Good morning, everyone. It’s a busy morning here in Egypt led by the news of activity in the non-oil private sector picking up, the latest on privatization, and Al Ahly’s world-class sports city.

BEFORE WE DIVE IN- Don’t worry, the extended power cuts were just a one-time thing. The Electricity Ministry yesterday extended the duration of the daily power cuts by an hour to “allow for preventative maintenance on its regional gas and power networks and because of increased consumption caused by a heatwave,” Reuters wrote.

WATCH THIS SPACE-

#1- Home appliances to see another drop in prices? Household appliance manufacturers and retailers are set to start slashing prices no less than 5-10% in response to the goods recently released from customs and from the first post-float import cycle hitting the market, Federation of Egyptian Industries’ household appliances division head Hassan Mabrouk told Al Arabiya Business.

#2- Gov’t slashes gas supplies to fertilizer companies: The Oil Ministry has once again reduced the natural gas supplies to energy-intensive fertilizer companies by 20-30%, pushing a number of factories to close their doors until their gas supplies go back to normal levels, Al Arabiya Business reports, citing unnamed officials familiar with the matter. The decision has affected all fertilizer companies operating in the local market. The cut supplies will be redirected to feed power generators during a time of heightened demand.

Sounds familiar? The government last cut gas supplies to energy-intensive industries by up to 30% in November, targeting fertilizer, iron, and aluminum companies, in response to a dip in gas supplies triggered by the war in Gaza.

Remember: Egyptians have been suffering from rolling blackouts since last summer, as the government works to ration the consumption of natural gas production. The power cuts were originally blamed on summer heat waves, but after temperatures have fallen, officials noted that the one-hour cut saves the country some USD 300 mn per month.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 38°C and a low of 25°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 31°C and a low of 22°C.

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CIRCLE YOUR CALENDAR-

There’s less than 30 days to go until the Aswan Forum for Sustainable Peace andDevelopment, which will be held in Cairo on 2-3 July. This year’s forum will be on the theme of Africa in a Changing World: Re-envisioning Global Governance for Peace and Development.

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

WAR WATCH-

Egyptian officials in Doha for ceasefire talks: Several Egyptian officials are in Qatar today to meet their US and Qatari counterparts to hold discussions centered around reopening ceasefire negotiations, Al Qahera News reports, citing high-level sources. .

THE BIG STORY ABROAD-

A third term for Modi … maybe: Indian Prime Minister Narendra Modi is on track to become the country’s first prime minister to secure a third term in over 60 years after his coalition the Bharatiya Janata Party (BJP) won a little more than half of the 543 seats in the country’s lower house. Modi has lost his parliamentary majority — a surprise to pundits — and now has to work with allies to form a government. The opposition INDIA alliance holds some 233 seats. The result is seen as a blow to Modi’s dominance, with analysts noting a shift towards “alliance politics” and a more negotiated government. (FT | Reuters | CNBC)

What’s next? Bloomberg is out with a piece detailing what went wrong for Modi and what we expect next from the Indian government.

ALSO IN ELECTIONS- Sunak vs. Starmer. UK Prime Minister Rishi Sunak went head-to-head with Labour Party leader Keir Starmer in their first debate weeks before the Brits head to the polls. Their debate saw them take digs at each other’s election promises, with Sunak telling viewers that Starmer’s party will “raise your taxes. It’s in their DNA. Your work, your car, your pension.”

Round two: The two will face off again on 26 June and take part in a seven-way debate on Friday, Bloomberg writes. (The Guardian | The Washington Post | FT | BBC)

OIL WATCH- Oil extends losses: Oil prices fell another USD 1 a barrel yesterday, extending losses that pushed them to four-month lows. Brent crude fell to a low of USD 76.76 a barrel yesterday, while US West Texas Intermediate crude fell to USD 73.25. Brent has now fallen 8% over the past week, as “rising oil inventories and weak economic data have fuelled concerns that global demand will remain depressed, while stubbornly high inflation will cause central banks to delay interest rate cuts,” writes the Financial Times.

*** 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 how smart mobility projects in Egypt and across the region are working to create safer, more efficient, and less polluted cities and the hurdles they face.

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