Egypt this week: Saint Catherine is safe ⛪

• Saint Catherine is safe ⛪

• TMG invests big in Iraq 🏡

• A mid-year checkpoint for managing money 💵

• EU fund to boost private sector 💶

• Largest Egypt-US forum in years 🇺🇸

SAINT CATHERINE MONASTERY | RELIGION | SINAI
PRESIDENT SISI REASSURES SAINT CATHERINE MONASTERY RELIGIOUS STATUS IS PROTECTED

President Abdel Fattah Al-Sisi reaffirmed Egypt’s commitment to protecting the religious status of St. Catherine’s Monastery during a phone call with Greek PM Kyriakos Mitsotakis, following international concerns from the Greek Orthodox community.

What sparked the concern? A recent Egyptian court ruling upheld the rights of monks to access and use the monastery complex and its surrounding religious and archaeological sites — while maintaining them as state-owned public property. Some took this as a signal that the state may interfere with the site.

Sisi’s response: The president clarified that the ruling does not compromise the monastery’s sacred status, emphasizing Egypt’s historical commitment to preserving religious and ecclesiastical landmarks.

Clearing the air: Concerns were also fueled by rumors that monks would be evacuated under Egypt’s Great Transfiguration Project, a state-led urban development initiative around the site. Egyptian authorities denied these claims, stating the project won’t touch the monastery itself.

Why Saint Catherine matters: Built in the 6th century by Byzantine Emperor Justinian I, St. Catherine’s Monastery is a UNESCO World Heritage Site and one of the oldest continuously inhabited monasteries in the world. It holds deep religious and cultural significance for Christianity, Islam, and Judaism, and houses rare treasures like the Codex Sinaiticus.

REAL ESTATE | TALAAT MOUSTAFA | IRAQ
TMG LANDS IRAQI INVESTMENT DEAL WORTH $17 BILLION

Egyptian real estate giant Talaat Moustafa Group (TMG) signed a Memorandum of Understanding (MoU) to build a massive mixed-use development in southwest Baghdad. The 14 million square meter project will include around 46,000 residential and commercial units — expecting to generate USD 17 billion (EGP 847.44 billion) in sales.

Why Iraq? TMG says it spent a year studying the Iraqi market, citing growing demand and a recovering economy. The move is part of a strategy to grow foreign currency inflows, hedge against the Egyptian pound’s volatility, and deepen the group’s regional footprint.

A city like Madinaty: TMG says the project will follow the same playbook as its signature developments, with a focus on sustainability, smart tech, and fully integrated services.

TMG’s regional expansion is being led by TMG Saudi Arabia, launched in 2023 with AlMuhaidib Group. The company’s Riyadh-based Banan City project alone has already posted USD 1.6 billion in sales.

What’s in the deal? Besides the forecasted USD 17 billion in total sales, the company also expects to generate USD 1.5 billion (EGP 74.7 billion) in recurring annual income.

It comes just weeks after TMG’s USD 3.9 billion investment announcement in Oman — which we mentioned in last week’s newsletter.

Regional land grab: Once finalized, the Baghdad project will boost TMG’s regional land bank to 29 million square meters. Including Egypt, the company now manages nearly 126 million square meters of land.

A real estate titan: The company, which has sold over EGP 1 trillion in real estate, says its Egypt portfolio now spans over 107 million square meters and houses more than 1.5 million residents. It also boasts hospitality assets like Four Seasons (Sharm, Cairo, Alexandria), Kempinski Cairo, and seven historic hotel renovations underway.

MID-YEAR MONEY CHECK: HOW ARE YOUR HANDLING YOUR BUDGET SO FAR?

Back in March, Egypt’s governmnet approved a record EGP 4.6 trillion (USD 90.97 billion) state budget for the new fiscal year. For most of us, that was background noise — just another scroll-past headline. But it’s also a subtle nudge: the year is already halfway through. Might be time for your own budget to get a quick reality check too.

Why June might beat January: Budgeting tends to feel like a January thing, part of the resolution-fueled optimism. But May and June? These are actually better checkpoints. You’ve got six months’ worth of spending data: the rent, the weddings, the Wolt spiral. It’s no longer about planning — it’s about recalibrating.

The science backs it up: A 2023 survey by Forbes Health found the average New Year’s resolution lasts just 3.74 months. Only 8 percent of people stick to theirs for a full year. But researchers say mid-year check-ins trigger the ‘fresh start effect’ — a psychological reboot that helps us reset and stay motivated. Even better, studies show that regularly reviewing your progress makes you way more likely to actually reach your goals.

So what now? Start small: Pull up your last three months of spending. Sort it however makes sense: rent, food, delivery, random Amazon regrets. No guilt — just awareness. Then pick one thing to change. Not five. Cancel that app you forgot you’re still paying for. Skip a weekly takeaway coffee. Redirect that money somewhere useful.

Financial tools are finally catching up: Yes, budgeting still feels hard — but more Egyptians are finally getting access to tools that make it a little easier. According to the Central Bank, 74.8 percent of people aged 15 and up now have access to financial services, up from 70.7 percent a year earlier. That doesn’t mean everyone’s budgeting, but the infrastructure is expanding.

Invest rather than save: Let’s be clear, saving money is essential. It’s also the first step in a healthier financial mindset. But in a country that’s weathered multiple currency devaluations in just a few years, stacking cash under the mattress (or in your account) isn’t always safe. The smarter move? Investing.

Where to begin? You’ve got options — real estate, bank certificates, the stock market, and more. Real estate is solid but expensive and slow. Bank certificates are more accessible but don’t always beat inflation. Stocks? Easier than ever to enter, especially with mobile platforms like EFG Hermes One — and when companies grow, so do your returns.

Here’s how to think smart before you buy a stock: Look at the company’s fundamentals: Is it profitable? Is it growing? Does it have a competitive edge in its industry? How much debt does it carry, and what are its future plans? These are the questions smart investors ask before putting money into a business. It pays to know about the company before investing. Take a look at any new projects they’ve announced, or read their most recent quarterly report.

Invest in a company that invests in better finances: More Egyptians are turning to platforms like Valu that help them stay in control of their spending and budget. But Valu isn’t just a beneficial fintech platform; it’s also becoming a company to watch. As the company prepares to be listed on the stock market near the end of June, users have a unique opportunity: to invest not just through the platform, but in the platform itself. The company’s intention to make itself available on the stock exchange is a testament to both its successful growth as Egypt’s leading fintech platform and in the support it has gained to help users form healthier spending and budgeting habits. It will only continue to grow from here — the difference is its upcoming stock exchange listing now allows users and supporters to grow with them.

Start now, not next year: Financial wellness doesn’t have to mean spreadsheets. Sometimes it just means realizing it’s June, not January — and there’s still time to shift course. Start now, and by December you’ll have six months of small, steady investment behind you. Just remember, budgeting and investing are like trees. You won’t see progress in a day. Quiet, calculated progress — that’s the kind that sets you up for a stronger start next year.

EUROPEAN UNION | FUNDING | PRIVATE SECTOR
€1.8 BILLION FROM THE EU TO BOOST PRIVATE INVESTMENTS

Egypt will launch a new Investment Guarantee Mechanism in June 2025 in partnership with the European Union, unlocking EUR 1.8 billion (EGP 101 billion) in guarantees to attract private capital into high-impact sectors.

What’s in it? The guarantees are designed to funnel investment into energy, infrastructure, digital transformation, water, agriculture, and climate adaptation. The key goal is to make Egypt a more appealing, lower-risk destination for private investors.

Why now? Planning and International Cooperation Minister Rania Al-Mashat unveiled the plan at the Egyptian-Swedish Business Forum, highlighting it as a tool to boost Egypt’s investment climate and deepen access to global and European development financing.

Sweden in the spotlight: With Swedish and Egyptian officials in attendance, Al-Mashat emphasized the potential for Swedish firms to drive innovation and job creation in Egypt, especially in sustainable development.

Beyond guarantees: Egypt also showcased its active engagement with the EU’s Carbon Border Adjustment Mechanism (CBAM) to keep its exports competitive in a decarbonizing global economy. Al-Mashat framed all these moves as part of a broader strategy to strengthen macroeconomic stability and align investment with Egypt’s long-term growth plans.

USA | BILATERAL RELATIONS | FOREIGN POLICY
US-EGYPT FORUM ENDS WITH BIG PROMISES, BOLD PLEDGES

Egypt’s government just wrapped up a two-day US-Egypt Policy Leaders Forum that saw President Al-Sisi, Prime Minister Mostafa Madbouly, nine cabinet ministers, and over 55 senior US executives in one venue — alongside heavyweights from the IMF, World Bank, and IFC. It was the biggest US business delegation to Egypt in years.

Al-Sisi pitches big: President Al-Sisi told visiting US business leaders Egypt wants to become a regional production hub for American industries — especially in sectors like pharma, renewables, AI, autos, and infrastructure. He invited the US to build an industrial zone in the Suez Canal Economic Zone, promising full government support and a fast track for investment.

Madbouly courts US investments: In his opening speech, Egypt’s PM highlighted that the US is already a major player: 1,800 American companies operate in Egypt, with USD 47 billion in cumulative investments. He pitched Egypt’s 107 million-strong market as a gateway to 1.5 billion consumers across Africa and the Middle East.

Two big reforms: Madbouly unveiled two headline regulatory changes to sweeten the deal for US companies:

• American cars can now enter Egypt without passing the country’s local production standards — a major win for auto exporters.

• US dairy products are now permanently exempt from halal certification, removing a long-standing trade barrier.

Customs deal incoming: A mutual customs cooperation agreement between the two countries is almost ready, according to US Ambassador Herro Mustafa Garg. She called it a “significant milestone” that could smooth the path for American firms expanding in Egypt.

Golden treatment: General Authority for Investment and Free Zones head Hossam Heiba said Egypt is prioritizing Golden Licences for US companies in key sectors like green hydrogen, logistics, and healthcare — and is rolling out new incentive packages across multiple industries.

What’s the outlook? Egyptian officials said 50 US companies are actively exploring investments in Egypt, especially in renewables, tech, and advanced manufacturing. Egyptian-American Business Council chair Omar Mohanna said Egypt aims to increase exports to the US by 10 percent this year, targeting USD 2.47 billion.

The big picture? The forum confirmed growing economic alignment between Egypt and the US. Or, as US Chamber President Suzanne Clark put it: “This is a milestone in our commercial relationship — and just the beginning.”