Good morning, folks. We’re ending this shorter than usual workweek with the World Bank’s latest GDP forecasts for Egypt, the region, and the world, Wafa Assurance’ MTO for up to 100% of Delta Ins., an anti-dumping probe into Egyptian rebar exports, and more.

PSA-

WEATHER- Sunny skies continue in Cairo today, with a high of 36°C and a low of 23°C, according to our favorite weather app.

Sunny skies are also forecast for Alexandria, with a high of 28°C and a low of 20°C.

And over the weekend, expect to see highs inch up to 37°C in the capital and to 30°C for our friends on the Mediterranean.

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HAPPENING TODAY-

#1- German Foreign Minister Johann Wadephul arrives in Cairo today for a two-day visit that marks first official trip to Egypt since taking office, according to a statement from the German Embassy. During the trip, Wadephul is set to hold talks with his Egyptian counterpart Foreign Minister Badr Abdelatty.

#2- The EGX33 turns one today, marking the shariah-compliant index’s first year on the bourse since being launched on 12 June, 2024.

The shariah compliant index has so far outperformed the EGX30, rising 34.4% over the last 12 months, while the country’s benchmark index rose — a still impressive — 26.3% over the same period.

It’s also seen increased interest from asset managers, with Azimut, CI Capital, Beltone, and Al Baraka Capital having launched or in the process of launching funds to track the set of shariah-compliant stocks.

WATCH THIS SPACE-

The government is readying plenty of healthcare investments over the next decade under a ten-year investment plan for the sector to establish new and upgrade existing facilities and fully roll out the Universal Health Ins. System, according to an Investment Ministry statement. There will be more than 75 investment openings on the table, spread between general and specialized facilities, medical technology, digital healthcare initiatives, pharma localization projects, and home healthcare services, said Health Minister Khaled Abdel Ghaffar.

The country’s healthcare sector will also undergo a full digital transformation in the next 3-5 years, with the private sector set to play an important role in developing “a unified hospital information management system, as well as infrastructure and software based on artificial intelligence,” according to the statement.

CIRCLE YOUR CALENDAR-

Local and international players now have until the end of the month to submit their qualification bids to rehabilitate, manage, operate, and maintain the Fustat Hills Park after the Urban Development Fund extended the deadline to 30 June from 4 June, the fund said in a statement. The fund pushed back the deadline following a large number of requests from interested companies.

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-

Our corner of the world is once again topping the global press’ digital front pages with the US pulling embassy staff from the region amid rising tensions with Iran, after nuclear talks between the two nations appeared to break down ahead of the Trump administration’s 60-day deadline to come to an agreement ends today. All non-essential embassy staff in Baghdad were ordered to leave, while non-essential staff and family members were given the green light to leave Bahrain and Kuwait.

“They are being moved out because it could be a dangerous place,” Trump told reporters yesterday in comments that expressed his pessimism that Iran would agree to stop enriching uranium. In reference to repeated threats that the US could bomb Iran if the talks fall apart, Iranian Defence Minister Aziz Nasirzadeh warned that Tehran would respond to any strikes with attacks on US bases in the region.

Escalation fears drove Brent crude prices up over 5% and past the USD 70 a barrel mark during trading, before paring back gains to end the day 4.3% up at USD 69.77 a barrel. Safe-haven asset gold also saw an uptick in investor appetite, rising 1.3% to USD 3385.90 per troy ounce. (Bloomberg | Financial Times | Reuters | Associated Press | Wall Street Journal | Washington Post)

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