US-Iran war cost surges to USD 29 bn as Trump lands in Beijing

Good afternoon, ladies and gents, and happy (almost) weekend. Despite it being scalding outdoors, the news cycle seems to be staying cool — and we hope you are too. It’s another quiet day at home, and we’ve got a brisk issue for you this afternoon as we relay our adventures with the New Cairo monorail and take a look at a highly-acclaimed debut novel: Lost Lambs.

But first, the news…

THE BIG STORY ABROAD-

🌐 No single story is getting top billing this afternoon, but plenty are dominating the front pages. Among the stories getting plenty of ink are the tolls of the US-Iran war raging on, as war costs climb to USD 29 bn, according to a senior Pentagon official. US President Donald Trump had told reporters on Tuesday that he doesn’t “think about Americans’ financial situation” during negotiations with Iran.

^^Read more on: CNN, Wall Street Journal, and Reuters.

Tides are shifting for the US president, however, with Trump in Beijing to meet China’s leader Xi Jinping, hopeful to strike up mutually beneficial agreements with his Chinese counterpart, stating, “I have a great relationship with President Xi, and I think it’s going to remain that way. We have a lot of things to discuss.” Trump and Xi’s much-anticipated meeting is set to cover a range of topics, most importantly, US-China trade policies, the status of Taiwan, and the fate of the US-Iran war, with China being one of Iran’s closest allies.

^^Read more on: BBC, CNN, and The Washington Post.

CLOSER TO HOME- Israel has stepped up its attacks in Gaza in the five weeks since the US-Iran ceasefire, Reuters reports. This comes after the Israeli military warned Prime Minister Benjamin Netanyahu's government that Hamas is rebuilding its forces. At least 120 Palestinians have been killed since 8 April, according to the Gaza Health Ministry.

^^Read more on: Reuters.

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

• The Tourism Development Authority is taking back land from developers in Marsa Alam, South Sinai, and El Quseir over stalled hotel projects — and repricing the recovered plots at sharply higher rates;
• PickAlbatros filed to acquire Mövenpick Casablanca from Casablanca-listed insurer Sanlam Morocco and its hotel-holding subsidiary Luxor. This is the second Casablanca acquisition in roughly a month;
• Talaat Moustafa Group saw its net income jump 24% y-o-y to EGP 5.5 bn in 1Q 2026. Revenues rose 39% y-o-y over the same period to EGP 13.1 bn, with growth being attributed to a strong showing in the real estate and hospitality sectors and a steady scaling of recurring revenue sources.

☀️ TOMORROW’S WEATHER- Stay cool and stay hydrated — we’re in for another particularly hot day in the capital. The mercury is set to peak at 38°C, with a low of 21°C, according to our favorite weather app.