Good afternoon, ladies and gentlemen, and happy Thursday. We’re wrapping up the first workweek of Ramadan on a slightly calmer note than the past few days.

THE BIG STORY TODAY

The EGP strengthened by c. 60 piasters today to close below 48 against the greenback for the first time since the float on 6 March, according to Central Bank of Egypt data. The local currency has been in an upward trend since the float, gaining around 6% in the last six banking days, according to our calculations.

THE BIG STORY ABROAD

It’s a mixed bag of headlines in the international press this afternoon. The Biden administration has been actively working on exhausting all options to de-escalate Houthi attacks on vessels passing through the Red Sea including reigniting a nearly year-long dormant diplomacy with Iran to persuade them to exert authority over the militia which they insist act independently, according to the Financial Times. Meanwhile, anonymous US officials revealed that former US president Donald Trump approved a CIA job to infiltrate Chinese social media in order to spread content opposing Chinese President Xi Jinping’s government and turn public opinion, while fostering distrust amongst the Chinese leaders in office, says Reuters. Trump has notoriously taken the strongest stance against China of any US President and vows to be even harsher if re-elected but the worry is that China uses this newly revealed information to support their own misgivings against the US.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • We’re in for a big package from the EU: The EU and Egyptian officials are expected to ink an agreement that would unlock EUR bns of funding on Sunday when a delegation of EU officials—including European Commission President Ursula von der Leyen and the Greek, Belgian, and Italian prime ministers — visits Cairo.
  • Egypt’s first-ever SAF production project is underway: The Oil Ministry has devised a plan that will see state-owned firm Egyptian Petrochemicals Holding Company (ECHEM) producing the country’s first sustainable aviation fuels (SAF).
  • Gaza tops the agenda in El Sisi, Dutch PM meeting: President Abdel Fattah El Sisi called for an immediate ceasefire in Gaza and an end to Israel’s hostilities and called on Dutch Prime Minister Mark Rutte to “exert his genuine efforts in this regard for ending this humanitarian catastrophe in the Gaza Strip and halting the escalation and tensions in various parts of the region as well.”

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. Nearly 2 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

?️ TOMORROW’S WEATHER- Look out for a partly cloudy day with a high of 25°C during the day and a low of 12°C in the evening, according to our favorite weather app.

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