NBE invests EGP 250 mn in new education platform targeting 100 schools in 27 governorates

Good afternoon, friends, and kudos to you for making it to the weekend. It’s been a busy week both at home and beyond, and we’ve got the latest for you below. To send you off into the weekend, we’ve got a somewhat light — albeit lengthy — issue this afternoon, with Apple under the spotlight. We break down the latest announcements from the 2026 Worldwide Developers Conference and check out Apple TV’s latest thriller brought to life by Martin Scorsese and Steven Spielberg.

First up, the news…

THE BIG STORY TODAY-

📍 NBE puts EGP 250 mn into a new education platform targeting 100 schools across Egypt’s governorates: The National Bank of Egypt (NBE) acquired a 20% stake in the Egyptian Alliance for Education — an initiative bringing together CIRA Education, NBE, and 10 other companies — raising the platform’s total capital to EGP 1.25 bn, according to a press release. The alliance, founded by CIRA Chairman Hassan El Kalla, seeks to establish more than 100 new schools across the 27 governorates, “bringing quality education at a grassroots level with affordable fees,” CIRA CEO Mohamed El Kalla tells EnterpriseAM. The first four schools are slated to open this year in Qena, Kafr El Zayyat, and Alexandria, El Kalla adds.

ALSO- Korra Energi makes its EGX debut: Shares of Korra Energi closed up 19.5% at EGP 3.55 on its first day of trading today, according to market data. Some 269.7 mn shares changed hands, generating EGP 977.9 mn in turnover. The energy solutions firm floated an 11% stake valued at EGP 735 mn in what marked the EGX’s second IPO of the year — following Gourmet’s blockbuster February debut — and the first since the Iran war broke out.

Active contracts currently stand at EGP 15 bn, with a pipeline exceeding EGP 40 bn, Ayman Korra, the company's founder and CEO, told EnterpriseAM at this morning's bell-ringing ceremony. “There is strong momentum on the EGX and high demand for serious companies,” he said, adding that his decision to float only 11% of the company was a deliberate signal. “My confidence in the company is why I chose not to offer 30% or 40%; I prefer to retain a large portion.”

THE BIG STORY ABROAD-

🌐 Regional tensions remain the dominant force across the digital front pages this afternoon as the US and Iran continue exchanging fire. After the US launched a fresh wave of attacks on Iran last night, resulting in retaliatory strikes by Tehran on US bases in the region — in Bahrain, Kuwait, and Jordan — Iran’s new Strait Authority announced that the Strait of Hormuz “will be closed until further notice,” citing the US attacks. The announcement came shortly after an Iranian official accused the US of attacking a cargo ship in the Gulf of Oman earlier today.

Progress is reportedly being made on an agreement, according to Iranian sources with knowledge of the matter cited by Reuters. Meanwhile, three Indian sailors who were reported missing earlier this week were confirmed dead following an attack on an oil tanker earlier this week, India’s shipping minister Sarbanada Sonowal wrote on X.

^^ Read more on: CNN, BBC, The Guardian, Reuters, and Financial Times.

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

• The government fully cleared its outstanding arrears to international oil companies — totaling USD 6.1 bn accrued since June 2024. Settling the debts has already unlocked a USD 19 bn investment pledge from global energy majors, which sets the state up to hit its USD 6.2 bn sector FDI target next fiscal year;
• Annual urban inflation cooled for a second consecutive month in May, easing 0.3 percentage points to 14.6% y-o-y, broadly in line with market expectations. However, monthly inflation accelerated to 1.6% m-o-m from 1.1% in April, reflecting lingering price pressures. The reading is close to HC Securities’ forecast of 14.7% and Reuters’ median estimate of 14.5%;
• No talks are underway for a new IMF program to follow the current USD 8 bn Extended Fund Facility after it expires in December. Even after the program ends, the Fund will continue conducting periodic economic reviews and providing technical and advisory support.

☀️ TOMORROW’S WEATHER- Keep your sunscreen close, folks. Tomorrow brings sunny skies and a high of 36°C, with a welcome cooldown to 24°C. The North Coast can look forward to a gentler day, with temperatures peaking at 30°C before dropping to a low of 20°C after dark, according to our favorite weather app.