Good morning, all. We lead today’s issue with news of two big projects kicking off operations in Sokhna Industrial Zone, the EBRD trimming our 2025 and 2026 growth forecasts, and Beltone’s 1Q earnings.

Did you feel the earthquake? A 6.4 magnitude earthquake that hit Greece was felt in areas of Egypt in the early hours of the morning, according to the National Research Institute of Astronomy and Geophysics. No damages or casualties were reported in Egypt. The earthquake was also reportedly felt in Turkey and Libya/

PSA-

WEATHER- It’s another warm day in Cairo, with a high of 31°C and a low of 19°C, according to our favorite weather app.

It’s much cooler in Alexandria, with a high of 25°C and a low of 18°C.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

Some activities will soon be exempt from invoicing after the government issues the executive regulations for the 2023 law introducing amendments to the Income Tax Law, Egyptian Tax Authority head Rasha Abdel Aal said during an event attended by EnterpriseAM, naming agricultural activity, dairy production, and certain handicrafts. The law gives the Finance Minister the right to exempt specific sectors. The executive regulations will be out soon, she said.

The regulations have been finalized and currently await the government to finalize its decision regarding replacing the capital gains tax — which is part of the law — with the stamp tax, a government source told us. He added that introducing the stamp tax on capital gains is the most likely scenario — the EGX and the Financial Regulatory Authority are currently working together to reintroduce the stamp tax.

THE DETAILS? We have more on the upcoming stamp tax in our previous coverage of the story, here.

HAPPENING TODAY-

El Khatib is in Moscow for joint committee meetings: Investment Minister Hassan El Khatib is in Moscow today to take part in the Egyptian-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation, according to a statement. The two-day meetings aim to deepen ties between the two nations across trade, industry, and investment.

On the agenda: El Khatib is set to hold talks with Russian Industry and Trade Minister Anton Alikhanov on ways to boost economic cooperation. El Khatib will also attend a roundtable with Russian business leaders and investors and take part in a workshop promoting the Russian Industrial Zone in Egypt.

CIRCLE YOUR CALENDAR-

#1- 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.

#2- ITIDA’s Software Engineering Competence Center (SECC) will host its Software TestingDay on Monday, 19 May at the Creative Innovation Hub, Creativa, in Giza. The event will be held under the theme “Software Testing Evolution: Innovating with AI and DevOps” and will bring together local and international experts and tech leaders to discuss AI, DevOps integration, skill building, and talent cultivation. You can register to attend through the link available on the SECC’s website.

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-

Trump kickstarted his Middle East tour with a pledge to lift the longstanding — and crippling — sanctions in place against Syria and a USD 600 bn Saudi investments package. Trump is also set to “say hello” today to Syria’s new leader Ahmed Al Sharaa, while Secretary of State Mark Rubio will meet his Syrian counterpart in Turkey soon.

The Saudi-US summit saw the signing of 145 agreements totalling USD 300 bn at the Saudi-US Business Forum, with the rest of the USD 600 bn package to be announced in the coming months. The Kingdom is set to eventually round out the figure to USD 1 tn in a second phase, Crown Prince Mohammed bin Salman said in his speech. AI was a big theme, with Riyadh-based DataVolt planning to invest USD 20 bn in US-based AI data centers and energy infrastructure.

PLUS- Companies like Google, Oracle, Salesforce, AMD, and Uber have agreed to some USD 80 bn in joint technology investments in the US and the Kingdom.

The US also agreed its biggest defense cooperation agreement to date, with a USD 142 bn defense package for the Kingdom.

*** 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 look at proposed amendments to the laws around supply and installation services to remove their special tax treatment and their potential impact.

Tags: