{"id":669153,"date":"2025-07-29T00:00:00","date_gmt":"2025-07-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/29\/egp-inches-higher-against-the-usd\/"},"modified":"2025-07-29T00:00:00","modified_gmt":"2025-07-29T00:00:00","slug":"egp-inches-higher-against-the-usd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/29\/egp-inches-higher-against-the-usd\/","title":{"rendered":"EGP inches higher against the USD"},"content":{"rendered":"

Good morning, friends, and happy hump day to you all. <\/strong>Energy and real estate top our news well this morning and the EGP strengthened fractionally the greenback once again yesterday as emerging markets return to fashion. <\/p>\n

On the real estate front: <\/strong>The Egyptian Businessmen\u2019s Association, an influential industry group, has pushed back on recent changes of regulations on projects along the North Coast and Cairo-Alexandria Desert Road. The EBA called the changes \u201cworrying\u201d and warned in a letter to the prime minister that they could impact corporate appetite to invest in the sector. <\/p>\n

From the Dept of Keeping the A\/Cs On: <\/strong>Cabinet is reportedly debating whether to push planned hikes in the price of electricity back as far as next year instead of next month. No decision has been taken yet. The oil ministry, meanwhile, is hoping to see recoverable gas stocks rise 15% this fiscal year. <\/p>\n

We also have the rundown on what\u2019s attracting more and more Chinese renewable <\/strong>energy component makers to Egypt <\/strong>and a quick look at Elmenus\u2019 strategic pivot as it brings in a new CEO. <\/p>\n

^^ We have all that and more for you below in a packed issue. <\/p>\n

BUT FIRST- <\/strong>At least five people are reported dead and in a shooting the building that asset manager Blackstone calls home in New York City. <\/p>\n

MORNING MUST-READS-<\/p>\n

All of us should be diving a bit deeper in AI and emerging markets<\/strong>, we think. <\/p>\n

#1- It looks like AI could be eliminating jobs that would normally be taken by fresh <\/strong>college <\/strong>grads<\/strong>, at least in the United States, the Wall Street Journal<\/a> reports, arguing that LLMs are perfectly well-suited to do tasks that used to be done by 22 year-olds. <\/p>\n

The confounding variable: <\/strong>The story makes an increasingly common argument about what AI could do to the job market \u2014 but it\u2019s an open question how much of the elimination of summertime and entry-level jobs owes to LLMs. What are the odds that companies are also cutting jobs in the face of economic uncertainty thanks to the impact of the Trump administration\u2019s economic policies? <\/p>\n

Either way: Many CEOs are happy to slash jobs right now<\/strong>, seeing it as a badge of honour<\/a>at the dawn of the AI age<\/a>.<\/p>\n

#2- Everything old is new again: Emerging markets are back in fashion<\/strong> after a decade of looking as appealing as grandpa\u2019s platform shoes and bellbottoms. The catalyst? Worries about where the American economy is heading and what some claim are the final days of the USD\u2019s global hegemony: \u201cSuddenly, this year, people are paying attention,\u201d one fund manager says. Read Almost every corner of emerging markets is surging as USD sinks<\/a> on Bloomberg.<\/p>\n

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PSA- <\/p>\n

WEATHER- It\u2019s going to be a little cooler in Cairo after the heat wave of recent days<\/strong>, with a high of 38\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s going to be muggy in Alexandria<\/strong>, with a high of 33\u00b0C and a low of 24\u00b0C.<\/p>\n

EGP WATCH-<\/p>\n

<\/a> The EGP once again inched up against the greenback yesterday<\/strong>, with the USD changing hands at EGP 48.74-48.84 at the National Bank of Egypt and Banque Misr, and at EGP 48.73-48.83 at CIB. The currency has so far this month gained 1.7% (or EGP 0.82) against the USD.<\/p>\n

DIVE DEEPER- <\/strong>We looked at the dynamics behind the EGP\u2019s gains against the USD earlier<\/a>this week<\/a>.<\/p>\n

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PRIVATIZATION WATCH- <\/p>\n

<\/a> Where\u2019s the follow-up unit for state-owned companies?<\/strong> Prime Minister Moustafa Madbouly met with Planning Minister Rania Al Mashat, Investment Minister Hassan El Khatib, and Finance Minister Ahmed Kouchouk to review the steps taken to set up the new follow-up unit for state-owned companies, according to a cabinet statement<\/a>. The unit will act as a coordinating body for decisions on the fate of state-owned firms and will be responsible for maintaining a comprehensive database of government-owned assets \u2014 particularly those up for privatization.<\/p>\n

The unit\u2019s decisions will be binding on all government bodies<\/strong> once it\u2019s formally established, Madbouly said. It will also coordinate with ministries to ensure unified application of state asset policies, and will build on the work of the Sovereign Fund of Egypt and the government\u2019s IPO unit.<\/p>\n

REMEMBER-<\/strong> The cabinet had greenlit a draft law to set up the unit back in May 2024<\/a>. It is expected to support implementation of the state ownership policy by identifying companies to exit, designing divestment strategies, and helping shape legal frameworks to improve state-owned company performance. The law was passed by the House of Representatives in June.<\/p>\n

ECONOMIC POLICY-<\/p>\n

<\/a> The Pl<\/strong>anning Ministry is in the final stages of drafting a national economic development <\/strong>narrative<\/strong> that will act as a \u201cunified reference\u201d for Egypt\u2019s policy agenda through 2030 and beyond. <\/p>\n

One strategy to rule them all? <\/strong>The strategy will consolidate existing government playbooks \u2014 including the FDI strategy, industrial development and trade policy, and the national employment strategy \u2014 under one framework aligned with Vision 2030. <\/p>\n

Five pillars: <\/strong>macroeconomic stability, FDI, industrial and trade development, labor market flexibility, and regional planning are the building blocks of the strategy. Prime Minister Moustafa Madbouly reviewed the latest draft with Planning Minister Rania Al Mashat yesterday, according to a cabinet statement<\/a>. <\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>El Sisi calls <\/strong>on Trump, world leaders to help end the war in Gaza: <\/strong>President Abdel Fattah El Sisi called on US President Donald Trump and other world leaders to act swiftly to end the war in Gaza and allow the entry of the humanitarian aid in a televised speech yesterday (watch, runtime: 7:30<\/a>). El Sisi warned that conditions in the territory have become \u201ctragic and intolerable\u201d in recent months. The president stressed that Egypt will never play a negative role toward its brothers in Palestine, adding that Cairo has been working with Qatar and the US since 7 October 2023 to end the war, facilitate the flow of aid, and secure the release of hostages.<\/p>\n

This comes days after aid trucks started making their way from Egypt to Gaza <\/strong>shortly after Israel said that it had resumed airdropping aid into Gaza and claimed that it will \u201cstop fighting\u201d for up to 10 hours each day in some areas of Gaza to allow food distribution.<\/p>\n

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#2- A new Egyptian-Saudi-Iraqi trade corridor just completed a successful trial run:<\/strong> A pilot shipment has successfully traveled along a new multimodal corridor connecting Egypt, Saudi Arabia, and Iraq, according to Saudi state news agency SPA<\/a>. The shipment began in Cairo, passed through Safaga Port, crossed the Red Sea to Saudi Arabia\u2019s Neom Port, and then continued overland to Erbil, Iraq.<\/p>\n

It takes half the time:<\/strong> The trial found that the corridor slashed delivery time for Saudi Arabia-bound shipments coming from Egypt by more than 50% compared to traditional routes.<\/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

** DID YOU KNOW that we cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1- Preparatio<\/strong>ns are underway for this year\u2019s Egyptians Abroad Conference, which will be held <\/strong>next week. <\/strong>The two-day event kicks off on Sunday at the Triumph Hotel in New Cairo, according to a statement<\/a> from the Foreign Ministry.<\/p>\n

REMEMBER- E<\/strong>xpatriates<\/strong> are becoming an increasingly <\/strong>essential part of the country\u2019s economy<\/strong>, with remittances being up for 15 consecutive months<\/a> since the float of the EGP did away with the parallel market that drove remittances through informal channels. Money sent from abroad is expected to have made up around 8% of the country\u2019s entire GDP in 2024, up from 5% in 2023 and 6.1% in 2022.<\/p>\n

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#2- <\/strong>The deadline f<\/strong>or pr<\/strong>e-2020 tax dispute settlement requests is just two weeks away<\/strong>, with companies having until 12 August to apply, the Egyptian Tax Authority said in a reminder<\/a>. The Finance Ministry is <\/a>rolling out<\/a> measures to make it more attractive for businesses to settle disputes dating to before 2020, including by paying a fixed percentage of taxes owed. Businesses will be able to make payments in four installments over a 12-month period without paying late fees or additional interest charges.<\/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

\n

THE BIG STORY ABROAD- <\/p>\n

The EU is already souring on the trade agreement it reached with the US a day earli<\/strong>er. <\/strong>The EUR dropped the most in over two months against the USD yesterday, falling more than 1% after having risen to a three-year high last week amid hopes for an agreement. German Chancellor Friedrich Merz said the agreement would have knock-on effects across the bloc, even possibly extending to the US, while French Prime Minister Francois Bayrou criticized the EU\u2019s \u201csubmission.\u201d The agreement secured a 15% tariff on the EU\u2019s exports to the US. <\/p>\n

Negotiators are still expected to hammer out the details of the agreement for a non-binding text that could take weeks to complete.<\/strong> This means volatility is still on the table, chief Germany economist at Oxford Economics said in a note. (Bloomberg<\/a> | Financial Times<\/a>) <\/p>\n

MEANWHILE- Officials from the US and China met yesterday in Stockholm to begin talks to resolve disputes<\/strong> and either extend the 90-day truce on tariffs agreed in May for another three months or reach a permanent agreement ahead of a 12 August deadline. (Reuters<\/a>) <\/p>\n

SPEAKING OF DEADLINES\u2026 Trump is giving Russia\u2019s Vladimir Putin a tighter deadline for a ceasefire in Ukraine<\/strong>, telling him he now has 10-12 days to do so or face additional economic pressure from the US. (Wall Street Journal<\/a> | Reuters<\/a> | Bloomberg<\/a>) <\/p>\n

ALSO- Trump went against Israeli Prime Minister Benjamin Netanyahu\u2019s recent statements and said that many were starving in Gaza<\/strong>, and that the US will work on opening food centers \u201cwith no fences or boundaries to ease access.\u201d (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> EnterpriseAM\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We look at why Chinese firms are bringing their solar component manufacturing to Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

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A stabilization fund is at work for the first month of trading. Beltone was sole global coordinator and\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":651674,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/19\/what-were-tracking-on-19-february-2017\/","url_meta":{"origin":669153,"position":1},"title":"What we\u2019re tracking on 19 February 2017","author":"enterpriseam admin","date":"19 February 2017","format":false,"excerpt":"Keep an eye on the EGP today. The pound is flirting with the EGP 16.00 barrier this morning, with the CBE quoting a 16.0038 \/ 16.1062 buy \/ sell split in its table of average market rates for Thursday. Anecdotal evidence over the weekend suggests to us that small-time USD\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":555366,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/this-morning-whats-happening-with-aldar-adqs-play-for-sodic-us-inflation-at-30-year-high-deadline-for-anghami-spac-merger\/","url_meta":{"origin":669153,"position":2},"title":"THIS MORNING: What\u2019s happening with Aldar-ADQ\u2019s play for SODIC? US inflation at 30-year high; Deadline for Anghami SPAC merger.","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Good morning, wonderful people. We\u2019ve nearly made it through another workweek together, and our reward is a blockbuster issue on a morning that\u2019s simply jam-packed with news.SOMETHING THAT DELIGHTED US this morning: EFG Hermes is hosting a PHYSICAL One on One. Save the dates went out yesterday for the sixteenth\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":563647,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/12\/this-morning-subsidized-mortgage-program-goes-live-next-month-us-earnings-season-starts-this-week-branson-goes-to-space\/","url_meta":{"origin":669153,"position":3},"title":"THIS MORNING: Subsidized mortgage program goes live next month; US earnings season starts this week; Branson goes to space.","author":"enterpriseam admin","date":"12 July 2021","format":false,"excerpt":"Good morning ladies and gents \u2014 we have quite a packed issue for you this morning so let\u2019s get to it.THE BIG STORY INTERNATIONALLY- The global press is proclaiming a new era of space travel this morning after bn\u2019aire entrepreneur Richard Branson finally boarded a Virgin Galactic flight and flew\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":651730,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/20\/what-were-tracking-on-20-february-2017\/","url_meta":{"origin":669153,"position":4},"title":"What we\u2019re tracking on 20 February 2017","author":"enterpriseam admin","date":"20 February 2017","format":false,"excerpt":"We\u2019re below EGP 16 to the greenback: The EGP has strengthened to a three-month high with the central bank reporting that banks were buying greenbacks at an average rate of EGP 15.7576 per USD 1 yesterday. Bankers told Reuters the strengthening of the EGP owes in large part of a\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":559031,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/05\/also-on-our-radar-on-5-january-2020\/","url_meta":{"origin":669153,"position":5},"title":"Also on our radar on 5 January 2020","author":"enterpriseam admin","date":"5 January 2021","format":false,"excerpt":"Other things we\u2019re keeping an eye on this morning: Toyota and Siemens have both qualified to bid for the tender to establish an supervisory energy control center for the Alexandria Electricity Distribution Company. The Japanese International Cooperation Agency (JICA) will provide USD 65 mn to finance the project as well\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"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\/669153","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=669153"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/669153\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/669151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/669154"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=669153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=669153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=669153"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=669153"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=669153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}