Latest news with #HanyGenena
See - Sada Elbalad
06-07-2025
- Business
- See - Sada Elbalad
Foreign Investors Continue Buying Egyptian Debt despite Delay of IMF Review
Taarek Refaat Despite the International Monetary Fund's decision to postpone the fifth review of Egypt's $8 billion loan program, foreign investors appear largely unfazed, continuing to pour capital into Egyptian government debt. The cost of insuring Egypt's sovereign bonds has stabilized at 4.86% for five-year contracts—its lowest level since January 2022—signaling sustained confidence in the country's short-term fiscal outlook. The IMF confirmed last week that the fifth tranche of funding, originally scheduled for mid-2025, will be delayed until the fall. The decision was attributed to slow progress on structural reforms, particularly regarding state divestment programs and Egypt's limited advancement in reducing the public sector's footprint in the economy. The IMF also announced it would combine the fifth and sixth reviews to give Egyptian authorities more time to deliver on key reform milestones. Still, the delay did not trigger a sell-off. On the contrary, foreign and regional investors purchased nearly $1.2 billion in government debt last week, according to data from the Egyptian Exchange. 'The review's postponement isn't a cancellation,' said Hany Genena, Head of Research at Al Ahly Pharos, in a televised interview. 'Egypt has made progress on other reforms like VAT adjustments, which should help reassure markets.' Caution at the Central Bank, Confidence in the Bond Market According to Ali Metwally, economic consultant at Ibis Consulting, the Central Bank of Egypt is likely to proceed with caution in light of the delay. 'The central bank will prioritize maintaining the stability of the pound and ensuring the attractiveness of treasury instruments to foreign investors,' he said. Egypt's financial authorities are also juggling critical repayment obligations. In the fall, Egypt is scheduled to repay $976 million to the IMF, further heightening the need for liquidity and sustained investor appetite. Despite these pressures, policymakers still anticipate a gradual easing in interest rates later this year. Metwally projects a rate cut of 200 to 400 basis points in the second half of 2025—assuming stable inflows. However, he warned that any large-scale outflow of short-term capital, or 'hot money,' could push the dollar above 52 Egyptian pounds, potentially forcing a delay in monetary easing. Structural Reform: The Sticking Point At the core of the IMF's concerns is Egypt's pace of structural reform. The country missed its target of $3.6 billion in asset sales and state exits by June 2025, a key condition of the fifth review, according to Alia Moubayed, Senior Economist at Jefferies International. In an interview with Al Arabiya Business, Moubayed emphasized that the IMF's primary focus is not only on macroeconomic stabilization but on long-term sustainability, including reducing the public sector's role in driving economic growth. Echoing this sentiment, IMF spokesperson Julie Kozack stated during a press briefing that while Egypt is making progress, further reforms are needed. 'We continue to work closely with Egyptian authorities to finalize key policy measures,' she said. 'This includes deepening structural reforms and reducing state ownership in key sectors.' Geopolitics and Reform Fatigue Some analysts suggest that political and regional dynamics may also be at play. Economist Medhat Nafie believes the IMF's timing cannot be isolated from Egypt's role in Middle East geopolitics, especially in the context of the ongoing regional crises. He also argues that the IMF has historically shown flexibility with Egypt, making an outright suspension of support unlikely. Meanwhile, Egyptian businessman Hani Tawfik described the IMF's dissatisfaction as a potential 'blessing in disguise,' saying in a Facebook post that external pressure may force the state to recognize the urgency of structural reforms and the need to reduce its economic footprint. Looking Ahead As the IMF prepares for a combined review in the fall, Egypt faces a tightrope walk between maintaining foreign investor confidence, stabilizing its currency, and meeting long-standing reform commitments. For now, however, the bond market seems to signal trust in the country's near-term fiscal stability—despite the pause from the IMF. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Zawya
05-05-2025
- Business
- Zawya
Al Ahly Pharos appoints Dr. Hany Genena as Head of Research
Cairo, Egypt – Al Ahly Pharos is delighted to announce the appointment of Hany Genena as Head of Research. A seasoned financial expert with over 20 years of experience, Genena brings a distinguished track record in financial analysis, economic strategy, and capital markets to the firm. Throughout his career, Genena has held key leadership roles at some of Egypt's most prominent financial institutions, including CI Asset Management, Beltone Financial, Cairo Capital Holding, Prime and Pharos Holding for Financial Investments. His deep market knowledge and analytical acumen have positioned him as a trusted voice in the industry. Beyond his professional accomplishments, Genena is also an Adjunct Faculty member at The American University in Cairo (AUC), where he mentors future finance professionals, bridging the gap between academia and industry. A recognized thought leader, Genena's insights have been featured in leading financial publications and media outlets, shaping economic discussions in Egypt and beyond. Al Ahly Pharos is confident that Genena's strategic vision and market expertise will further strengthen the firm's research capabilities, reinforcing its commitment to delivering high-quality insights and value to clients. "We are thrilled to welcome Hany to our team," said Essam Abdel Hafiez, Managing Director Al Ahly Pharos. "His exceptional experience and deep understanding of financial markets will be instrumental in driving our research excellence forward." About Al Ahly Pharos Al Ahly Pharos is a leading financial services platform in Egypt, offering a comprehensive range of capital market solutions through its brokerage and investment banking arms. Its securities brokerage division is powered by a highly experienced team with deep-rooted expertise in the Egyptian equity market and a proven track record in executing over-the-counter (OTC) transactions with unmatched reliability. Meanwhile, its investment banking division has become a cornerstone of Egypt's capital markets, having advised on transactions exceeding EGP 200 billion across Debt and Equity Capital Markets. With over 15 years of experience and a reputation for successfully executing landmark deals in key sectors—including chemicals, financial services, education, and telecommunications—Al Ahly Pharos leverages the extensive network and strong brand of ACH and the National Bank of Egypt (NBE) to connect international and regional investors with local opportunities. By combining on-the-ground insight with a client-centric approach, Al Ahly Pharos delivers tailored financial solutions that help clients achieve their investment objectives with confidence.
