Good morning, wonderful people. Summer is upon us, but those of us still 300+ km from the coast are staying in to gear up for the incoming full-length week.

For those who heeded the calls of the coastline, preparation is everything. This isn’t just another packing list. Consider this your guide to conquering Egyptian beach culture, whether you’re diving into the crystal-clear waters for the first time this year or you’re a seasoned Sahel veteran.

LAST WEEK IN 3 MINS-

INVESTMENT WATCH-

Authorities are gearing up to announce a new project in Ras Shukeir involving one of the Gulf’s sovereign wealth funds in the coming days, a senior government source told EnterpriseAM. The agreement — set to be the first in a series tied to the 174 sq km Ras Shukeir zone on the Red Sea — will back local sovereign sukuk soon to be issued by the Finance Ministry, whose proceeds will go towards lowering the public debt burden. The land has been allocated to FinMin.

CAPITAL MARKETS-

The in-the-works stamp tax on EGX transactions should be put into place starting September, replacing the previously planned capital gains tax, a government source told EnterpriseAM. As the tax is on daily transactions, the new system can be put in place any time in a fiscal year, they added.

ENERGY-

Egypt agreed to purchase up to 125 LNG cargoes annually from a number of global suppliers, a government source told EnterpriseAM. The agreements, inked by Egyptian Natural Gas Holding Company, span 3-5 years, according to our source. The lineup includes Saudi Aramco, Trafigura Group, Vitol Group, Hartree Partners, BGN, Shell, and Azerbaijan’s Socar. News of the agreements was first picked up by Bloomberg.

ECONOMY-

#1- Remittances from Egyptians residing abroad continued their steady rise in March, increasing 63.7% y-o-y to around USD 3.4 bn. This marks the thirteenth consecutive month of y-o-y remittance growth. Remittances reached a record high in the first nine months of the current fiscal year, with Egyptians abroad sending in some USD 26.4 bn, up 82.7% y-o-y.

#2- The World Bank sees the Egyptian economy growing at a 3.8% y-o-y clip for the current fiscal year, keeping its outlook unchanged from its previous forecast in April. The bank also kept its growth forecast for the next fiscal year starting next month penciled in at 4.2% y-o-y.

The decision to keep forecasts stable gives us an insight into the impact of Trump’s tariffs. Egypt appears to have fared tariff uncertainty much better than some had feared and much better than some of our regional peers — some of which have also struggled with falling oil prices.

M&A WATCH-

Attijariwafa Bank’s ins. arm Wafa Assurance submitted a mandatory tender offer to acquire up to 100% of Delta Ins. — or 125 mn shares — at EGP 40 apiece. The transaction, valued at up to EGP 5.0 bn, requires a minimum acceptance threshold of 51% of shareholders to go through and is currently being reviewed by the FRA. Wafa Assurance is also looking to take Delta Ins. private, with plans to delist the company from the EGX following the acquisition.

AROUND THE WORLD IN SEVEN DAYS-

Israel attacked Tehran just a few hours ago in a major escalation of regional tensions, which Israeli Prime Minister Benjamin Netanyahu said targeted the country’s nuclear and military sites. This comes days before another planned round of nuclear talks between Iran and the US was set to take place in Oman, after the US sent Iran a proposal that involves restrictions on its nuclear program, including on enriching uranium. The head of Iran’s paramilitary Revolutionary Guard, General Hossein Salami, along with other officials and nuclear scientists, are suspected to have been killed in the attack, according to Iranian state TV.

Israeli Defense Minister Israel Katz declared a special state of emergency and said Israel’s strike was “preemptive” and that he expects retaliation from Iran. Netanyahu said the operation “will continue for as many days as it takes to remove this threat.” The US said it was not involved in the attack.

And Israeli naval forces seized the Freedom Flotilla Coalition vessel trying to break the Gaza blockade and detained all 12 passengers including climate activist Greta Thunberg and French MEP Rima Hassan prior to deportation. The UN recently labeled the besieged strip as “the hungriest place on Earth,” and warned that its entire population is at risk of famine.

Across the pond, the US and China preliminarily agreed to get their Geneva trade war truce back on track, following 20 hours of tense negotiations in London. The two world’s two largest economies agreed to solve their differences over Chinese rare earth export restrictions and US tech export controls. The agreement now awaits the sign-off from Xi and Trump.

Also headlining many of the world’s digital front pages was wall-to-wall coverage of anti-immigration raid protests in the US, which spread to at least two dozen cities across the country. Trump responded to the spreading protests by threatening to respond with “equal or greater force” to protestors in LA, who he described as “animals.”

Elsewhere, an Air India crash in Ahmedabad yesterday, India killed over 240 passengers after crashing before heading on its way to London. The Boeing 787 crash — which is the deadliest aviation crash in more than a decade — left only one known survivor. Boeing’s shares fell 4.8% yesterday.

☀️ THE WEATHER THIS WEEKEND-

The capital will be seeing its hottest day of the week today, with the mercury set to peak at 38°C before cooling to 24°C at night. Tomorrow will be a little cooler, with a high of 36°C and a low of 22°C.

The North Coast will be experiencing cooler weather, with this weekend’s temperatures expected to reach just 31°C during the day and 19°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Don’t call it a comeback. It’s more like a ‘awda. Tonight, beloved Egyptian artist Hamid El Shari will be joining forces with veteran DJ Andy Cheiko at CJC 610 as part of the club’s Ma Yatloboho El Mostami3oon series. You can book your spot through CJC’s official website.

In the mood for a soothing jazz night this weekend? Egyptian singer Noha Fekry will be performing live at Zamalek’s El-Sawy Culturewheel tonight. From slowed-down Sabah classics to 1950s Nina Simone hits, Fekry will be transporting the audience back a few decades. You can secure your spot through El-Sawy Culturewheel’s website.

HAPPENING NEXT WEEKEND-

Need a dash of folklore in your life? Reconnect with your Egyptian roots at El Sawy Culturewheel on Friday, 20 June, as the all-Egyptian, all-women band Tablet el Sitt take the stage. On a mission to spread joy and preserve Egyptian folk music, the band will be performing from 8pm to 10:30pm. Tickets are available on El Sawy Culturewheel’s official website.

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