Good afternoon, friends, and happy almost long weekend. Last night gave us one of the biggest World Cup upsets in memory: Germany, four-time champions, knocked out by Paraguay on penalties, and we’re choosing to take that as a sign of good things for Egypt. Elsewhere in today’s issue: a look at when online therapy makes sense and when in-person still takes the cake, and a halal street food spot in Korba that’s making the case that delivery doesn’t have to mean a downgrade.
First things first, the news…
THE BIG STORY TODAY-
📍 Egypt has issued USD 500 mn (JPY 80 bn) in sustainability Samurai bonds in Japan, backed by a partial credit guarantee from the African Development Bank (AfDB), according to a press release. The bonds were issued yesterday, 29 June, in two tranches — five and 10 years — and carry a USD 500 mn AfDB guarantee raised from the USD 400 mn the bank had approved last quarter, a government source tells EnterpriseAM. The AfDB guarantee covers 100% of the principal on both bonds, as well as coupons from the fourth year onward for the 10-year bond and from month 18 onward for the 5-year bond.
The yield: Egypt sold the five-year tranche at a 2.87% yield and the 10-year at 3.5%, according to our source. Proceeds are earmarked for sustainable expenditures under Egypt’s Sovereign Sustainable Financing Framework.
Why this matters — and what comes next: The issuance closes out Egypt’s international placements for FY 2025/26 at USD 4 bn, following USD 3.5 bn raised earlier in the year. The Finance Ministry has more social bonds and international sukuk in the works in the coming FY, with total planned issuances of USD 3-4 bn, our source adds.
THE BIG STORY ABROAD-
🌐 No single story is dominating the front pages this afternoon. On the anticipated US-Iran talks in Doha today, Iran says no meeting has been scheduled, following the recent exchange of strikes that tested the countries’ interim ceasefire. US President Donald Trump sent special envoy Steve Witkoff and his son-in-law Jared Kushner to meet with Qatari mediators in Doha. Iran is reportedly sending its technical delegation later this week, even as its Foreign Ministry spokesperson Esmaeil Baghaei claims Iran will “not have any negotiation meetings at any level with the American side in the coming days.”
^^Read more on: CNN and Reuters.
IN THE BUSINESS PRESS- Magnificent Seven stocks shed USD 2.3 tn in market value this month as investors see limited returns from tech giants’ USD bns in AI spending and shift toward stronger performing areas of the market. Companies including Amazon, Meta, Microsoft, and Alphabet are taking on debt to fund these investments. As the sell-off continues, investors are now looking to the 2Q earnings season for signs that the spending is beginning to pay off.
^^Read more on: CNBC and the Financial Times.
IN OTHER NEWS- UK Prime Minister Keir Starmer announced an extra GBP 15 bn for defense funding, with some road and energy projects being scrapped to finance the defense investment plan. The plan will include GBP 5 bn to increase drone use and autonomous weapons for armed forces.
^^Read more on: BBC and the Guardian.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The government and the IMF reached a staff-level agreement on the seventh review under our USD 8 bn Extended Fund Facility and the second review of our parallel Resilience and Sustainability Facility. Subject to approval by the IMF’s board, the agreement will unlock USD 1.5 bn under the EFF and some USD 136 mn under the RSF;
- Nassef Sawiris’ NNS Holding submitted the draft offer memorandum for its take-private of OCI Global to Dutch market regulator AFM. The AFM’s approval of the memorandum is the final step before a formal offer goes live to OCI’s shareholders;
- Local asset manager Zaldi Capital is eyeing hotel acquisitions in Oman in partnership with Better Home Real Estate. The wider expansion strategy includes developing a new residential and hospitality project under the Midtown brand in Muscat, with self-funded initial investments of USD 500 mn, and a potential expansion into the ins. sector.
☀️ TOMORROW’S WEATHER- Much like our European neighbors, it seems we’re in for a heatwave this week. Temperatures in Cairo are set to peak at an unpleasant high of 39°C, with a low of 24°C. Up north will be a little higher than usual, too, with a high of 35°C and a low of 23°C, according to our favorite weather app.





