Oil retreats from highs + France and Spain battle worst wildfires in decades

Good afternoon, folks, and happy Monday. It’s a relatively calm day, and we’ve got a brisk issue for you this afternoon. First, we compiled the best business advice Egypt’s entrepreneurs have shared with us over the years — the real stuff, not the polished version. And if you’re looking for something to watch tonight, Apple TV’s Lucky has been sitting there waiting to be discovered. Anya Taylor-Joy, a criminal past unraveling at the worst possible moment, and a brilliant show that somehow very few are talking about. That and more.

Without further ado, the news…

THE BIG STORY ABROAD-

🌐 All is quiet on the US-Iran front for the third day in a row, with neither side launching attacks during this “pause” period, following almost two consecutive weeks of back-and-forth strikes. Oil prices seem to have eased after spiking earlier this month as renewed fighting in the Middle East reignited fears that an all-out regional war could further disrupt the global flow of crude. At the time of publication, Brent Crude stands at USD 88.9/bbl, while WTI Crude stands at USD 83.0/bbl.

^^Read more on: Reuters, Associated Press, and The Guardian.

MEANWHILE- French President Emmanuel Macron held an emergency meeting earlier today as firefighters in France and Spain race to contain major wildfires burning near Bordeaux and Madrid, with soaring temperatures continuing to hamper efforts. The blazes have displaced more than 300k people, and authorities warn the worst may not be over as another heat surge is forecast this week. While the Madrid fire spread more slowly overnight, officials say it remains out of control. In France, some residents have begun returning to Biscarrosse, but more than 200k people are still unable to go home.

^^Read more on: BBC, CNN, Reuters, and Associated Press.

ALSO- The UK government is stepping up preparations for major wildfires as the country heads into its fourth heatwave of the summer. Intergovernmental Relations Minister Hamish Falconer said officials are monitoring wildfires in Scotland while coordinating with local authorities, warning that the increasingly severe blazes seen across southern Europe underscore the growing impact of climate change.

^^Read more on: The Independent.

Destination Sahel is back for a second edition — and this year, it’s not just about the beach.

Gulf sovereign wealth funds are pouring bns into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400-km master plan could reshape the whole coastline before summer’s out.

Over this season’s series, stay tuned to see who’s really buying Sahel, where the money’s coming from, and what could still go wrong.

Plus, the hotels, restaurants, and openings worth checking out this summer.

Coming straight to your inbox — Wednesday, 29 July.

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

• Two partners in Israel’s Tamar gas field signed a non-binding MoU with an unnamed Egyptian buyer for a potential USD 20 bn contract, which would mark the offshore field’s third long-term supply agreement with Egypt;
• Acumen’s climate-focused agriculture fund is coming to Egypt for the first time. The Acumen Resilient Agriculture Fund has secured USD 90 mn in fresh committed capital. The top-up brings total fund size to roughly USD 148 mn and marks its first expansion beyond East and West Africa into North Africa;
• Fincart closed an oversubscribed USD 2.8 mn seed funding round, co-led by pan-African VC fund Launch Africa and Antler Menap. The Cairo-based e-commerce startup will use the fresh capital to develop its AI platform, grow its team, break into new regional markets, and lock in more partnerships.

☀️ TOMORROW’S WEATHER- Expect another warm day tomorrow, with hazy sunshine, a high of 37°C, and a clear low of 25°C. Up north, it’ll be plenty sunny, with a high of 32°C and a slightly warmer low of 26°C, according to our favorite weather app.