Good morning, friends. The news flow has picked up following a couple of slow days with news of not one, but two Egyptian financial companies heading to the Gulf — and a whole lot of earnings.

BUT FIRST, a programming note: We are postponing our Enterprise Optimism Forum. We’re really looking forward to debating with many of you the case for optimism in general — and, more specifically, how business leaders should be thinking about building a resilient business that can thrive in any economic cycle. We’re also incredibly grateful to the hundreds and hundreds of you who asked to be invited — and to the start-studded list of speakers who had agreed to appear on stage. We’ve pushed the date back for external reasons and will let you know soon when we’ve rescheduled. Folks who let us know they were interested in attending will get a separate email from us later today.

WATCH THIS SPACE- We’re very excited to announce the next event in our conference lineup: Our flagship Enterprise Finance Forum, which returns this September. More details next week, friends.

DATA POINT-

Egypt is looking to welcome some 15.5-16.5 mn tourists this year, Tourism Minister Ahmed Issa told Sky News Arabia (watch, runtime: 9:30). The ministry has revised its initial target of 17-18 mn due to geopolitical tensions.

This would still be the biggest year for tourism on record: Even the lower end of this year’s targets would see over 1.5 mn more tourists set foot in Egypt than they did in 2023 — when Egypt welcomed in a record 14.9 mn tourists, beating its previous high of 14.7 mn set in 2010.

Remember: Tourist arrivals to Egypt increased 27% y-o-y in the first four months of the year, with visitors from Arab countries accounting for around 54% of all arrivals.

FACT CHECK-

No tax hikes, says FinMin: There will be no increase to income tax rates or brackets, Finance Minister Mohamed Maait said on Tuesday, in response to media reports that claimed otherwise.

WATCH THIS SPACE-

#1- Another green methanol facility in the works? ADQ’s AD Ports has inked an MoU with Egyptian shipping giant Transmar and Orascom Construction to explore the possibility of setting up a green methanol storage and export facility targeting maritime transport, according to a statement.

#2- Yet more SFE sub-funds on the way? The government is looking to launch a telecom-focused sub-fund under the Sovereign Fund of Egypt (SFE) within weeks, reports Al Borsa, citing unnamed sources. The fund’s legal advisor Baker McKenzie is close to completing the necessary procedures to set up the fund, the sources added. The government is also in the process of establishing an agriculture sub-fund.

Also in the pipeline: The government is working to launch an industry-focused sub-fund in July, which Al Borsa’s sources say will have a capital of EGP 12 bn.

HAPPENING TODAY-

#1- The two-day Solar & Storage Live MENA conference kicks off in Cairo today, featuring 150 industry leaders, 150 exhibitioners, and a string of networking sessions. Those working in utilities and independent power producers will meet with financiers, government bodies, regulators, distributors, and contractors, to discuss all things green transition. Register for the event here and check out the agenda here.

#2- Key tech players meet in Morocco: Tech summit GITEX Africa 2024 gets started today in Marrakesh and runs until Friday. The event gathers startups, entrepreneurs, government officials, tech leaders, and industry experts from 130 countries. Expect forums on cybersecurity, Africa’s AI talent pool, tech regulation. and the ethics of AI, as well as networking and training sessions. Check out the full agenda here.

PSA-

WEATHER- It will continue to cool down in Cairo today, with a high of 30°C and a low of 20°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 25°C and a low of 19°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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CIRCLE YOUR CALENDAR-

#1- National Dialogue to discuss national security: The National Dialogue’s board will meet on Saturday to discuss issues of national security and foreign policy, General Coordinator Diaa Rashwan said on Monday. The meeting will also address government efforts to implement the outcomes of the dialogue’s first phase, Rashwan added.

#2- Sudanese peace talks in Egypt next month: Egypt will host a conference that brings together Sudanese civilian political groups and regional and global parties at the end of June, according to a statement from the Foreign Ministry spokesperson. The conference will aim to produce a comprehensive and permanent peace agreement “within the framework of Sudan’s sovereignty and territorial integrity, not interfering in its internal affairs and preserving its institutions,” the statement said.

Remember:Egypt has been attempting to put an end to the Sudanese civil war between the country’s army chief and de facto ruler General Abdel Fattah Al Burhan and the Rapid Support Forces led by General Mohamed Hamdan Dagalo.

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-

A big US M&A and another fresh high for Wall Street are the big business stories this morning, but they’re being largely overshadowed in the US and UK by political news.

UP FIRST- The tech-heavy Nasdaq Composite has hit a fresh high at yesterday’s close, rising 0.6% to break the 17k barrier for the first time as traders returned from a three-day weekend. (CNBC)

AND- Shareholders of Hess voted yesterday to sell their company to Chevron in a USD 53 bn transaction. It’s still far from certain that sale will go through, because…

…Exxon is still looking for a way to scupper it. The story is perhaps a bit less dramatic than the 1980s oil patch soap Dallas, but if you want the inside dirt of what’s keeping the energy industry in thrall, go read: The leaders of Exxon Mobil, Chevron and Hess are duking it out over a generational oil discovery in Guyana in the Wall Street Journal. Both the WSJ and the FT are giving the shareholder vote prominent play on their front pages this morning.

IN EUROPE, an “investment shock”: Emmanuel Macron wrapped a three-day visit to Germany with the announcement that Paris and Berlin will work together to deliver an “investment shock” to the European Union to provide more incentives for manufacturers and business working on advanced technologies, writes Handelsblatt. Macron and his German counterpart, Olaf Sholz, telegraphed the move in an op-ed for the Financial Times earlier this week that argued the EU needs “more single market, innovation and investment to secure a common future.” The impetus? Countering China.

IN WAR and politics:

#1- Israeli tanks and troops have reached the center of Rafah in “a sign the military could be nearing its goal of taking full control of the southern Gazan city.” The story leads the front pages from Bloomberg through to the Financial Times.

Oh, and that US pier that was going to feed Gaza? Satellite imagery shows that it’s broken apart, CNN reports.

#2- Closing arguments wrapped late yesterday in Donald Trump’s criminal hush-money trial, with the prosecutor taking six hours to bring the case home and the defense three. The jury should get the case today to start deliberations and could deliver a verdict anytime afterward.

FOOD FOR THOUGHT this morning: There are no signs that traffic will soon return to the Suez Canal as Dubai and Jeddah open new routes to Saudi Arabia and major players continue to steam around the Horn of Africa rather than transit through Egypt. The FT goes deep into how pirate attacks, instability in the Middle East, and climate change are putting “mounting strains on global shipping.”

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at what local contractors can do to expedite their expansion abroad.

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