Good morning, friends. We kick off this particularly hot week with a busy issue, packed with the latest inflation figure, a whole lot of infrastructure news, and the latest from President Abdel Fattah El Sisi’s trip to Moscow and his meeting with his Russian counterpart.

PSA-

#1- More time to settle tax disputes: Finance Minister Ahmed Kouchouk has issued a decision extending the 13 May deadline for pre-2020 tax dispute requests by three months to 12 August, according to a statement.

You heard it here first: Last week, EnterpriseAM reported that the Finance Ministry is looking into extending the deadline.

REMEMBER- The Finance Ministry is rolling out measures to make it more attractive for businesses to settle disputes dating to before 2020, including by paying a fixed percentage of taxes owed. Businesses will be able to make those payments in four installments over a 12-month period without paying late fees or additional interest charges. This comes as part of a larger push by the Finance Ministry to widen the tax base.

#2- International schools will begin the 2025-2026 academic year on Sunday, 7 September, Education Minister Mohamed Abdellatif said in a statement.

#3- Fustat Hills Parks seeks operators for redevelopment: Local and international companies and consortia have until 3pm on 4 June to submit their qualification bids for the project to rehabilitate, manage, operate, and maintain the Fustat Hills Parks, according to a cabinet statement. The project, spanning 403 feddans, is poised to be among the largest parks in the Middle East and will include tourist, entertainment, hotel, and commercial areas.

WEATHER- Cairo is in for a very hot day, with a high of 40°C and a low of 24°C, according to our favorite weather app. Temps are expected to cool down significantly starting tomorrow, reaching a high of 33°C and a low of 20°C.

It’s a lot cooler in Alexandria, with a high of 32°C and a low of 20°C.

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HAPPENING TODAY-

IMF kicks off fifth review: A team from the International Monetary Fund will hold its first round of meetings with government officials today, kicking off the fifth review of Egypt’s loan program, a senior government source told EnterpriseAM. The team arrived in Cairo late last week and its agenda includes meetings with officials from the central bank, and the finance, investment, and international cooperation ministries.

WATCH THIS SPACE-

#1- Beijing backs Cairo in Suez Canal spat with Trump: China’s Foreign Ministry voiced support for Egypt’s sovereignty over the Suez Canal after US President Donald Trump demanded free passage for US vessels, with spokesperson Lin Jian saying Beijing opposes “any bullying against Egypt,” in an X post.

REMEMBER- Last month, Trump demanded free passage for American military and commercial vessels through the Suez and Panama canals, egregiously claiming that the waterways “would not exist without the United States.” The move appeared more aimed at countering Chinese influence than at addressing transit costs.

#2- Could we see confidence returning to the Suez Canal soon? Suez Canal Authority head Osama Rabie urged global shipping lines to reassess their routes and consider a gradual return to the canal amid improving security conditions in the region. This came during a meeting with representatives of 25 shipping lines, during which Rabie pointed towards the US’ recent ceasefire with Yemen’s Houthis as a sign of reduced maritime risk, a statement reads.

Logistics players respond with cautious optimism: Representatives from major global shipping lines — including Maersk, CMA CGM, and Evergreen — expressed tentative support for resuming Red Sea transits during the meeting, though most agreed that sustained stability is key to restoring confidence and fully returning to the canal. Several industry executives proposed measures to ease cost pressures on operators, including temporary incentives, renegotiating ins. premiums, and expanding ship repair services.

IPO WATCH-

Egypt’s macroeconomic outlook has considerably improved relative to the region at large, but IPO activity needs to pick up pace, EFG Hermes Investment Banking Co-CEO Mohamed Ebeid told Asharq Business. He cited growing foreign interest in Egyptian equities — driven by expectations of currency stability and low valuations — but stressed that limited IPO activity remains a constraint. “We’ve seen too few listings in recent years, especially when compared to Egypt’s historical pace and regional peers,” he said.

Ebeid downplayed the impact of Trump’s tariffs on Egypt, pointing instead to oil prices as the more consequential variable shaping macro priorities across the region. Lower oil prices, he noted, are broadly positive for Egypt, improving the external position and potentially paving the way for further rate cuts.

CIRCLE YOUR CALENDAR-

Calling all real estate developers and investors: Proptech platform Aqarmap is hosting an Egyptian-Saudi real estate summit in Cairo’s Nile Ritz-Carlton on Sunday, 18 May, the company said in a press release(pdf). The event will bring together developers, investors, and policymakers from Egypt and Saudi Arabia to discuss cross-border investment, market trends, and digital transformation in the sector.

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-

India and Pakistan agreed to an immediate ceasefire yesterday that quickly turned out to be fragile, as both sides accused each other of violations and reportedly went back to exchanging fire, with multiple explosions heard around Indian-controlled Kashmir. The US-led talks had been hoped to de-escalate the serious confrontation between the nuclear-armed neighbors.

OVER IN BUSINESS- The UK sealed a trade agreement with the US, exempting the country from tariffs on steel and car exports but preserving the flat 10% reciprocal tariff applying to most goods. The agreement is the first since the tariffs were announced.

Talks are underway for more agreements, including a sit-down with Chinese officials in Switzerland yesterday that US President Trump hailed as “a total reset ... in a friendly, but constructive, manner.” The talks are reportedly set to continue today.

AND- White smoke arises: The Roman Catholic Church elected its first American pope, Pope Robert Francis Prevost (who will be known as Pope Leo), breaking what has been viewed as a long-standing taboo against tapping leaders from a big world power with influence in global affairs.

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