Good afternoon, folks, and happy Monday. The news cycle here at home is as lethargic as we are on this sweltering second day of the business week, while regional developments continue to capture attention.

THE BIG STORY TODAY

Tourism incentives on the way? Egypt is planning to provide incentives to investors who are looking to complete the construction of any tourism facilities and projects before June 2026, Tourism Minister Ahmed Issa said at an industry event, Asharq Business reported.

Tourist arrivals so far this year verge on record highs: 4.6 mn tourists set foot in Egypt in the first four months of the year, generating some USD 4.3 bn in revenues for the tourism sector, Asharq Business quotes the minister as saying. This represents the second-highest number of tourist arrivals to be recorded in the first four months of the year, coming in just shy of 4M 2010’s record of 4.7 mn tourist arrivals.

THE BIG STORY ABROAD

Iranian President Ebrahim Raisi, 63, was found dead in a helicopter crash early this morning along with the country’s Foreign Minister Hossein Amir Abdollahian and several other officials. The helicopter crashed while traveling through the country’s mountainous northwestern region yesterday, according to state-run Islamic Republic News Agency. Raisi, a hardline president and protégé of Supreme Leader Ayatollah Ali Khamenei, represented a shift towards a more aggressive foreign policy since his appointment in 2021.

What does his death mean for politics in Iran? Vice President Mohammed Mokhber will take over as interim president until fresh elections are held within 50 days. Pundits expect that Raisi’s death is unlikely to result in significant changes to domestic or foreign policy in Iran, particularly as Raisi’s hardline politics has been “solidified among the higher echelons of Iran’s political and clerical leadership.” Politico, Foreign Policy, CNBC, Sky News, and BBC all have more analysis.

Raisi’s death is all over the front pages of the international press this afternoon:Reuters | Bloomberg | CNBC | Financial Times | Wall Street Journal | The Guardian

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

  • Elsewedy Electric could welcome a new shareholder: UAE-based Electra Investment Holding has submitted a voluntary offer for up to 24.5% of EGX-listed Elsewedy Electric at USD 1.05 per share.
  • The Central Bank of Egypt is expected to leave interest rates unchanged when it meets on Thursday as inflation cools, FX inflows pick up, and the USD / EGP exchange rate stabilizes.
  • The House greenlights hospital privatization bill: The House gave preliminary approval to a new bill that will permit the private sector to manage and operate public hospitals and healthcare facilities in Egypt.

☀️ TOMORROW’S WEATHER- We’re going to have yet another hotter day — albeit slightly cooler than today — with the mercury hitting a high of 40°C and low of 29°C in Cairo, according to our favorite weather app.

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