Good morning, friends, and happy Friday. Before we jump into the issue, make sure to wish all the wonderful moms in your life a very happy mother’s day.

Eid is all about the fun, but kahk is very serious business. If you want the best of the best, you’ll have to get your hands on them early. Not sure where to start looking? Paralyzed by too many options? Don’t worry, we’ve done the research for you in this weekend’s guide.

LAST WEEK IN 3 MINS-

CAPITAL MARKETS-

Valu could hit the EGX as soon as June: Regional financial services giant EFG Holding has gotten preliminary approval from the Financial Regulatory Authority to restructure its ownership of consumer finance platform Valu ahead of its hotly anticipated EGX debut, which could come as soon as this June. EFG Holding will distribute a 20.5% stake in U Consumer Finance — which owns and operates the Valu brand — to its shareholders as a dividend in lieu of a conventional cash-payout for 2024, sidestepping the traditional IPO route.

We unpacked the details of the unique transaction in a conversation with EFG Holding Group CEO Karim Awad. You can read the full story here.

TAX-

FinMin is working on amending the VAT Law: The Finance Ministry is moving to reducetax exemptions under the Value Added Tax (VAT) Law, with the government looking to review goods currently exempt from the law and limit goods subject to special tax treatments, either higher than the standard VAT rate — such as telecommunications and cars — or lower at 5%.

The measure comes as part of our reform program with the International Monetary Fund and follows long-standing demands from the business community for unifying the 14% VAT rate across most goods.

ENERGY-

#1- Fuel bills could go up again next month: The government is expected to raise fuel prices in April as it works to phase out fuel subsidies. The anticipated move is part of the government’s plan to have energy prices reach cost recovery levels by the end of the year. The fuel pricing committee last raised fuel prices in October, bumping up bills by 8-17% in what was the third and final fuel hike of 2024.

#2- Egypt is set to resume LNG imports in April thanks to lower global gas prices and waning European demand. The country is expected to receive four LNG shipments by April as it looks to build up a strategic gas reserve, leveraging its newly secured infrastructure to sustain operations and meet growing demand. The country is also expected to receive five or six shipments per month over summer to meet rising demand during the period.

#3- Scatec inked a 25-year power purchase agreement with EgyptAlum for its 1.1 GW solar plant and 200 MWh battery energy storage system (BESS) in Naga Hammadi. The Finance Ministry will back EgyptAlum’s financial commitments with Scatec under the newly signed agreement, after the decision was greenlit by the House in January. The renewables player is hoping to break ground in the next 12 months.

PRIVATIZATION WATCH-

The state has appointed an advisor to value Banque du Caire, Prime Minister Moustafa Madbouly said during his weekly presser. “The last valuation has become outdated,” Madbouly said, adding that work on the process has begun. The state is yet to decide on the stake to be sold. Emirates NBD is reportedly conducting its own due diligence of the state-owned lender as it looks to acquire an undisclosed stake in the bank.

INVESTMENT-

#1- A plethora of Indian companies expressed plans to invest in Egypt over a series of meetings with Investment Minister Hassan El Khatib during his trip to New Delhi this week. Among these plans:

  • Sterlite Power is mulling a USD 5-6 bn electricity grid for green hydrogen projects aimed at enhancing Egypt’s energy infrastructure and supporting the country's transition toward clean energy.
  • TCI Sanmar wants to invest an additional USD 300 mn here, bringing its total investments in the country to around USD 2 bn.
  • Lulu Group wants to open more branches, while Ocior Energy is looking to ramp up its investments in Egypt over the coming period.

#2- China’s SBH Kibing Solar New Energy is looking to set up a USD 700 mn solar panel glass manufacturing facility in the Suez Canal Economic Zone. The plant — which will be built over two phases — is expected to produce 1.5 mn tons of solar panel glass and 1.1 mn tons of high-purity silica sand — a component used in the production of solar glass — annually. The majority of output will be exported.

LOGISTICS-

The US launched an investigation into global maritime chokepoints, including the Suez Canal, to assess whether foreign governments or shipping operators are creating conditions unfavorable to US shipping and trade. The Suez Canal is a focal point of concern for the US because of its narrow width, shallow depth, and security risks stemming from ongoing conflicts, including Houthi attacks on Red Sea shipping. The US Federal Maritime Commission (FMC) is seeking comments until 13 May regarding the causes of constraints across the checkpoints.

AROUND THE WORLD IN SEVEN DAYS-

A renewed war and a partial peace agreement dominated headlines this week, with Israel shattering its fragile ceasefire agreement with Hamas after bombarding Gaza, Trump nudging Russia and Ukraine toward a partial truce, and the US launching strikes on Houthi targets in Yemen.

Israel launched a limited ground operation in Gaza on Wednesday, with troops reoccupying areas outside population centers. Troops have expanded their control over parts of the Netzarim Corridor, which runs east to west across the strip “in order to expand the security zone and to create a partial buffer between northern and southern Gaza.” Israeli War Minister Israel Katz issued a “final warning” just before the operation began, saying residents in battle zones would soon be evacuated again unless Hamas freed the remaining hostages and was removed from power.

The operation came after Israel resumed strikes on Gaza earlier this week, killing hundreds of Palestinians and marking the deadliest day in the strip in over two months as well as the collapse of January’s ceasefire agreement.

In the meantime, Trump continued to push for a ceasefire between Russia and Ukraine: An anticipated phone call between US President Donald Trump and Russian President Vladimir Putin ended with Putin agreeing) to halt strikes on Ukrainian energy and infrastructure facilities for 30 days but rejecting a full ceasefire. Ukrainian President Volodymyr Zelenskyy also agreed to a partial ceasefire against energy infrastructure during a subsequent phone call with Trump, with plans to dispatch technical teams to Saudi Arabia in the coming days to discuss extending the ceasefire to the Black Sea.

The US launched large-scale military strikes on Houthi-controlled areas in Yemen, following an order from US President Donald Trump, in retaliation for the Iran-backed militant group’s repetitive attacks on vessels in the Red Sea.

The Trump administration is considering broad travel restrictions affecting citizens from over 40 countries. The draft proposal would impose full or partial visa suspensions on citizens from 43 countries, but the final version is still subject to approval by the administration.

AND- The Fed kept rates unchanged: The US Federal Reserve left interest rates unchanged on Wednesday, as policymakers grapple with heightened economic uncertainty amid the Trump administration’s tariff-heavy trade policies.

☀️ THE WEATHER THIS WEEKEND-

Expect windy and cloudy weather in the capital this weekend. The mercury will climb to 19°C today before settling to 11°C at night, and is expected to be the same tomorrow, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Early Bird Club is staying up to accommodate night owls. The popular pop-up restaurant is back tonight to offer a curated suhoor menu by artisanal cooks Mufasaa and Peri Saleh, freshly made drinks and tea, and bread baked to order. Night Owl by Early Bird Club will start at 10pm at Bellies En-Route in Downtown Cairo. There are no admission fees to attend, but food is pay-as-you-go. You can register through the link in their Instagram bio.

Celebrate Mother’s Day with Saad El Oud live on stage. Share the experience of good music with your mother tonight at Majarrah, starting 10pm. You can grab the entertainment-only ticket if she’s all about the music, or the suhoor entertainment ticket if you’d like to spoil her with a delicious meal, both available on Ticketsmarche.

Make Mother’s Day special this year with a special night of music by Tablet El Sitt at Theatro Arkan tonight from 9pm. Tickets are available on Ticketsmarche.

Wust El Balad gears up for a special performance: The band will take the stage at Al Gomhoria Theater as part of the Egyptian Opera House’s Ramadan celebrations tonight at 9:30pm. You can grab your tickets from Tazkarti.

Skrew takes over the Boom Room: Have you hopped on the latest game night craze? Get ready for a night of strategy and competition as the Skrew Official Tournament kicks off tonight at 9pm. Tickets are available on Ticketsmarche.

Break your fast with a cultural tour. Qahrawya are organizing a traditional Egyptian Iftar followed by a tour of City of the Dead where attendants get to witness the vibrant streets of Cairo. The Iftour will take place tomorrow. Book your spot by messaging them on Instagram.

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