Good afternoon, folks, and happy almost-THURSDAY. We’re racing towards the end of the week and the extended Eid Al Adha vacation, which will see the country take all of next week off.

THE BIG STORY TODAY

Introducing the EGX33: The EGX has launched Egypt’s maiden shariah-compliant index — dubbed the EGX33 — today after getting the regulatory greenlight, according to a statement (pdf). The index includes 33 companies, representing 16 sectors.

The criteria: The index features companies listed on the EGX100, have a Shariah supervisory board, and meet the liquidity requirements.

THE BIG STORY ABROAD

EU slaps fresh tariffs to curb China’s EV industry dominance: The European Commission issued a decision today to impose import tariffs of up to 38% on EVs imported from China, saying that an investigation found the Chinese government has been intentionally undercutting European competitors by subsidizing EV production in China. Starting 4 July, any EVs from automakers BYD, Geely, and SAIC will face provisional taxes ranging between 17.4-38.1%, depending on the carmaker, and other Chinese automakers’ tariffs will start from 21%. European EV manufacturers opposed the decision, believing that higher tariffs would result in higher prices, fewer customers, and a counter strike from China. Chinese EVs currently account for 19% of the European market. (NYT | Reuters | CNBC)

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

  • Egypt is set to welcome its first Tribute Portfolio hotels, after SODIC signed an agreement with the brand owner Marriott International to build two hotels in Sheikh Zayed and the North Coast.
  • That’s a wrap on Qalaa’s debt buyback program: Qalaa Holdings’ USD 28 mn debt buyback program attracted EGP 1.7 bn (USD 35.9 mn) in subscription orders from shareholders in its second and final phase, which took place on 9 June.
  • Fertile ground for investment: The Egyptian Mineral Resources Authority (EMRA), East Gas Company and IMEX International have signed a shareholders agreement to establish a company for upgrading phosphate ores — one of the key components used to make chemical fertilizers.

☀️ TOMORROW’S WEATHER- The mercury is on the rise again, with a high of 42°C that will dip to a low of 29°C, according to our favorite weather app.

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