{"id":681605,"date":"2026-01-18T00:00:00","date_gmt":"2026-01-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=681605"},"modified":"2026-01-18T08:06:11","modified_gmt":"2026-01-18T08:06:11","slug":"we-received-eur-1-bn-from-the-eu-over-the-weekend-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/18\/we-received-eur-1-bn-from-the-eu-over-the-weekend-2\/","title":{"rendered":"We received EUR 1 bn from the EU over the weekend"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good morning, wonderful people. We really want to hear from you in our annual reader <\/strong><strong>poll<\/strong>, which is back this year after a hiatus. <a href=\"https:\/\/www.surveymonkey.com\/r\/D7K5RXP\">Tap or click here<\/a> and have your voice counted on issues including:<\/p>\n<ul>\n<li>Whether you think business conditions will improve in 2026;<\/li>\n<li>The biggest issue your business faces today;<\/li>\n<li>What you think AI will mean for your company;<\/li>\n<li>Where you see the EGP vs the USD this year;<\/li>\n<li>And more\u2026<\/li>\n<\/ul>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We\u2019ll have the full results of the poll for you at the end of this month.<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>MEANWHILE- There\u2019s no filler in this morning\u2019s issue. <\/strong>US President Donald Trump wants to restart <strong>GERD talks<\/strong> \u2014 and it looks like he\u2019s siding with us. Maersk ships will once again be transiting the <strong>Suez Canal<\/strong>, breathing new life into a key source of FX. And we have deep dives into why companies are doing <strong>share buybacks<\/strong> \u2014 and why battery storage manufacturing looks set to be <strong>the next big thing in the domestic renewables industry<\/strong>.<\/p>\n<p class=\"tag-border-left\">It\u2019s official: Gourmet Egypt is going public<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>BREAKING- Gourmet Egypt released its <\/strong><strong><a href=\"https:\/\/ent.news\/2026\/1\/583.pdf\" target=\"_blank\" rel=\"noopener\">intenti<\/a><\/strong><strong><a href=\"https:\/\/ent.news\/2026\/1\/583.pdf\" target=\"_blank\" rel=\"noopener\">on to fl<\/a><\/strong><strong><a href=\"https:\/\/ent.news\/2026\/1\/583.pdf\" target=\"_blank\" rel=\"noopener\">oat (pdf)<\/a><\/strong><strong> on the EGX<\/strong> just as we were about to hit \u201csend\u201d on this morning\u2019s issue.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The transaction structure: It\u2019s a 100% secondary offering<\/strong>, with selling shareholders including private equity outfit B Investments and members of the founding Abu Ghazaleh family looking to offload up to 47.6% of the company. Look for a private placement for international institutional investors and a public offering to investors in Egypt. B Investments will retain a 40% stake post-listing.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>When\u2019s it happening? <\/strong>Gourmet shares should start trading in February.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Gourmet by the numbers:<\/strong> The company operates 21 stores across Greater Cairo, Alexandria, El Gouna, and the North Coast, with delivery and e-commerce now accounting for roughly 35% of sales. <strong>The company posted EGP 2.1 bn in revenue in 2024<\/strong> and grew 39.6% year-on-year through September 2025.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ADVISORS-<\/strong> Our friends at EFG Hermes Investment Banking are running the book and serving as sole global coordinators. MHR &amp; Partners in association with White &amp; Case are local counsel to the issuers.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>***<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\">DO YOU WANT TO LISTEN to this morning\u2019s issue? Tap or click here<\/a><\/strong> for a 10-minute version of today\u2019s EnterpriseAM \u2014 crafted for you to enjoy with your morning coffee, while getting the kids ready for school, <strong>or while wondering if the office espresso machine has finally decided to stage a walkout<\/strong>.<strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">We\u2019re sorry<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>PSA #1- We messed up. <\/strong>An agency partner that helps us manage our email system screwed up an automation that sends welcome emails to new subscribers. The result? Many of you got welcome emails yesterday to publications that some of you have been reading uninterrupted for as long as 11 years. We\u2019re sorry for the unexpected appearance in your inbox yesterday \u2014 there\u2019s nothing you need to do.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>PSA #2- You\u2019ll want to be extra-productive this week<\/strong>, because we should be heading into a three-day weekend in observance of Police Day \/ #25Jan \/ the 2011 Revolution \u2014 whatever you want to call 25 January. Cabinet has yet to confirm that Sunday is a day off.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WEATHER- <\/strong>It\u2019s another cold, foggy morning in Cairo \u2014 so take care if you\u2019re hitting the road anytime before 10am. As for the weather, the capital will be looking at a high of 20\u00b0C and an overnight low of 10\u00b0C, according to our favorite weather app.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\" \/><\/a><\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p class=\"tag-border-left\">Happening this week<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt1\"><\/a> <strong>It\u2019s Davos week: <\/strong>World leaders, bankers, and global business leaders are touching down in Switzerland this week for the World Economic Forum Annual Meeting, which runs tomorrow through Friday. You can go deeper on the meeting\u2019s microsite <a href=\"https:\/\/www.weforum.org\/meetings\/world-economic-forum-annual-meeting-2026\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>President Abdel Fattah El Sisi is leading the Egyptian delegation. <\/strong>He\u2019ll deliver what\u2019s being billed as a capital-letter \u201cSpecial Address\u201d alongside WEF President B\u00f8rge Brende on Wednesday. Cabinet members due on stage during the event include Investment Minister<strong> Hassan El Khatib<\/strong>, who join the editor-in-chief of Politico Europe and global private sector heavyweights to discuss the \u201cHard Choices for Industrial Policy\u201d and Planning and International Cooperation Minister <strong>Rania Al Mashat<\/strong>, who will discuss the role of emerging markets in shaping the global economy alongside the International Finance Corporation\u2019s Makhtar Diop and McKinsey &amp; Company\u2019s Bob Sternfels.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Finance Minister Ahmed Kouchouk <\/strong>and CIB\u2019s <strong>Hisham Ezz Al Arab <\/strong>will wrap the week with a session headlined \u201cA Prosperity Agenda for the Middle East,\u201d where they will discuss how MENA could transform into a more competitive, diversified economic landscape. And MNT-Halan Founder and CEO <strong>Mounir Nakhla<\/strong> will be one of six people discussing women in finance.<\/p>\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt2\"><\/a> <strong>SOVE<\/strong><strong>REIGN DEBT \u2014 We\u2019ve kicked off the year with EUR 1 bn worth of financing from <\/strong><strong>the EU newly in our coffers and there is still more to come. <\/strong>A recently-arrived <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/14\/govt-to-end-privatization-lull-with-two-companies-set-to-go-to-market-next-month\/\" target=\"_blank\" rel=\"noopener\">second tranche<\/a> will be followed by a further EUR 3 bn later this year, one of two remaining tranches of the wider <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/eu-pledges-eur-7.4-bn-aid-package-for-egypt\" target=\"_blank\" rel=\"noopener\">EUR 5 bn macro-financial assistance package<\/a> from the bloc, the Planning and International Cooperation Ministry said in a <a href=\"https:\/\/moic.gov.eg\/news\/2770?fbclid=IwY2xjawPVwchleHRuA2FlbQIxMABicmlkETFvRkFCdk1Dem5HdkNsT0pUc3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHgvb5-6_L8E38x1AC6MH1QgVRPAJ8Xe7DoHbV90SoZw6q3yPFPGg-HnyJmuu_aem_-5pW0rzSeLAd-7xxHpyJZA\" target=\"_blank\" rel=\"noopener\">statement<\/a> Thursday.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Another USD 2.7 bn from the IMF should also <\/strong><strong>be coming our way before the end of <\/strong><strong>March<\/strong>, with the international lender\u2019s executive board expected to convene in 1Q 2026, the fund\u2019s Director of Communications Julie Kozack said at a <a href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/01\/15\/tr-011526-press-briefing-transcript-julie-kozack-director-communications-dept-jan-15-2026\" target=\"_blank\" rel=\"noopener\">press briefing<\/a> over the weekend. We\u2019re still not on the board\u2019s public schedule<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why has it taken the board this long to approve our reviews? <\/strong>The delay \u2014 following a staff-level agreement in late December \u2014 was largely procedural due to the Christmas break, IMF Executive Director Mohamed Maait tells EnterpriseAM. Maait expects the board to convene within weeks once internal reviews are finalized.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>How will the government use the IMF funds? <\/strong>Half of the disbursement will go towards the reduction of public debt, a government source tells us, adding that the delay isn\u2019t expected to cause any issues \u2014 strong hot money inflows and regular coordination with the CBE mean the state is currently meeting all external obligations on schedule despite the shift in the IMF's board calendar.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt3\"><\/a> <strong>SUEZ CANAL \u2014 Big shipping lines are returning to the Red Sea. <\/strong>Global shipping giant Maersk officially began rerouting its MECL service \u2014 connecting India and the Middle East to the US East Coast \u2014 back through the Suez Canal, the company said in a <a href=\"https:\/\/www.maersk.com\/news\/articles\/2026\/01\/15\/maersk-mecl-service-returns-trans-suez-route\" target=\"_blank\" rel=\"noopener\">statement<\/a> Thursday. \u201cThe resumption of service represents a direct boost to navigation traffic in the Suez Canal, as one of Maersk\u2019s main lines returns to regular transit through the canal,\u201d Middle East and Africa Chief Group Representative Hany El Nady tells EnterpriseAM.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>By moving from <\/strong><strong><a href=\"https:\/\/www.maersk.com\/news\/articles\/2025\/12\/22\/developments-in-red-sea-first-trans-suez-sailing\" target=\"_blank\" rel=\"noopener\">test journeys<\/a><\/strong><strong> to a formal return, Maersk\u2019s could push other shipping <\/strong><strong>lines to consider returning to the canal<\/strong>, with the efficiency of the route now seen as outweighing any lingering security risks, according to the Danish shipping company. \u201cThe decision also reflects a gradual restoration of global shipping lines\u2019 confidence in the region\u2019s vital waterways,\u201d El Nady tells us.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It\u2019s not just Maersk: <\/strong>CMA CGM will <a href=\"https:\/\/enterpriseam.com\/logistics\/cma-cgm-is-rerouting-its-indamex-service-back-through-the-red-sea-starting-next-month\/\" target=\"_blank\" rel=\"noopener\">reroute<\/a> its Indamex Service back through the Red Sea starting this month.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>TAX<\/strong> <strong>\u2014 Our bid to get an exemption from the EU\u2019s Carbon Border <\/strong><strong>Adjustment Mechanism (CBAM) still has a way to go<\/strong>, with the bloc only having <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/12\/it-looks-like-we-might-get-a-break-on-the-eus-carbon-tax-2\/\" target=\"_blank\" rel=\"noopener\">preliminarily approved<\/a> a temporary exemption from the carbon tax, three senior government sources tell EnterpriseAM. \u201cEU committees are currently communicating to provide their opinion on the matter in preparation for an official decision,\u201d we were told.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>One of the sources sees things a bit differently<\/strong>, telling us that fertilizers have already got the green light. The source expects similar exemptions \u201csoon\u201d for iron, steel, and aluminum products. The EU has not said anything publicly about our request.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why does the Madbouly government think it has a chance? <\/strong>The EU understands the importance of Egyptian goods to the European market, as well as the limited international financing available to bolster the ability of countries to comply, the officials think.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>IN CONTEXT- Egypt isn\u2019t the only emerging market to lobby for exemptions.<\/strong> Others are doing the same, pointing to the UN Framework Convention on Climate Change and its provision that developing nations not be burdened with unfair market access fees.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A veteran industry player we spoke with on Thursday thinks there\u2019s little chance the EU will give us an exemption. <\/strong>Importers in the EU have until the end of March to file paperwork that would allow them to import more than 50 tons of covered goods this year.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">Get <b style=\"font-weight: bold\">Enterprise<\/b> daily<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p><a class=\"btn-green px-3 d-flex align-items-center\" href=\"\/egypt\/en\/user\/NewsLetters\" target=\"_blank\" rel=\"noopener\">Subscribe here<\/a><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>** DID YOU KNOW that we cover <\/strong><strong><a href=\"https:\/\/enterprise.news\/ksa\/en\" target=\"_blank\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong>, the <\/strong><strong><a href=\"https:\/\/enterprise.news\/uae\/en\" target=\"_blank\" rel=\"noopener\">UAE<\/a><\/strong><strong> and the <\/strong><strong><a href=\"https:\/\/enterprise.news\/mena-india\/en\" target=\"_blank\" rel=\"noopener\">MENA-India<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/mena-india\/en\" target=\"_blank\" rel=\"noopener\">Corridor<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>** Were you forwarded this email?<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" target=\"_blank\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It\u2019s another morning with Trump dominating global headlines: <\/strong>US President Donald Trump has officially launched a Greenland-focused trade war, <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/115911344443637897\" target=\"_blank\" rel=\"noopener\">announcing<\/a> yesterday that Washington will slap a 10% tariff on eight European nations \u2014 including Denmark, Germany, and the UK \u2014 starting 1 February. The levy will increase to 25% on 1 June unless the US secures an agreement for the purchase of Greenland, which Trump means to use as a base for his Golden Dome missile defense project.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Countering the tariff noise, the EU and Mercosur <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/americas\/eu-mercosur-sign-trade-deal-after-25-years-negotiations-2026-01-17\/\" target=\"_blank\" rel=\"noopener\">signed<\/a><\/strong> <strong> a landmark trade agreement <\/strong><strong>yesterday<\/strong>, ending 25 years of negotiations. The agreement eliminates 90% of tariffs between the EU and the South American bloc, a strategic move by Brussels to diversify supply chains for critical minerals and agricultural goods.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>China and Canada, meanwhile, ended a trade war <\/strong>and signaled they are deepening their partnership.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WORTH READING THIS MORNING- The war between the White House and the Fed has <\/strong><strong>turned into a legal showdown<\/strong>, as Chair Jay Powell publicly attacked a DOJ probe into his office, calling it a \u201cpretext\u201d for Trump to force interest rate cuts. (<a href=\"https:\/\/www.ft.com\/content\/77f43154-8ce1-45ab-bcfd-23b77ee06f21\" target=\"_blank\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, wonderful people. We really want to hear from you in our annual reader poll, which is back this year after a hiatus. Tap or click here and have your voice counted on issues including: Whether you think business conditions will improve in 2026; The biggest issue your business faces today; What you think [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":681606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,7192,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-681605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-eu","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a0bfe091-1a53-4d68-95e7-a1764f57440b","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/1072.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt received EUR 1 bn from the EU over the weekend","related_issue":[681603],"teaser":"","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>We received EUR 1 bn from the EU over the weekend - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/01\/18\/we-received-eur-1-bn-from-the-eu-over-the-weekend-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We received EUR 1 bn from the EU over the weekend\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people. We really want to hear from you in our annual reader poll, which is back this year after a hiatus. 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