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DLD launches the MENA’s first tokenized real estate project through the ‘Prypco Mint’ platform

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Sahfy Sahfy
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DLD launches the MENA’s first tokenized real estate project through the ‘Prypco Mint’ platform
DLD launches the MENA’s first tokenized real estate project through the ‘Prypco Mint’ platform

In a landmark move that reinforces Dubai’s leadership in the real estate sector and harnesses cutting-edge technologies to advance property investment, Dubai Land Department (DLD) has launched the region’s first tokenized real estate investment project through the ‘Prypco Mint’ platform. The initiative is being implemented in partnership with Prypco, in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the United Arab Emirates, and the Dubai Future Foundation (DFF) through the Real Estate Sandbox. Zand Digital Bank has been appointed as the banking partner for the project’s pilot phase, positioning Dubai as the first city in the MENA region to adopt a licensed platform for real estate tokenization.

Dubai Land Department has officially launched the pilot phase of investment in tokenized real estate, marking the activation of the digital platform mint.prypco.com. The platform enables users to generate returns and own a share in a prime real estate project in Dubai. Currently available exclusively to UAE ID holders, the platform is set to expand globally in the near future, with additional platforms to be integrated in later phases, further reinforcing Dubai’s position as a global hub for innovation in tokenized real estate.

Innovative Investment Opportunities for Individuals

The project offers individuals innovative investment opportunities through the purchase of tokenized shares in ready-to-own properties in Dubai, starting from just AED 2,000. All transactions are carried out exclusively in UAE Dirhams, with no use of cryptocurrencies during the pilot phase. Through the platform, investors can access comprehensive property details, ranging from pricing, risk factors, and technical specifications to the minimum investment required, ensuring full transparency and informed decision-making.

This initiative stems from a strategic partnership agreement between Dubai Land Department, Prypco, and Ctrl Alt Solutions, aimed at developing an innovative regulatory and operational framework for real estate tokenization. The partnership focuses on strengthening legislation, promoting knowledge, attracting specialised asset tokenization companies, and supporting innovation while safeguarding investor rights. As the market continues to evolve, tokenized assets are projected to represent up to 7% of Dubai’s real estate market by 2033, equating to a value of AED 60 billion (USD 16 billion). Prypco Mint is poised to be the cornerstone of this transformation.

ASPEN REINFORCES SAUDI MARKET LEADERSHIP WITH NEW MIDDLE EAST REGION HQ IN RIYADH

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Sahfy Sahfy
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ASPEN REINFORCES SAUDI MARKET LEADERSHIP WITH NEW MIDDLE EAST REGION HQ IN RIYADH
ASPEN REINFORCES SAUDI MARKET LEADERSHIP WITH NEW MIDDLE EAST REGION HQ IN RIYADH

Aspen Pharmacare Holdings Limited (“Aspen”), a global specialty and branded multinational pharmaceutical company, has announced the establishment of a new regional headquarters in Riyadh, the capital of the Kingdom of Saudi Arabia (KSA).

Following a series of Middle East investments in key therapeutic areas aligned with both patient needs and market demands, the new regional headquarters will support Aspen’s regional growth strategy which includes a focus on three key pillars, namely, talent development, localization, and partnerships.

Daniel Vella Friggieri – Regional CEO Europe & Middle East, Aspen Pharmacare, said: “We are delighted to be strengthening our local presence in this crucial market. The large-scale changes that have occurred in Saudi Arabia’s healthcare landscape offer us a tremendous opportunity. Aspen’s new regional headquarters in Riyadh ensures that we can fully align with the Kingdom’s healthcare delivery objectives and mutual goal setting under Vision 2030.”

KSA has experienced a dynamic transformation with a large influx of expatriate professionals. This country now ranks among Aspen’s top five markets in the Middle East and Europe, underpinning the Group’s strategy to significantly enhance its presence in this area. Aspen has also identified several Saudi-based initiatives as high-priority projects, further reinforcing the company’s commitment to the Kingdom.

Wesam Nehad, Aspen Pharma RHQ General Manager, added: “Expanding in Saudi Arabia allows Aspen to build on our already well-established, strong capabilities across the Middle East – namely, an efficient distribution network, operational excellence, and a highly skilled team. As we continue to grow, we are committed to expanding our reach and enhancing patient access to high quality, affordable medicine across the Kingdom and wider region”.

Aspen focuses on marketing and manufacturing a broad range of post-patent, branded medicines and domestic brands covering both hospital and consumer markets through its key business segments, including manufacturing and commercial pharmaceuticals comprising injectable products, prescription and OTC medicines. Aspen’s wide variety of product types includes steriles, oral solid dose, liquids, semi-solids, biologicals and active pharmaceutical ingredients.

Forbes Middle East Launches the Building the Future Summit in Partnership with the UAE Ministry of Energy and Infrastructure and Abu Dhabi’s Department of Municipalities and Transport

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شمس سيف
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Forbes Middle East Launches the Building the Future Summit in Partnership with the UAE Ministry of Energy and Infrastructure and Abu Dhabi’s Department of Municipalities and Transport
Forbes Middle East Launches the Building the Future Summit in Partnership with the UAE Ministry of Energy and Infrastructure and Abu Dhabi’s Department of Municipalities and Transport

Forbes Middle East is gearing up to launch the first edition of its Building the Future Summit, taking place on May 26-27, 2025, at Berklee Abu Dhabi. The summit will bring together an exclusive cohort of real estate leaders, investors, innovators, and architects from across the region and around the world.

Held in strategic partnership with the UAE Ministry of Energy and Infrastructure—represented by the Sheikh Zayed Housing Programme—and Abu Dhabi’s Department of Municipalities and Transport, and in collaboration with One Development, the summit will host a distinguished lineup of speakers, senior government officials, and industry leaders. Among them are: H.E. Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport; H.E. Dr. Mohamed Al Kuwaiti, Head of Cyber Security for the UAE Government; H.E. Eng. Mohamed Almansoori, Director General of the Sheikh Zayed Housing Programme; H.E. Dr. Omar Al Shaiba, Executive Director for Information Technology Affairs at the Department of Municipalities and Transport; Ali Al Gebely, Founder and Chairman of ONE Development; and Sherif Beshara, Group CEO of the Mohamed & Obaid Almulla Group and American Hospital Dubai.

The event will also welcome leading investors and entrepreneurs, including Muhammad BinGhatti, Chairman of Binghatti Holding; Hassan Allam, CEO of Hassan Allam Holding; Amira Sajwani, Managing Director of Sales and Development at DAMAC Properties, Founder and CEO of PRYPCO, and Cofounder and COO of Amali Properties; Ali Sajwani, Managing Director at DAMAC Properties and Founder & CEO of Amali Properties; Rizwan Sajan, Founder and Chairman of the Danube Group; Nadia Zaal, Cofounder of Zaya and CEO of the Al Barari Group; and filmmaker Marwan Hamed.

The summit will spotlight the latest developments shaping the future of energy, urban infrastructure, and real estate, and explore how these advancements are transforming communities and enhancing quality of life. Through in-depth discussions on the integration of smart cities, sustainable urban planning, and advanced infrastructure solutions, the summit will highlight the UAE’s leadership as a global hub for innovation and urban development.

“At DMT, we are proud to help shape Abu Dhabi into one of the world’s most liveable cities—a place where infrastructure, innovation, and sustainability come together in service to our communities. Guided by the vision of our Leadership, we are delivering people-first planning and future-ready infrastructure. The Building the Future Summit is a timely platform to showcase how these principles are shaping real outcomes in Abu Dhabi and cities across the region,” said H.E. Mohamed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport.

Meanwhile, H.E. Eng. Mohamed Almansoori, Director General of the Sheikh Zayed Housing Programme, commented: “The Ministry of Energy and Infrastructure’s patronage of the Building the Future Summit—represented by the Sheikh Zayed Housing Programme—reflects the UAE’s unwavering commitment to advancing initiatives that champion sustainable urban development and the creation of integrated infrastructure aligned with future needs. This summit serves as a vital platform for fostering dialogue between the public and private sectors on the future of housing and urban planning. It also highlights the nation’s efforts to develop smart, sustainable cities centered on human well-being and quality of life. We look forward to the summit generating actionable outcomes that contribute to the goals of the ‘We the UAE 2031’ vision and support the broader objectives of the Year of Community initiatives.”

Ali Al Gebely, Founder and Chairman of ONE Development, said: “We’re proud to stand alongside Forbes Middle East for an event that speaks directly to the future we believe in. ONE Development approaches every project with a mindset rooted in innovation and purpose. From how we design to how we build, our goal is to create spaces that are not only smarter but also more meaningful for the people who live and work in them. This summit is an opportunity to push those conversations forward, and we’re glad to be contributing to it.”

“There is nowhere in the world that showcases cutting-edge innovation in infrastructure and real estate like the UAE, so Abu Dhabi is the perfect home for our first Building the Future Summit,” said Khuloud Al Omian, CEO and Editor-in-Chief at Forbes Middle East. “This event will reveal the trends and opportunities shaping communities across the region and the world, and give the experts a flagship platform from which to discuss the issues affecting investors, developers, and designers as they build the smart cities and new landscapes that shape our common future.”

Speakers will explore the latest innovations in smart cities, digital infrastructure, and sustainable design, with discussions delving into the evolution of modern architecture, where climate-conscious design harmonises with the preservation of cultural identity, alongside the integration of smart technologies. The program will also feature interactive workshops that explore a wide range of topics, with a particular emphasis on the role of architecture and interior design in shaping quality of life. Highlights include a hands-on session demonstrating how to translate Salone Milan 2025 design trends into real-world applications, as well as a workshop focused on integrating plants and green spaces into urban developments, hospitality environments, and residential spaces.

To host the Building The Future Summit, Forbes Middle East is collaborating with a number of distinguished partners, including presenting partner, ONE Development; main strategic partner, the Department of Municipalities and Transport (DMT) and the Sheikh Zayed Housing Programme; associate partners, Binghatti Developers and Reportage Properties; event partners Zane Developments, Marjan Properties, Aqua Properties, Danube Group, Hassan Allam Holding, Richmind Developers Eywa Dubai by R.Evolution, and REEF Luxury Developments; AI and technology partner Xphere Interactive Technologies; gift partners Pure Candles, Kashida, Shuk Leather, Touch of Oud, Jasani, Business Bay, Metaspace Labs Information Technology, Aroma 24/7, and Obsidian Skincare; entertainment partner Scream Entertainment; activation partner The Perfume Bar; education partner Sorbonne University Abu Dhabi, and catering partners, Evian, Solaris Tea, and Stree F&B.

Real Estate Investment in the UAE: Promising Opportunities Require Strategic Vision and Informed Decisions

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Sahfy Sahfy
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Real Estate Investment in the UAE: Promising Opportunities Require Strategic Vision and Informed Decisions
Real Estate Investment in the UAE: Promising Opportunities Require Strategic Vision and Informed Decisions

The real estate market in the United Arab Emirates continues to witness sustained growth and expansion, positioning it as one of the most attractive destinations for investors worldwide. Amid this vibrant momentum, there is a growing need to adopt a long-term investment vision based on careful planning and strategic thinking, rather than chasing promises of quick profits.

Experts in the real estate sector emphasize that successful investment is not a matter of luck or emotional decisions, but rather the result of a clear strategy that begins with defining one’s objectives precisely—whether the goal is to secure a comfortable retirement, hedge income against inflation, or build long-term financial security for one’s family. Clarity of purpose acts as the compass guiding every investment decision.

In light of rising competition and the abundance of marketing campaigns, specialists stress the importance of making investment decisions based on solid data and in-depth analysis of expected returns—rather than being swayed by appearances or location appeal. Investors are also advised to enter the market in alignment with their current financial capabilities, avoiding overextension or risky spending. Gradual, measured growth remains key to building a resilient real estate portfolio.

Experts caution against falling for exaggerated marketing claims or unrealistic promises of high returns. Instead, they advise relying on trustworthy sources and conducting independent, data-driven research. Diversifying one’s investment portfolio across various property types—whether ready-to-move-in, under-construction, residential, or commercial—is considered a sound approach to reducing risk and maximizing potential returns.

The UAE real estate market stands out globally for offering attractive rental yields, with some prime areas generating annual returns ranging between 7% and 11%. These figures position the market as a strategic option for long-term investors seeking both growth and stability.

Industry professionals agree that successful real estate investment in the UAE is best achieved not through speculative short-term trading, but through steady, informed growth backed by a thorough understanding of market dynamics, including supply and demand trends, pricing patterns, and potential risks.

Ultimately, experts affirm that real estate is not merely a transaction or passing opportunity—it is a powerful tool for wealth building and long-term financial freedom. While the market is full of opportunities, true success lies in making decisions grounded in awareness, not emotion, and guided by clear objectives and a comprehensive investment plan.

Afghanistan: ensuring access to essential emergency services for returnees at Islam Qala crossing

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Sahfy Sahfy
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Afghanistan: ensuring access to essential emergency services for returnees at Islam Qala crossing
Afghanistan: ensuring access to essential emergency services for returnees at Islam Qala crossing

 From 1 to 30 April, more than 250 000 Afghans returned from Pakistan and the Islamic Republic of Iran, including about 107 000 deportees.

A crisis is unfolding at both major borders. Arriving returnees are exhausted, scared and traumatized as they face an uncertain future in a country where 22.9 million people depend on humanitarian assistance to meet their basic needs. Many suffer health problems, compounded by high levels of poverty and food insecurity and a lack of protection coverage.

Commonly reported health issues among returnees include trauma, malnutrition, infectious diseases such as acute watery diarrhoea and acute respiratory infections, and mental health problems.

Afghanistan: ensuring access to essential emergency services for returnees at Islam Qala crossing
Afghanistan: ensuring access to essential emergency services for returnees at Islam Qala crossing

Together with other humanitarian partners, the WHO-supported Public Health (PH) team at Islam Qala crossing on the Iranian border has been providing vital health care to returnees. In April, approximately 4500 people received PH team outpatient consultations, with around 1400 receiving free medicines. The PH team also provided health education to about 26 000 people.

In the same month, a WHO-supported surveillance support team (SST) in Islam Qala screened around 105 000 returnees and regular passengers. SST screening includes temperature checks, identification of symptoms of communicable diseases and the referral of suspected COVID-19 and other infectious disease cases. Six male and female vaccinators are deployed in Islam Qala to provide oral polio and inactivated polio vaccines.

“Our team members treat patients with minor trauma and provide outpatient services and health education to returnees,” said Dr Noor Ahmad Mohammadi, head of the WHO-supported Public Health Clinic in Islam Qala Reception Centre. “On average, around 200 people visit our clinic each day for health care services and medicines.”

The Centre serves as the first point of contact for returnees with urgent health issues.

“I was feeling very dizzy and thirsty. I almost fainted on the way. My friends immediately took me to the clinic in the Reception Centre. The doctors checked my blood pressure and assured me that everything will be okay. They did some blood tests and gave me medicine,” said returnee Mohammad Reza.

“The staff were very welcoming. I am very grateful to them and to those who support the Centre.”

“Without timely support, the continuity of these lifesaving services is at risk, especially with the surge in returnee arrivals anticipated in the coming months,” said WHO Representative and Head of Mission in Afghanistan Dr Edwin Ceniza Salvador.

“Amid severe funding cuts, additional international assistance is needed to provide much-needed health care services and specialized support to women and children at risk.”

Lubna Olayan to Open Fortune Most Powerful Women Summit in Riyadh

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شمس سيف
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Lubna Olayan to Open Fortune Most Powerful Women Summit in Riyadh
Lubna Olayan to Open Fortune Most Powerful Women Summit in Riyadh

Olayan joins more than 40 distinguished speakers from 35 countries, including senior executives from FedEx, Goldman Sachs, Mastercard, Marriott International, and other global firms.

The Summit marks one of the most significant gatherings of senior Saudi female leaders from the government at an international women’s gathering.

Lubna Olayan, one of Saudi Arabia’s most prominent business leaders, who has appeared 12 times on Fortune’s Most Powerful Women in Business list, will open the Fortune Most Powerful Women International Summit in Riyadh on May 20, 2025. Olayan will set the tone for the two-day gathering, which marks Fortune’s first international Most Powerful Women summit in the Middle East — a milestone moment that reflects the Kingdom’s focus on advancing women’s leadership in business.

The summit will also feature an unprecedented presence of senior Saudi female officials, representing leadership across multiple sectors of government, including:
H.H. Princess Haifa Mohammed Al Saud – Vice Minister of Tourism
H.E. Dr. Hala Al-Tuwaijri – President, Saudi Human Rights Commission
H.E. Dr. Einas bint Suleiman Al-Eisa – Deputy Minister of Education
Adwa Al-Arifi – Assistant Minister for Sport Affairs, Ministry of Sport
Farah Ismail – Deputy Minister, Sectoral and Regional Development, Ministry of Economy and Planning

These leaders will speak on how women in government are driving progress in key sectors—from economic diversification and education to wellness and tourism demonstrating the depth of Saudi Arabia’s women leaders as the country continues to implement its Vision 2030 reform agenda.

Taking place at The St. Regis Riyadh on May 20-21, the summit will convene around the theme “A New Era for Business: Partnering for Global Prosperity.” It will bring together more than 150 of the world’s most influential women—including CEOs, policymakers, and entrepreneurs—from 35 countries to explore new models of inclusive growth, innovation, and international cooperation.

As part of the opening day, Fortune will also unveil its 2025 Most Powerful Women in Business list, celebrating the achievements of leading female executives and further elevating the event’s global resonance.

Joining the Summit’s roster of global leaders is The Rt. Hon. Theresa May, former Prime Minister of the United Kingdom (2016–2019), who will headline the closing session on May 21. In a conversation moderated by Ellie Austin, Editorial Director of Fortune Most Powerful Women, May will offer her insights on fractured global alliances, climate leadership, and the role of bold, ethical leadership in navigating geopolitical uncertainty.

The Summit’s wider speaker roster includes senior executives from FedEx, Goldman Sachs, Mastercard, Marriott International, Microsoft, and other Fortune 500 companies, as well as international public sector.

In addition to business and policy discussions, the Summit will spotlight women driving change across culture, media, and sport.

On Day 2, a special MPW Spotlight on Women in Sports will feature Adwa Al-Arifi, Assistant Minister for Sport Affairs, in conversation with Noor Nugali, Deputy Editor-in-Chief of Arab News. Al-Arifi will highlight the country’s growing investment in women’s sports, from school leagues to elite training centers, and its broader impact on public health and societal change.

This will be followed by “Playing to Win: Women, Sports, and Breaking Barriers”, featuring:
Aalia Al-Rasheed, Head of Women’s Football, Saudi Arabian Football Federation
Zam Zam Al Hammadi, Fighter, Professional Fighters League
Rasha Alkhamis, President of the Saudi Mixed Martial Arts Federation
Mashael AlObaidan, Rally Driver

Lebanese actress and TV presenter Daniella Rahme will also appear as a special guest speaker. In a session with Fortune’s Ellie Austin, Rahme will discuss the power of representation, building authentic personal brands, and leveraging visibility to elevate regional identity on the global stage.

NCUB welcomes long-term research budget commitment as foundation for innovation and economic growth

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Sahfy Sahfy
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NCUB welcomes long-term research budget commitment as foundation for innovation and economic growth
NCUB welcomes long-term research budget commitment as foundation for innovation and economic growth

The National Centre for Universities and Business warmly welcomes today’s announcement from DSIT outlining plans for 10-year research budgets—an important step toward long-term stability and innovation in the UK’s research ecosystem.

Dr Joe Marshall, CEO at NCUB says: “This is something NCUB has long advocated for, recognising that it will allow businesses to plan collaborative work with universities on a more stable footing—unlocking more strategic research planning and driving greater innovation. We’re pleased to see this acknowledged through the inclusion of partnerships and business collaboration as one of the four selection criteria announced today.”

DSIT must now ensure this vital mechanism is backed with the sustained funding it needs to deliver impact.

“As technologies that underpin our economy evolve at pace, it is vital that the UK leads this transformation rather than follows it. We have the foundations to do so—but leadership won’t happen without sustained support. Now is a pivotal moment to invest in both talent and research and development (R&D), the twin pillars of success in a rapidly changing world.”

NCUB acknowledges that the government will be faced with difficult spending decisions in the upcoming review.

Dr Marshall adds: “It is important that government prioritises the kind of investment that will create jobs, stimulate economic growth, and bolster the UK’s competitiveness and global leadership. NCUB economists estimate that every £1 of public investment in research and innovation unlocks between £3.09 and £4.02 in private investment over time”.

“Today’s announcement of 10-year budgets sends a strong signal to business partners that the UK is committed to long-term innovation and progress. It builds confidence for businesses to invest in their own programmes that align with this national mission. However, it is essential that this signal of intent is backed by robust and sustained funding commitments

19th IsDB Global Forum to Explore Digital Transformation and Financial Inclusion in Islamic Finance

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Sahfy Sahfy
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19th IsDB Global Forum to Explore Digital Transformation and Financial Inclusion in Islamic Finance
19th IsDB Global Forum to Explore Digital Transformation and Financial Inclusion in Islamic Finance
19th IsDB Global Forum to Explore Digital Transformation and Financial Inclusion in Islamic Finance

The Islamic Development Bank Institute (IsDBI) is pleased to announce the 19th edition of the IsDB Global Forum on Islamic Finance to be held in Algiers, Algeria, on 20 May 2025, in conjunction with the IsDB Group Annual Meetings.

Organized annually as a flagship side event of the Annual Meetings, this year’s Forum will bring together thought leaders, policymakers, financial experts, and other stakeholders in the Islamic finance industry to deliberate on innovative tools to foster sustainable development.

Under the theme “Digital Transformation and Financial Inclusion in Islamic Finance”, this year’s forum is jointly organized by IsDB Institute, Kuala Lumpur Center of Excellence, Resilience and Climate Action Department, and Treasury Department.

The forum will have keynote speeches by H.E. Dr. Muhammad Al Jasser, Chairman of the IsDB Group; H.E. Salah Eddine Taleb, Governor of the Bank of Algeria; H.E. Mr. Nikolai Podguzov, Chairman of Eurasian Development Bank (EDB); and H.E. Dr. Noureddine Ouadah, Minister of Knowledge Economy, Startups and Micro Enterprises, Algeria.

Subsequently, the Forum will have two sessions. The first is a panel discussion on leveraging the potential of postal services and digital Islamic finance tools. The second session will showcase IsDB’s leadership in sustainable finance and explore the integration of Islamic finance principles in existing sustainable finance frameworks.

GLOBAL SHIPYARDS UNITE TO ACCELERATE MARITIME SUSTAINABILITY

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Sahfy Sahfy
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GLOBAL SHIPYARDS UNITE TO ACCELERATE MARITIME SUSTAINABILITY
GLOBAL SHIPYARDS UNITE TO ACCELERATE MARITIME SUSTAINABILITY

Drydocks World has co-founded the Global Green Shipyard Alliance (GGSA), an international coalition of leading shipyards committed to accelerating the maritime industry’s sustainability transition. 

The alliance aims to fast-track clean technology adoption, improve environmental performance, and set unified ESG standards across their global operations. 

As a founding member, Drydocks World will play a central role in shaping the alliance’s efforts while strengthening Dubai’s position as a global hub for responsible maritime services.

Drydocks World is one of five founding members of the GGSA, alongside Astilleros Shipyard Group (Spain), BREDO Dry Docks GmbH (Germany), and IMC Shipyard Services Group (Singapore, China, Thailand).  Together, the group spans key maritime hubs across Europe, the Middle East, and Asia. 

The alliance comes at a pivotal time for the maritime sector, which is under growing pressure to decarbonise in line with global climate goals. By creating a platform for knowledge sharing, joint development and scalable innovation, the GGSA seeks to deliver practical solutions, from hybrid propulsion and energy efficient retrofits to digital optimization and emissions compliance.

Captain Rado Antolovic, PhD, CEO of Drydocks World, said: “The formation of the Global Green Shipyard Alliance reflects our shared responsibility to accelerate the maritime industry’s decarbonisation journey. At Drydocks World, we are proud to be a founding member of this important initiative and to collaborate with our global counterparts to advance more sustainable, efficient practices across the sector. The alliance marks a significant step forward for our industry, reinforcing our commitment to delivering long-term environmental value by adopting cleaner technologies and collective innovation.”

Imran Inamdar, Chief Operating Officer at Drydocks World, added:

“Drydocks World has long championed innovation and sustainability in ship repair. Through the Global Green Shipyard Alliance, we have an opportunity to work alongside our peers to drive measurable improvements across shipbuilding and retrofitting practices. This collaboration enables us to raise performance standards, improve operational outcomes and bring practical solutions to market faster. By aligning expertise and sharing lessons learned, we can move from intent to implementation and support the maritime sector’s transition in a way that is both effective and scalable.”

The GSSA marks the third major global coalition championed by DP World. It follows the Zero Emission Port Alliance (ZEPA), which aims to make battery-electric container handling equipment affordable and scalable, and the First Movers Coalition, where members aggregate their purchasing power to accelerate investments in zero-emission solutions.

HC expects the CBE to cut interest rates by 200 bps at its upcoming

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Sahfy Sahfy
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HC expects the CBE to cut interest rates by 200 bps at its upcoming
HC expects the CBE to cut interest rates by 200 bps at its upcoming

In light of Egypt’s macro economy developments and the geopolitical conditions, HC Securities & Investment expects the CBE to cut interest rates by 200 bps at its upcoming May 22, 2025 meeting.

HC expects the CBE to cut interest rates by 200 bps at its upcoming

Financials analyst and economist at HC, Heba Monir commented:We see Egypt’s external position stabilizing as per the following indicators: (1) the 2Q24/25 BoP recorded a surplus of USD489m, reversing a deficit of USD638m in 2Q23/24 and USD991m in 1Q24/25, due to mainly reporting positive net errors and omissions of USD1.52bn, although we don’t have clarity on the nature of these net errors and omissions, (2) the banking sector’s net foreign asset (NFA) position widening significantly by USD4.86bn m-o-m to USD15.0bn in March from USD10.2bn in February, reversing a net foreign liability (NFL) position of USD4.19bn a year earlier, which we attribute to Egypt attracting USD2.70bn in foreign direct investments (FDIs) in 1Q25 (a c15% y-o-y increase), receiving from the International Monetary Fund (IMF) the USD1.2bn tranche of the USD8.0bn Extended Fund Facility (EFF), and improved FX liquidity at banks, (3) net international reserves (NIR) increasing by USD387m m-o-m in April to USD48.144bn from USD47.757bn in March, mainly due to a c8% m-o-m increase in gold, and a c12% m-o-m increase in Special Drawing Rights (SDRs), after receiving the IMF’s USD1.2bn tranche of the USD8.0bn EFF and deposits not included in official reserves also increasing by USD554m m-o-m to USD11.619bn in April, (4) Egypt 1-year CDS stabilizing at 354 bps since its record of 379 at the beginning of the year. However, the PMI index dropped further below the 50.0 neutral threshold to 48.5 in April from 49.2 in March on lower consumer spending. With regards to inflation, April’s inflation came close to our estimate of 13.8% y-o-y and 1.5% m-o-m, and also in line with the Reuters poll median estimate of 13.9%, mainly due to the hike in gasoline and diesel prices on 11 April by c12-–15%. As for the T-bills auctions, yields are fluctuating, with the latest 12M T-bills auction of 24.833% reflecting a positive yield of 9.32% on the 12M inflation estimate of 11.8% (after deducting a 15% tax rate for European and US investors), while the estimated average required rate of return by foreign investors on the 12M T-bills declined to 26.3% from 28.0% in the previous month, based on our calculations, considering a lower inflation differential between Egypt and its trading partners. We believe that the attractiveness of the yields on Egyptian treasuries has led to more Carry Trade inflows, which justify the recent 3% EGP appreciation against the USD since Trump and China reached an agreement on a 90-day pause and substantially moved down the tariff levels. From the above, we conclude that the Egyptian economy was able to contain the inflationary pressures (albeit still above the CBE’s targets; however, on a downward trend mainly due to base effect), our carry trade is still attractive, and there is a noticeable improvement in the NFA position of the banking sector, facilitating the FX liquidity and availability. Therefore, we expect the MPC to cut interest rates by 200 bps at its upcoming 22 May meeting, mainly to stimulate economic growth, given a relative stability in the domestic and international economic conditions compared to the previous month.” It is worth mentioning that, in its 17 April meeting, the Monetary Policy Committee (MPC) of the Central Bank of Egypt (CBE) cut the benchmark overnight deposit and lending rates by 225 bps to 25.0% and 26.0%, respectively, for the first time, after it hiked them by 1,900 bps since it started its tightening policy in 2022. Egypt’s annual headline inflation accelerated to 13.9% in April from 13.6% y-o-y in March, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) data. Monthly prices increased 1.3% m-o-m compared to a 1.6% m-o-m increase in March. On the global front, on 7 May, the U.S. Federal Reserve maintained the target range for the federal funds rate at 4.25-4.50%, leaving the total cuts at 100 bps after it hiked rates by 525 bps since it started tightening policy in 2022, while the European Central Bank (ECB) lowered the key ECB interest rates for the deposit facility, the main refinancing operations and the marginal lending facility by 25 bps on 17 April to 2.25%, 2.40% and 2.65%, respectively, bringing total cuts to 175 bps, since it started cutting rates in June 2024 after it hiked rates by 450 bps since it started its tightening policy in 2022.

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