Good afternoon, friends, and welcome to the start of another workweek. Some good news to wrap up your first day back: we’re in the home stretch of the latest heatwave, with tomorrow marking the last day of extreme weather we’ll be seeing for a good long while.

THE BIG STORY TODAY-

Get ready for some big US-Egypt customs news, as a new customs agreement between the two nations will be announced soon, US Ambassador Herro Mustafa Garg said during the US-Egypt Policy Leaders Forum today, attended by EnterpriseAM. The AmCham Egypt- and US Chamber of Commerce-hosted event saw the ambassador describe the coming agreement as a “significant milestone” in promoting bilateral trade and American investment in Egypt.

Changes to our auto and halal import requirements helped get the agreement over the line, with Prime Minister Moustafa Madbouly revealing that the country on May 11 decided to exempt America-made automobiles from the country’s mandatory production standards and allowing more American companies to apply for halal certification to export their products to Egypt.

DATA POINT- Egypt-bound FDI from the US totaled USD 3 bn in the previous fiscal year, marking the country as the second largest source of foreign investment. Trade between the two countries reached USD 8.6 bn in 2024.

THE BIG STORY ABROAD-

There’s no single story dominating the global press this afternoon, with the world’s attention split between Trump’s latest antics and deadly strikes on Ukraine. Keeping Trump in the headlines today is his showdown with Harvard, after his administration revoked the Ivy League university’s ability to enroll foreign students. Harvard clapped back with accusation that the government had committed a “blatant violation” of the constitution. Attention also turned to Europe after Russia launched its largest ever air attack on Ukraine, which saw 387 drones and missiles strike the country and kill at least 12.

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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- The capital will be seeing the tail end of the current heatwave tomorrow, with the mercury set to peak at a sweltering 42°C throughout the day before a steep cooldown to 20°C at night, according to our favorite weather app.

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