Good afternoon, friends, and happy hump day. We hope you savored your morning brew, as many of us will be saying goodbye to our 8am cup of joe very soon. We’ll know in a few hours’ time whether Ramadan begins tomorrow or on Thursday, as Dar Al Ifta is expected to hold its traditional moon sighting this evening.

It’s a relatively calm day both at home and in the global press, and in today’s issue, we take a look at what Cairo’s patisseries are offering this Ramadan.

THE BIG STORY TODAY-

📍 The Finance Ministry has finalized its new medium-term debt strategy and presented it to the Cabinet ahead of an official rollout, a senior government source told EnterpriseAM. The strategy shifts from crisis management to structural optimization, aiming to aggressively slash borrowing costs and push maturities further into the future.

The roadmap targets bringing the debt-to-GDP ratio below 75% and slashing interest payments to 7% of GDP — down from 11% — within three years by increasing the average debt life to 4.5-5 years. Central to the plan is the inaugural issuance of 15-year local bonds and a pivot toward re-opening existing issuances to hit an EGP 25 bn liquidity threshold per bond — a key requirement for re-inclusion in the JPMorgan Emerging Markets Index.

^^ Read more details on this story in tomorrow’s edition of EnterpriseAM.

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

  • Bonyan will hand Nestlé Egypt the keys to its Golden Gate Building A5 in New Cairo under a six-year lease agreement starting next month. The 6.9k sqm building will house the headquarters of Nestlé Business Services;
  • The International Finance Corporation is putting USD 208 mn to work across Egypt and East Africa, targeting engines of everyday economic life, including banks that lend to small businesses, companies that manufacture medical equipment, and platforms that move food from suppliers to consumers;
  • Talaat Moustafa Group is handing over the operations of two of its landmark heritage hotels to Mandarin Oriental. The Hong Kong-based global luxury hotel operator will take over operations at the Old Cataract Aswan and the Winter Palace Luxor and relaunch them under the Mandarin banner in July 2027.

☀️ TOMORROW’S WEATHER- The cool weather is here to stay, with temperatures in Cairo set to peak at a high of just 22°C, with a low of 12°C, according to our favorite weather app.

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