{"id":663155,"date":"2025-03-28T00:00:00","date_gmt":"2025-03-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/28\/growth-picks-up-to-4-3-in-2q-fy-24-25\/"},"modified":"2025-03-28T00:00:00","modified_gmt":"2025-03-28T00:00:00","slug":"growth-picks-up-to-4-3-in-2q-fy-24-25","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/28\/growth-picks-up-to-4-3-in-2q-fy-24-25\/","title":{"rendered":"Growth picks up to 4.3% in 2Q FY 24-25"},"content":{"rendered":"

Good morning, friends, and a very happy long weekend to you all. <\/strong>We\u2019ve got much to look forward to as the holy month draws to a close and the Eid holiday begins. In the meantime, read on for a recap on the latest news this week, including the latest growth figures from the government, the lowdown on the state\u2019s draft budget for the upcoming fiscal year, and a surge in foreign holdings of public debt.<\/p>\n

Ramadan brings with its blessings a wealth of cultural moments that deserve<\/strong> recognition. <\/strong>From entertainment that captivates our evenings to the delicacies that break our fasts, our Ramadan superlatives list showcases the standouts of the holy month.<\/p>\n

We hope the next few days are restful for everybody- <\/strong>The public and private sectors will have Saturday to either Tuesday or Wednesday off for Eid El Fitr depending on when Eid officially starts. Banks and the EGX will be off from Sunday through Tuesday, while schools will be off for the entire week. <\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/strong> Our team will be getting some much needed R&R over Eid, and we\u2019ll be back on Sunday, 6 April at 6am with EnterpriseAM Egypt. Until then: Enjoy the weekend, and happy Eid in advance.<\/p>\n

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

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

Growth almost <\/strong>doubled y-o-y<\/a><\/strong> in 2Q FY 2024-25 to<\/strong> 4.3%<\/strong>, up from 2.3% during the same period last year. The government attributes the recovery to a combination of \u201ccontinued structural reforms\u201d and \u201cstringent governance of public investment.\u201d The growth comes despite a 70% fall in Suez Canal revenues during the quarter as well as the continued contraction in the energy sector.<\/p>\n

BUDGET WATCH-<\/strong><\/p>\n

Cabinet approves FY 25-26 budget: <\/strong>The Madbouly cabinet greenlit<\/a> the draft budget for the fiscal year 2025-2026. The state is targeting a primary surplus of EGP 795 bn \u2014 or 4% of GDP \u2014 and reducing the public debt to 82.9% next fiscal year, as well as trimming the debt-to-GDP ratio to below 92%.<\/p>\n

Revenues and expenses on the rise:<\/strong> Next year\u2019s budget pencils a 19% y-o-y jump in revenues to EGP 3.1 tn and a 18% y-o-y rise in expenses to EGP 4.6 tn. The budget sees increased spending on education, healthcare, social protection, and support to export-oriented sectors.<\/p>\n

Among the highlights:<\/strong> The state has allocated EGP 732.6 bn (up 15.2%) to social security, EGP 78.1 bn to support productive, export-oriented, and tourism activities, EGP 22 bn to medicine, and EGP 679.1 bn to public sector salaries, among other expenses.<\/p>\n

DEBT WATCH-<\/strong><\/p>\n

Foreign investors have significantly <\/strong>increased their purchases<\/a><\/strong> of government debt<\/strong>, leading to a resurgence in hot money inflows following a slight blip at the beginning of the month. Foreign holdings of public debt have returned to their pre-December levels, reaching approximately USD 38 bn<\/strong>, on the back of easing inflation and expectations of an April rate cut. Last week alone saw foreign investors buy over USD 2 bn in government debt instruments.<\/p>\n

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

The government has formed <\/strong>new committees<\/a><\/strong> to address the effects of Trump\u2019s tariffs. <\/strong>The committees are tasked with conducting a comprehensive review of Egypt\u2019s customs to adapt to recent global developments and, particularly, the tariffs imposed by some countries in response to US tariffs. The committees will focus on protecting local manufacturing, ensuring international agreements are fulfilled without compromising Egypt\u2019s localization strategy.<\/p>\n

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

#1- Ain Sokhna is getting a USD 1.7 bn industrial complex: <\/strong>China\u2019s Wu\u2019an Xin Feng signed the contract for its USD 1.7 bn integrated metal industries complex<\/a> in the Ain Sokhna industrial zone with the government. The project will be set up over a five-year period and across two phases and once fully completed, it will offer 8k direct jobs. The complex will house nine industrial projects and two comprehensive service centers, with phase one slated for completion in 2027.<\/p>\n

CAPITAL MARKETS-<\/strong><\/p>\n

Beltone Holding <\/strong>(closed the first round)<\/a><\/strong> of its blockbuster EGP 10.8 bn capital increase. <\/strong>The rights issue of c. 5.4 bn shares was 92.11% covered by investors during the first phase of subscription, which ended on Monday. The total increase will see Beltone\u2019s capital rise to EGP 21.7 bn, marking one of the largest ever capital increases on the EGX.<\/p>\n

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

The IFC is out with the list of airports set for private investment: <\/strong>The International Finance Corporation (IFC) unveiled the list of 11 Egyptian airports<\/a> slated for development through public-private partnerships (PPPs). The first phase of the program includes airports like Hurghada, Sharm El Sheikh, Luxor, and Sphinx, but notably excludes Cairo International Airport. The IFC will advise the government on PPPs to help it carry out its plans to upgrade airport infrastructure and services with the help of private players.<\/p>\n

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

Egypt\u2019s gas production falls to 8-year low in January: <\/strong>Gas output dropped 20% y-o-y<\/a> to 4.3 bn cubic feet per day (bcf\/d) in January, its lowest monthly level since December 2016, as production from major regions like West Delta and the onshore Nile Delta slid. The decline comes despite new wells from BP\u2019s second phase at Raven field coming online, but recovery could be imminent with Dana Gas\u2019 planned launch of a USD 100 mn project.<\/p>\n

\n

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

<\/p>\n

It was a tumultuous week in the international press<\/strong>, with the latest Trump tariffs rattling global markets, Israel continuing to pound Gaza, and anti-Hamas protests erupting across the strip.<\/p>\n

Trump set the wheels in motion on his auto tariffs: <\/strong>US President Donald Trump said that a 25% tariff on all imported cars<\/a> and light trucks will come into effect on 3 April, framing the move as a step to revive the domestic auto industry and raise revenues to support his tax cut agenda. Global automaker stocks plunged following the news \u2014 a combined EUR 4.5 bn was wiped off<\/a> shares in Volkswagen, BMW, Mercedes-Benz, and Porsche on Thursday, while Japanese stocks lost<\/a> USD 16.5 bn overnight.<\/p>\n

The move sparked backlash and threats of retaliation from foreign governments.<\/strong> European Commission President Ursula von der Leyen slammed the tariffs as \"bad for businesses, worse for consumers,\" while Canadian Prime Minister Mark Carney described the move as a \u201cdirect attack,\u201d asserting that the country would defend itself against it.<\/p>\n

Over in Gaza, <\/strong>Israeli airstrikes <\/strong>killed<\/a><\/strong> two senior Hamas leaders and tens of civilians <\/strong>in between Saturday and Sunday in a renewed escalation of the war, with Hamas reporting the deaths of political bureau member Ismail Barhoum and top political figure Salah Al Bardaweel.<\/p>\n

Thousands of Palestinians took to the streets across Gaza in a rare wave of anti-Hamas <\/strong>protests<\/strong>, demanding the group relinquish control of the territory to help end the war with Israel.<\/p>\n

Meanwhile,<\/strong> Russia and Ukraine <\/strong>agreed<\/a><\/strong> to a ceasefire in the Black Sea<\/strong> following days of US-backed talks in Riyadh. <\/p>\n

IN THE BUSINESS PAGES- German software company SAP has become Europe\u2019s <\/strong>most valuable public company<\/strong>, overtaking Danish drugmaker Novo Nordisk, with a market cap of USD 342.4 bn. <\/p>\n

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

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

The weather is experiencing a cooldown this weekend<\/strong>, with the mercury set to rise to 33\u00b0C today in the capital before cooling off to 14\u00b0C at night, and rising only to 27\u00b0C tomorrow before dipping to 15\u00b0C, according to our favorite weather app.<\/p>\n

\n

HAPPENING THIS WEEKEND-<\/p>\n

More folk is setting the stage: <\/strong>Join Cairo-based collective Nuba Nour<\/a> tonight at 9pm at El Dammah Theater to experience a glimpse of the colourful and unique Nubian culture through traditional Nubian music and dance. Visit El Mastaba<\/a> \u2019s website to reserve tickets by filling out the form on the page.<\/p>\n

There\u2019s still time to get the quintessential suhoor experience.<\/strong> This is your last chance to enjoy the Layalina x El Baron Palace<\/a> and Layalina x Pyramids<\/a> suhoor nights, so wrap up your Ramadan season with style. If you choose to attend the iconic Pyramids suhoor, your food will be accompanied by a Sound and Light show. Tickets are available through TicketsMarche.<\/p>\n

It\u2019s almost eid, laugh a little\u2026 <\/strong>Join Weekend Comedy for the Almost Eid Comedy Night<\/a> tonight at Soul Lounge, Maadi. The lineup features Ibrahim Seyam, Amgad ElShawshy, Amon, Sin Dee, and Kamatcho. Tickets are available through the link<\/a> in Weekend Comedy\u2019s Instagram bio. <\/p>\n

\n

HAPPENING NEXT WEEKEND-<\/p>\n

Don\u2019t miss 100 Years of Singing with Ali El Haggar <\/strong>on the large stage of the Cairo Opera House in Zamalek. The concert will take place on Friday, 4 April at 8pm. You can find tickets on Tazkarti<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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As we approach two shortened workweeks and the final week of Ramadan, we hope your long weekend plans involve some much-needed relaxation and downtime.REMEMBER- Banks are taking next Sunday, 16 April off to mark Coptic Easter (though it\u2019s not a public holiday), while Sham El Nessim \u2014\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/594.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647381,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/09\/tourism-minister-in-rome-to-promote-holy-family-trail\/","url_meta":{"origin":663155,"position":1},"title":"Tourism Minister in Rome to promote Holy Family Trail","author":"enterpriseam admin","date":"9 May 2017","format":false,"excerpt":"Tourism Minister Yehia Rashed is heading to Rome today to meet with Vatican officials and promote the Holy Family Trail, Al Shorouk reports. Rashed\u2019s visit comes as a follow-up to Pope Francis\u2019 visit to Egypt last week and part of the ministry\u2019s strategy to promote religious tourism in Egypt.","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561502,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/11\/two-days-til-ramadan-what-isnt-happy-the-pandemic-is-easing-the-environment\/","url_meta":{"origin":663155,"position":2},"title":"Two days \u2018til Ramadan; What isn\u2019t happy the pandemic is easing? The environment.","author":"enterpriseam admin","date":"11 April 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to the first week of Ramadan. The holy month should start on Tuesday: Expect Dar Al Iftaa to make a formal announcement tomorrow evening, based on its sighting of the moon.The EGX will move to its customary shortened Ramadan hours, which will see trading\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":632083,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/01\/diyar-el-medina-setting-up-cairo-branch-next-week\/","url_meta":{"origin":663155,"position":3},"title":"Diyar El Medina setting up Cairo branch next week","author":"enterpriseam admin","date":"1 February 2018","format":false,"excerpt":"Saudi Arabia\u2019s Diyar El Medina plans on opening a branch in Cairo next week, company head Saeed Makki said, according to Al Shorouk. The hospitality group owns hotels in the holy cities of Mecca and Medina and would like to work with local tour companies to facilitate visas and travel\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":561574,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/13\/today-your-essential-ramadan-schedule-more-warnings-about-a-third-wave-of-covid-19\/","url_meta":{"origin":663155,"position":4},"title":"TODAY: Your essential Ramadan schedule + more warnings about a third wave of covid-19","author":"enterpriseam admin","date":"13 April 2021","format":false,"excerpt":"Good morning, wonderful people, and Ramadan kareem to everyone observing.Your first Ramadan blessing of the season: This year\u2019s calendar is nothing short of gorgeous. Consider this: From where we sit this morning, it\u2019s a quick sprint to the weekend.Next week: A full workweek, followed by a long weekend for Sinai\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585549,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/20\/today-happy-eid-al-fitr-the-imfs-recommendations-for-our-economy-and-more-from-last-week\/","url_meta":{"origin":663155,"position":5},"title":"TODAY: Happy Eid al-Fitr + the IMF\u2019s recommendations for our economy and more from last week","author":"enterpriseam admin","date":"20 April 2023","format":false,"excerpt":"Good morning, friends, and happy (almost) last day of Ramadan. We hope you have a wonderful Eid Fitr with your loved ones and get a chance to relax and kick back as pretty much the whole country is out until Wednesday, 26 April. This is the last time you\u2019ll see\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/752.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\/663155","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=663155"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/663155\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/663153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/663156"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=663155"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=663155"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=663155"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=663155"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=663155"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}