Good afternoon, folks and happy Monday. Like you, we are staring down our calendars wishing the days could pass sooner so that we can get to that long week off.

THE BIG STORIES TODAY

Annual inflation falls to lowest level in over a year: Annual urban inflation cooled to 28.1% in May, down from 32.5% in April on the back of considerably slower food price increases, as traders continued to price in a lower exchange rate following the float of the EGP, according to figures from state statistics agency Capmas. This is the lowest inflation figure recorded since January 2023.

Monthly inflation falls for the first time in nearly two years: On a monthly basis, inflation fell on all items for the first time since June 2022, with prices falling 0.7% m-o-m. This is the biggest drop inflation has seen m-o-m since June 2019.

Blinken landed in Cairo: US Secretary of State Antony Blinken is in town as part of a wider regional trip to hold discussions on the latest ceasefire proposal laid out by US President Joe Biden. During his time in Egypt, Blinken is set to meet with President Abdel Fattah El Sisi.

What’s next? Blinken will be heading to Israel next to meet with Prime Minister Benjamin Netanyahu.

Alameda Healthcare earmarks USD 245 mn for local, regional expansion: Local healthcare services provider Alameda Healthcare will invest some USD 245 mn to expand its footprint in Egypt and across the region, through setting up new hospitals or acquiring existing ones, CEO Neeraj Mishra told Al Arabiya on the sidelines of the African Health ExCon in Cairo.

Locally: Alameda will spend some USD 125 mn to expand locally, adding some 600 beds to its portfolio in Egypt — namely Greater Cairo and Assiut.

Regionally: The healthcare provider plans to invest USD 120 mn over the coming two years to acquire hospitals and “healthcare assets” in Nigeria, Kenya, Tanzania, and Saudi Arabia, Mishra said.

THE BIG STORY ABROAD

The results of the European Parliamentary election have dominated the international headlines as the press broke down the far-right’s gains and their implications for the bloc’s stance on climate issues and immigration. (Reuters | AP | FT)

The far-right ascendant: French President Emmanuel Macron’s centrist Renew party was dealt the election’s most severe blow, with projections pointing out it would receive 15% of the vote, around half of the 31-32% secured by its far-right rival Marine Le Pen’s National Rally. The results prompted Macron to dissolve the parliament and call a snap election.

The same trend followed throughout the bloc: Germany’s far-right party Alternative for Germany (AfD) saw its share of the vote rise significantly to over 16%, up from 11% in 2019, according to exit polls. Meanwhile, in Italy, Prime Minister Giorgia Meloni’s conservative Brothers of Italy is projected to win the highest share of votes in the elections — with over 28% — cementing the far-right wing prime minister’s mandate.

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

  • How does UBS see Egypt’s FX inflows playing out over the next four quarters? Swiss investment bank UBS’ Global Research and Evidence Lab laid out three possible scenarios for where they see the supply and demand for FX going over the four quarter period ending 2Q 2025.
  • Qalaa completes the first phase of debt buyback program: Qalaa Holdings’ USD 21.6 mn debt buyback program raised EGP 875.4 mn (USD 17.5 mn) from shareholders in the first phase that ran between 2-5 June.
  • Act Financial to IPO next month: Investment management firm Act Financial will begin trading the company’s shares on the EGX by the last week of July.

☀️ TOMORROW’S WEATHER- Mercury is rising to a high of 38°C in Cairo and dipping to a low of 24°C at night, according to our favorite weather app.

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