Good morning, all, and a very happy Friday to you. Our issue is a little heftier than usual, giving you plenty to keep you entertained as you enjoy this weekend’s wonderful weather outside.

Have you ever faced that familiar early-career question — where do I even start? — and want to spare the younger people in your life the same confusion, this one’s for you. We’re spotlighting in our guide this morning some of the top internship opportunities still open this summer at leading Egyptian companies.

LAST WEEK IN 3 MINS-

CAPITAL MARKETS-

Valu will start trading on the EGX during the week of 22 June following an in-kind dividend distribution by EFG Holding. EFG Holding shareholders will receive 1 Valu share for every 3.327 EFG Holding shares they hold as of 12 June, based on Valu’s book value of around EGP 0.8 per share. EFG Holding will remain the controlling shareholder of U Consumer Finance, keeping an effective 67% stake.

TRADE-

The US-Egypt Policy Leaders Forum kicked off with a promise of a new era of bilateral economic relations, with a new customs agreement between the two nations set to be announced soon. The agreement is in its “final stages,” US Ambassador Herro Mustafa Garg and Prime Minister Moustafa Madbouly said at the forum yesterday, 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 import requirements helped get the agreement over the line: The country on 11 May decided to exempt American-made automobiles from the country’s mandatory production standards, Prime Minister Moustafa Mabdouly said. The government also exempted US dairy products and their derivatives from having to acquire halal certifications upon import.

DEBT WATCH-

#1- Gov’t to issue fresh sukuk to pay off maturing 10-year bonds: The Finance Ministry could complete an issuance of international sukuk before the second half of June in order to repay some USD 1.5 bn of maturing 10-year bonds issued back in June 2015. The ministry is currently coordinating with banks advising on the issuance to assess the feasibility of launching the issuance before the debt maturity date — especially as the repayment coincides with Eid Al Adha, which may require moving the payment to the first week of June.

#2- Investors are loving long-term debt following rate cuts: Strong demand drove yields on 5-year bonds down to an average 19.250%, which prompted the Finance Ministry to accept bids for EGP 20 bn up from its EGP 3 bn target. Meanwhile, investors are demanding higher yields on two-three year bonds, which led the ministry to reject most of the bids and miss its targets.

ECONOMY-

Fitch trims Egypt’s growth outlook for FY 2025-26: Fitch Solutions’ research unit BMI now expects the Egyptian economy to grow 4.7% in the fiscal year 2025-2026, down 0.3 percentage points from its previous 5% projection, it said in its latest country risk report for Egypt. The research unit cited the indirect impact of US tariffs, which triggered market uncertainty, weaker global trade, and external demand from key export markets.

ENERGY-

#1- The Oil Ministry received the go-ahead to sign contracts for up to 60 LNG shipments through early September to meet an expected high electricity demand. The contracts are expected to help fully cover energy demand throughout the summer and back the government’s pledge to keep the lights on this summer and not return to planned outages. The shipments — whose value is expected to land between USD 2-2.5 bn — will help make up for a dip in Israeli gas flows expected to continue till August.

#2- The first of three additional regasification units made port in Egypt, with Energos Power, owned by the US-based New Fortress Energy, arriving at Alexandria Port’s Tahya Misr terminal on Monday. The regasification unit, which has a capacity of 174k cubic meters of gas, will help regasify LNG shipments coming our way as the high-demand summer months start rolling in following an agreement with previous lease holders Germany.

#3- Electricity market liberalization gets serious: The Electricity Ministry issued qualificationcertificates to four renewable energy projects under the country’s peer-to-peer (P2P) system, clearing the way for companies to directly generate and sell power to industrial consumers. The four 100 MW certified wind and solar projects by Neptune, AMEA Power, TAQA PV for Solar Energy, and Enara Group have a total investment of USD 388 mn.

TELECOMS-

5G services are days away: Mobile service providers will start rolling out 5G services officially next week, now that they’ve completed final trials. The National Telecommunications Regulatory Authority (NTRA) is preparing to issue a formal decision greenlighting the launch, alongside the accompanying regulatory guidelines. Vodafone Egypt, Orange Egypt, e& Egypt, and Telecom Egypt secured the USD 150 mn 5G service license from NTRA last year.

INVESTMENT WATCH-

More Saudi investments incoming? The Central Bank of Egypt (CBE) is working alongside the finance and investment ministries to finalize a swap agreement involving Saudi Arabia’s deposits, which would convert some of the Kingdom’s outstanding deposits into new investments in real estate and other sectors. Saudi deposits at the CBE currently stand at around USD 10.3 bn.

AROUND THE WORLD IN SEVEN DAYS-

The latest on Trump tariffs was once again plastered across the global front pages this week, with the foreign press also honing in on Israel’s planned territorial expansion in the West Bank and plans to capture more of Gaza.

Trump tariffs blocked: A US trade court blocked US President Donald 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. The Trump administration said it will appeal the ruling.

The US Treasury Department lifted sanctions on Syria, allowing US-based entities, as well as allies and partners, to invest and do business there, after his meetings with GCC leaders saw extensive discussions over the topic. The new regulation still blocks agreements that involve officials from the former Assad government, human rights abusers, war criminals, and terrorist organizations.

CLOSER TO HOME- Israel announced a major invasion of the occupied West Bank with plans to establish 22 new settlements, marking the largest expansion in years. Defense Minister Israel Katz described this as a “strategic move that prevents the establishment of a Palestinian state that would endanger Israel, and serves as a buffer against our enemies.”

And Israel’s military said it aims to capture 75% of the Gaza strip in two months, confining the population into the remaining area. The plan is part of an expanded Israeli offensive that saw a near-complete blockade on food and medicine entering the enclave, with UN chief António Guterres saying Israel has only authorized “a teaspoon of aid” to enter Gaza, “when a flood of assistance is required.”

MEANWHILE- 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.”

☀️ THE WEATHER THIS WEEKEND-

We’ll be enjoying some consistent weather this weekend, with the peak on both Friday and Saturday capping off at 33°C, and the lows set for a cool 22°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

In the mood for a movie marathon? Manassat Film Festival is back for its 9th edition at Downtown Cairo’s Zawya Cinema this May. Running from Thursday, 29 May to Saturday, 31 May, the festival is spotlighting a slew of Egyptian short films, and — alongside screening the films in the running for funding — will include a masterclass on costume and character design by Reem El Adl, and a few special presentations. Tickets can be purchased in person at Zawya.

Dalida may have once found her love in Portofino, but this May we’ll be feeling her love right here in Cairo. Today and tomorrow at The Theater in 6th of October, Dalida: Bint Shoubra — a musical production honoring the iconic vocalist’s life and musical legacy — will shine the spotlight on the Shoubra-born megastar. The production will be led by Lebanese singer Mirva Kadi, with a special appearance by Egyptian singer Haidy Moussa. You can book your tickets for both days through Ticketsmarché.

When hosting a birthday bash, it’s only logical to call up the Sharmoofers. Tonight, the Boom Room will be celebrating its first anniversary with a bang. The night will feature a special performance by viral Egyptian band Sharmoofers — and if a certain little birdie is to be believed, a few surprise performances. You can grab your tickets from Ticketsmarché.

It seems German DJ and Record Producer Adam Port couldn’t get enough of Egypt. Bringing the beats to the New Administrative Capital’s Green River tonight, Port will once more turn it up with his signature house beats, sprinkled with a musical dash of jazz and soul. Tickets are available through Ticketsmarché.

Feel like running through all the colors of the wind? Tomorrow, O West will be hosting The Color Run marathon — a 5km foray through the decades, complete with “‘70s disco fever, ‘80s arcade vibes, and ‘90s street culture,” — and naturally, a whole lot of color. So be ready to get a little messy. The marathon will kick off at 8am, and the tickets are available through Ticketsmarché.

HAPPENING NEXT WEEKEND-

Rock’n’rollers: Don’t miss out on celebrating 50 Years of AC/DC on Friday 6 June at Mazeej Platform in Somabay, featuring the band’s original voice and co-founder Dave Evans hitting the stage. You can grab tickets on Tazkarti.

Ready to “Techno and Chill”? On Friday, 6 June at the New Administrative Capital’s Tolip Hotel, Egypt’s Orijins will be throwing quite the global techno gala. Malta-hailing techno pioneer The Element, London-based EDM artist Kasia, Italian DJ Toto Chiavetta, and Amsterdam-based DJ Vomee — alongside other local and regional talents — will be joining forces for a night you likely won’t be forgetting any time soon. You can secure your spot through Techno & Chill.

It’s almost beats by the beach season, and we’d suggest getting a headstart this Eid in Somabay. Debuting in Egypt, German electronic dance music trio Klangphonics will be joining Belgian synth-pop band Oscar and the Wolf for CJC’s Lumen party experience at Somabay’s Mesca Beach on Saturday, 7 June. Joining them with rhythms of their own are Cairo-based DJs Wolf Fang Midi, Dirty Backseat, and Zeft Funk. You can grab your tickets through Ticketsmarché. P.S. Don’t forget your favorite swimwear.

Free up your schedule on Saturday, 7 June and Sunday, 8 June for the second installment of the Makadi Heights Music Festival, taking place at The Haus in Hurghada. Cairokee will inaugurate the summer staple on the first day, while rap icons Marwan Moussa and Afroto wrap up the second. You can book your tickets for either or both days through Ticketsmarché.

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