{"id":666758,"date":"2025-06-13T00:00:00","date_gmt":"2025-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/13\/gcc-sovereign-wealth-fund-to-announce-big-ticket-project-in-ras-shukeir\/"},"modified":"2025-06-13T00:00:00","modified_gmt":"2025-06-13T00:00:00","slug":"gcc-sovereign-wealth-fund-to-announce-big-ticket-project-in-ras-shukeir","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/06\/13\/gcc-sovereign-wealth-fund-to-announce-big-ticket-project-in-ras-shukeir\/","title":{"rendered":"GCC sovereign wealth fund to announce big-ticket project in Ras Shukeir"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> Summer is upon us, but those of us still 300+ km from the coast are staying in to gear up for the incoming full-length week.<\/p>\n

For those who heeded the calls of the coastline, preparation is everything.<\/strong> This isn't just another packing list. Consider this your guide to conquering Egyptian beach culture, whether you're diving into the crystal-clear waters for the first time this year or you're a seasoned Sahel veteran.<\/p>\n

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

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

Authorities are gearing up to announce a new <\/strong>project in Ras Shukeir<\/a><\/strong> involving one of <\/strong>the Gulf\u2019s <\/strong>sovereign wealth funds in the coming days<\/strong>, a senior government source told EnterpriseAM. The agreement \u2014 set to be the first in a series tied to the 174 sq km Ras Shukeir zone on the Red Sea \u2014 will back local sovereign sukuk soon to be issued by the Finance Ministry, whose proceeds will go towards lowering the public debt burden. The land has been allocated<\/a> to FinMin.<\/p>\n

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

The in-the-works stamp tax on EGX transactions should be <\/strong>put into place<\/a><\/strong> starting <\/strong>September<\/strong>, replacing the previously planned capital gains tax, a government source told EnterpriseAM. As the tax is on daily transactions, the new system can be put in place any time in a fiscal year, they added.<\/p>\n

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

Egypt <\/strong>agreed <\/strong>to purchase up to 125 LNG cargoes annually from a number of global <\/strong>suppliers<\/strong>, a government source told EnterpriseAM. The agreements, inked by Egyptian Natural Gas Holding Company, span 3-5 years, according to our source. The lineup includes Saudi Aramco, Trafigura Group, Vitol Group, Hartree Partners, BGN, Shell, and Azerbaijan\u2019s Socar. News of the agreements was first picked up by Bloomberg<\/a>. <\/p>\n

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

#1- Remittances from Egyptians residing abroad continued their <\/strong>steady rise<\/a><\/strong> in March<\/strong>, increasing 63.7% y-o-y to around USD 3.4 bn. This marks the thirteenth consecutive month of y-o-y remittance growth. Remittances reached a record high in the first nine months of the current fiscal year, with Egyptians abroad sending in some USD 26.4 bn, up 82.7% y-o-y.<\/p>\n

#2- The World Bank sees the Egyptian economy <\/strong>growing at a 3.8% y-o-y clip<\/a><\/strong> for the current <\/strong>fiscal year<\/strong>, keeping its outlook unchanged from its previous forecast in April<\/a>. The bank also kept its growth forecast for the next fiscal year starting next month penciled in at 4.2% y-o-y.<\/p>\n

The decision to keep forecasts stable gives us an insight into the impact of Trump\u2019s <\/strong>tariffs. <\/strong>Egypt appears to have fared tariff uncertainty much better than some had feared and much better than some of our regional peers \u2014 some of which have also struggled with falling oil prices. <\/p>\n

M&A WATCH-<\/strong><\/p>\n

Attijariwafa Bank\u2019s ins. arm Wafa Assurance <\/strong>submitted<\/a><\/strong> a mandatory tender offer to <\/strong>acquire up to 100% of Delta Ins.<\/strong> \u2014 or 125 mn shares \u2014 at EGP 40 apiece. The transaction, valued at up to EGP 5.0 bn, requires a minimum acceptance threshold of 51% of shareholders to go through and is currently being reviewed by the FRA. Wafa Assurance is also looking to take Delta Ins. private, with plans to delist the company from the EGX following the acquisition.<\/p>\n

\n

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

<\/p>\n

Israel attacked Tehran<\/strong> just a few hours ago in a major escalation of regional tensions, which Israeli Prime Minister Benjamin Netanyahu said targeted the country\u2019s nuclear and military sites. This comes days before another planned round of nuclear talks between Iran and the US was set to take place in Oman, after the US sent Iran a proposal that involves restrictions on its nuclear program, including on enriching uranium. The head of Iran\u2019s paramilitary Revolutionary Guard, General Hossein Salami, along with other officials and nuclear scientists, are suspected to have been killed in the attack, according to Iranian state TV. <\/p>\n

Israeli Defense Minister Israel Katz declared a special state of emergency<\/strong> and said Israel\u2019s strike was \u201cpreemptive\u201d and that he expects retaliation from Iran. Netanyahu said the operation \u201cwill continue for as many days as it takes to remove this threat.\u201d The US said it was not involved in the attack.<\/p>\n

And Israeli naval forces <\/strong>seized<\/a><\/strong> the Freedom Flotilla Coalition vessel <\/strong>trying to break the Gaza blockade and detained all 12 passengers including climate activist Greta Thunberg and French MEP Rima Hassan prior to deportation. The UN recently labeled the besieged strip as \u201cthe hungriest place on Earth,\u201d and warned that its entire population is at risk of famine. <\/p>\n

Across the pond, the US and China preliminarily <\/strong>agreed<\/a><\/strong> to get their Geneva trade <\/strong>war truce back on <\/strong>track<\/strong>, following 20 hours of tense negotiations in London. The two world\u2019s two largest economies agreed to solve their differences over Chinese rare earth export restrictions and US tech export controls. The agreement now awaits the sign-off from Xi and Trump. <\/p>\n

Also headlining many of the world\u2019s digital front pages was wall-to-wall coverage of <\/strong>anti-immigration raid protests in the US<\/strong>, which spread to at least two dozen cities across the country. Trump responded to the spreading protests by threatening to respond with \u201cequal or greater force\u201d to protestors in LA, who he described as \u201canimals.\u201d<\/p>\n

Elsewhere, an Air India crash in Ahmedabad yesterday, India killed over 240 passengers<\/strong> after crashing before heading on its way to London. The Boeing 787 crash \u2014 which is the deadliest aviation crash in more than a decade \u2014 left only one known survivor. Boeing\u2019s shares fell 4.8% yesterday.<\/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

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

The capital will be seeing its hottest day of the week <\/strong>today<\/strong>, with the mercury set to peak at 38\u00b0C before cooling to 24\u00b0C at night. Tomorrow will be a little cooler, with a high of 36\u00b0C and a low of 22\u00b0C.<\/p>\n

The North Coast will be experiencing cooler weather,<\/strong> with this weekend\u2019s temperatures expected to reach just 31\u00b0C during the day and 19\u00b0C at night, according to our favorite weather app.<\/p>\n

\n

HAPPENING THIS WEEKEND-<\/p>\n

Don\u2019t call it a comeback. It\u2019s more like a \u2018awda. <\/strong>Tonight, beloved Egyptian artist Hamid El Shari<\/a> will be joining forces with veteran DJ Andy Cheiko<\/a> at CJC 610 as part of the club\u2019s Ma Yatloboho El Mostami3oon series<\/a>. You can book your spot through CJC\u2019s official website<\/a>.<\/p>\n

In the mood for a soothing jazz night this weekend?<\/strong> Egyptian singer Noha Fekry<\/a> will be performing live at Zamalek\u2019s El-Sawy Culturewheel tonight. From slowed-down Sabah classics to 1950s Nina Simone hits, Fekry will be transporting the audience back a few decades. You can secure your spot through El-Sawy Culturewheel\u2019s website<\/a>. <\/p>\n

\n

HAPPENING NEXT WEEKEND-<\/p>\n

Need a dash of folklore in your life?<\/strong> Reconnect with your Egyptian roots at El Sawy Culturewheel on Friday, 20 June, as the all-Egyptian, all-women band Tablet el Sitt<\/a> take the stage. On a mission to spread joy and preserve Egyptian folk music, the band will be performing from 8pm to 10:30pm. Tickets are available on El Sawy Culturewheel\u2019s official website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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The platform offers e-commerce services to restaurants, allowing\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558968,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/04\/what-were-tracking-on-4-january-2021\/","url_meta":{"origin":666758,"position":2},"title":"What we\u2019re tracking on 4 January 2021","author":"enterpriseam admin","date":"4 January 2021","format":false,"excerpt":"Good morning, friends, and Happy Monday on this holiday-shortened week. It\u2019s lights-out at close of play on Wednesday as the nation downs tools to observe Coptic Christmas on Thursday. A very happy holiday to everyone who is celebrating. We\u2019ve got a cheat code for you this morning \u2014 with two\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":628276,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/28\/saudis-msci-em-classification-gives-gcc-expansive-position-in-the-index\/","url_meta":{"origin":666758,"position":3},"title":"Saudi\u2019s MSCI EM classification gives GCC expansive position in the index","author":"enterpriseam admin","date":"28 June 2018","format":false,"excerpt":"Saudi\u2019s MSCI EM classification gives GCC a significant position in the index: Saudi Arabia\u2019s entry last week to the MSCI Emerging Markets equity index had given the GCC an outsized role in the index and increased GCC ownership stakes in EMs, writes Steve Johnson for the FT. This is especially\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/6\/716.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592793,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/06\/egypt-jordan-sign-power-linkage-mou-with-gcc-interconnection-authority\/","url_meta":{"origin":666758,"position":4},"title":"Egypt, Jordan sign power linkage MoU with GCC Interconnection Authority","author":"enterpriseam admin","date":"6 November 2019","format":false,"excerpt":"Egypt, Jordan sign power linkage MoU with GCC Interconnection Authority: Egypt and Jordan signed an MoU and two data confidentiality agreements with the GCC Interconnection Authority to link the two countries' electric grids with GCC countries, according to a cabinet statement. The transmission capacity of the GCC interconnection grid is\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":553994,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/15\/gcc-is-one-big-happy-family-again\/","url_meta":{"origin":666758,"position":5},"title":"GCC is one big, happy family again","author":"enterpriseam admin","date":"15 December 2021","format":false,"excerpt":"GCC puts up a united front after bringing Qatar in from the cold: Gulf Arab leaders cametogether yesterday for their 42nd annual GCC summit, in their first meeting since Saudi Arabia, the UAE, Egypt and Bahrain agreed to end their four-year blockade and restore diplomatic ties with Qatar earlier this\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/666758","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=666758"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/666758\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/666756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/666759"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=666758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=666758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=666758"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=666758"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=666758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}