Good morning, folks, and welcome to what already seems like another busy week in local business news. In today’s issue, we’ve got news that inflation sped up in March, S&P Global Ratings cut our credit outlook, big ticket manufacturing projects in the pipeline, and — as you’ve probably heard a hundred times already — price hikes at the gas station.

WATCH THIS SPACE-

Saudi investments on the horizon? Some 100 Saudi investors and members of the Saudi-Egyptian Business Council led by the Federation of Saudi Chambers landed in Cairo yesterday to kick off a visit aimed at deepening investment ties between the Kingdom and Egypt, Saudi state news agency SPA reports.

On the agenda: The Saudi delegation will participate in a Saudi-Egyptian investment forum, hold B2B meetings, conduct site visits to major projects, and meet with cabinet members and company representatives. Talks will spotlight prospects across different industries, including manufacturing, real estate, tourism, and trade zones.

PSA-

WEATHER- It’s set to be a cloudy day in Cairo today, with a high of 23°C, a low of 15°C, and the chance of light rain, according to our favorite weather app.

It’s much the same in Alexandria, with cloudy skies, a high of 21°C, a low of 13°C, and the chance of light to moderate rain and possibly thunder.

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

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CIRCLE YOUR CALENDAR-

Egypt is set to officially join the EU’s research and innovation funding program Horizon Europe in November, following negotiations between the country and the European Commission successfully wrapping up, the EU’s executive arm said in a statement. Egypt is now the only second African nation to join the program, following in the footsteps of Tunisia.

Horizon Europe is an EU research and innovation program with a budget of EUR 95.5 bn — yes, bn not mn — running from 2021 to 2027. The program tackles global challenges like climate change, health crises, and more, by funding research and promoting cross-country and -continent collaboration.

Egyptian companies, universities, public bodies, and other entities can apply for funding starting now, with the transitional period running until the signing enabling Egyptian entities to respond to budget calls.

“Egypt’s association to Horizon Europe will drive progress in key sectors like energy, food security, and digital transition, creating new opportunities for innovation,” said European Commissioner for Startups, Research, and Innovation Ekaterina Zaharieva.

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

HAPPENING THIS WEEK-

The country’s largest ever housing unit offering will kick off Tuesday, with the Housing Ministry offering up the first 35k units of the 261k offering, according to a ministry statement. The Housing and Development Bank will publish unit specs, locations, and terms through its reservation portal.

DATA POINT-

Total interbank market transactions surpassed the USD 3.5 bn mark last week, a banking source told EnterpriseAM — a significant jump from the USD 750 mn-1.2 bn the market usually sees changing hands each week. Trump’s escalation of the trade war saw stocks and currencies at home and abroad jump and fall during an unpredictable and volatile week for the markets, with foreign investors both exiting and re-entering Egypt’s debt market at various points throughout the week.

THE BIG STORY ABROAD-

The global tariff war is continuing to lead the news cycle across the global press, with both the business and national papers focusing on US President Donald Trump’s decision to spare smartphones, laptops, chips, and other electronics from his sweeping new tariff regime. The US Customs and Border Protection authority on Friday published a bulletin, listing all the products that will be “excluded from the reciprocal tariffs.” The carveout covers USD 390 bn worth of US imports in 2024 — including some USD 101 bn from China — shielding devices that aren’t manufactured in the US from the 10% global tariff and the much steeper 125% levy on Chinese goods. (Reuters | Bloomberg | Wall Street Journal | New York Times | Financial Times)

While a little closer to home, the US and Iran are back at the negotiating table. Tehran and Washington held their highest-level indirect talks in years on Saturday in Oman, marking a potential shift in a long-running standoff over Iran’s nuclear program. Both sides described the two-hour session — mediated by Omani officials — as “constructive” and agreed to resume talks next weekend. US envoy Steven Witkoff and Iranian Foreign Minister Abbas Araghchi reportedly discussed a framework for a possible agreement aimed at scaling back Iran’s uranium enrichment activities in exchange for limited sanctions relief. (Financial Times | Reuters | Axios | AP | CNN | New York TImes)

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