Good afternoon, friends, and welcome to the start of a fresh, new workweek — and Ramadan’s last. In today’s issue, we take a look at how the Strait of Hormuz closure is impacting Egyptian industry, list our favorite Cairene bakeries and patisseries for all your kahk needs, recommend your next Ramadan watch, and more.

🌙 So, when do we eat? Maghrib prayers are at 6:03pm in the capital, and you’ll have until 4:37am tomorrow to hydrate and caffeinate ahead of fajr

THE BIG STORY TODAY-

📍 The Finance Ministry is set to waive all back taxes on unregistered properties or those missing from tax records in a major “goodwill” bid to expand the tax base through voluntary compliance, a government source tells EnterpriseAM. Part of a broader facilitation package approved by the House of Representatives, the roadmap ensures that no retroactive taxes will be collected — regardless of when a property was built — provided owners register of their own accord.

Primary residences will receive retroactive relief for past dues for two periods — from 2018 through the end of 2021, and from January 2022 through 2026, after which applicable units will be taxed. To further incentivize compliance, the ministry is offering a 25% discount on residential units and a 10% discount on commercial properties to voluntary registrants, as well as a 5% discount for advance payments made before final valuations.

In a move to reset the relationship with taxpayers, the ministry is also capping late payment penalties at the original tax liability, waiving fees for those who settle within six months, and withdrawing all unresolved government appeals.

^^ We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 The regional war continues to dominate headlines as the blocking of the Strait of Hormuz remains a pressing global issue. Despite the emergency oil release by the IEA last week, supply is still disrupted, and crude prices are poised for gains this week, having jumped more than 17% since the emergency release. Both Brent and WTI have witnessed 40% spikes just this month and are expected to extend gains at Monday’s open. The market faces further disruption as US President Donald Trump threatens more strikes on Iran’s Kharg Island oil export hub.

^^ Read more on: Bloomberg, CNBC, and Reuters.

In the business press, Meta is making headlines as it plans another sweeping layoff that could affect more than 20% of its workforce. These cuts come as Meta seeks to offset its AI spending and prepares for more AI-assisted efficiency. The company is on track to spend USD 600 bn on data centers by 2028.

^^ Read more on Reuters.

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

  • Finance Minister Ahmed Kouchouk is building a rainy-day buffer as he prepares the upcoming state budget, signaling a hard pivot toward fiscal preservation over expansion;
  • While the current conflict has dampened investor sentiment across the entire region, Egypt's specific vulnerability lies in its status as a net energy importer facing the economic strain of surging global oil prices;
  • FinMin aims to bring Egypt’s debt-to-GDP ratio down to a sustainable 71-73% by the end of FY 2028-29 and lower its gross financing needs to 9-11% of GDP. The strategy outlines a roadmap to resolve a critical fiscal bottleneck where interest payments currently devour 70-80% of tax revenues.

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today's issue: We take a look at how the Hormuz closure tests Egypt’s industry as soaring shipping and energy costs squeeze supply chain security.

☀️ TOMORROW’S WEATHER- We’re in for a cool, potentially foggy day in the capital tomorrow, with the mercury set to peak at a high of just 23°C, with a low of 12°C, according to our favorite weather app.

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