Good afternoon, friends, and congratulations on making it to the weekend. It’s been a busy week in the press — and today is no different. Abroad, the tech sell-off continues, and at home, industry and tourism are set for a boost in the FY 2026-2027 budget. Also in today’s issue: we catch up on the latest season of Industry and dissect Egypt’s booming gaming market.

THE BIG STORY TODAY-

📍FinMin gives industry and tourism a boost: The Madbouly government is planning to allocate nearly EGP 250 bn in the FY 2026-2027 budget to fund financing initiatives targeting the industrial, export, and tourism sectors, a senior government official told EnterpriseAM. The final interest rate remains under review. The move supports the government’s target of raising industry’s GDP contribution to 20% by 2030 and meeting its USD 145 bn export goal.

The details: The package is expected to be anchored by an expanded industrial financing program that could exceed EGP 100 bn, alongside the continuation of the EGP 50 bn tourism initiative and higher export subsidies, up from EGP 45 bn this fiscal year.

The government is also studying the creation of a dedicated financing fund to coordinate disbursements between the CBE, the Finance Ministry, and the Industrial Development Authority.

THE BIG STORY ABROAD-

🌐 All eyes are on global markets as the tech sell-off shows no signs of stopping amid fears of AI disruption. The past week saw losses of USD 1 tn — stocks, bonds, and loans of Silicon Valley companies suffered hundreds of bns of USD in losses in just the span of two days. Precious metals have also taken a hit, with silver plunging 17% this morning, canceling out a two-day rally. Gold also fell 3.5%, trading near USD 4.85k per ounce at the time of publication.

^^Read more on Bloomberg here and here.

ALSO MAKING HEADLINES- The Washington Post has laid off nearly one-third of its work force, effectively eliminating its sports section, book department, and scaling back on a slew of foreign bureaus and coverage desks. The move is being described by WP employees as one of the “darkest days” in its history.

^^Read more on the Washington Post, AP News, and the BBC.

AND- Alphabet shares were down this morning, dipping 2.6% premarket. This follows the tech giant’s earnings release, which projected USD 175-185 bn in capex for 2026, beating analyst forecasts. A significant portion of this capex will go toward AI, raising concerns for investors.

^^Read more on CNBC and Reuters.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • The Finance Ministry and the EGX are preparing to activate a secondary market for sovereign sukuk. Shifting sukuk from the primary market to open exchange trading is designed to maximize returns and attract fresh liquidity as Egypt’s Islamic finance market matures;
  • The Investment Ministry and General Organization for Export and Import Control are tightening oversight on exports of fertilizers, cement, steel, and appliances to ensure Egyptian goods don’t lose access to international markets over environmental standards;
  • The automotive market staged a significant recovery in 2025, with total sales up 69.9% y-o-y to 173.8 k units. The rebound after a punishing two-year slump was driven by a 53.6% increase in bus sales, a 64.4% increase in passenger car sales, and a notable 108.4% increase in truck sales.

☀️ TOMORROW’S WEATHER- We’ll be getting plenty of sun in Cairo tomorrow, with the mercury set to peak at 25°C before cooling down to 16°C, according to our favorite weather app.

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