Good afternoon, friends, and (almost) Eid Mubarak. With Ramadan on its way out and Eid swiftly making its way in, it's likely that we'll be treating ourselves to a little overindulgence this weekend — and while you should heed the calls of your appetite, it's important to know what you should steer clear of.

In today's issue: We take a look at the impact of ultra-processed foods on development, unpack a hefty sports schedule, and explore one Palestinian poet's attempt to make sense of tragedy.

**A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday in observance of Eid El Fitr, and will be back in your inboxes on Tuesday afternoon. Until then, enjoy the long weekend.

🌙 So, when do we eat? Maghrib prayers are at 6:05pm in the capital, and you’ll have until 4:33am tomorrow to hydrate and caffeinate ahead of fajr

THE BIG STORY TODAY-

📍 Beltone Asset Management secured initial FRA approval to launch Fadda, Egypt's first-ever silver investment fund. The fund will offer cumulative daily returns and provides a regulated vehicle for investors to gain exposure to silver at competitive market prices, according to a press release.

Positioned as a strategic tool for portfolio diversification and a hedge against volatility, Fadda introduces a new asset class to the Egyptian landscape, targeting medium- to long-term growth. While the full structural details and investment mechanisms are still under wraps, the subscription window is set to open immediately following Eid El Fitr via Beltone Securities Brokerage.

The Finance Ministry is targeting a recalibrated budget deficit of 5.5% for the upcoming FY 2026-2027 draft, a significant drop from the current year’s 7.3% but slightly higher than the 4.9% initially eyed in preliminary circulars due to mounting regional geopolitical pressures, a government source told EnterpriseAM.

To anchor this consolidation, the state is banking on a record revenue surge to EGP 4 tn — driven by tax receipts expected to touch the EGP 3 tn mark for the first time — while capping public expenditures at EGP 4.9 tn through continued energy subsidy cuts and austerity. Even with the belt-tightening, the draft locks in a 4% primary surplus and a redirected social safety net, using fuel subsidy savings to fund a new minimum wage hike and expanded cash transfers as the Cabinet prepares to hand the final draft to the House of Representatives by month’s end.

THE BIG STORY ABROAD-

🌐 In breaking news this afternoon, Israel’s Defense Minister Israel Katz says Iran’s Intelligence Minister Esmail Khatib was killed in an overnight strike. There has been no official confirmation from Iran yet. Katz added in his statement that Israeli Prime Minister Benjamin Netanyahu had authorized the military to assassinate any senior Iranian official without the need for additional approval. Katz also said that Israel is pursuing Iran’s entire leadership, stating: “No one in Iran has immunity, and everyone is a target.”

^^Read more on: Bloomberg, the Guardian, Reuters, and the Wall Street Journal.

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

  • The government will finalize a timeline to exit or IPO at least 20 state-owned enterprises immediately after the Eid El Fitr break. The goal is to generate USD 3-4 bn in immediate inflows by year-end;
  • Egypt is in negotiations with several international financial institutions to link development loans to the EGP under a new pricing mechanism that will hedge against exchange rate volatility ;
  • Local banks have not suspended the issuance of letters of credit (LCs) for shipments across any regions. While the regional conflict has sent ins. premiums soaring and disrupted shipping lanes, LCs continue to be processed.

☁️ TOMORROW’S WEATHER- We’re in for some rocky weather in the capital tomorrow, with strong winds and a chance of rain. The mercury is set to peak at 23°C, with a low of 13°C, according to our favorite weather app.

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