Good morning, friends. After a bumpy start to the week, calm has returned to the trading halls of the EGX and on the FX market — and we can only hope that we can say the same for the peoples of the region soon.

Leading the issue today is a prime example of why it’s always important to take a step back and not get washed up in the moment — especially when it comes to where to put your money — with encouraging news that EGP climbed back up against the greenback after yesterday’s drop.

Also in today’s issue is a one-on-one interview with IFC Africa VP Ethiopis Tafara, important changes to how property taxes for residential properties are calculated, important automotive localization updates, and more.

We’ve got a packed issue, so without further ado, let’s jump in.

PSA-

WEATHER- The cooldown continues in Cairo today, with a more manageable high of 34°C, a low of 22°C, and partly cloudy skies, according to our favorite weather app.

It’s a similar story in Alexandria, with a high of 28°C and a low of 20°C, and partly cloudy skies.

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WATCH THIS SPACE-

#1- A crisis committee to monitor the consequences of the Iran-Israel conflict has been formed, according to a cabinet statement. Chaired by Madbouly, the committee will include the governor of the central bank and several key ministers, as well as representatives of the defense and interior ministries, the General Intelligence Service, and the Administrative Control Authority. The committee will meet periodically to discuss the impact of the ongoing developments on different sectors.

#2- The EGX is gearing up to launch its new mobile app EGX Gate, designed to allow investors to access the latest market news, view listed securities, monitor market activity, and get summaries of key indicators, according to a statement seen by EnterpriseAM. The move aims to “empower investors by providing a more flexible way to follow the market and engage directly with followers and those interested in financial markets,” the release said.

#3- The UK is working to boost renewables investments USD 500 mn within the next six months, British Ambassador to Egypt Gareth Bayley said during the launch of the country’s Green Growth Campaign in Egypt yesterday, the embassy said in a statement seen by EnterpriseAM. The newly launched campaign in the run up to COP30 in November will “turbo-charge UK-Egypt collaboration on green growth, covering climate action, sustainable investment, and environmental innovation.”

DATA POINT- Investments in Egypt’s renewables sector from the British state and private enterprises is already past the USD 1 bn mark.

HAPPENING TODAY-

AUC’s Onsi Sawiris School of Business will kick off the annual Business Forward event today under the theme Future Forward: Inspiring Business in 2025. The event will dive into how “businesses are navigating economic turbulence while driving innovation, exports and sustainable industrial growth,” according to a statement. Panels will include insights from leading private sector players, including Travco General Manager Moataz Sedky, Edita CEO Alfred Younan, Talabat Egypt Managing Director Hadeer Shalaby — to name but a few, according to the event’s agenda.

FROM THE HOUSE-

The House preliminarily approved a draft law regulating state ownership in companies fully or partially owned by the government. The legislation aims to improve governance, define state and company roles, and support the state’s exit from certain activities or industries through a new centralized unit tasked with overseeing investment decisions. The final vote on the bill will take place in an upcoming session.

ALSO GREENLIT BY THE HOUSE- MPs approved a protocolagreement between Egypt and the UAE to avoid double taxation and crackdown on tax evasion, financing from the French Development Agency for the Alexandria electricity control, and FDA funds for the East Alexandria Wastewater Treatment Plant.

THE BIG STORY ABROAD-

“Everyone should immediately evacuate Tehran,” US President Donald Trump said in a post on Truth Social that came out at about 4am in the city of 9 mn people, spreading panic across the city and causing alarm across the world’s digital front pages. The news shortly followed Israel issuing evacuation orders to residents of a large part of Tehran, in an indication that was ramping up its attacks on the city as the conflict enters its fifth day. The death toll has now risen to 244 killed in Iran and 24 in Israel. (Financial Times | Bloomberg | Reuters | Associated Press | Guardian)

Egypt issued a joint statement with 21 countries from the Arab and muslim world to condemn Israel’s attacks on Iran and to call for an immediate halt to hostilities, the ruling out of targeting nuclear facilities, and other demands, according to a statement from the Foreign Ministry. Cosignotaries included Saudi Arabia, UAE, Iraq, Oman, Qatar, Kuwait, and Libya, among others.

Trump’s call for Russia to be readmitted to the G7 is also getting a lot of ink this morning, with the president describing the 2014 decision to kick the country out of the then-G8 as a “big mistake”. If Russia had remained in the group, the country wouldn’t have invaded Ukraine in 2022, he claimed. (Reuters | Guardian | New York Times)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look at how Sharm El Sheikh became the first Egyptian city to join ICLEI Local Governments for Sustainability’s global network of sustainable cities.

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