Good morning, and welcome to Telda Lens — your daily pulse on Egypt’s markets.

Today: Talaat Moustafa Group goes big in Oman with new projects, Beltone seeks new financing, + earnings updates from CFGH and EGTS

🔔 EGX30 ended -0.15% by market close at 40,693 points, the EGX70 dropped -0.02% to 12,288 points, and the EGX100 increased 0.19% to reach 16,430 points.

💸 The number of transactions reached 147,206 spread across 3,919,916,515 stocks leading to a turnover of EGP 7.7 billion.

🏷️ International investors were the only net sellers.

📈 Top gainers for the market as a whole included Qalaa Holdings (+10.57%), A Capital Holding (+8.74%), and Subscription Rights Of Abu Dhabi Islamic Bank (+7.74%).

📉 Top losers for the market included Digitize for Investment And Technology (-20%), The United Bank  (-9.99%), and National Printing (-8.26%).

⬆️ Top gainers for EGX30 included Qalaa Holdings (+10.57%), ADIB (+4.4%), and Beltone Holding (+2.8%).

⬇️ Top losers included Telecom Egypt (-2.1%), GB Corp (-1.6%), and Palm Hills Developments (-1.6%).

Other Important Stats: 

🧈 24K Gold reached EGP 6,447 per gram, down 0.52% day-on-day but up 5.39% month-on-month.

💲 The USD reached EGP 47.5 at the National Bank of Egypt.

🏘️Talaat Moustafa Group (TMGH) is investing over USD 5 billion in two major real estate projects in Oman—Jood in Sultan Haitham City and Yamal on the Gulf of Oman—together bringing around 15,000 residential units as part of Oman’s Vision 2040. (Read more in our Deeper Look section.)

💰Beltone Holding (BTFH) is seeking a third supportive loan from its main shareholder, UAE-based Chimera, according to the agenda of the general assembly scheduled to be held on December 22. The company previously received loans in November 2022 (~EGP 1.343 billion) and April 2024 (USD 100 million). Beltone, one of Egypt’s largest financial institutions, has seen its share value rise over 50% since the start of the year. .

🏢 Madinet Masr for Housing and Development (MASR) signed a memorandum of understanding with Group Construction to handle the development of 80 residential buildings in the "Ray Views" area of the Sarai mixed-use project in East Cairo, with an investment of around EGP 1.2 billion. The work is expected to be completed by the end of 2027. Madinet Masr’s shares are up 11.81% since the beginning of 2025.

📉 Concrete Fashion Group (CFGH) reported a 43.8% drop in net profit to USD 6.6 million for the first nine months of 2025. However, net sales rose 8.4% year-on-year to USD 110.5 million, driven by strong performance in both manufacturing and retail. (Read more in our Deeper Look section.)

💸 Egyptian for Tourism Resorts (EGTS) returned to profitability in the first nine months of 2025, reporting a net income of EGP 102.86 million versus a loss of EGP 556.49 million in the same period of 2024. Total revenues nearly doubled to EGP 885.25 million from EGP 482.08 million a year earlier. The company’s share value is up 53% since the start of the year. 

💵 The government is reportedly set to raise electricity prices starting January, with proposed hikes of 15–25% depending on consumption, a senior official told EnterpriseAM. The move aims to reduce the gap between production costs and retail prices, as inflation pressures ease and following October’s fuel price increase.

⚡Infinity Power has started construction on the 200 MW Ras Gharib wind farm in the Gulf of Suez, signing an EPC contract with Powerchina Huadong Engineering Corp. Once operational, the farm will provide clean electricity for over 300,000 homes and cut CO₂ emissions by more than 400,000 tons annually, supporting Egypt’s goal for renewables to make up over 42% of the electricity mix by 2030. 

Talaat Moustafa Group (TMGH) is investing more than USD 5 billion in two large-scale real estate projects in Oman — “Jood” in Sultan Haitham City and “Yamal” on the Gulf of Oman. Together, they will include around 15,000 residential units and form part of Oman’s Vision 2040 plan to expand smart, integrated urban communities.

The projects were unveiled yesterday at an official ceremony in Muscat. TMG said the developments follow the same model it applies in Egypt, with a focus on integrated services and sustainability. The Group plans to apply similar standards across its upcoming regional expansions in Oman, Iraq, and Saudi Arabia, targeting more than 1.5 million residents by 2030.

Sales for units in both projects will open today. The combined land area exceeds 4.9 million square meters.

Project snapshots:

Remember, TMGH has been making moves:

TMGH recently announced that its subsidiary, the Arab Company for Hotels and Tourism Investments, has begun developing a USD 788 million integrated tourism complex located behind the Grand Egyptian Museum, in partnership with the New Urban Communities Authority.

The 42.4-feddan project will feature a five-star hotel with 495 rooms operated by an international brand, as well as restaurants, retail spaces, serviced apartments, office units, and a large entertainment district. It is expected to generate roughly USD 100 million in annual net income and achieve around USD 233 million in real estate sales over its lifespan.

Looking ahead:

As of 30 September 2025, TMGH’s backlog of sold but undelivered units stood at EGP 443 billion, up 55 percent year-on-year — providing strong visibility on future revenues.

TMGH notes it ranks among the top three publicly listed developers in the region given its substantial land bank across projects in the local market, Oman, Iraq, and Saudi Arabia.

It’s worth noting that the company's share value is up almost 35% since the start of the year.

Concrete Fashion Group (CFGH) reported a 43.8% decline in net profit to USD 6.6 million for the first nine months of 2025. The fall in profitability was driven by higher taxes, rising utility costs, minimum wage adjustments, and reduced export rebates. Despite this, 9M 2025 net sales rose 8.4% YoY to USD 110.5 million, supported by strong manufacturing and retail performance.

Operational highlights:

Manufacturing: The Group’s manufacturing segment recorded a 9.1% YoY increase in sales, with around 95% of production exported to leading international fashion houses including Brooks Brothers, Macy’s, Ralph Lauren, Armani, and Massimo Dutti, generating robust foreign currency inflows. Growth was aided by recovering export activity at the 10th of Ramadan facility amid global trade disruptions, and further momentum is expected toward year-end.

Retail: The retail segment contributed USD 19.2 million in net sales, up 4.9% YoY in USD terms and 22.1% in EGP. Key drivers included the performance of the flagship Concrete brand, the launch of the first full ladies’ wear collection, and the opening of a new store in Abu Dhabi. The segment also elevated its international profile by serving as Official Fashion Outfitter for the Grand Egyptian Museum Opening and dressing prominent Egyptian figures at major events.

Outlook and strategy:

Management said deleveraging efforts continue, with net debt reduced to USD 124.5 million from USD 130.5 million at the end of 2024. Looking ahead, CFGH plans to expand its men’s and women’s product offerings, deepen partnerships with international brands, accelerate export activity, and grow its retail presence locally and in key international markets. These initiatives are expected to support growth and improve margins in Q4 2025 and into 2026, according to the company’s CEO.

It’s worth noting that the company’s share value is down 26% since the start of the year.

Stay curious, stay invested — we’ll see you tomorrow.

Your daily market lens, signing off.