Good morning, friends. We lead today’s issue with news that the long-awaited 5G service is launching next week and Fitch cutting the country’s growth outlook for the fiscal year 2025-26.

PSA-

WEATHER- It’s another spring day in Cairo, with the capital in for a high of 31°C and a low of 20°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 26°C and a low of 18°C.

And over the weekend, expect to see a high of 32°C and a low of 21°C in the capital.

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WATCH THIS SPACE-

#1- The Madbouly government has earmarked EGP 7 bn to boost tech localization as part of its wider export subsidy program, Investment Minister Hassan El Khatib said during a meeting with Samsung officials. Samsung’s Beni Suef factory exports 85% of its output to over 55 countries worldwide.

REMEMBER- The government is gearing up to unveil a revamped export subsidy program. The program is set to roughly double support rates across all sectors, introduce new incentives for branded exports, and prioritize higher value-added sectors, two sources with knowledge of the matter told EnterpriseAM earlier this month. The framework — with a significantly larger allocation of EGP 44.5 bn — is expected to be formally announced soon, come into effect at the start of the new fiscal year on 1 July, and run through 2028.

#2- 5G services are days away: Mobile service providers will start rolling out 5G services officially next week, now that they’ve completed final trials, a government source told EnterpriseAM. The National Telecommunications Regulatory Authority (NTRA) is preparing to issue a formal decision greenlighting the launch, alongside the accompanying regulatory guidelines.

ICYMI- Vodafone Egypt, Orange Egypt, e& Egypt, and Telecom Egypt secured the USD 150 mn 5G service license from NTRA last year.

Who gets it first? The rollout will follow a phased geographic plan starting with major cities, economic zones, and strategic areas with industrial and commercial density; the new administrative capital and key business districts are among the first areas to receive the service.

No added cost for users: The service won’t come with additional charges, the source said, adding that performance will depend on the quality of existing infrastructure.

SPEAKING OF- Orange Egypt has landed a USD 80 mn syndicated medium-term loan to support its 5G rollout, according to a statement (pdf). The facility is evenly split between state-owned Banque Misr and the European Bank for Reconstruction and Development.

#3- Gov’t to roll out national investment map: The Madbouly government is planning to launch a comprehensive 10-year national investment map within three months, Investment Minister Hassan El Khatib said.

The details: The map will outline fully licensed and approved projects and potential investments across key sectors including energy, industry, tourism, healthcare, and ICT. Each ministry will be required to submit a detailed portfolio of investment opportunities.

#4- More newcomers to the EGX? The bourse plans to see three new companies listed following the Eid Al Adha break, EGX boss Ahmed El Sheikh told Al Borsa. Two of the companies will debut on the main market and one on the SMEs market — the companies include a SPAC, a company in the healthcare sector, and another in the renewables sector.

THE BIG STORY ABROAD-

It’s all about the Trump administration in the global front pages this morning.

Trump tariffs blocked: A US trade court blocked US President Donal Trump’s Liberation Day tariffs, invalidating them in a move that is expected to destabilize the president’s economic policies. “The court does not pass upon the wisdom or likely effectiveness of the President’s use of tariffs as leverage. That use is impermissible not because it is unwise or ineffective, but because [federal law] does not allow it,” the judge panel said. (Reuters | AP | Bloomberg | FT)

Imposing tariffs is a move that usually requires congressional approval. Congress has the sole authority to regulate trade with other countries, the court said.

We’ll keep our eyes peeled over the weekend for how markets react to the decision and here at home for how the exchange rate reacts.

And that’s a wrap on Musk’s time in government: Elon Musk will be bidding farewell to the Trump administration, leaving his post as head of the Department of Government Efficiency. The bn’iare made the announcement on X, saying “as my scheduled time as a Special Government Employee comes to an end, I would like to thank President realDonaldTrump for the opportunity to reduce wasteful spending.” (Reuters | AP | Bloomberg)

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