Good morning, all. We have another busy issue for you to wrap up what has been one very hot week. We lead the news well this morning with the latest developments in the real estate sphere — despite pushback from the industry, the government has expanded its levies on real estate developments to include those on the Dabaa Axis. We also dive into Raya Holding’s bid to snap up a bigger piece of subsidiary Raya CX in an interview with CEO Ahmed Khalil, which also looks at the company’s plans for the future.

AND- Your regular dose of investment news, this time for a local player. Egyptian textile player CWA Textiles is setting up a EGP 970 mn textile plant in Sokhna.

PSA-

WEATHER- We’re in for another sunny day in Cairo with the heatwave seemingly behind us, the mercury is set to peak at 34°C before cooling down to a sensible 25°C, according to our favorite weather app.

It’s a little nicer in Alexandria, with a high of 31°C and a low of 24°C.

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WATCH THIS SPACE-

#1- Hassan Allam’s SPAC has gotten an initial green light from the EGX’s listing committee to list its shares on the bourse starting today, according to an announcement. The SPAC — dubbed Hassan Allam Investments & Venture Capital — will list 10 mn shares at a par value of EGP 1 per share. The shares will be listed on the main market and the company will have up to three months to meet listing requirements and obtain regulatory approvals before the shares start trading.

REMEMBER- Our friends at Hassan Allam Holding filed to list their SPAC on the EGX’s main market in May.

#2-The Planning Ministry rolled out a digital platform to monitor how each governorate is advancing on the UN’s Sustainable Development Goals (SDGs), according to a statement.

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HAPPENING NEXT WEEK-

Belated exporter subsidy payouts begin: The Finance Ministry will begin disbursing overdue export subsidies totaling EGP 5 bn to some 2k exporters on 7 August under the revamped export subsidy program that will see exporters will receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities.

Opening the door for more exporters: Exporters have between 17 August and 4 September to send their requests to receive payouts under the program.

DATA POINT-

Net FDI inflows amounted to USD 9 bn in 1H 2025, CEO of the General Authority for Investment and Freezones Hossam Heiba told Asharq Business. The inflows were primarily driven by investments from Saudi Arabia, the UAE, and Qatar. Heiba also noted growing interest from Chinese investors in Egypt’s textile and automotive sectors, while Turkish investors are exploring investments in those areas as well as in engineering and home appliances.

REMEMBER- The country is targeting USD 42 bn in net FDI during the current fiscal year, with plans to boost that figure to USD 55 bn in FY 2028-2029. Egypt secured USD 47 bn in FDI in 2024, largely driven by the Ras El Hekma agreement.

THE BIG STORY ABROAD-

The US’ latest trade agreements ahead of tomorrow’s deadline are still getting top billing in the foreign press, along with a handful of Big Tech earnings and fresh sanctions on Iran.

#1- The US and South Korea reached a trade agreement, setting a 15% tariff on South Korean exports to the US, in exchange for USD 350 bn in investments in US-owned projects selected by US President Donald Trump, Trump said on Truth Social. This is in addition to USD 100 bn in energy investments in the US. This follows a similar structure to the agreement with the UK and Japan, which also pledged investments in exchange for lower tariffs. (Reuters | Bloomberg | Financial Times | Politico | Axios)

Not yet as lucky? India, which could face a 25% tariff on its exports to the US as of tomorrow if ongoing talks end with no agreement. (Bloomberg | Guardian)

ALSO- The US economy rebounded in 2Q 2025, growing 3% after contracting in the first quarter of the year, on the back of strong consumer spending and a turnaround in the trade balance. (CNBC | Wall Street Journal | Bloomberg)

#2- Microsoft and Meta are both spending big on AI, after reporting strong quarterly earnings. Microsoft, which is set to become the second company to reach a market cap of USD 4 tn, is penciling in USD 30 bn in capital expenditures in its first quarter of its fiscal year, while Meta pledged to spend more from its advertising revenues well into 2026. Both companies’ shares rose more than 9% in afterhours trading on the news. (CNBC | Financial Times | Bloomberg | Reuters)

#3- The US doubled down on its pressure campaign on Iran with sweeping new sanctions on 115-linked Iranian individuals and businesses, broadly targeting the shipping business of Hossein Shamkhani, the son of senior adviser to Supreme Leader Ayatollah Ali Khamenei. (Bloomberg | Reuters)

#4- ALSO- Canada is now the latest to pledge recognition of the Palestinian state at September’s UN summit, following in the footsteps of France and the UK. (Bloomberg)

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