Good afternoon, folks and happy almost-Thursday. The weekend is about to creep up and a new heatwave is upon us.

THE BIG STORIES TODAY

#1- The second USD 20 bn tranche from the Ras El Hekma agreement has landed in state coffers, Prime Minister Moustafa Madbouly announced at the weekly cabinet meeting just a few hours ago, confirming what Enterprise reported earlier this week. The tranche consists of USD 14 bn fresh inflows and USD 6 bn from a previous deposit from the UAE already sitting at the Central Bank of Egypt.

#2- AND- Unemployment inches down for the second quarter in a row: Egypt’s unemployment rate fell to 6.7% of the total workforce in the first quarter of this year, inching down 0.2% from the previous quarter, according to the latest figures by state statistics agency Capmas out yesterday. On a year-on-year basis, unemployment was down 0.4 percentage points compared to the same period last year.

WANT TO ATTEND OUR NEXT FORUM?

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.

…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.

We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

THE BIG STORY ABROAD

All eyes are on Russia and Ukraine today as Russia’s once-flailing procession into Ukraine is amping up. Eighteen months ago, the White House predicted that Russian forces were on the brink of collapse, but today US Pentagon officials share concerns following Russia’s surprise advancement into Kharkiv for the second time. Ukrainian President Volodymyr Zelensky has put all of his international engagements on hold following the attacks that wounded 45 people and killed one. This comes as US- and NATO-provided weapons are being destroyed by electronic warfare techniques employed by Russia, and the belief that the delay in Ukraine receiving their USD 61 bn arms and ammunition package from the US gave Russia an advantage. US officials insist that Russia’s advancement in that time is still reversible. (NYT | CNN)

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

☀️ TOMORROW’S WEATHER- The mercury will be showing highs of 35°C and lows of 19°C in Cairo, according to our favorite weather app.

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