{"id":669720,"date":"2025-08-07T00:00:00","date_gmt":"2025-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/07\/grand-egyptian-museum-to-officially-open-its-doors-in-november\/"},"modified":"2025-08-07T00:00:00","modified_gmt":"2025-08-07T00:00:00","slug":"grand-egyptian-museum-to-officially-open-its-doors-in-november","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/07\/grand-egyptian-museum-to-officially-open-its-doors-in-november\/","title":{"rendered":"Grand Egyptian Museum to officially open its doors in November"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY to you all. <\/strong>We open this morning with big news:<\/p>\n

<\/a> MAY WE HAVE DRUM ROLL, PLEASE? <\/strong>The grand opening of the even grander <\/strong>Grand <\/strong>Eg<\/strong>yptian Museum will take place on Saturday, 1 November<\/strong>, according to a cabinet statement<\/a>. The opening event festivities for the world\u2019s largest archaeological museum \u201cmay extend over more than a day, perhaps three days, a week, or even months,\u201d museum CEO Ahmed Ghoneim previously said<\/a>.<\/p>\n

REMEMBER- <\/strong>The government <\/a>delayed the opening<\/a> of the museum following Israel striking Iran mid-June, pushing the grand opening from 3 July to the last quarter of the year. The museum is expected to attract up to 5 mn visitors a year and provide a boost to a sector that employs around 10% of Egypt\u2019s workforce. <\/p>\n

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FROM THE DEPT. OF \u201cMOVE ALONG NOW, FOLKS\u201d- Our friends at EFG Holding told the <\/strong>regulator yesterday they\u2019re pushing ahead with a \u201ccapital decrease,\u201d<\/strong> and there\u2019s really not much to talk about here. The company is cancelling 23.7 mn shares that it bought as part of last year\u2019s buyback program. In purely regulatory terms, that means the company filed for a \u201ccapital decrease\u201d that will see its paid-up capital dip to EGP 7.18 bn from EGP 7.30 bn as it cancels the 23.7 mn shares at their par value of EGP 5 apiece. You can check out their disclosure here<\/a>.<\/p>\n

SOUND SMART- Cancelling treasury shares is typically the last step in a share buyback. <\/strong>A share buyback is when a company repurchases its own shares, effectively making them treasury shares and shrinking the total pool of outstanding stock in the market. Companies doing this will generally retire the shares at the end of the process. The net effect: Each remaining share becomes more valuable because earnings are spread across fewer shares, and the share price often goes up as a result. It also gives shareholders who took the buyback an easy exit. Everyone else? Enjoy the scarcity premium.<\/p>\n

EFG Holding shares closed at EGP 23.45 yesterday on the EGX<\/strong>, up more than 21% on a 12-month basis. They hit a 12-month high of 31.85 in May. <\/p>\n

Speaking of EFG Holding: <\/strong>Shares of U Consumer Finance (better known as Valu<\/strong>, EFG Holding\u2019s fintech and consumer finance powerhouse) can now be traded the same day and on margin<\/strong>. The shares qualified on Sunday. Valu went public on the EGX at the end of June with Amazon as its newest direct shareholder. Shareholders of EFG Holding received U Consumer Finance as part of EFG Holding\u2019s dividend program this year<\/a>, giving them a windfall worth north of USD 63 mn. <\/p>\n

PSA-<\/p>\n

Attention, Thanaweya Amma grads.<\/strong> The second phase of the public university enrollment system tansik opened yesterday and will run through Sunday 10 August. Thanaweya Amma students from both the new and old systems can now log on to the website<\/a> to submit their university preferences, where they can also find a step-by-step guide to the process and an updated list of accredited institutions.<\/p>\n

** A more detailed breakdown of everything you need to know is available in a <\/strong>statement<\/a><\/strong> posted on the<\/strong> Higher Education Ministry\u2019s Facebook page.<\/strong><\/p>\n

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WEATHER- <\/strong>It\u2019s another warm day in Cairo, with a high of 34\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a little cooler in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 24\u00b0C.<\/p>\n

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<\/a> <\/p>\n

Mark your calendar for the 2025 EnterpriseAM Egypt Forum<\/strong>, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? <\/strong>Reach out to Moustafa Taalab at mtaalab@enterprisemea.com<\/a> to discuss how you can sponsor.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

#1- Fresh initiatives targeting expats? <\/strong>The Madbouly government is currently working with the central bank to launch new initiatives \u2014 similar to the expat car-for-FX scheme \u2014 to increase remittances sent in from Egyptians abroad, Prime Minister Moustafa Madbouly said during his weekly presser (watch, runtime: 57:52<\/a>). \u201c[The increase in remittances] reflects the confidence of Egyptians abroad in the stability of the economic situation,\u201d he said. <\/p>\n

ICYMI- <\/strong>Remittances from Egyptians abroad saw a substantial rise in May<\/a>, climbing 24.2% y-o-y to reach about USD 3.4 bn, marking the highest figure ever recorded in May.<\/p>\n

He also touched on the old rent amendments: <\/strong>\u201cWe will not leave anyone entitled to housing worried about their future home,\u201d he said, referencing the recently-ratified amendments to the Old Rent Law. He said that the cabinet will begin holding meetings next week to look into the mechanisms of implementing these changes. <\/p>\n

REMEMBER- <\/strong>President Abdel Fattah El Sisi on Monday signed into law amendments to the Old<\/a>Rent Law<\/a>. The legislation sets a seven-year transitional period for tenants to vacate residential units and five years for non-residential units rented by individuals, after which all old rent contracts will be scrapped.<\/p>\n

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<\/a> #2- <\/strong>The Financial Regulatory Authority has issued Egypt\u2019s first-ever national <\/strong>standards for the financial valuation of intangible assets <\/strong>\u2014 including trademarks, software, patents, and IP rights \u2014 to boost transparency, investor confidence, and market efficiency, according to an authority statement<\/a>.<\/p>\n

The details: <\/strong>The standards cover income-based, market-based, and cost-based valuation methods. They also define when an intangible asset can be recognized, such as being separable from the business or tied to contractual rights. The standards will apply to all valuations conducted under the FRA\u2019s supervision.<\/p>\n

SMART POLICY- <\/strong>Regulations for evaluating intangible assets like patents and trademarks are vital, especially when you\u2019re working towards building a healthy, knowledge-based economy. They ensure transparent and accurate financial reporting and fair valuations for companies, aiding strategic decisions. These regulations boost investor confidence and facilitate financing for innovative businesses, especially startups, by providing clear, reliable valuation standards for non-physical assets.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> The Finance Ministry will <\/strong>begin disbursing<\/a><\/strong> overdue export subsidies <\/strong>totaling EGP<\/strong> 5 bn to some 2k exporters today <\/strong>under the <\/a>revamped export subsidy program<\/a>, which will see exporters receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities. <\/p>\n

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HAPPENING SOON-<\/p>\n

<\/a> The business community and policymakers will have their eyes on <\/strong>incoming July <\/strong>inflation figures<\/strong>, which are expected to be released at the end of this week, or by Sunday at the latest. Last time round, annual headline urban inflation unexpectedly fell 1.9 percentage points<\/a> to 14.9% in June, ending an upward trend that extended over three consecutive months. However, energy and tobacco price increases could push up the headline figure this time.<\/p>\n

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

Front pages are dominated this morning with major trade shake-ups from the White <\/strong>House<\/strong>, a critical turning point in the Gaza war, and a mixed bag of corporate earnings.<\/p>\n

Trump escalates tariff blitz on India and chips: <\/strong>US President Donald Trump raised tariffs on<\/a>India to 50%<\/a> to take effect starting 27 August, a punishment for its purchases of Russian oil which the White House says is fueling the war in Ukraine. Trump also said he is planning a potential 100% tariff on semiconductor chips<\/a> from countries that do not have manufacturing operations in the US, a move seen as targeting China.<\/p>\n

Tailored for Apple: <\/strong>The iPhone maker will be exempted from the potentially crippling chip tariff<\/a> after CEO Tim Cook announced the company would increase its investment in US suppliers and jobs.<\/p>\n

MEANWHILE- The earnings season pushes on:<\/strong><\/p>\n