{"id":668973,"date":"2025-07-24T00:00:00","date_gmt":"2025-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/24\/egp-strengthens-against-the-greenback\/"},"modified":"2025-07-24T00:00:00","modified_gmt":"2025-07-24T00:00:00","slug":"egp-strengthens-against-the-greenback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/24\/egp-strengthens-against-the-greenback\/","title":{"rendered":"EGP strengthens against the greenback"},"content":{"rendered":"

Good morning, friends, and welcome to the weekend. <\/strong>It\u2019s been a relatively calm week, and we\u2019re manifesting an even calmer weekend. Haven\u2019t planned out your time yet? We might have a few ideas\u2026<\/p>\n

Oftentimes a summer escapade manifests itself in a trip up north, <\/strong>but what if that\u2019s not what you\u2019re looking for? Serene, majestic, and just a two-hour drive away from Cairo, Fayoum is a criminally-underrated weekend getaway. In this week\u2019s Enterprise Guide, we\u2019re giving you the 101 on all things Fayoum, and what to do if you\u2019re heading there. <\/p>\n

We\u2019ll be back on Sunday at 6am with EnterpriseAM<\/strong>. Until then: Enjoy the weekend.<\/p>\n

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

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

EGP rises to eight-month high against USD: <\/strong>The EGP rose against the<\/a>greenback<\/a> on Tuesday to its highest level since November 2024 \u2014 the USD was changing hands at EGP 49.02-49.12 at the end of the day\u2019s trading. This rebound came on the back of substantial USD-denominated inflow, as well as easing geopolitical tension and attractive interest rates spurring unprecedented foreign inflows into short and medium-term debt instruments. <\/p>\n

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

Qatar is reportedly <\/strong>set to invest USD 4 bn<\/a><\/strong> in a major tourism development on the <\/strong>North Coast<\/strong>, located in the Alam El Roum area. The project will reportedly span 60k feddans and be developed under a usufruct agreement with the Qatar Investment Authority. The USD 4 bn ticket covers both land rights and the cost of infrastructure to be developed by the Egyptian government.<\/p>\n

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

Bonyan started trading on the EGX: <\/strong>Shares of real estate investment firm Bonyan began<\/a>trading on the EGX<\/a> on Tuesday under the ticker BONY.CA, opening at EGP 4.96 apiece. The issuer raised EGP 1.8 bn by offering 344.8 mn shares in a private placement to institutional investors, in addition to 18.1 mn shares in a public offering to retail investors. Both offerings were heavily oversubscribed.<\/p>\n

ALSO- <\/strong>National Printing Company is taking a 10% stake<\/a>, or 21.2 mn shares, to market in a secondary offering on the EGX. The transaction, which is pending final regulatory approval, will be split equally between a public tranche and a fully committed private tranche anchored by Saudi investor Omran Mohammed AlOmran.<\/p>\n

REAL ESTATE-<\/strong><\/p>\n

Developers hit with new Desert Road and North Coast land fees: <\/strong>Real estate developers with land holdings on both the Cairo-Alexandria Desert Road and the North Coast are facing new levies from the New Urban Communities Authority (NUCA), according to documents seen by EnterpriseAM. NUCA has introduced a betterment fee on land along the Desert Road stretching from Remaya Square to the Alexandria gates, with rates ranging from EGP 1.5k per sqm for plots up to 1 km deep on both sides of the road, to EGP 500 per sqm for depths of 3-7 km. Meanwhile, North Coast developers are now subject to a 10% sales fee on projects where the land was sold by a landowner to a developer. The government classifies these transactions as asset transfers that \u201cwarrant financial compensation.\u201d The fees are calculated based on the current land value, not the price at the time of purchase or contracting, according to the document.<\/p>\n

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

Egypt <\/strong>plans to issue up to USD 4 bn<\/a><\/strong> in international bonds over the next year <\/strong>to help address its USD 11 bn external financing gap. The planned issuances could include EUR- and USD-denominated securities, sustainability bonds, sukuk, and even CNY- or JPY-denominated instruments \u2014 which would cover about 40% of the country\u2019s external funding needs. The remainder is expected to come from concessional financing.<\/p>\n

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

Goldman, Deutsche Bank split on our rate cut pace: <\/strong>Goldman Sachs sees no interest<\/a>rate cuts<\/a> in Egypt before October, while Deutsche Bank is pencilling-in a 200 bps cut in August, but highlights inflation risks that could influence the Central Bank of Egypt\u2019s decision at the time. <\/p>\n

A combined fifth and sixth review of Egypt\u2019s USD 8 bn IMF loan program is <\/strong>expected<\/a><\/strong>to conclude<\/a><\/strong> in September or October, <\/strong>unlocking a USD 2.5 bn tranche, Finance Minister Ahmed Kouchouk said during his visit to London last week. \u201cBoth sides are working on the expectation that this should be happening in September, October,\u201d he said, adding that \u201cthe IMF is after certain targets \u2014 and that's what is important.\u201d<\/p>\n

\n

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

<\/p>\n

The US <\/strong>announced severa<\/a><\/strong>l trade agreements<\/a><\/strong> with Asian countries ahead of <\/strong>implementation deadline for reciprocal tariffs: <\/strong>The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US. Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. Meanwhile, China could be in for a deadline extension \u2014 originally set for 1 August \u2014 as officials are set to meet for talks in Stockholm next week to discuss a \u201crebalance\u201d of the US-China relationship. <\/p>\n

ALSO- <\/strong>Trump filed a USD 10 bn libel lawsuit<\/a> against the Wall Street Journal, as well as owner Rupert Murdoch, Dow Jones, and News Corp after the newspaper published claims that Trump had contributed a suggestive letter to a scrapbook for Jeffrey Epstein\u2019s 50th birthday, marking his most aggressive challenge to media coverage since entering office.<\/p>\n

Over 100 internationa<\/strong>l aid organizations and human rights groups <\/strong>have called for an<\/a><\/strong>immediate, permanent ceasefire in Gaza<\/a><\/strong> and the full lifting of restrictions on humanitarian aid, as the strip\u2019s hunger crisis worsens. A statement, signed by 111 organizations including Mercy Corps, Refugees International, and Doctors Without Borders, among others, highlighted the spread of mass starvation throughout the enclave and urged immediate intervention by the world\u2019s governments.<\/p>\n

MEANWHILE<\/strong>- A group of 28 countries \u2014 including the UK, France, Canada, and Italy \u2014 also called for an immediate end<\/a> <\/a><\/strong>to the war<\/a> and condemned Israel for the \u201cdrip feeding of aid and the inhumane killing of civilians\u201d who are seeking food and water.<\/p>\n

Israel <\/strong>killed around 67 people<\/a><\/strong> waiting for UN aid trucks in Gaza<\/strong> on Sunday as starvation cases rise and more people die of hunger. Hundreds of thousands of displaced Gazans were also told to evacuate Deir al Balah in central Gaza, as ceasefire talks seem to have stalled despite claims from the US that the two sides were close to agreeing a temporary 60-day truce. Talks are still ongoing in Doha between Israel and Hamas. The IDF then launched an air and ground offensive<\/a> the following day in Deir al Balah.<\/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

Stay cool, stay indoors, and don\u2019t forget your <\/strong>sunblock<\/strong>, because it\u2019s going to be a hot weekend in Cairo, as temperatures are set to peak at 40-41\u00b0C, before cooling down to 24-25\u00b0C. Across the North Coast, the weather will be relatively cooler, with highs of 29-30\u00b0C and lows of 26-27\u00b0C, according to our favorite weather app. <\/p>\n

\n

HAPPENING THIS WEEKEND-<\/p>\n

In the mood for a Middle Eastern serenade?<\/strong> Musician Saad El Oud<\/a> will be whipping up all sorts of Arabic and Egyptian oud tunes at Theatro Arkan tomorrow. You can get your tickets from Ticketsmarch\u00e9<\/a>.<\/p>\n

Ready to swim your way to glory?<\/strong> North Coast\u2019s Ghazala Bay is hosting an open water sports festival on Saturday, complete with open water swimming and a slew of family-friendly water activities. You can secure your spot through Ticketsmarch\u00e9<\/a>.<\/p>\n

Pop-star Nancy Ajram and shaa\u2019bi legend Hakim will light up the stage<\/strong> at Layali Marassi<\/a> on Saturday. The two megastars will be at the Address Beach Resort for a night of nostalgic hits and performances bringing together generations of music lovers by the beach. You can grab your tickets from Ticketsmarch\u00e9<\/a>. <\/p>\n

Get to know Cairo like never before with a guided tour through its Islamic district<\/strong>. On Saturday, Kharita and Fil Qahira<\/a> will be exploring the city with nothing but a rare 1950s map to guide them. Up for an adventure? You can get your tickets from Kharita\u2019s Instagram. <\/p>\n

\n

HAPPENING NEXT WEEKEND-<\/p>\n

Feel like rocking out? <\/strong>Egyptian rock band Massar Egbari<\/a> will be taking the stage at Nile University\u2019s El Sawy Culturewheel Theater in Sheikh Zayed on Thursday, 31 July. You can grab your tickets from El Sawy Culturewheel\u2019s website<\/a>. <\/p>\n

Up for a treasure hunt? <\/strong>On Friday, 1 August and Saturday, 2 August, Maadi\u2019s Darb 15<\/a> will be hosting a garage sale brimming with fashion pieces looking for a new home. The sale will run from 12pm to 10pm on both days, and we\u2019d suggest getting there fast if you plan on digging for gold.<\/p>\n

A Sahel night with El Hadaba. <\/strong>Join Egyptian megastar Amr Diab for a night of summer hits and timeless classics at U Arenas in Al Alamein on Friday 1 August, as part of the New Alamein Festival. You can grab your tickets through Tazkarti<\/a>. <\/p>\n

The Martinez Brothers will be giving the North Coast\u2019s Sol Beach a taste of what New <\/strong>York City\u2019s nightlife scene has to offer on Friday, 1 August. <\/strong>The DJ duo<\/a> \u2014 and brothers from the same mother \u2014 will be joined by Lebanese DJ and producer Rolbac<\/a>, so you know things will be heating up quite fast. You can grab your tickets from Ticketsmarch\u00e9<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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When it comes to weekend getaways, the North Coast is perhaps the first destination that comes to mind. Ain Sokhna, Ras Sudr, El Gouna, and the like are next on the list. Yet, there\u2019s one destination that is just as breathtaking \u2014 and we\u2019d argue, offers a better getaway\u2026","rel":"","context":"In "THE ENTERPRISE GUIDE"","block_context":{"text":"THE ENTERPRISE GUIDE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-enterprise-guide\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1312.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669384,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/01\/egp-extends-gains-hits-nine-month-high-against-usd\/","url_meta":{"origin":668973,"position":1},"title":"EGP extends gains, hits nine-month high against USD","author":"enterpriseam admin","date":"1 August 2025","format":false,"excerpt":"Good morning, friends, and welcome to the weekend. 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