model is landing as Egypt's contracting market is being rewired around three structural shifts: the slowdown in state-led megaprojects, the public spending cap, and the need to keep projects bankable without loading the Treasury with open-ended obligations. That squeeze has pushed large contractors to expand abroad to protect cash flows, while the state is redirecting its investment focus toward power and renewables \u2014 <a target=\"_blank\" href=\"https:\/\/www.dailynewsegypt.com\/2025\/09\/01\/egypt-plans-egp-136-3bn-investment-in-electricity-renewables-for-fy-2025-26\/\" style=\"\">nearly doubling electricity and renewables investments<\/a> to EGP 136.3 bn in FY2025\/26 \u2014 with private-sector partners expected to play a growing role. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Direct awards also need to narrow:<\/strong> Despite Egypt's legislative reforms to the public contracting law and PPP framework, there is still room \u2014 and need \u2014 to improve competition to ensure better value for money. In a separate but complementary <a target=\"_blank\" href=\"https:\/\/doi.org\/10.1787\/d6e57f17-en\" style=\"\">report<\/a> on infrastructure governance, the OECD says that to fully leverage government agencies' purchasing power, it is important to strengthen open and competitive procurement processes wherever possible. Reducing the use of direct contract awards and reliance on exceptions in the public procurement law can help achieve better value, strengthen market competition, and increase transparency. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What's next?<\/strong> Egypt is entering a transition phase that will create a deeper sorting in the contracting and project finance market. The winning consortiums in upcoming tenders will not be those that rely on the state as an all-purpose guarantor shielding them from execution and default risk. They will be the ones with stronger financial and operational risk management \u2014 and the ability to structure projects through take-or-pay models or smarter partial guarantees that convince international and private financiers the project can stand on its own economics. The message is becoming clear: this is the real cost of building a more sustainable, performance-based economy.<\/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\/cbe\/\">CBE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n        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-->\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\/06\/17\/710941\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-710941\" class=\"content-area-description single-story post-710941 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;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-18 June (Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/annual.arabfertilizer.org\/\" style=\"\">AFA International Annual Fertilizer Conference & Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz-Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-18 June (Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.africahealthexcon.com\/\" style=\"\">Africa Health ExCon 2026<\/a><\/span><span>, Al Manara International Conference Center Egypt International Exhibition Center (EIEC)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 June (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.big5constructegypt.com\/landing-page\/big-5-construct-egypt-2026\/?utm_source=cpc-internal&utm_medium=google&utm_campaign=S-Big5Egypt-Visprom-2026-EN&gad_source=1&gad_campaignid=23795721284&gbraid=0AAAAApC54yA79iq967dswU4I-3SBFqsS_&gclid=Cj0KCQjwio_RBhDMARIsAJPveNMi4D5qDZopCgNfPWn-2RuF_0ayGGa9Q1bn2-UrsvDlxIkJDPmDcegaAhCKEALw_wcB\" style=\"\">The Big 5 Construct Egypt<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 June (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/watrexexpo.com.eg\/\" style=\"\">Watrex Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, Cairo.<\/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>19 August (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/connected-banking.com\/summit\/north-africa\/\" style=\"\">Connected Banking Summit<\/a><\/span><span style=\"font-weight:400;\">, Fairmont Nile City Hotel <\/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>8-10 September (Tuesday-Thursday) <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-air-show.com\/\" style=\"\">El Alamein International Airshow<\/a><\/span><span style=\"font-weight:400;\">, El Alamein International Airport <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">10-12 September (Thursday-Saturday): Egyptian Entrepreneurship Sector Diagnostics Report Summit, El Gouna.<\/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>10-11 October (Saturday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/whs-egypt.net\/\" style=\"\">Egypt Women's Health Summit (EWHS)<\/a><\/span><span style=\"font-weight:400;\">, Cairo Marriott Hotel<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 October (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.eventbrite.com\/e\/iex-egypt-tickets-1701070320119\" style=\"\">IEX Egypt<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, Cairo.<\/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>7-10 December (Monday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/foodafrica-expo.com\/\" style=\"\">Food Africa<\/a><\/span><span>, Egypt International Exhibition Center, Cairo.<\/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.<\/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:400;\">4Q 2026: Banque du Caire IPO<\/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>16-18 January (Saturday-Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.agriexpo-eg.com\/\" style=\"\">Agri Expo<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center.<\/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   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