The EGP punches through the EGP 50 barrier

👋 Good morning, friends, and happy long weekend. We’ve got a full issue for you today — starting with The Enterprise Guide’s case for protecting your brain in the age of AI, which is either reassuring or alarming depending on how much you’ve used it this week. We also have Steven Spielberg back in sci-fi territory, a horror film that turned USD 750k into a USD 175 mn phenomenon, a new Greek spot in New Cairo, and a podcast for anyone who takes their music seriously.

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS-

ECONOMY-

The USD fell below the psychological EGP 50 mark across several local banks on Wednesday for the first time since March, extending the EGP’s recovery as regional geopolitical friction eases and foreign currency liquidity strengthens. The greenback traded at EGP 49.96 (buy) and EGP 50.07 (sell) at state-owned NBE and Banque Misr, while the rate reached EGP 49.90 (buy) and EGP 50 (sell) at CIB. The appreciation was driven primarily by the exceptionally strong inflows recorded in the secondary market on Tuesday, with foreign portfolio investments rising by USD 1.1 bn — the largest single-day inflow since March.

AND- China extended its local-currency swap line with Egypt for three more years and lifted the ceiling 67% to CNY 30 bn (c. USD 4.43 bn) from CNY 18 bn. The expansion is coinciding with deepening commercial ties. As of November 2025, 2.8k Chinese companies have been active in Egypt, with over USD 8 bn invested.

ALSO- The government is fast-tracking corporate formation by introducing a temporary eight-month tax card. The draft legislation allows new companies to speed up their establishment and licensing procedures.

ENERGY-

Egypt agreed with QatarEnergy and ExxonMobil to receive and re-export gas from Cyprus’s Pegasus and Glaucus fields through Egyptian pipeline networks. The framework would see Egypt collect transit and processing fees. The two fields are targeting production of 1 bcf/d by 2030, with recoverable reserves estimated at 7 tcf.

AND- The military’s National Service Projects Organization is handing Taqa Arabia a 10% stake in 172 stations from Wataneya’s fuel network. The transaction parks the assets inside a new IPO-bound vehicle called Quick Fuel for Petroleum Products Trading and Distribution, which Taqa will now manage and operate.

ALSO- The EU is putting up EUR 690 mn to upgrade our electricity transmission network and integrate 22 GW of new renewable capacity into the grid by 2030. The agreement is the first concrete project under T-Med.

AUTOMOTIVE-

Chinese luxury EV maker Rox Global is expanding in the local market through a joint venture with Ezz El Arab Elsewedy Investments named Rox ESI Egypt. The new company will produce what its backers say is the first luxury electric vehicle manufactured in the country.

AND- Egypt’s automotive market cooled in April, falling to 15.3k units from 17.8k in March as it digested two months of pulled-forward demand. Buyers had front-loaded purchases through February and March to beat price hikes and Red Sea shipping disruptions, leaving April to absorb the correction.

PRIVATIZATION WATCH-

Some of the government’s longest-running privatization plays may finally be seeing daylight. Offers are in for military-owned bottled water maker Safi, and an IPO timeline has been set for the military’s new retail field vehicle Quick Fuel.

M&A-

The Transport Ministry is set to reject AD Ports’ mandatory tender offer to acquire up to 90% of Alexandria Container and Cargo Handling, a senior government official recently told us. The Emirati port operator offered EGP 27.47 per share last week to consolidate its control over the local maritime company.

DEBT WATCH-

Fintech platform Valu secured a EGP 600 mn loan from the European Bank for Reconstruction and Development to finance household purchases of energy-efficient and renewable technologies. The facility aims to drive retail adoption of solar power and electric mobility.

🌍 AROUND THE WORLD IN SEVEN DAYS-

This week’s news cycle was dominated by two stories: the US-Iran peace agreement and SpaceX’s blockbuster public debut. Here’s the rundown:

The US and Iran reached an agreement on Sunday to end the war and reopen the Strait of Hormuz, with a signing ceremony set for Friday in Switzerland. The text of the MoU remains unpublished, though several news outlets have obtained thedetails.The agreement dominated G7 talks in France, where President Donald Trump warned that “hell will rain down” if Iran tries to develop a nuclear weapon. The UK, France, Germany, and Italy agreed in a joint statement that “Iran ‌must ⁠never acquire a nuclear weapon.”

Uncertainty remained over the Strait of Hormuz, with shipowners and oil traders expected to take weeks to confidently resume transit unless the agreement proves material. Oil prices hit a more-than-three-month low.

IN THE BUSINESS PRESS- SpaceX made its Nasdaq debut on 12 June, raising USD 75 bn in the largest IPO in history and closing its first trading day up 19%. The listing made Elon Musk the world’s first t’naire. By Tuesday’s close, SpaceX had pushed its market value to USD 2.66 tn, leapfrogging Amazon to become the world’s fifth-most valuable company, and also announced it will acquire Anysphere — the company behind AI coding agent Cursor — for USD 60 bn.

MEANWHILE- The UK carried out the first-ever operation of its kind against Russia’s “shadow fleet,” with British forces intercepting and boarding an oil tanker in the English Channel on Sunday. UK Prime Minister Keir Starmer confirmed that Royal Marines and officers from the National Crime Agency took control of the vessel Smyrtos, which was sailing under the Cameroonian flag, during a six-hour operation.

ALSO- Starmer announced plans to ban social media access for under-16s and introduce tighter rules for gaming and livestreaming platforms. Starmer outlined a crackdown targeting social media platforms, including TikTok, Instagram, and Snapchat, alongside gaming services that allow children to interact with strangers online.

☀️ THE WEATHER THIS WEEKEND-

Things are heating up in C-Town this weekend, with today’s high reaching 34°C and lows staying at 23°C — expect the same through Friday and Saturday, with a slight bump to 35°C on Saturday.

As for our friends up north, they’re looking at a high of 28°C today, climbing to 29°C on Friday and Saturday, with lows of 21-22°C through the weekend, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Human behavioral expert Dr. Khaled Ghattass returns to Cairo with his special show, Between the Strange and the Prevailing, tonight at Al Manara Main Hall. The renowned author and speaker brings an intimate live discussion on love and life, human behavior, relationships, and more. Doors open at 7pm, and the talk begins at 8:30pm. You can get your tickets on Ticketsmarché.

How about yacht Pilates for your summer plans? This Saturday, World Fit Gym is taking Pilates to the Mediterranean with a private yacht session off Alexandria’s coast at the Egyptian Fishing Club. The women-only curated event includes a Zumba warm-up, a matcha tasting experience, two wellness talks, and exclusive giveaways. Spots are limited — you can request yours through World Fit Gym’s website.

🎤 HAPPENING NEXT WEEKEND-

Hamaki is kicking off El Arena’s summer concert season, taking the stage on Friday, 26 June. Expect a high-energy night of the pop singer’s fan-favorite hits and first-ever live performances from his new album. The show starts at 5pm — grab your tickets on Tazkarti before they sell out.

Still feel like a kid at heart? New Cairo’s City Gate is embracing your inner child with The Play Festival, dubbed Egypt’s “first play festival for kids above 21.” Taking place on Friday, 26 June, the event transforms the venue into a playground centering music, movement, arts, games, and challenges. Curious? You can grab your early-bird tickets now through Ticketsmarché.

Pop icon Tamer Ashour is set to take the stage at The Mall ofMansoura for the mall’s grand opening on Saturday, 27 June. Expect a high-energy show packed with his biggest hits. The concert kicks off at 8pm — tickets are available on Ticketsmarché.