Investment

REAL ESTATE- Paragon, Adeer to develop EGP 70 bn mixed-use development in New Cairo: Local property developer Paragon Developments and Saudi Arabia’s Adeer International — a subsidiary of Sumou Holding — have launched a joint development entity, which will work with Midar to develop a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City, according to a press release (pdf). The 500k sqm development will feature commercial, administrative, and hospitality components, and is being positioned as a smart, sustainable urban hub.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)More on Somou’s first real estate investment fund in Egypt: Sumou Holding is looking to launch a USD 1 bn real estate fund in Egypt by late 2025 or early 2026, Chairman Ayedh Al Qahtani told Al Arabiya adding more color to comments he made to Prime Minister Moustafa Madbouly earlier this week. The company has been in talks with the EGX for nearly two years on regulatory changes that would make it easier for foreign and local developers to establish such funds. Al Qahtani expects Saudi investors to make up 30-40% of the fund’s investor base, with the rest split between Egyptians and other foreign players.INVESTMENT-Swiss, French players eye therapeutic nutrition manufacturing in Egypt: The Health Ministry is in talks with Switzerland-based clinical nutrition firm Medifood and French infant baby formula maker Modilac to locally manufacture clinical nutrition products targeting disease-related malnutrition, according to a statement. The proposed joint venture would establish Egyptian-Swiss-French production lines to serve the local and regional markets with clinical nutrition formulas for patients with conditions including kidney diseases, liver diseases, diabetes, and respiratory illnesses.ENERGY-Kufpec Egypt, Shell sign off on Mina West gas development: Kuwait Foreign Petroleum Exploration Company’s (Kufpec) Egypt arm and Shell have reached a final investment decision to develop the Mina West gas discovery in the North East El Amriya concession in the Mediterranean, Kuwaiti state news agency KUNA reported.BACKGROUND- Shell’s two North East El Amriya concession gas fields — Mina West and Khufu — could add a combined 2 tn cubic feet of gas to the country’s reserves.RENEWABLES-Infinity partners with Crédit Agricole to finance solar home solutions: Our friends at renewables giant Infinity have partnered with Crédit Agricole Egypt to expand access to residential solar energy through a new financing program, according to a joint press release (pdf). Under the agreement, Infinity customers can now access a solar loan offered by Crédit Agricole with preferential interest rates and repayment terms of up to seven years. The loan covers a range of solar products — including home solar systems — and is designed to remove financial barriers for households for more affordable renewable energy transition.NBFS-Nice Deer was given the green light by the Financial Regulatory Authority to become the country’s first NBFI providing factoring services for deferred medical ins. claims, the local insurtech startup said in a statement. The platform seeks to convert delayed ins. receivables into immediate payments for medical service providers, helping address liquidity issues in the healthcare system.

Egypt’s current account deficit narrowed to USD 13.2 bn in the first nine months of FY 2024-25, down from USD 17.1 bn recorded in the same period a year earlier, according to central bank figures (pdf). Most of the improvement came in 3Q, when the current account deficit narrowed 69.3% y-o-y on the back of surging remittances, higher tourism revenues, and a jump in non-oil exports.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)BoP turns to the red: The overall balance of payments recorded a USD 1.9 bn deficit during the nine-month period, compared with a USD 4.1 bn surplus a year earlier. The shift “was mainly attributed to the decline in the net inflows of the capital and financial account, recording USD 7.7 bn compared to unprecedented inflows of USD 20 bn in the corresponding period, which included Ras El Hekma deal.”DRIVING THE IMPROVEMENT-#1- Remittances soared: Remittances from Egyptians abroad jumped 82.7% y-o-y to USD 26.4 bn during the nine-month period, up from USD 14.5 bn a year earlier.#2- Tourism revenues continued to climb, rising 15.4% y-o-y to USD 12.5 bn, supported by a pickup in tourist nights to 134.3 mn from 116.4 mn.#3- Investment income deficit eased: The investment income deficit narrowed 13.4% y-o-y to USD 12.2 bn, as investment income payments fell 6.9% to USD 14.1 bn and receipts jumped 74.0% to USD 1.9 bn.DRAGGING THE BALANCE-#1- Non-oil trade deficit widened to USD 28 bn, up from USD 23.7 bn in 9M FY 2023-2024, due to increased spending on wheat, soybeans, spare parts for cars and tractors, maize, and raw tobacco. Imports jumped to USD 53.6 bn and the rise in exports wasn’t not enough to help offset the increase.Non-oil exports rose 31.3% y-o-y to USD 25.6 bn, up from USD 19.5 bn, driven by a jump in gold, clothing, fruit, cables, and aluminum exports.#2- Oil trade deficit doubled: The oil trade deficit expanded to USD 10.3 bn from USD 5.1 bn a year earlier, as oil imports rose to USD 14.5 bn on the back of higher gas, oil products, and crude imports. Meanwhile, oil exports inched down to USD 4.2 bn from USD 4.6 bn due to falling crude and gas shipments, partially offset by a rise in product exports.#3- Suez Canal revenues plummeted: Suez Canal receipts fell 54.1% y-o-y to USD 2.6 bn during the first nine months of the last fiscal year, with net tonnage down 61.9% and vessel transits falling 44.8% amid continued Red Sea disruptions.#4- FDI inflows cooled off: Net FDI into Egypt fell to USD 9.8 bn from USD 23.7 bn, when inflows were inflated by the Ras El Hekma agreement. Non-oil FDI inflows came in at USD 9.1 bn, while oil FDI recorded a net inflow of USD 669.6 mn after a net outflow a year earlier.#5- Portfolio inflows dropped: Portfolio investment in Egypt registered a net inflow of USD 2.1 bn during the period, down from USD 14.6 bn in 9M 23-24.#6- Debt repayments weighed on the balance: Egypt recorded a net repayment of USD 2.6 bn on medium- and long-term loans during the period between July 2024 and March 2025, compared to USD 1.9 bn a year earlier. REMEMBER- Egypt’s current account deficit widened to USD 11.1 bn in 1H FY 2024-2025, driven by a rise in the trade deficit and a drop in Suez Canal revenues. The BoP was also in deficit during that period, recording USD 502.6 mn.

Qantara West Industrial Zone will house three new Chinese textile and ready-made garment factories worth a combined USD 52.6 mn, according to a Suez Canal Economic Zone (SCZone) statement. The contracts were signed in Nanjing, Jiangsu Province, during the SCZone’s first international promotional roadshow for FY 2025-2026.Who’s building what? Changzhou East Noah Printing and Dyeing will invest USD 20 mn in a vertically integrated textile factory. The facility will produce home textiles including blankets, bedding sets, and quilts with an annual capacity of 8 mn pieces. Around 90% of output will be exported, and the factory is expected to create 1k direct jobs.Changzhou Golden Spring Textile will pump USD 24 mn into a factory for luxury fabrics and home furnishings. The plant will have an annual capacity of 15.8k tons of fabric and 2 mn finished units, 90% of which will be exported to MENA, Europe, and the Americas. The remaining 10% will serve the local market. The project is also expected to create 1k jobs.Jiangsu Sainty Corporation, a subsidiary of Soho Holdings, will set up a USD 8.6 mn ready-made garments factory. The facility will be 100% export-oriented and create 1.5k jobs. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The SCZone has carved out a dedicated space for textile projects in Qantara West, with SCZone head Walid Gamal El Din saying the sector is a top priority for localization thanks to its ability to create jobs and connect with supporting industries.Qantara West has become a hub for Chinese investment, now hosting 18 Chinese-led projects out of 28 total. The 28 projects the zone hosts have a combined investment of USD 734.1 mn and will generate more than 38.4k jobs. The SCZone as a whole attracted more than USD 4 bn in Chinese investments over the past three years. More in the pipeline: The SCZone is looking to drum up more Chinese investment. Talks are ongoing with Crystal International Group, which is eyeing a USD 250-300 mn textile factory in Qantara West. Officials are also in discussions with EV giant BYD to potentially set up operations within the zone.

Qatar is reportedly set to invest USD 4 bn in a major tourism development on the North Coast, Asharq Business reports, citing three sources it says are familiar with the matter, including two government officials. The project, located in the Alam El Roum area, will reportedly span 60k feddans and be developed under a usufruct agreement with the Qatar Investment Authority, the sources are quoted as saying. (Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The fine print: The USD 4 bn ticket covers both land rights and the cost of infrastructure to be developed by the Egyptian government. The state’s revenue share could reach 15% of total project income once all phases are completed, with the first phase of the project expected to cover 25% of the total development area. The development will feature tourist resorts, luxury residential units, commercial and entertainment centers, a yacht marina, and advanced service facilities, mirroring the model of Ras El Hekma, according to one source.Where things currently stand: Final procedures for land allocation and licensing are underway, with a final announcement anticipated later this year. Background: Qatar previously agreed to work toward a USD 7.5 bn direct investments pledge in Egypt, without providing details. Reports later suggested that Qatar was in advanced talks to develop a North Coast tourism project, with expectations of an agreement by year-end. Under the reported terms, Egypt would receive USD 1 bn upfront, with the remaining funds to be disbursed over the following year. Qatari investors are also reportedly eyeing majority stakes in terminal operators.Qatar’s investments are part of a growing GCC investment wave: After Abu Dhabi wealth fund ADQ signed the USD 35 bn agreement last year to develop Ras El Hekma, other GCC countries began lining up for fresh investment talks in Egypt. Kuwait is in talks to convert USD 4 bn of deposits it holds in Egypt’s central bank into direct investments across several sectors, while Saudi Arabia also plans to convert some of its USD 10.3 bn in deposits into long-term investments. There have also been reports that a still-unnamed Gulf sovereign wealth fund is planning to announce a big-ticket project in the Ras Shukier project in the Red Sea.

The ministerial group for industrial development approved three new manufacturing projects with a combined investment of USD 216.5 mn, according to a statement. The companies behind the projects were not disclosed. The approved projects include:A USD 108 mn PVC sheets and flooring manufacturing project in New Alamein, expected to create over 2.2k jobs;A USD 78.5 mn textile manufacturing project in Tenth of Ramadan, set to create 4k jobs;A USD 30 mn ready-made garments factory in the medium industries zone of New Beni Suef, projected to generate 9k jobs.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Looking ahead, the government plans to scale up industrial investment in the governorates of Beni Suef, Minya, and Fayoum, seeing as they boast a high concentration of skilled labor. As part of this push, the Industry Ministry has launched two integrated textile cities, one in Minya and another in Fayoum, the statement read.REMEMBER- Industry and Transport Minister Kamel El Wazir announced plans to set up two integrated textile industrial zones in Minya and Fayoum at a total cost of EGP 27 bn back in April. The two zones are expected to bring in some USD 3 bn in local and foreign investment.A joint technical committee will be formed to assess the restructuring of the Industrial Land Support Fund. The committee will review service delivery to unserviced industrial areas and propose administrative, financial, and technical reforms.The textiles and garments sector has been seeing a lot of interest from foreign investors. Just this summer we saw Turkish firm Bony announce its USD 100 mn textile factory in Elsewedy’s Tenth of Ramadan Industrial Zone and Hong Kong-based Crystal Martin Group’s unveil plans to build ready-made garments and textile factory. IN OTHER INVESTMENT NEWS- Fujikura eyes USD 100 mn auto parts plant: Japanese electrical equipment manufacturer Fujikura has reportedly put in a request for a 10k sqm ready-built factory in Alexandria to produce electrical components for vehicles, government sources told Al Arabiya. The company plans to invest USD 70-100 mn on the facility, which will dedicate its entire output to exports, mainly to Europe.REMEMBER- The Madbouly government has been working to localize auto feeder industries as part of wider efforts to boost local production and assembly.

The Suez Canal Economic Zone (SCZone) is courting Chinese investors to reel in USD hundreds of mns in new investments as part of its first international promotional roadshow for FY 2025-2026, according to a statement. The SCZone’s delegation, led by head Walid Gamal El Din, made its first stop in Shenzhen to pitch the zone’s offerings.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Hong Kong-based clothing manufacturer Crystal International Group is looking at establishing a USD 250-300 mn textile factory in the Qantara West Industrial Zone. The proposed project would span 1.5 mn sqm and is expected to create 30k–35k jobs, with Crystal International Group planning to export all of its output from the factory.SCZone officials also pitched EV giant BYD on potentially setting up operations within the zone. The proposed investment could cover EV assembly, battery production, and solar panel manufacturing. No investment ticket or further details were provided. REMEMBER- BYD’s local agent Al Amal Auto was reportedly in discussions with Egypt’s Industry Ministry in September 2024 to locally assemble two new models — a hybrid and a gasoline-powered vehicle. EVs were not part of that agenda at the time, due to infrastructure limitations.Also in the meeting lineup: The delegation separately discussed future avenues for cooperation and investments in ports and logistics with representatives from Hong Kong’s Hutchison Ports, which operates a container terminal in Sokhna Port. The Sokhna Port terminal investment — which was announced in 2023 as part of a USD 1.6 bn bundle to construct new terminals at the Ain Sokhna and Dekheila ports — is estimated to have cost USD 250 mn. ICYMI- Construction on the terminal began in July 2024 by construction firm EDECS, with operations slated for January 2026. EDECS has secured USD 93 mn in credit facilities from NBK Egypt to finance the project. BY THE NUMBERS- The SCZone has attracted more than USD 4 bn in Chinese investments over the past three years. Egypt is targeting USD 16 bn in total Chinese FDI by 2029. China’s Belt and Road Initiative funnelled USD 4.8 bn into Egypt in 1H 2025, making Egypt the third-largest BRI investment destination worldwide.

Tetra Pak to set up EUR 14 mn integrated packaging hub in Libya: Global packaging solutions giant Tetra Pak Egypt is making its debut in Libya with a EUR 14 mn greenfield investment in their first integrated packaging and processing project in the country, the company said in a press release (pdf). The project is part of Tetra Pak Egypt’s broader strategy to expand into high-potential markets.The details: The facility — a joint venture with Zulfa, a subsidiary of Alushibe Holding — will be located on a 140k sqm plot in Benghazi and is expected to begin operations in early 2026, starting with milk cartons and juice boxes. The project will offer advanced packaging solutions to the Libyan market for the first time, initially serving dairy and juice producers, and “is poised tobecome one of the region’s most advanced industrial sites,” the statement reads. The facility will feature three production and filling lines in its first phase.What they said: “This investment reflects our commitment to contributing to economic and industrial development,” Tetra Managing Director Wael Khoury said. He added that the partnership with Zulfa “combines Tetra Pak’s global expertise with Zulfa’s deep local knowledge.”Building for long-term growth: Tetra Pak Egypt’s sales and business development heads, Walid Shahata and Hesham Rizk emphasized the company’s goal of becoming a long-term strategic partner to Libyan food producers by offering tailored, end-to-end solutions. Tetra Pak’s entry into the Libyan market comes as more Egyptian firms ramp up activity across the border. Egyptian companies are expected to double the value of their projects in Libya to USD 10 bn by 2028, with many participating in reconstruction efforts backed by the USD 12.7 bn Libyan state fund. Egypt is also moving forward with two planned industrial zones in the country worth a combined USD 250 mn, with at least 22 local players already on board.

Venture capital funding in Egypt rose 90% y-o-y in 1H 2025, hitting USD 185 mn in investments during the six-month period, according to Magnitt’s Emerging Venture Markets (EVM) report (pdf). The increase in investments placed Egypt in the sixth spot among the countries with the highest funding value, rising three spots compared to the same period last year. The report covers venture activity across the Middle East, Africa, Southeast Asia, Pakistan, and Turkey. The ranking places Egypt behind Saudi Arabia and the UAE, which together contributed 85% of total funding and 74% of total transaction count in the MENA region. Saudi Arabia ranked second among all EVM geographies, with USD 860 mn raised from 114 investments in 1H 2025, a 116% y-o-y increase. This was partially attributed to mega transactions (over USD 100 mn), including Ninja and Tabby. The UAE logged USD 447 mn in investments (up 84% y-o-y) across 114 transactions (up 10% y-o-y) — its highest deployment since 1H 2020. Across the region, VC funding rose 92% to USD 1.5 bn across 310 investments, according to Magnitt’s EVM press release (pdf). The figure marks the region’s strongest half-year performance since 2022 and represents 39% of total funding across emerging markets tracked by the platform. In 2Q 2025, the Middle East funding rose 22% y-o-y to USD 741 mn from 117 investments, according to the report. The region secured USD 1.4 bn across 258 investments in 1H 2025, doubling its performance compared to the same period in 2024.Fintech was the standout sector in 1H 2025, with funding in the Middle East rising to USD 516 mn, representing 38% of total capital deployed in the region. E-commerce came in second place in terms of funding in the Middle East with USD 321 mn, followed by Enterprise Software with USD 105 mn. Across the broader MENA region, fintech attracted USD 596 mn in 1H 2025, a threefold increase y-o-y.Who were the top performers? Riyad Capital emerged as the most active investor by capital deployed, while Plus.VC led in terms of the number of investments, according to a separate Magnitt brief (pdf). The largest disclosed transactions included Ninja’s USD 250 mn funding round, Tabby’s USD 160 mn Series E round, and AppliedAI’s USD 55 mn Series A round. These transactions helped push MENA’s mega transactions (USD 100 mn+) to outpace the full-year 2024 total within the first six months of 2025.Some 42% of Series A and B rounds exceeded USD 20 mn, up from just 10% a year ago — reflecting a growing preference for ventures with proven traction and scalability.Zooming further out: Total VC funding across all EVMs dropped 7% y-o-y to USD 4 bn — the lowest half-year level since 2017. The decline primarily came on the back of a 32% drop in Mega rounds and continued contraction in Southeast Asia, historically the largest EVM market.

A combined fifth and sixth review of Egypt’s USD 8 bn IMF loan program is expected to conclude in September or October, unlocking a USD 2.5 bn tranche, Finance Minister Ahmed Kouchouk said during his visit to London last week. “Both sides are working on the expectation that this should be happening in September, October,” he said, adding that “the IMF is after certain targets — and that's what is important.”(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The IMF is expected to focus heavily on the government’s state asset sales strategy, with authorities now targeting “few, but key strategic transactions,” he said. The Madbouly government wants to conclude up to four sales this fiscal year in the telecom, airport management, and financial services sectors, Kouchouk said, adding that another four sales are expected the following year. ICYMI- Earlier this month, the IMF decided to combine the fifth and sixth reviews, stating that “more time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda. According to the IMF’s country staff report for the fourth review of our loan program, the combined reviews are scheduled for 15 September. Some fresh privatization moves? The government aims to complete three to four privatization transactions during the current fiscal year, Kouchouk said. “It will be across a lot of sectors,” he added, noting that Egypt has shared a strategic, medium-term plan with the IMF and other international partners that includes a “clear, visible timeline.” The IMF said in its report that Egypt expects to receive USD 3 bn in inflows from asset sales during the current fiscal year, up from USD 600 mn last fiscal year, and USD 2.1 bn the year after. And brace for more investment: Kouchouk pointed to continued interest from Middle Eastern and European partners across several sectors. “We are expecting more and more big announcements on the energy, on the renewables, on the tourism, as well as on the real estate and the financial sector,” he said. The IMF is also banking on FDI to help close Egypt’s FY 2025-26 external financing gap, projecting net FDI inflows to reach USD 15.6 bn this fiscal year, up from an estimated USD 13.2 bn in FY 2024-25.Fiscal + debt strategy also in the spotlight: Speaking at a panel in London, during his participation in a three-day business mission to the UK — organized by the British Egyptian Business Association — Kouchouk said the government is implementing an “integrated strategy to improve public debt indicators and maintain investor confidence.” He emphasized plans to diversify financing tools and markets tapped, extend debt maturities, and reduce reliance on short-term instruments. Balancing the books while supporting growth: Kouchouk added that the government is managing public finances “with balance,” maintaining fiscal sustainability while supporting economic activity and upping investments in human development and social safety nets. Fiscal performance, he said, “significantly improved” last year, enhancing Egypt’s resilience to global and regional shocks.

Teda Egypt will invest USD 100 mn to develop infrastructure on a 2.9 sq km industrial plot in the Sokhna Industrial Zone in partnership with the Main Development Company (MDC), according to a statement. The expansion — which brings Teda’s total land holding in the industrial zone to nearly 10 sq km — is meant to help localize specific industries within the zone and attract more Chinese manufacturers seeking access to regional and global markets, SCZone head Walid Gamal El Din said. Teda Egypt is nearing completion of its previously allocated 7.3 sqm Teda zone, according to the statement. Chinese investors ❤️ SCZone: SCZone attracted over USD 4 bn in Chinese investments in the past three years, Gamal El Din said. Recent additions include Sunrev Solar’s USD 200 mn solar power component production complex and Comfily Hong Kong’s USD 20 mn bag and luggage factory. This comes as Egypt targets USD 16 bn in total Chinese investment over the next four years.

Pitching our economic reform story to UK investors during Egypt Day: Senior government officials met with UK-based investors and business leaders in London yesterday during Egypt Day at the London Stock Exchange in a bid to boost investor confidence and promote recent reforms. The three-day business mission — organized by the British Egyptian Business Association — is happening under the theme Egypt’s New Era: Investment Opportunities.WHO’S IN THE ROOM- The delegation included Finance Minister Ahmed Kouchouk, CBE Deputy Governor Rami Aboul Naga, Deputy Investment Minister Ghada Nour, Financial Regulatory Authority (FRA) Head Mohamed Farid, Sovereign Fund of Egypt Acting CEO Noha Khalil, among other senior officials, according to a FRA statement. The officials will be spending their time in London meeting with UK business leaders and investors to present Egypt’s updated regulatory, investment, and macro frameworks.This is the story they’re telling: The event comes as Egyptian officials work to court fresh foreign inflows and spotlight positive signals in the local market — a growing pipeline of offerings on the EGX, strong appetite for Egyptian debt, and a drumbeat of investment from multinationals and other international players. Officials are eyeing a new privatization wave that could bring in USD 5–6 bn, with Banque du Caire, Safi, and Wataniya among the potential offerings.Pitching Egypt’s next phase of reform: The delegation’s agenda focused on outlining the government’s updated reform program — including monetary and fiscal policies, private sector empowerment, and support to boost production, industry, and exports.Kouchouk pitches long-term partnerships + policy credibility: Kouchouk rang the LSE bell to kick off the day’s trading and described the event as “a powerful opportunity for transparent dialogue and building long-term strategic partnerships based on clarity and trust.”Farid touts regulatory upgrades to boost investor trust: Farid stressed the FRA’s commitment to improving Egypt’s non-banking financial sector. “Credibility starts with local investor trust,” Farid said, pointing to efforts to simplify processes, protect investor rights, digitize services, and launch new financial products. ON THE SIDELINES- Foreign investor interest in Egypt is picking up as global trade dynamics shift and Egypt positions itself as a regional hub, our friend Todd Wilcox, deputy chairman and CEO at HSBC Bank Egypt told Asharq Business (watch, runtime: 2:22) on the sidelines of Egypt Day. “We’re seeing good liquidity, a lot of multinationals and investors with interest in Egypt,” Wilcox said, noting the country’s large, young population and strategic geographic positioning as key draws. “Egypt is stepping up onto the world stage at a time where trade routes are changing,” he added.British players are interested: “We had a group of 20 British companies come to visit us, [in a trip] organized by the Egyptian-British Chamber of Commerce a month ago,” Wilcox said, adding they were all interested in the local market and that many of those agreements are now moving forward. HSBC believes the EGP to be stable at this stage, but flagged that it “seems to be floating with a specific band.” He also highlighted that “the currency was surprisingly resilient” during the Iranian-Israeli tit-for-tat a few weeks ago. He added that inflation is cooling down and interest rates could follow, with the lender penciling in “another 200–300 bps cut over the next year.”Diversity is buffing up the country’s economy: “There is no one sector that dominates — it’s really a diverse and well-placed economy,” Wilcox said. He singled out alternative energy and EVs as areas of growing momentum, alongside manufacturing, textile, automotive, home appliances, healthcare, and education.

Good morning, friends, and happy almost-THURSDAY to you all. We’re edging into four-day-workweek territory now as Sahel season kicks into high gear — and you can *just* start to feel the slowdown reflected in the pace of newsflow coming out of government and major companies alike. Speaking of Sahel season: You don’t want to get behind the wheel on a major highway if you’ve gotten high anytime in the past few weeks. Police yesterday said 389 people had tested positive for banned substances out of nearly 3.4k drivers they stopped nationwide. On-the-spot urine tests: At the Cairo-Alexandria Desert Road toll station coming into Cairo, police ordered multiple drivers to submit to on-the-spot urine tests and detained at least six people. The apparent crackdown comes two weeks after 19 women were killed in a highway accident in Menoufia, prompting a national outcry. Drugs were a factor in the accident. How [redacted] are you? It depends on the metabolite for which the police are testing. Traces of weed, for example, can still be in your system more than 30 days later if you’re a heavy user. Pop some gummies or smoke a single joint as a one-off? You’re hot for 1-3 days, depending on how much THC was in the product, how much body fat you have, and how well-hydrated you are. (The more water you drink, the faster you excrete it — that’s not a myth.)Do I have to pee in the cup? We’re not going to practice law without our Official Fake Lawyer’s License™, but our understanding is that refusal to produce a sample could see the senior officer on site decide you’re going to be his guest at the local cop shop, where you’ll be subject to a more rigorous blood test. Expect to be hanging out for 2-4 days in that case.MEANWHILE- We have good news if you — like us — obsess over the likelihood of power outages. It’s been a good summer on that front so far (touch wood), and the odds we’ll get through unscathed will go up today as two floating regasification plants come online. They’ll boost supplies available to power-generation stations and keep us all in glorious A/C. In other energy news: IOCs have another USD 1 bn in their coffers after the Oil Ministry made good on some arrears. And while we all wait to hear about Modon’s plans for Ras El Hekma, smaller builders in the area are pressing ahead, with Sky AD saying it has broken ground on its EGP 80 bn project in the area. WATCH THIS SPACE- Nearly a quarter mn refugees in Egypt could lose food assistance next month thanks to a funding shortfall at the World Food Programme. ^^ We have the rundown on all of that and more below and in this morning’s news well. MORNING MUST-READS-#1- The Trump administration says a “formal process” is underway to choose Jay Powell’s successor as Fed chair — and Jamie Dimon’s teeth are on edge. The JPMorgan CEO told banking analysts yesterday that “the independence of the Fed is absolutely critical — and not just for the current Fed chair, whom I respect, Jay Powell, but for the next Fed chair.” His remarks are splashed across the front pages of the Wall Street Journal and the Financial Times as pundits worry that Trump’s assault on the Fed’s independence could take global markets to a very dark place. The timing for an attack on the Fed ain’t great: Early data suggests that Trump’s crackdown on illegal immigration and his tariff campaign are together weighing on the job market and boosting inflation, the Journal notes. #2- For our fellow tech nerds, we have two beautiful headlines this morning:The Commodore 64 is back in production as the Commodore 64 Ultra. Seeing the iconic 1980s PC come back — complete with a spiral-bound manual — will delight the hearts of boys and girls of a certain age. Check out the new company’s website and this interview with its founder. And the nearly-as-iconic Sony RX1R camera is back in production after a decade with a nice design update, 61 MB sensor, better autofocus, and a gorgeous 35mm f2 Zeiss Sonnar lens. PSA- Daily bank withdrawal limits + working hours reinstated: In a sign of a return to business as usual after the Ramses data center fire that knocked-out the internet in the capital city and beyond, the Central Bank of Egypt rolled-back the daily cash withdrawal limit for both individuals and companies from bank branches to EGP 250k, the CBE said in a circular (pdf) published on its website. Banks also reverted to their regular operating hours for the public, meaning branches will close at 3pm instead of 5pm, the CBE noted in a separate circular (pdf). Both decisions took effect yesterday. Also back to normal: The Finance Ministry has ordered government entities to immediately stop accepting cash payments and resume collecting via electronic payment systems, after confirming that telecom services have fully recovered.BACKGROUND- The move came after the CBE’s temporary decision to double the daily withdrawal limit to EGP 500k, which was in place for a week, in response to the fallout from the Ramses fire that led to a partial telecom outage, affecting mobile service, internet connectivity, and banking services. WEATHER- It’s another hot day in Cairo, with a high of 37°C and a low of 25°C, according to our favorite weather app.It’s a little cooler in Alexandria, with a high of 35°C and a low of 23°C.WATCH THIS SPACE- #1- Our privatization target for FY 25-26 unveiled? The Madbouly government plans to raise USD 3 bn from asset sales in the current fiscal year, up from a projected USD 600 mn last fiscal year, the IMF said in its country staff report for the fourth review of our USD 8 bn loan program. We’re expected to raise an additional USD 2.1 bn in the fiscal year 2026-2027. The targets have been revised upwards to “account for the shortfalls in FY 2023-24 and FY 2024-25 to maintain the overall divestment envelope the authorities agreed at program approval,” the report read. Our sources are a little more optimistic: A government source told us earlier this week that the government aims to drum up USD 5-6 bn in fresh investments by offering stakes in six companies — including Banque du Caire, Safi, and Wataneya — on the EGX before 1Q 2026.** We’ll be diving deeper into the full staff report on Sunday. #2- Al Ahly Capital eyes four acquisitions this year + push into consumer finance: Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), is planning four acquisitions this year across NBFS, private equity, and education, Al Arabiya quotes CEO Karim Saada as saying. The firm is also set to enter consumer finance, targeting two local players after securing a license ahead of the FRA’s permit freeze — mirroring a similar move by EGX-listed Taqa Arabia, which is eyeing M&A in the same space. It also aims to double its EGP 4 bn microfinance portfolio by end-2026, he added.BACKGROUND- Al Ahly Capital has been steadily building in both non-bank financial services and education. Last year, the firm upped its 46.6% stake in local financial leasing services provider Easy Lease to 97.6% as part of a broader strategy to scale up lending activity. It also partnered with our friends at CIRA in April to launch Saxony Egypt University for Applied Science and Technology (SEU), the largest private tech university in Greater Cairo. #3- Syria will ban trucks coming from Egypt and Saudi Arabia from entering its territory starting 20 July, Director of Relations at the General Authority for Land and Sea Ports in Syria Mazen Alloush told the Syrian Arab News Agency (SANA) reports. Goods will instead be offloaded at the border for transfer. The move comes in response to ongoing restrictions on Syrian trucks entering both countries. For Marakez Executive Vice Chairman Dasha Badrawi, the North Coast is rooted in the memories of childhood summers in Agami and Montaza — the endless beach days and the simple roaming from cabin to sea. In a special Destination Sahel episode of Making It (our podcast on how regional leaders are building great businesses) Dasha is telling us how those memories are helping shape Ramla, Marakez’s flagship coastal project in Ras El Hekma. Dasha is a longtime friend of EnterpriseAM and a big part of our origin story, so it was a treat for Patrick, our editor-in-chief, to have him on the show. They unpack how Marakez quietly became one of Egypt’s most influential developers — and Dasha’s journey from corporate law in London to building District 5, one of the hottest mixed-use destinations in the country. Dasha’s secret? It’s been all about surrounding himself with the right people — and taking big bets on long-term value.Dasha also shares what he sees driving buyer behavior in 2025, why Egypt’s real estate model keeps defying gravity, and how recurring revenue, walkable communities, and local authenticity will define the next chapter of the industry.You can catch the full episode on Apple Podcasts | tune in on Spotify | and find us on Omny. Or tap or click here to go read the full transcript on our website.HAPPENING TODAY- #1- Retail investors have until end of trading today to subscribe to Bonyan’s IPO, after the subscription window was extended by one day to account for the EGX’s full-day halt last Tuesday. The public tranche of the offering was 19.4x oversubscribed as of yesterday, writes Al Borsa. The private placement closed nearly 7x oversubscribed on Sunday amid heavy appetite from institutional investors. The final price per share stood at EGP 4.96 a pop. #2- Will Mohamed El Erian become chancellor of the University of Cambridge? It’s the second and final day of voting, with in-person and online closing at 5pm UK time. You can read Mohamed’s statement here. UPDATE- Egypt welcomes the US to the GERD negotiation table: President Abdel Fattah El Sisi expressed Egypt’s appreciation for US President Donald Trump’s recent remarks regarding the US’ involvement resolving the long-running dispute over the Grand Ethiopian Renaissance Dam (GERD). “Egypt also appreciates President Trump’s keenness on reaching a just agreement that safeguards the interests of all parties regarding the Ethiopian Dam, as well as his recognition of the Nile as a source of life for Egypt,” El Sisi wrote in a Facebook post. ICYMI- Trump recently said that the US is working to resolve the dispute between Egypt, Sudan, and Ethiopia over the GERD, reiterating that the dam is a serious threat to Egypt’s “important source of income and life.” Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ** DID YOU KNOW that we cover Saudi Arabia and the UAE?** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.THE BIG STORY ABROAD- There’s no single big story abroad this morning, but a mix of new tariff updates, rising inflation in the US, and increased violence in southern Syria are getting a lot of attention. Tariffs on pharma and semiconductor chips could come as soon as this month, with the pharma tariff coming in low at first before US President Donald Trump hikes them a year later once pharma firms have gotten a chance to regroup. Trump had previously floated a tariff on pharma that could reach as high as 200%, and said he plans to impose a 50% tariff on copper. (Bloomberg) Trump says we can expect two or three more trade agreements to be struck before 1 August, when reciprocal tariffs are set to go into effect, name-checking India as one that could materialize soon.The US also reached an agreement with Indonesia that will see Indonesian imports face a 19% tariff, in exchange for bns in USD worth of committed purchases, including of Boeing jets and US energy. (Reuters | Guardian) ALSO- The impact of tariffs seem to have started to trickle down to consumers, with consumer prices rising 0.3% in the US last month. The latest data suggests the US Federal Reserve will keep holding off on rate cuts until inflation is back in check. (Wall Street Journal | Reuters | Financial Times) CLOSER TO HOME- Israel attacked military targets in Syria and Lebanon, killing 12 people in Bekaa Valley in Lebanon, including several Hezbollah fighters, and ramping up tensions with the Syrian government, which condemned the attacks on the southern city of Sweida. Sweida had seen an escalation of violence amid clashes between Druze — who dominate the city — and Bedouin groups that have killed more than 100 people, according to the Syrian government. (Guardian | BBC | New York Times) *** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. In today’s issue: We look at the current state of the river transport sector and what the government is doing to boost investment in the sector.

Industrial real estate developer Polaris Parks plans to establish a new EGP 2.5 bn industrial zone in Sadat City, General Manager Bassel Shoirah told EnterpriseAM. The General Authority for Industrial Development has allocated a 1.1 mn sqm site for the project, which will house mixed-use facilities, from engineering and food industries to warehousing and medical projects, Shoriah told us.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)The zone is expected to draw some USD 1 bn in investments and will be developed over three years.This comes as no surprise: The project is part of Polaris Parks’ broader strategy to develop 3.5 mn sqm across two sites — one in Sadat City and another in the new capital. Shoirah has previously told us that the company expects these new zones to collectively attract over USD 5 bn in investments.Polaris Parks is no stranger to Sadat City, with prior experience developing there, Shoirah said, adding that the developer sees this project as an expansion.What the new zone will offer: Polaris will offer ready-built units, a warehousing and logistics hub, and facility management and operational services in its new Sadat City zone. In line with sustainability goals, part of the project’s electricity needs will be supplied via solar power.We have an idea who could be interested: The developer has recently seen increased interest from Chinese and Turkish manufacturers seeking to de-risk their supply chains by establishing a presence in Egypt, especially as geopolitical tensions and US tariffs push companies to relocate from China, Shoirah previously told us. Polaris is currently working with the government to direct investment to priority sectors, particularly those that contribute to import substitution.

Good afternoon, friends. We’ve got another brisk issue for you today as the news cycle continues to cool down — though the weather is a different story.THE BIG STORY TODAY Industrial real estate developer Polaris Parks is set to build an EGP 2.5 bn industrial zone in Sadat City, General Manager Bassel Shoriah told EnterpriseAM. The General Authority for Industrial Development has allocated a 1.1 mn sqm site for the project, which will house mixed-use facilities, from engineering and food industries to warehousing and medical projects, Shoriah told us.The zone is expected to draw some USD 1 bn in investments and will be developed over three years. ** We’ll have the full story in tomorrow’s edition of EnterpriseAM Egypt. THE BIG STORY ABROADBTC broke past USD 120k today for the first time as investors wagered on favorable US crypto regulations and support from US President Donald Trump — who has taken to referring to himself as the “crypto president.” Lawmakers are set to debate a slate of crypto bills this week, including one that would set rules for stablecoins, further pushing investors to view crypto as a long-term and mainstream asset.The digital token rose as high as USD 123.1k during trading, before settling to a USD 121.8k at the time of writing. BTC is up 30.0% YTD and a whole 87.8% over the last 12 months.The broader crypto market is following suit, with Ether reaching a five-month high and tokens like Solana and XRP seeing gains, pushing the total market value of crypto assets to USD 3.8 tn. Crypto stocks and ETFs are also climbing, with bitcoin miners and exchanges seeing early trading bumps in the US and Hong Kong. (Reuters | Bloomberg) Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ☀️ TOMORROW’S WEATHER- The sunny streak continues in the capital with temperatures peaking at 36°C, before cooling down to 22°C at night. The North Coast is in for cooler weather, with a high of 28°C and a low of 25°C, according to our favorite weather app.

Banque du Caire, Safi + Wataneya to debut on EGX before IMF reviews: The government is planning to list stakes in Banque du Caire, Safi, and Wataneya on the EGX ahead of the IMF’s delayed fifth and sixth loan reviews, two government sources told us. The three IPOs are now expected to hit the EGX between August and September, one source added. The government is pushing to wrap up at least four IPOs by the end of the year after the IMF merged its next two program reviews.We’re likely looking at listing stakes of less than 30% in each of the companies, with the aim of broadening ownership after talks with strategic investors failed to reach agreement. For Banque du Caire in particular, negotiations with Emirates NBD fell through due to a valuation gap, sources told us.The government aims to drum up USD 5-6 bn in fresh investments by offering stakes in six companies on the EGX before 1Q 2026, one of the sources said. The plan is part of the broader structural reform agenda agreed with the IMF and is meant to bring in capital through the bourse.Who else is on the list? Two maritime transport firms are on deck for listings, the source said. A sixth company is also in the pipeline, though details are still under wraps. Plans to list military-affiliated firms Safi and Wataneya date back two years, when they were named among 35 companies in the original privatization push. Both were added to the Sovereign Fund of Egypt’s pre-IPO fund last year for restructuring ahead of their listings.Why this matters: The listings could add further momentum to an unusually active summer for the EGX after a long dry spell. Valu made its debut last month, and Bonyan has since kicked off its ongoing IPO. The anticipated state sales would also give a boost to the privatization program, which hasn’t seen a listing since United Bank went public late last year.More state asset sales in the pipeline: Finance Ministry officials are working on a longer list of 11 state companies earmarked for listing in FY 2025-26, including five owned by the army’s National Service Projects Organization.The Gulf is still interested: Sources said that some Gulf investments delayed by regional tensions could be back on the table soon. That includes planned Qatari and Saudi investments in the real estate sector — including a major North Coast project that could bring in as much as USD 3 bn from Qatar alone.

Hayat Egypt to invest USD 44 mn in new production lines at its Sokhna factory: Turkish hygiene and tissue product company Hayat ’s local subsidiary Hayat Egypt will invest USD 44 mn (EGP 2.2 bn) to add new production lines at its existing facility in the Sokhna Integrated Zone, according to a SCZone statement. The expansion, spanning 30k sqm within Orascom Industrial Parks’ area, will focus on manufacturing non-textile hygiene products.The details: The new lines are scheduled to begin operations by March 2026, with 75% of output set to be exported and the remaining production lined up for the local market.This investment raises Hayat’s total investments in Egypt to USD 676 mn, up from USD 632 mn back in May. The company operates six production facilities across 6th of October City and Ain Sokhna, including a tissue paper plant in Ain Sokhna dedicated entirely to exports, which is expected to generate USD 75 mn in annual export revenues. Hayat’s brands include Molfix, Bebem Natural, Molped, Papia, and Familia.More in the pipeline: Hayat Egypt is gearing up to invest another USD 80 mn in two new local plants by the end of 2026, Hayat Egypt’s General Manager Şenol Keserlioğlu told EnterpriseAM. One of the new plants, set to launch in 1Q 2026, will cater fully to export markets. The second facility, still in the feasibility stage, will serve both local and international demand.Turkish companies ❤️ SCZone: Some 18 Turkish companies have invested a total of USD 793.8 mn in the SCZone to date, according to the SCZone statement. This includes 10 companies in Sokhna with investments of USD 508 mn and eight in Qantara West with USD 285.8 mn in total investments.

Our friends at SODIC plan to invest over EGP 10 bn in the hospitality sector through 2029, with plans to develop more than 550 hotel units — mostly along the North Coast, General Manager Ayman Amer said during a tour of the company’s coastal projects. The move comes as the real estate giant looks to scale its presence in the luxury tourism market.Tribute Portfolio and Nobu coming to the North Coast: The company will launch a Marriott Tribute Portfolio hotel at its June project in Ras El Hekma, which will span 18k sqm and include 180 rooms. A second hotel under the Nobu brand will open in the Ogami project in Ras El Hekma, and will include around 80 hotel rooms and 220 branded hotel residences.A sizable land bank and a wider footprint: SODIC sits on around 8 mn sqm of undeveloped land and is currently exploring new opportunities in East Cairo and the Red Sea, Amer said. The company aims to expand its geographic footprint while diversifying its project portfolio.Two new schools in the pipeline: SODIC is also planning to build two international schools in East and West Cairo over the next five years — as part of its push to integrate upscale education into its developments, according to Amer.SODIC has seen unit prices rise 10-30% this year, reflecting strong demand for its communities, Amer said. The company aims to deliver 2k residential units in 2025 — including 200 at the June development — and another 1.3k in 2026.

The ultra-rich are increasingly eyeing the private credit sector over the slowing private equity distributions, Bloomberg reports, citing discussions at a recent London Private Markets Meeting panel. This interest is fueled by family offices — controlling about USD 3.1 tn globally as of last year — which are drawn to private credit’s regular banknote interest payments, a key advantage over private equity’s reliance on future exits.Looking for higher returns: Offering attractive, high single-digit returns with less risk than equities, the illiquid asset class is a natural fit for the “buy-and-hold” mentality of family offices, especially amid public market volatility. Alternative credit’s ability to reliably generate yield and income is “great in the current environment,” Harinder Hundle of the Hundle multi-family office noted.Private credit has strong growth potential: A late 2024 BNY Wealth survey showed private credit has not historically been a top allocation for family office. That seems to have changed in 2025, when a BlackRock family office survey revealed that a third of respondents plan to increase their exposure to private credit — the highest of any asset class.ALSO- US President Donald Trump’s tariffs are expected to drive a shift of corporate operations back to the US, creating a window for private credit to step in where capacity-constrained governments fall short, Moody’s Global Head of Private Credit Marc Pinto told Bloomberg. Infrastructure — particularly USD 2.5 tn in expected data center investment — is one of the major growth areas, Pinto added.As the market expands, it is also maturing, with Pinto noting a pivot toward financing more stable, investment-grade firms to meet demand from institutional clients like ins. companies rather than traditional high-yield companies.The rapid influx of capital is not without concerns: Hundle warned of a potential problem, caused by the huge sums of capital concentrated among the largest managers and a lack of transparency in the biggest agreements. Pinto echoed the sentiment, cautioning that agreement complexity and the need for more detailed information for buyers can introduce credit risks.MARKETS THIS MORNING-Asian markets are showing mixed performance this morning, with the Shanghai Composite is up 0.4%, while Japan’s Nikkei is down 0.4%. Trump’s tariff threats toward the EU and Mexico also sent Wall Street futures into the red territory.EGX30 33,053-0.8% (YTD: +11.1%)USD (CBE)Buy 49.42Sell 49.56USD (CIB)Buy 49.43Sell 49.53Interest rates (CBE)24.00% deposit25.00% lendingTadawul11,253-0.2% (YTD: -6.5%)ADX10,065+0.2% (YTD: +6.9%)DFM5,855+0.4% (YTD: +13.5%)S&P 5006,260-0.3% (YTD: +6.4%)FTSE 1008,941-0.4% (YTD: +9.4%)Euro Stoxx 505,383-1.0% (YTD: +10.0%)Brent crudeUSD 70.36+2.5%Natural gas (Nymex)USD 3.31-0.7%GoldUSD 3,364+1.2%BTCUSD 119,024+1.4% (YTD: +26%)S&P Egypt Sovereign Bond IndexEGP 880.4+0.1% (YTD: +25.6%)S&P MENA Bond & Sukuk145.86-0.1% (YTD: +4.2%)VIX (Volatility Index)16.4+3.9% (YTD: -5.5%)THE CLOSING BELL-The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 3.0 bn (40.2% below the 90-day average). Local investors were the sole net buyers. The index is up 11.1% YTD.In the green: Credit Agricole (+2.3%), Fawry (+1.8%), and Oriental Weavers (+1.7%).In the red: Telecom Egypt (-3.8%), Qalaa Holdings (-3.1%), and Egyptian Kuwaiti Holding-EGP (-3.0%).

China’s state-owned utility giant State Grid will invest USD 500 mn to develop two solar projects in Egypt, with a combined capacity of 900 MW, a government source told Asharq Business. The first project will be located in Minya and will have a capacity of 500 MW, while the second one will be in the Western Desert, with a capacity of 400 MW. Timeline: Final contracts for the two projects are expected to be signed by the end of July, with implementation scheduled to begin in 4Q 2025.The details: State Grid will finance and build two transformer stations that will feed the national grid. The Egyptian Electricity Transmission Company (EETC) will construct the connection lines. The government will allocate the required land for the projects under a usufruct agreement.EETC will ink a 25-year power purchase agreement for the two projects at an average tariff of USD 0.02 per kWh (equivalent to around EGP 1). Payments will be made in USD, with a portion paid in the EGP equivalent.IN OTHER ENERGY NEWS- Scatec will soon break ground on its 1 GW solar plant and 200 MWh battery energy storage system (BESS) in Naga Hammadi after inking an agreement with EgyptAlum to begin implementation, according to a statement from a Public Enterprises Ministry statement. The project will be executed over 24 months in two 500 MW phases.REMEMBER- This project to power the state-owned aluminum producer’s aluminum complex comes as EgyptAlum looks to comply with global sustainability and manufacturing standards to meet the EU’s Carbon Border Adjustment Mechanism (CBAM) rules, which will come into effect in 2026. EgyptAlum exports 50% of its production to Europe.The project will cost some USD 650 mn, which will be 80% financed through non-recourse project debt, with the remainder to be covered by equity from Scatec and partners. The project reached financial close last month. Scatec will be the sole owner initially, but it is planning on offloading some stakes to other equity investors in the long-run.

INDUSTRY- Polaris Parks eyes expansion in Egypt: Industrial real estate developer Polaris Parks is nearing agreements to develop a total of 3.5 mn sqm across two sites in the new capital and Sadat City, General Manager Bassel Shoirah told EnterpriseAM. The company expects the new industrial zones to attract investments exceeding USD 5 bn. Polaris plans to finalize the contracts in 3Q 2025.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)Focus sectors: The new zone will target high-value industries including engineering, textiles, chemicals, and building materials, Shoirah added.Bigger ambitions: Polaris has earmarked EGP 6 bn for its new capital project and EGP 4.5 bn for the first phase of its New October City development, where construction began this year with completion targeted within two years. MANUFACTURING-Supreme Holding is planning to invest EGP 1 bn in a chemicals project in the Suez Canal Economic Zone, Chairman Moharram Helal told Al Arabiya. The company will partner with two unnamed local investors for the project and is in discussion to secure funding from three local banks to finance 60% of the project’s total investment ticket. The firm is also planning to invest USD 5 mn to open a butane cylinder plant in Angola within the next three months at most. PHARMA-EGX-listed pharma firm Rameda has acquired two products in the central nervous system (CNS) and pain management segments, marking its first acquisitions of the year, the pharma player said in a press release (pdf). The products target major depressive disorders, anxiety, neuropathic pain, and generalized anxiety disorder — therapeutic areas with a combined market value of over EGP 1.3 bn and a three-year CAGR exceeding 25%.More acquisitions on the horizon: “This transaction represents a first step in our acquisition strategy for 2025,” said COO and CFO Mahmoud Fayek, adding that Rameda remains actively engaged in pursuing additional acquisitions to drive sustainable growth and enhance shareholder value.DEBT-CIB inked a EGP 963 mn loan agreement with Orascom Investment Holding’s OSL for the Giza Pyramids sound and light overhaul, the bank said in a statement seen by EnterpriseAM. The medium-term credit facility is part of Orascom Investment Holding’s larger project to revamp the plateau and improve the visitor experience.

Ashry Steel Group plans to build a USD 200 mn billet plant in its Sixth of October complex, targeting an annual production capacity of 1 mn tons, Chairman Ayman ElAshry told EnterpriseAM. Production is expected to begin within 24 months of construction, pending the Industrial Development Authority’s (IDA) green light.The group is building what will be Egypt’s second-largest industrial complex dedicated to colored sheet metal production, Al Borsa reports, citing what it says are sources familiar with the investment. The facility — located on a 165k sqm plot in Sadat City — will feature state-of-the-art production lines for hot rolling, cold drawing, galvanizing, and color coating. Investments in the production line are projected to reach hundreds of mns in foreign currency.More in the pipeline: The company plans to establish Egypt’s first local factory for high-speed train wheels, also in Sadat City. The project is being implemented in partnership with the Transport Ministry and the Egyptian National Railways, with the aim of localizing industrial technology and reducing import dependence.It’s all part of the plan: Ashry Steel Group is eyeing up to EGP 10 bn in new investments to ramp up production capacity to 4 mn tons over the next two years. Its pipeline also includes a seamless stainless steel pipe plant with EUR 600 mn in planned investment. The IDA has yet to launch the new tender for billet manufacturing licenses but is expected to do so later this month, a government source told EnterpriseAM, adding that companies are outlining production plans based on earlier bids. Mohamed Hanafy, head of the Chamber of Metallurgical Industries, confirmed the licenses haven’t been announced yet but said companies that participated in the 2021 tender will be eligible to bid again once the new tender opens.REMEMBER- The government is ramping up efforts to localize steel manufacturing, issuing new billet production licenses, reallocating surplus supply, and coordinating closely with sector players to draft unified industrial policies for iron manufacturing.IN OTHER MANUFACTURING NEWS- KCG Textile expands local operations: KCG Textile Egypt — a local subsidiary of Turkish group Kucukalik — has broken ground on its spinning factory in Tenth of Ramadan, bringing its total investments in Egypt to USD 75 mn, according to a statement from the Investment Ministry. The plant includes five production lines covering polyester yarn production, textile production, dyeing, and embroidery. A major export player: KCG currently generates around USD 65 mn in annual exports, with 100% of its output shipped to Europe, the US, and China. The company employs some 1.6k workers.

Healthcare leader Alameda lands big private equity investment: Our friends at London-based private equity giant Development Partners International (DPI) have put together a transaction to acquire a USD 190 mn minority stake in Fahad Khater’s healthcare services platform Alameda Healthcare, the companies said in a joint press release (pdf). The DPI investment includes commitments from funds it controls as well as co-investors. This is a big deal — literally and metaphorically. For starters, DPI and Alameda stayed the course even as the regional investment climate soured thanks to Israel’s foreverwar in Gaza and, more recently, fears of a regional conflagration after Washington and Tel Aviv attacked Iran. It’s also the largest-ever private equity investment in healthcare here. That’s a big boost of confidence by a key global investor not just in Alameda, but in Egypt and the nation’s healthcare sector. The details: The transaction, primarily a capital increase, is subject to regulatory approvals (the Egyptian Competition Authority has already taken note) and is expected to close in 3Q 2025. Khater, Alameda’s chairman, will remain the group’s majority shareholder post transaction. This marks DPI’s first investment in direct healthcare services, a top DPI executive told us. DPI Partner Ziad Abaza, a longtime friend of EnterpriseAM, led the transaction.Where will the money go? In part, it sets Cairo-headquartered Alameda up as a regional platform. “We are actively engaged with the management team and key stakeholders to explore additional opportunities in Egypt,” a DPI executive told us. The funding will also drive Alameda’s growth in the GCC — and support investment in tech as well as the scaling of its discipline-specific centers of excellence, which include focuses on cancer, cardiology, liver disease, and orthopedics. “The envisaged investment in advanced technologies will mainly focus on digitization, diagnostic innovation, and clinical infrastructure upgrades,” the DPI exec told us. Alameda has been ramping up its expansion efforts this year, with plans to set up a 200-bed hospital in Saudi Arabia by 2026 and partnering with TMG to build a EGP 5 bn hospital in Madinaty. The healthcare group previously earmarked USD 245 mn to expand its footprint in Egypt and across the region. DPI was drawn to Alameda by the quality of its assets and market position, the exec told us. “The government’s push to deepen public-private partnerships and attract foreign investment, including through the rollout of the universal health ins. program, also made the sector more appealing by adding long-term visibility and structural stability,” he added. Alameda owns household brands in healthcare including As-Salam International and Dar Al Fouad hospitals, the German Rehabilitation Center, and Tabibi 24/7, among others. DPI aims to help Alameda scale by supporting high-potential ventures, improving governance, and embedding ESG principles across the business. “We bring operational experience, sector-specific knowledge, and a track record of scaling businesses across Africa,” the executive told us, adding that DPI is “a strategic partner, not just a financial investor.”The PE firm declined to say how big a position the transaction represents, saying only that it is a “significant minority stake structured to allow us to contribute meaningfully to Alameda’s strategic direction.” We think that could be a blocking minority. Lots of appetite for Egypt: DPI is building a pipeline of potential investments in Egypt across high-growth sectors including manufacturing, fintech, financial services, FMCG, retail, and healthcare, the company official told us. The firm in April took over management of fintech investor Nclude’s USD 105 mn AUM fund here, adding it to a portfolio that already included bold-faced local names MNT-Halan and Hassan Heikal’s Kazyon.ADVISORS- Our friends at EFG Hermes Investment Banking were sole M&A financial advisors on the transaction, the firm said in a press release (pdf). With Alameda now announced, EFG Hermes has advised on M&A transactions worth a combined USD 2.5 bn in the past 18 months, including four deals so far this year. The good folks at ALC Alieldean Weshahi & Partners were local counsel to Alameda alongside Matouk Bassiouny & Hennawy, while Addleshaw Goddard were international counsel. White & Case was local and international counsel to DPI, which was also advised by PwC, Rothschild, and Debevoise & Plimpton.

Egypt is upping its privatization efforts following the IMF’s decision to merge — and delay — its fifth and sixth loan reviews, with the government now aiming to sell stakes in four companies by year-end, two government sources told EnterpriseAM. The offerings will help Egypt meet some of its obligations under the now-delayed fifth review, they added.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)REMEMBER- IMF Communications Director Julie Kozack confirmed late last week that the Fund would delay its fifth review until fall and combine it with the upcoming sixth review of the USD 8 bn Extended Fund Facility Arrangement. “More time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda, Kozack said. Now is also not the worst time to try to put the privatization program up a gear given the relative stability we find ourselves in, the sources said. The state had been set to complete planned offerings in the second half of the fiscal year 2024-2025, but conflict in the region had put the plans on ice.The offerings are part of a wider plan to offer stakes in 11 state-owned companies in FY 2025-2026, the Finance Ministry said in its monthly financial report for May. The lineup includes the military-affiliated firms Wataneya, Safi, Silo Foods, Chill Out, and the National Roads Company, which are all being restructured by the Sovereign Fund of Egypt. The announcement aligns with statements by government sources who told EnterpriseAM a month prior that the state aims to raise USD 4-5 bn through stake sales in 11 companies by the end of the upcoming fiscal year.We could see movement in the offerings by the end of July or August, we were told.The government has also started receiving offers for public-private partnerships worth USD 800 mn that it hopes to finalize in the next four months. The eight projects include desalination plants, wastewater and industrial sewage treatment facilities, electricity substations, and waste recycling projects as part of the government’s broader efforts to expand private sector involvement in development initiatives, Ater Hanoura, head of the Finance Ministry’s PPP unit, previously told EnterpriseAM.

The International Monetary Fund has decided to combine the fifth and sixth reviews of Egypt’s USD 8 bn Extended Fund Facility Arrangement, IMF Communications Director Julie Kozack confirmed in a press briefing on Thursday following earlier unconfirmed reports.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)A combined review also means a delayed review, which the Fund now expects to take place in the fall — along with the USD 1.3 bn tranche that the government had been expecting to land in state coffers this month.“More time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda, Kozack said. Although “Egypt continues to make progress under its macroeconomic reform program,” more needs to be done to enable the “private sector to drive stronger and more sustainable growth” and “advancing the state ownership policy and asset [divestment] program.”The size of the combined tranche is TBD. “It would be premature for me to speculate at this stage” on the size of the combined tranche as the country’s financing need to be assessed in ongoing discussions, said KozackThe first review of the USD 1.3 bn Resilience and Sustainability Facility will also take place alongside the sixth review, according to Kozack. The climate-focused fund has already been approved on schedule. The international press also took note of the announcement: Reuters.

MANUFACTURING- A total of 36 fully equipped units are being offered up under the third phase of the Robbiki Leather City in Badr City, the Industry Ministry said in a statement. The units with factory sizes ranging from 121 to 2k sqm — for rent or ownership — will be on offer until 27 July through the Made in Egypt platform.(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)HOSPITALITY-China’s Gaund Holding Group is working towards launching its first floating hotel as part of a larger project of five floating hotels in Egypt, according to a Tourism Ministry statement. Representatives from the company met with officials from the ministry last year to discuss its Nile cruise plans in addition to facilitating charter flights from China to Egypt — and particularly the Red Sea — as part of a wider push to increase Chinese tourist traffic to Egypt.M&A -Orascom Investment Holding’s general assembly approved the EGP 502 mn acquisition of a 100% stake in Misr for Entertainment Investments, the company said in a disclosure (pdf) to the EGX. The agreement also covers the company’s subsidiaries and will be financed from internal resources. The acquisition has been in the works since at least November 2024, when Orascom Investment Holding’s non-executive expert directors and independent directors approved the acquisition in principle and decided to hire an independent financial advisor to conduct a fair value study of the company. EXPANSION-#1- Egyptian contractors land Libyan contracts: Libya’s Reconstruction and Development Fund has signed contracts with Egypt’s Organi Group and Wadi El Nile Contracting to implement key infrastructure projects across several cities, Al Arabiya reports.What’s in the pipeline? Wadi El Nile will handle the second phase of the Bakour bridge and road, electrical works along the Tobruk-Emssaed road, and surface works for the Cement Bridge and Tayara Island in Benghazi. #2- BluEV targets Morocco expansion with USD 100 mn investment: Local e-mobility company BluEV plans to enter the Moroccan market before the end of this year with a USD 100 mn investment to roll out its electric motorcycle conversion platform, co-founder and CEO Rida Baalbaki told Asharq Business.Part of a wider regional push: “Entering the Moroccan market is part of our gradual expansion strategy across North Africa and the Middle East,” Baalbaki said, adding that BluEV aims to expand its operations to cover all of Egypt within five years. The company currently operates over 50 battery-swapping stations in East Cairo, Alexandria, Ismailia, the North Coast, and Gouna.AUTOMOTIVE-GB Auto will start assembling one of China’s Great Wall Motor models in 4Q 2025, with plans to roll out 5-6k vehicles a year, Haval Franchise Assistant Vice President Mohamed Mourad told Asharq Business. The company is also planning to increase sales of Haval models by 128% y-o-y by the end of the calendar year, he added.DIPLOMACY-The Irrigation Ministry called out Ethiopia’s completion of the Grand Ethiopian Renaissance Dam as a violation of international law, as it lacked an agreement with Sudan and Egypt as downstream nations, according to a ministry statement. The ministry further called out “persistent lack of political will on the Ethiopian side” and accused the country of trying to “impose water hegemony, rather than embracing the principles of cooperation and equitable partnership.”