Good morning, friends and happy almost-Thursday to you all. The news cycle shows no signs of slowing down even as we barrel toward the weekend, with news of our very own regasification unit and fresh tax incentives leading the news well.

ALSO IN TODAY’S ISSUE- Car prices continue to fall, seeing dips reaching 20% as dealers look to reignite demand in a paralyzed market and we dive into the real estate sector’s performance throughout the first six months of the year.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 31°C and a low of 22°C, according to our favorite weather app.

It’s a touch cooler in Alexandria, with a high of 29°C and a low of 22°C.

WATCH THIS SPACE-

#1- MAF swaps Carrefour for HyperMax in two regional markets — but keeps Egypt. Majid Al Futtaim (MAF) has rebranded its Carrefour stores in Bahrain and Kuwait to its new homegrown brand HyperMax, Majid Al Futtaim Retail CEO Günther Helm told Dubai Eye 103.8. The move follows the replacement of its Carrefour stores in Oman and Jordan with HyperMax stores last year.

It was MAF’s decision to break with the French retail giant, which Helm says was done to better suit the needs of customers. The HyperMax brand responds to the “growing demand for locally sourced products and services in a number of our markets,” a MAF official told EnterpriseAM.

But don’t expect to see HyperMax replace Carrefour here in Egypt anytime soon, as “at present, there are no immediate plans to expand HyperMax across other markets,” we were told.

#2- The Investors Union is calling on the Finance Ministry to cancel fines on previous tax dues that have been fully settled, Vice President Sobhi Nasr told Al Borsa. The union is calling for the measure to be part of the second set of tax facilities currently being put together.

Writing off these fines would help businesses operate at full capacity and increase their exports, argued Nasr. It would also help settle around 70% of tax disputes before the courts, he added.

HAPPENING TODAY-

#1- It’s day one of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report launch summit. Organized by Entlaq in partnership with El Gouna — which is hosting the event — the three-day summit will bring together government officials, investors, development partners, and startup founders to discuss the findings of the report on the country’s entrepreneurial community.

What to expect from the report? The report “maps macro indicators, legal frameworks, access to finance and markets, institutional enablement, and regional dynamics — delivering actionable, evidence-based recommendations benchmarked against peer markets such as Morocco, Kenya, and India.”

#2- Attention real estate players, the country’s largest real estate exhibition is in town. Cityscape Egypt kicks off today at the Egypt International Exhibition Center. The expo is expected to welcome 40k visitors over its four-day run and host more than 80 developers showcasing over 1k projects.

HAPPENING TOMORROW-

The Egyptian-German Business Forum kicks off tomorrow in Munich and Frankfurt, hosted by the German-Arab Chamber of Industry and Commerce, according to a Finance Ministry statement. The two-day event will bring together government officials, representatives from German companies, and investors to explore opportunities for strengthening bilateral relations.

What’s on the agenda? Finance Minister Ahmed Kouchouk will present Egypt’s latest tax incentives and fiscal policies designed to support production and exports, while also promoting priority investment opportunities for German companies. The forum will also highlight joint government efforts to cut trade costs, streamline procedures, and boost competitiveness.

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THE BIG STORY ABROAD-

Global headlines this morning are focused on Trump’s latest regarding the Russia-Ukraine war. In a sharp shift from earlier comments urging territorial concessions, US President Donald Trump said that Kyiv could “win all of Ukraine back” shortly after meeting Ukrainian President Volodymyr Zelenskiy on the sidelines of the UN General Assembly. “With time, patience, and the financial support of Europe and, in particular, NATO, the original Borders from where this War started, is very much an option,” Trump wrote in a post on his Truth Social platform. (Reuters | Associated Press | Financial TImes | The Guardian | BBC | Washington Post | Axios)

AND IN MARKETS NEWS- Fed boss Jay Powell cooled Wall Street’s hopes for a rapid easing cycle, warning that while last week’s 25 bps cut took some pressure off the job market, moving too aggressively could leave the inflation fight unfinished. He flagged upside risks to prices and downside risks to employment, striking a more cautious tone. US equities slipped on the remarks — the tech-heavy Nasdaq led declines, falling 1.0%, with Nvidia down 2.8%, while the S&P 500 shed 0.6%. (Financial Times | CNBC | The Guardian | CNN | New York Times | Reuters | Bloomberg)

ALSO WORTH READING THIS MORNING- Bloomberg takes a deep dive into how researchers and campaigners who warned of superintelligent systems wiping out humanity are losing clout as tech giants race ahead.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We dive into the real estate sector’s performance during the first half of the year.

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