{"id":674650,"date":"2025-11-02T00:00:00","date_gmt":"2025-11-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/02\/egypt-inaugurates-gem-with-a-grand-celebration\/"},"modified":"2025-11-02T00:00:00","modified_gmt":"2025-11-02T00:00:00","slug":"egypt-inaugurates-gem-with-a-grand-celebration","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/11\/02\/egypt-inaugurates-gem-with-a-grand-celebration\/","title":{"rendered":"Egypt inaugurates GEM with a grand celebration"},"content":{"rendered":"

Good morning, friends.<\/strong> We kick off the first workday of November with a brisk issue, with the official opening of the Grand Egyptian Museum taking center stage.<\/p>\n

<\/a> Last night Egypt inaugurated the Grand Egyptian Museum \u2014 the world\u2019s largest museum for a single civilization \u2014 with a grand celebration<\/strong>, marking the end of two decades of work and anticipation. <\/p>\n

Lasers, fireworks, and drones took over the sky<\/strong> while an orchestra performed and sopranos took the stage with tens of world leaders watching. In the midst of it all, President Abdel Fattah El Sisi delivered his opening speech<\/a>, describing the museum as \u201ca new chapter in the story of this ancient nation's present and future.\u201d <\/p>\n

Want your chance to check it out for yourself? <\/strong>The museum will be open to the public starting Tuesday from 8:30am to 7pm and until 10pm on Saturdays and Wednesdays. You can book your ticket through the official GEM website<\/a>. <\/p>\n

Want to dive deeper? <\/strong>Our second of four weekly EnterpriseAM special issues about the GEM will land in your inboxes later this week, diving into the museum\u2019s journey from the launch of a record-breaking international design competition to the final stages of completion and capturing the challenges, milestones, and unwavering ambition that brought it to life. Check out issue one here<\/a>. <\/p>\n

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PSA- <\/p>\n

WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 29\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more or less the same in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 20\u00b0C.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1<\/strong>- Israel is hitting pause on its USD 35 bn gas export agreement with Egypt \u201cuntil <\/strong>Israeli interests are secured and a fair price for the Israeli market is agreed upon<\/strong>,\u201d Israeli Energy Minister Eli Cohen\u2019s office said in a statement. While political tensions between Cairo and Tel Aviv already complicated the agreement<\/a>, this most recent road block is from internal commercial disputes in Israel, the usually well sourced Financial Times<\/a> cites an unnamed insider as saying.<\/p>\n

The US isn\u2019t happy<\/strong>, with US Energy Secretary Chris Wright canceling an upcoming trip to Israel because of it, according to the ministry statement. Cohen\u2019s office alleged that the US officials \u2014 which has de facto lobbied on behalf of US energy giant and Leviathan gas field co-owner Chevon \u2014 had been \u201cexerting a great deal of pressure on Israeli officials\u201d to greenlight the deal.<\/p>\n

REMEMBER-<\/strong> The agreement, signed in early August, would see Leviathan partners \u2014 led by Chevron and Israel\u2019s NewMed Energy \u2014 <\/a>export 130 bcm of gas to Egypt between 2026 and 2040<\/a>. Flows will first increase from 4.5 bn cubic metres in 2025 to 6.5 bn cubic metres as early as 2026 under the first 20 bn cubic meter phase of the agreement. Shortly after the agreement was signed, Prime Minister Moustafa Madbouly <\/a>said<\/a> that it will in no way affect Egypt\u2019s stance on Palestine.<\/p>\n

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#2- Sanctioned Russian oil giant Lukoil has agreed to sell its international <\/strong>assets <\/strong>to energy trader Gunvor Group<\/strong>, accepting an offer for its Lukoil International GmbH unit \u2014 the subsidiary holding its overseas portfolio \u2014 and committing to halt talks with other bidders, according to a press release<\/a>.<\/p>\n

REMEMBER-<\/strong> Lukoil, Russia\u2019s second-largest oil producer, has built a notable presence in<\/a>Egypt\u2019s oil fields<\/a>, through a 24% interest in the Meleiha oil concession in the Western Desert, with Eni as operator holding the remaining 76%. And in the Eastern Desert, Lukoil operates the West Esh El Mallaha concession near Hurghada through a 50-50 partnership with state-owned EGPC. An adjacent block, WEEM Extension, is split equally between Lukoil and Tharwa Petroleum, with Lukoil as operator.<\/p>\n

THERE\u2019S MORE TO THE STORY- <\/strong>We did a deep dive into what US sanctions on Russia\u2019s biggest oil companies means for us in a story published last week \u2014 check it out here<\/a>. <\/p>\n

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<\/a> #3-<\/strong> New year, new taxes: <\/strong>The Finance Ministry is preparing to tax alcoholic beverages based on their alcohol percentage in accordance with the amended VAT law<\/a> starting 1 January, according to a document seen by EnterpriseAM. The tax percentage is set to rise by 15% annually for the next three years \u2014 after which the annual increase will be reduced to 12%.<\/p>\n

DATA POINT- <\/strong>The Finance Ministry expects the move to push tax revenues from alcoholic drinks to EGP 4.9 bn, up from EGP 3.6 bn last fiscal year.<\/p>\n

REMEMBER-<\/strong> The VAT amendments, which were ratified<\/a> in July, will also impact cigarettes, crude oil, and construction and contracting services. The amendments will help the government bring in an additional EGP 200 bn in tax revenues.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> Chapter Zero Egypt<\/a><\/strong> will hold its flagship annual conference under the theme Net <\/strong>Zero or Net Loss? today. <\/strong>The event will bring together board members and CEOs from Egypt\u2019s leading private-sector firms, ministers, diplomats, development partners, and climate experts to discuss how to accelerate measurable climate action and sustainable leadership.<\/p>\n

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HAPPENING TOMORROW-<\/p>\n

Want to pursue an MBA but not sure where to start? <\/strong>Then you may want to clear your Monday afternoon to attend the SEED Business School Festival<\/a> at the Dusit Thani Lakeview. The event will give you the chance to discover Master\u2019s programs, get your application fee waived, and take part in workshops. The event is free to attend, but make sure to register<\/a> through the SEED Global Education website. The event will run from 4:30-9pm. <\/p>\n

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NEWS TRIGGERS-<\/p>\n

It\u2019s the first work day of November <\/strong>\u2014 and here are the news triggers to keep your eyes on this month:<\/p>\n