Good afternoon, friends, and congrats on making it through a busier-than-usual week. While we have been readying for the weekend wind-down, the news cycle is still barrelling through a slew of international developments at full speed.

THE BIG STORY TODAY-

📍 The economy grew 5.3% in the first quarter of FY 2025-2026, up from 3.5% in the same period last year, the Planning Ministry said in a statement. Real GDP reached EGP 2.34 tn, rising 4.9% y-o-y.

REMEMBER- The Egyptian economy’s growth accelerated to 4.4% in FY 2024-2025, surpassing both the 4.2% growth target set in the draft budget and the FY 2023/24 growth rate of 2.4%.

The main drivers: The economic expansion was led by non-oil manufacturing and ICT, both of which grew 14.5%. Tourism rose 13.8%, while financial intermediation increased 10.2%. The Suez Canal also grew 8.6%, marking its first positive reading since 2Q FY 2023/24, after a year-and-a-half of geopolitical tensions.

Social services sectors, including health and education, grew 4.6%, electricity rose 5.4%, and construction expanded 3.3%. The period also saw growth in ins., electricity, and wholesale and retail agricultural trade.

Elsewedy and China’s CJN to establish USD 1 bn phosphate chemicals complex: China’s phosphate chemicals firm Kunming Chuan Jin Nuo Chemical Co. (CJN) and Elsewedy Industrial Development will develop a USD 1 bn phosphate-based chemical industrial complex in the Sokhna Industrial Zone’s Sokhna 360 industrial city, according to a cabinet statement. The complex is expected to be one of the largest of its kind in the Middle East.

The details: The complex will be developed by Elsewedy over three phases, aiming to create 10k jobs and export its output to markets in South Asia, the Middle East, Africa, and South America. The project will also involve establishing a specialised research and development center in the first phase of development to advance scientific research in phosphate-based chemical technologies.

THE BIG STORY ABROAD-

🌐 It’s been an extraordinarily busy afternoon in the global press, with top billing going to US President Donald Trump suspension’s of immigration for Afghans as DC remains on high alert. The US has halted the processing of all immigration requests from Afghanistan after the suspect in yesterday’s shooting near the White House — which left two National Guard members in “critical condition” — was identified as an Afghan man who had come to the US after fleeing Taliban rule in 2021. The suspension will be indefinite, “pending further review of security and vetting protocols,” a statement by the US Citizenship and Immigration Services reads.

“This heinous assault was an act of evil, hatred, and terror. It was a crime against an entire nation, and a crime against humanity,” Trump said hours after the attack. “We must now re-examine every single alien who has entered our country from Afghanistan […] and we must take all necessary measures to ensure the removal of any alien from any country who does not belong here,” he added, blaming the Biden administration for 29-year-old suspect Rahmanullah Lakanwal’s entry to the US. (Axios | BBC | CNN | New York Times)

ALSO- What is being reported as the worst residential fire in Hong Kong in decades continues to rage on, with the death toll rising to 55 as hundreds remain missing. The fire, which spread across several high-rise buildings in an apartment complex, has raised flags pertaining to the use of bamboo scaffolding, with the government set to meet to discuss the use of metal scaffolding instead. An assistance fund will reportedly allocate USD 38.5 mn in aid to affected residents. (CNN | Guardian)

ELSEWHERE IN THE WORLD- A group of military officers announced a coup in Guinea-Bissau, with now-former President Umaro Sissoco Embaló’s whereabouts unknown, though he is expected to be in military detention. The coup came just one day before the results of the country’s presidential elections were to be announced. The military announced in a statement that General Horta Nta Na Man has been sworn in as interim president. (BBC | Bloomberg | Reuters | CNBC Africa)

☀️ TOMORROW’S WEATHER- We’re in for a relatively sunnier day in Cairo tomorrow, with temperatures reaching a high of 26°C and a low of 15°C, according to our favorite weather app.

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