Good morning, dear readers: Two things are driving the news agenda this Monday morning.

#1- Tax, tax, tax: MPs gave the OK to a raft of tax changes aimed at raising revenues to curb the widening budget deficit, and boost equity investment as the government prepares to introduce the long-discussed capital gains tax on EGX transactions. We have all the details in the news well, below.

#2- A major shift in Egyptian foreign policy could be taking place: In the latest shock rapprochement taking place in the region, Itthihadiya said yesterday that Egypt and Turkey will move to “immediately” upgrade ties and begin the process of appointing ambassadors. This came on the same day that the supreme leader of Iran signaled intent to strengthen its relationship with Cairo in the latest indicator that the two countries could soon move to formally restore relations. Read on for more.

PSA- ACs at the ready: The capital is looking at warmer weather until Saturday, with the mercury expected to rise to 37°C on Thursday and Friday before dipping to lows of 22°C on Saturday, according to the Egyptian Meteorological Authority. The authority is expecting heavy dusty winds tomorrow and on Thursday.

HAPPENING TODAY-

It’s deadline day for listed companies to submit their 1Q financials: Listed companies have until Tuesday, 30 May, to report and publish their 1Q results.

House committees hold meetings: The House General Assembly is breaking for two weeks to reconvene on 11 June, but it’s business as usual for the House committees, which will spend their day discussing various aspects of the draft budget for the coming fiscal year:

  • The Economic Affairs Committee is reviewing the the 2023-2024 budgets for the Financial Regulatory Authority and the Financial Services Institute;
  • The Budget Committee will discuss the budgets for the Local Development Ministry and the governorates of Cairo, Menoufia, and Sharqiya;
  • Emigration Minister Soha Gendy will join the Foreign Affairs Committee to review Egyptian expat’s contribution to the economy;
  • The Industrial Committee will look into the future of the paper and ink industries and the Nasr Pharma Company.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

The US debt ceiling deal is still driving the conversation in the Western press this morning: Republican and Democratic leaders are trying to get the conservative and progressive wings of their parties on side as yesterday’s agreement between President Joe Biden and Republican House Speaker Kevin McCarthy enters the House. A number of Republicans have already pledged to vote against the agreement, suggesting that a smooth passage through Congress is far from a foregone conclusion. Lawmakers have until 5 June to pass legislation to raise the debt ceiling and avert a federal default. (Associated Press | Reuters | Bloomberg | Financial Times | New York Times | Wall Street Journal)

THE REALIGNMENT-

#1- This isn’t something we thought we’d ever see: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan have agreed to restore full diplomatic ties, Itthadiya said yesterday. The two leaders spoke over the phone yesterday following the Turkish president’s reelection and agreed to “immediately start elevating diplomatic relations … and exchanging ambassadors,” the statement said.

This has been in the cards for a while: Relations between the two countries have thawed in recent months, with several rounds of high-level talks taking place between Foreign Minister Sameh Shoukry and his Turkish counterpart Mevlut Cavusoglu in Cairo and Ankara. Following their last meeting in April, Cavusoglu said that they would soon reappoint ambassadors and suggested that El Sisi and Erdogan could soon meet for their first-ever face-to-face talks.

But it’s hard to overstate the significance of a potential breakthrough with Turkey: The two countries have been at each other’s throats for a full decade over a host of issues including Erdogan’s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean.

#2- Friendship with Egypt has the ayatollah’s blessing: Supreme Leader Ayatollah Khamenei said he welcomes the restoration of diplomatic ties with Egypt during talks with Oman’s Sultan Haitham bin Tarek yesterday, Iranian state media reported. Bin Tarek flew to Tehran on Sunday just days after holding talks with President Abdel Fattah El Sisi in Cairo, raising speculation that a possible rapprochement was being discussed.

Khamenei isn’t the first Iranian official to speak fondly of Egypt in recent weeks:Thecountry’s foreign minister has also expressed optimism that the two countries could resume diplomatic ties.

Anonymous Egyptian officials have signposted a breakthrough: A recent article in the National reported that the two countries will reappoint ambassadors in the coming months under a mediation effort being led by Oman, citing Egyptian officials. President Abdel Fattah El Sisi and Iran’s Ebrahim Raisi are also likely to meet before the end of the year, according to the report.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we’re looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it’s industry jargon or key concepts or simply how to read a balance sheet;
  • How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
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Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We sit down with KarmSolar CEO and co-founder Ahmed Zahran to find out what the company has in store and where he sees potential for growth in our renewables sector.

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