House passes bill reorganizing Mostakbal Misr

☀️ Good morning, folks, and happy weekend. We’re sending you off with a summer reading guide for wherever you’re headed — north, Red Sea, or nowhere in particular. We’re also taking a look at a movie that will tug at your heartstrings, checking out an Asian fusion restaurant worth your time, and looking back at the late Bonnie Tyler’s hits. That and much more.

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS-

REGULATION-

Parliament gave final approval on Tuesday to the draft law reorganizing Mostakbal Misr following two days of floor debate. The law transfers supervision of the authority from the Defense Ministry, placing it under the direct oversight of the presidency.

The agency will operate outside standard state administrative frameworks. It will be exempt from government wage caps, the Civil Service Act, and public procurement rules. The Treasury will also cover all of the taxes, including VAT and stamp tax, on its behalf.

ECONOMY-

The IMF Executive Board is expected to decide on the seventh review of Egypt’s loan program by mid-August. Board procedures usually run four to six weeks after a staff-level agreement, and Cairo should receive around USD 1.6 bn within days of board approval.

EGX AND INVESTMENTS-

The EGX is shifting when its main-market index reviews take effect, giving investors more lead time. Results of the semi-annual review will now be announced at least two weeks before they take effect and will apply from the first working day of March and September, rather than 1 February and 1 August.

AND- The EGX closed 2Q in the green despite a June selloff that ate into two months of gains. The benchmark index rose 11.4% over the quarter to close at 50.5k points, with travel and education the standout sectors. The bulk of the rally came from April and May, with momentum cooling in June as the EGX30 gave back 4.12% on profit-taking before the month was out.

ALSO- Auditors can now review up to five investment funds at a time, up from three, with the Financial Regulatory Authority (FRA) able to approve a higher cap upon request. The decision, which came in response to market calls, gives funds and auditors more room while cutting costs.

LOGISTICS AND ENERGY-

The government is set to pay foreign oil firms nearly USD 240 mn a month under a new mechanism designed to prevent another buildup of arrears. The move is part of a broader push to stay current on energy-sector dues.

Danish shipping firm Maersk is bringing back Suez Canal transits on its India-Middle East-US East Coast service. Maersk’s return is an early signal of recovery for our Suez Canal revenues, which rose 23% y-o-y to USD 4.8 bn in FY 2025/26 after dropping sharply during the prolonged Red Sea crisis and subsequent Hormuz disruptions.

REAL ESTATE-

The New and Urban Communities Authority (Nuca) is offering another round of relief for investors and buyers in new cities — cutting assignment fees, waiving some late-payment penalties, and giving stalled projects more time to deliver. The package extends several existing facilitations for another year while keeping Western North Coast land outside most of the breaks.

EDUCATION-

Egypt’s national universities added six foreign academic partnerships, the latest in a push to internationalize a university system now facing its first labor-market test. The National Universities Council approved one cooperation agreement and five MoUs between Egyptian and foreign institutions.

The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader's mind: What does AI actually mean for your company, your people, and your own job?

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🌍 AROUND THE WORLD IN SEVEN DAYS-

This week’s headlines were dominated by the most dangerous stretch of the US-Iran war since the interim truce — a week that moved from a closed Strait of Hormuz to a naval blockade, a cargo fee floated and abandoned in 48 hours, and Washington now pursuing an alternative oil route altogether. Here’s the rundown.

The week opened with Iran declaring the Strait of Hormuz closed after firing a warning shot at a Cyprus-flagged vessel it said took an “unapproved route.” The US responded with its third round of strikes in a week — targeting Iranian radar, missile, and drone facilities — as Iran launched waves of missiles and drones at US military bases across Bahrain, Kuwait, Jordan, Qatar, and Oman. Oil prices surged as energy markets priced in a prolonged disruption.

By Tuesday, US President Trump announced a naval blockade on Iranian shipping through Hormuz, charging a 20% cargo fee on transiting vessels — implying roughly USD 30 mn per supertanker. Gulf pressure killed the fee within 48 hours, with Trump replacing it with a demand for direct Gulf investments in the US. On Wednesday, the US president threatened to strike Iran’s power plants and bridges if Tehran does not continue negotiations.

On Thursday, Tehran responded to US strikes by targeting US military bases once again in Jordan, Kuwait, and Bahrain. Preceding this, the US disabled a commercial tanker bound for Kharg Island after it allegedly violated the reimposed US naval blockade on Iranian ports.

Washington is also in talks with Baghdad, Damascus, and Chevron to revive a long-defunct Iraq-Syria oil pipeline to circumvent Hormuz entirely. The UK, meanwhile, announced plans to designate Iran’s Revolutionary Guard a terrorist group — following Washington’s lead from seven years ago.

IN OTHER NEWS- Two notable deaths this week. Former Qatari emir Sheikh Hamad bin Khalifa Al Thani — the architect of modern Qatar and the man who transformed the country into one of the world’s largest LNG exporters during his 18-year rule — died at 74. US Senator Lindsey Graham, a close Trump ally and prominent advocate for military intervention in Iran, also died at 71 following a cardiac arrest.

ALSO- The US has imposed a 25% tariff on most imports from Brazil, effective next week, following a year-long investigation by Washington into the country’s alleged unfair trade practices.

CLOSER TO HOME- The Houthi-Saudi informal ceasefire showed signs of strain, with the group launching missiles at Abha Airport in southwestern Saudi Arabia — the most serious flare-up between the two sides in four years.

IN THE BUSINESS PRESS- Wall Street’s five largest banks are on track for their highest investment banking fees in four-and-a-half years — USD 11.1 bn — fueled by a 30% y-o-y jump in M&A activity and the SpaceX listing windfall. French b’naire Xavier Niel is set to become Vodafone’s largest shareholder after UAE telecom group e& agreed to sell him its entire 16.2% stake for around USD 6 bn. And Chinese AI models — DeepSeek and Z.ai among them — are gaining corporate clients, with DoorDash, Siemens, and Airbnb among those turning to cheaper, increasingly capable alternatives to US rivals. Also, Taiwan Semiconductor Manufacturing Company (TSMC) announced it will invest USD 100 bn in Arizona as part of its US expansion to meet strong customer demand.

☀️ THE WEATHER THIS WEEKEND-

If your weekend plans are outdoors-first, plan accordingly. Cairo is set to hit highs of 36°C on Friday, climbing to 37°C on Saturday, with overnight lows holding at 26-27°C — no real relief once the sun goes down. Alexandria offers a modest escape from the heat: expect highs of 31°C on Friday and 32°C on Saturday, with lows around 23°C both nights, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Tamer Ashour is set to make his Sahel debut tonight at Cocoon Beach in Sidi Abdel Rahman with an exclusive beachfront concert. The performance kicks off at 7pm, with the singer performing his biggest hits against a sunset backdrop. You can get your tickets on TicketsMarché.

Upcoming Syrian singer Al Shami and Lebanese singer Mohamed Fadl Shaker join the Tiatro Romano festival lineup, set to perform tonight at The Roman Theater in Al Alamein’s Marina 2. The concert starts at 10pm and promises high-energy and hit-filled performances. Tickets are available on TicketsMarché.

Hesham Maged is back with another comedy project for your summer comedy fix, this time with his first-ever play, Khayal Mareed, at Theatro Arkan. Running every day at 8pm until Friday, 24 July, the interactive play stars Mohamed Abdel Rahman, Hanady Mehanna, Ahmed El Rafaie, Dina Diab, and more. You can secure your tickets on TicketsMarche.

🎤 HAPPENING NEXT WEEK-

Standup comedian Ahmed Hassan gets his first-ever comedy special at Teatro 90, presenting The Special 1 on Thursday, 23 July. The show marks his biggest and most personal one to date — expect brand new material and the audience interactions he’s become known for. The show kicks off at 9:30pm, with tickets available on TicketsMarché.

Marwan Pablo and Lege-Cy are taking their unmistakable flow to the North Coast. The rap icons join forces at Porto Golf in Alamein on Thursday, 23 July, to kick off the Porto Golf Summer Festival. Expect an evening of chart-topping hits, booming beats, and enough crowd energy to rival the summer heat. The concert starts at 9pm — tickets are available on TicketsMarché.

Cairo Opera House’s Summer Festival for Music and Singing is back, and kicking it off is a live performance by Ali El Haggar at Alexandria Opera House’s Sayed Darwish Theater on Thursday, 23 July. Experience the great singer’s timeless hits and unmistakable vocals live. The show starts at 8:30pm — tickets are available on Tazkarti.