{"id":661928,"date":"2025-03-07T00:00:00","date_gmt":"2025-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/07\/non-oil-business-activity-expands-for-second-consecutive-month-in-february\/"},"modified":"2025-03-07T00:00:00","modified_gmt":"2025-03-07T00:00:00","slug":"non-oil-business-activity-expands-for-second-consecutive-month-in-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/07\/non-oil-business-activity-expands-for-second-consecutive-month-in-february\/","title":{"rendered":"Non-oil business activity expands for second consecutive month in February"},"content":{"rendered":"

Good morning, friends, and welcome to the weekend. <\/strong>Read ahead for all the latest on business activity, net reserves, a recap of headlines abroad, and all the fun ways to occupy your downtime.<\/p>\n

Hosting an iftar doesn\u2019t have to be stressful.<\/strong> This week, we\u2019ve rounded up home-style kitchens and supermarkets that you can rely on for a delicious spread, without any of the yearly hassle (or the kitchen mess).<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY- <\/strong><\/p>\n

#1- Non-oil business activity expanded for second consecutive month:<\/strong> Non-oil business activity continued to expand<\/a> for the second month running \u2014 albeit at a slower pace \u2014 \u201cmarking the first back-to-back improvement in business conditions in over four years,\u201d according to S&P Global\u2019s latest Purchasing Managers Index (PMI) report. Egypt\u2019s headline figure dipped to 50.1 in February from a 50-month-high of 50.7 in January, which marked the second time the country's non-oil activity has hit the expansion territory since November 2020.<\/p>\n

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#2- Net foreign reserves and net foreign assets in the banking sector rose:<\/strong> Net foreign reserves rose to USD 47.4 bn<\/a> at the end of February 2025, marking a USD 129 mn increase from January. Meanwhile, net foreign assets in Egypt\u2019s banking sector rose to USD 8.7 bn<\/a> in January, marking a monthly hike of 65.8% from USD 5.2 bn in December. This follows two consecutive months of decline in the country\u2019s net foreign assets, which last dropped by 12.2% in December.<\/p>\n

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#3- The European Bank for Reconstruction and Development <\/strong>lowered<\/a><\/strong> Egypt\u2019s growth <\/strong>forecast for 2025 to 4.2%<\/strong>, down 0.3 percentage points from its previous estimates in September.<\/strong> The lender also trimmed its forecast for the fiscal year ending June 2025 to 3.6%, a 0.4 percentage-point downgrade from its previous estimate.<\/p>\n

PRIVATIZATION-<\/strong><\/p>\n

More details emerged on the SFE\u2019s plan to take over all state-owned firms:<\/strong> The first<\/a>phase<\/a> of the Sovereign Fund of Egypt\u2019s (SFE) plan to take over all public enterprises will target some 370 profitable firms, over half of the total 709 companies owned by the state, a senior government source told EnterpriseAM this week. The SFE may hold off on the selection process until the end of the fiscal year, with the fund currently evaluating firms.<\/p>\n

MANUFACTURING<\/strong>-<\/p>\n

Organi Group <\/strong>acquired 50%<\/a><\/strong> of Rolling Plus Chemical Industries<\/strong> in a bid to revive the company\u2019s EUR 1 bn tire factory project in the Suez Canal Economic Zone, in partnership with Concrete Plus \u2014 which previously held a 70% stake in the company.<\/p>\n

ENERGY-<\/strong><\/p>\n

Egypt to re-export Cypriot LNG starting in 2027: <\/strong>Egypt\u2019s liquefied in facilities will start<\/a>receiving<\/a> 400 mn cubic feet per day (mcf\/d) from Cyprus\u2019 Cronos gas field starting mid-2027 and another 500 mcf\\d of gas from the country\u2019s Aphrodite field by 2030.<\/p>\n

INVESTMENT-<\/strong><\/p>\n

Saudi Arabia\u2019s cabinet <\/strong>greenlit<\/a><\/strong> the <\/strong>Egypt-Saudi Agreement on Promotion and Mutual <\/strong>Protection of Investments<\/strong> that is expected to help protect Saudi investors as they ramp up investment in Egypt. The agreement is expected to bring upward of USD 10 bn in bilateral investments over the next three years.<\/p>\n

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WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

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The IMF is <\/strong>expected to sign off<\/a><\/strong> on the fourth review of Egypt\u2019s USD 8 bn loan program<\/strong> when the Fund\u2019s Executive Board meets on Monday, March 10<\/strong>. Also on the agenda are Egypt\u2019s requests to relax some timelines and other terms of the agreement, along with new funds under the Resilience and Sustainability Facility.<\/p>\n

Capmas inflation figures incoming: <\/strong>State statistics agency Capmas is expected to release<\/a> February\u2019s inflation data on Monday, 10 March<\/strong>.<\/p>\n

Industrial land offering round closes Monday: <\/strong>Electronic applications for 2.2k industrial land<\/a>plots<\/a> across 22 governorates as part of the government\u2019s latest industrial land offering close Monday, 10 March<\/strong>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

This week was rife with geopolitical tensions and counter-efforts to hash out solutions<\/strong>, with Israel looking to prolong the first phase of the Gaza ceasefire, Arab nations rallying behind Egypt\u2019s reconstruction plan for the strip, and US President Donald Trump playing hardball with tariffs.<\/p>\n

Israe<\/strong>l <\/strong>approved<\/a><\/strong> a US-brokered proposal to extend the first phase of the Gaza ceasefire<\/strong> agreement<\/strong> through Ramadan and Passover<\/strong> (which ends on April 20) following its expiration on Saturday. The agreement \u2014 pushed by Trump\u2019s Mideast envoy Steve Witkoff \u2014 would see Hamas releasing half of the Israeli hostages held on the first day of its implementation and freeing the rest following an agreement on a permanent ceasefire. Before Israel accepted the proposal, Hamas had already rejected Israel\u2019s attempt to extend the first phase of the agreement by six weeks, insisting on the second phase coming into effect with Israel completely withdrawing its troops.<\/p>\n

Israel also <\/strong>blocked all humanitarian aid<\/a><\/strong> from entering Gaza after the six-week ceasefire <\/strong>came to an end<\/strong>, a decision broadly perceived as a pressure tactic to push Hamas into accepting the extended truce instead of moving on to phase two.<\/p>\n

Arab leaders <\/strong>endorsed Egypt\u2019s USD 53 bn reconstruction plan<\/a><\/strong> for Gaza<\/strong> during an emergency Arab League summit in Cairo on Tuesday. Egypt and a handful of its Arab neighbours spent a month formulating the plan as a counter to US President Donald Trump\u2019s plan to displace Gaza\u2019s citizens.<\/p>\n

The plan at a glance: <\/strong>The five-year plan will see the construction of some 400k housing units, an airport, a commercial port, beach hotels, and a technology hub. It will include urban areas that utilize renewable energy, renovated agricultural lands, and industrial zones. A non-factional Palestinian committee will oversee the strip on a temporary basis, while Egypt and Jordan will help train security forces, laying the groundwork for the return of Palestinian Authority control.<\/p>\n

The Trump tariff made plenty of headlines this week: <\/strong>US President Donald Trump slapped<\/a> 25% tariffs on Canada and Mexico as part of his push to pressure both countries on border security and fentanyl trafficking as well as prompting them to shift their manufacturing to the US. Trump also signed off on doubling tariffs on Chinese imports to 20%. The White House justified the move by accusing Beijing of failing to curb illicit fentanyl shipments to the US. <\/p>\n

The tariffs sent stocks tumbling as all three countries <\/strong>hit back<\/a><\/strong>. <\/strong>Canada hit back with 25% tariffs on USD 30 bn worth of US imports, with plans to extend the levies to another USD 125 bn worth of goods in 20 days. China also responded by slapping 10-15% tariffs on USD 21 bn of US agricultural products while imposing export and investment restrictions on 25 American firms.<\/p>\n

ELSEWHERE IN TRUMPLAND- Trump paused all military aid to Ukraine<\/strong> as part of his efforts to push Ukrainian President Volodymyr Zelenskyy to take part in peace talks with Russia. Trump\u2019s decision came days after a high-stakes White House meeting with Zelenskyy unraveled into a public spectacle, leaving Ukraine scrambling for support. The meeting saw Trump dismissing Zelenskyy\u2019s pleas for security guarantees, telling him to \u201ccome back when he is ready for peace,\u201d hinting US aid could dry up entirely. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\u2600\ufe0f THE WEATHER THIS WEEKEND- <\/p>\n

This weekend we\u2019re seeing clear skies with a hint of cloud<\/strong> in the capital.<\/strong> The mercury is set to rise to 23\u00b0C on Friday and 24\u00b0C on Saturday. As for the evening, temperatures will drop down to a chilly low of 13\u00b0C on both days.<\/p>\n

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HAPPENING THIS WEEKEND-<\/p>\n

Another night to remember with Layalina. <\/strong>Hala Rushdy and Mohamed Adaweyah will be performing at the Baron and Pyramids tents tonight at 10pm. You can grab tickets to see Hala Rushdy<\/a> at El Baron Palace and Mohamed Adaweyah<\/a> at the Pyramids from Ticketsmarche.<\/p>\n

El Leila El Kebira is offering you good food and good music with Saad Al Oud,<\/strong> taking place<\/a> in Sheikh Zayed tonight at 10:30pm. You can find tickets on Passport<\/a>.<\/p>\n

Give back this Ramadan:<\/strong> This Ramadan Majarrah\u2019s Community and Lebaladna are organizing a packing event<\/a> to give out 2k Ramadan Boxes for those in need tomorrow from 11am to 4pm. Fill out the form<\/a> in their Instagram bio to join the packing.<\/p>\n

The Hekayatna Helwa Ramadan tent is bringing in some comedy segments.<\/strong> Egyptian comedian Mohamed Helmy is set to take the stage tomorrow at Hyde Out New Cairo. You can find tickets on Ticketsmarche<\/a>.<\/p>\n

Suhoor to the tune of Massar Egbari\u2019s classics.<\/strong> The Hekayatna Helwa Ramadan tent is back this year starting tonight from 10pm to offer you delicious meals prepared by Ashraf Abdilbakyi\u2019s Tante<\/a> restaurant at Hyde Out in New Cairo. You can find tickets every night until Wednesday, 12 March on Ticketsmarche<\/a>.<\/p>\n

Fasting all day? Now it\u2019s time to feast\u2026 on laughter. <\/strong>WKND CMDY<\/a> is hosting a Ramadan Onstage event, serving up a night of sharp jokes and big laughs at Rawabet Art Space tomorrow at 10pm. Catch Kamatcho, Jimmy, Ahmed Hassan, Hamza Bahaa, and Amgad Elshawshy live for a post-iftar comedy fix. Book your tickets through TicketsMarche<\/a>.<\/p>\n

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HAPPENING NEXT WEEKEND-<\/p>\n

Unwind under the Ramadan night sky with a brush in one hand and a paddle in the other.<\/strong> The special Ramadan edition of Pottery Painting & Kayaking is happening on Thursday, 13 March, and Thursday, 20 March, at 9pm at Mountain View Hyde Park. Book your spot through their page<\/a> on Instagram.<\/p>\n","protected":false},"excerpt":{"rendered":"

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The PMI rose\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/81.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543520,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/business-activity-contracts-at-a-faster-pace-in-january\/","url_meta":{"origin":661928,"position":1},"title":"Business activity contracts at a faster pace in January","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"Non-oil business activity in Egypt contracted for the fourteenth consecutive month in January on the back of weaker demand and inflationary pressure, according to IHS Markit\u2019s purchasing managers\u2019 index survey (pdf). A \u201csolid and faster deterioration in business conditions\u201d pushed the gauge down to 47.9 in January from 49.0 in\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/62.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":596674,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/04\/non-oil-business-activity-continues-to-contract-in-june\/","url_meta":{"origin":661928,"position":2},"title":"Non-oil business activity continues to contract in June","author":"enterpriseam admin","date":"4 July 2019","format":false,"excerpt":"Non-oil business activity continues to contract in June: Falling demand caused non-oil business activity to contract for the second consecutive month in June, according to the Markit \/ Emirates NBD PMI gauge (pdf). The latest purchasing managers\u2019 index rose slightly to 49.2 last month from 48.2 in May, indicating a\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/120.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588081,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/06\/egypts-non-oil-private-sector-contracts-at-softest-pace-in-15-months-in-may\/","url_meta":{"origin":661928,"position":3},"title":"Egypt\u2019s non-oil private sector contracts at softest pace in 15 months in May","author":"enterpriseam admin","date":"6 June 2023","format":false,"excerpt":"Business activity declined for 30th consecutive month in May","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593651,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-non-oil-business-activity-improves-marginally-in-september-but-remains-in-contraction-territory\/","url_meta":{"origin":661928,"position":4},"title":"Egypt\u2019s non-oil business activity improves marginally in September, but remains in contraction territory","author":"enterpriseam admin","date":"7 October 2019","format":false,"excerpt":"Non-oil business activity improves marginally in September, but remains in contraction territory: Egypt\u2019s non-oil private sector continued to contract in September, albeit at a slightly lower rate than August, as output fell for the second consecutive month, according to the Markit \/ Emirates NBD purchasing managers\u2019 index (PMI) (pdf). 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The PMI gauge fell to 49.4 in August from 50.3 in July, indicating\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/9\/3005.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/661928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=661928"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/661928\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/661926"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/661929"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=661928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=661928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=661928"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=661928"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=661928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}