Good morning, friends. The local business news cycle in June is keeping up the pace, with the official announcement for the EGP 1.5 tn Jirian project, Madinat Masr putting its overseas expansion plans up a gear, a partnership with the world’s biggest construction company by revenue that could see Arab Contractors work on many more big ticket projects in Africa, and more.

But before we get to that…

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend.

PSA-

#1- The private sector will also be taking a five-day paid break from Thursday, 5 June through Monday, 9 June in observance of Eid Al Adha, the Labor Ministry said in a statement yesterday that followed an earlier announcement by Prime Minister Moustafa Madbouly for public sector workers. We’re still yet to hear if the banking sector will follow suit.

#2- Trial operations for the first phase of Egypt’s bus rapid transit (BRT) system kicked off yesterday, running 35 km from the Alexandria Agricultural Road to the Police Academy in New Cairo, according to a Transport Ministry statement. The first phase includes 14 stations.

The all-electric, eco-friendly buses arrive every 3 mins — and every 90 seconds during rush hours — as part of efforts to ease congestion on the Ring Road. Phase two is currently under construction and will cover 21 stations from El Mosheer Tantawy to the Fayoum intersection, passing by the Grand Egyptian Museum.

REMEMBER- The EGP 10 bn BRT project aims to replace microbuses and other forms of public transport on the Ring Road.

WEATHER- It’s another summery day in Cairo today, with a high of 31°C and a low of 20°C, according to our favorite weather app.

As usual, it's a little cooler in Alexandria, with a high of 25°C, a low of 18°C, and a chance of light rain.

Fog is also forecast for most parts of the country this morning, so as always, stay safe on the roads as you drive into work.

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at efforts to strengthen the local iron and steel industry and transform the country into a regional industrial hub. Check out the story here.

WATCH THIS SPACE-

More flexibility for real estate funds? The Finance Ministry and the Financial Regulatory Authority are reviewing the regulation governing real estate investment trusts (REITs), government sources told Al Borsa. Potential regulatory amendments include reducing or removing the 22.5% capital gains tax on property sold to REITs in exchange for fund units and easing a rule that requires funds to invest at least 80% of their annual portfolio in real estate assets or shares in real estate companies. These changes aim to give REITs more flexibility and attract more investors.

FROM THE DEBT MARKETS-

The central bank will issue USD 450 mn in one-year treasury bills today to refinance an outstanding debt worth USD 500 mn.

HAPPENING TODAY-

#1- Iranian Foreign Minister Abbas Aragchi is coming to town as part of a regional trip that will also see him land in Lebanon, the country’s Foreign Ministry Spokesman Esmail Baqaei told reporters. Aragchi “is expected to meet with senior officials of the two countries to discuss a range of issues related to bilateral ties and regional matters and to exchange views with them.”

#2- A Greek delegation is in Cairo today to discuss the recent court ruling that affirmed Egypt’s ownership of the land housing the historic St Catherine’s Monastery while granting the monastery usage rights, according to a statement from the Greek cabinet. The visit was agreed during a call last week between President Abdel Fattah El Sisi and Greek Prime Minister Kyriakos Mitsotakis, who emphasized the need to preserve the monastery’s religious character and resolve the issue through institutional channels.

#3- It’s day two of theCruise Egypt Forum 2025 at the Hilton Cairo Heliopolis, marking the country’s first event fully dedicated to the cruise industry. The two-day gathering brings together public and private sector stakeholders — including government ministries, port authorities, cruise lines, and tourism developers — to discuss how Egypt can position itself as a regional cruise hub and unlock investment openings in the sector.

#4- Fi Africa andProPak MENA is kicking off at the Egypt International Exhibition Center today. The three-dayannual conference (pdf) — which focuses on the food, beverage, and packaging industries — will bring together over 400 exhibitors from Egypt, the Middle East, Asia, and Europe, as well as over 16k attendees. It will feature talks and workshops for F&B and consumer goods manufacturers and showcase new technologies in a bid to promote potential investments and encourage sustainability and food waste reduction. You can register for the event through the link available on the Fi Africa and ProPak MENA websites.

HAPPENING TOMORROW-

Non-oil private sector activity to continue decline? Policymakers, private sector players, and economists are eagerly waiting S&P Global’s PMI figures for May that will be coming out tomorrow. April’s reading saw non-oil private sector activity decline further to 48.5 amid weaker consumer spending — marking Egypt’s lowest PMI reading in 2025 so far.

CIRCLE YOUR CALENDAR-

Another 35 units will be up for grabs in phase three of Robbiki Leather City in Badr City starting 1 July, Cairo Investment and Urban Development Company President Mahmoud Mehrez told Cairo Weekend’s Zeina Soufan (watch, runtime: 1:16). High demand is coming from investors in Italy, Turkey and Syria and a total of 57 factories have already been sold in the project, he added

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

DATA POINT-

Local startups pulled in USD 228 mn in venture and debt capital in the first five months of 2025, marking a 130% y-o-y increase, according to a statement from the Ministerial Group for Entrepreneurship.

THE BIG STORY ABROAD-

Hopes for a breakthrough in Ukraine’s war with Russia faded further yesterday after both sides exchanged some of their most intense strikes of the conflict. Ukraine launched its longest-range drone assault of the war, hitting five Russian airfields — including in Murmansk and deep into Siberia — in an attack Kyiv says damaged more than 40 aircraft. The operation, which involved 117 drones had been in the works for more than a year, President Volodymyr Zelenskyy said. Moscow responded with its largest aerial barrage since the war began, firing 472 drones and seven missiles overnight. At least 18 locations were hit, including a military training base in eastern Ukraine that killed 12 soldiers and wounded more than 60.

The strikes come on the eve of direct ceasefire talks in Istanbul, where Ukraine will present a proposal today calling for a full truce monitored by the US, the return of abducted children, and no recognition of Russia’s territorial claims. Despite recent diplomatic overtures, both sides remain far apart on core issues, with Ukrainian officials warning that Moscow has yet to provide its own written peace terms. (Reuters | Associated Press | New York Times | Financial Times)

And in election news, nationalist candidate Karol Nawrocki in Poland’s presidential election is leading with a razor-thin lead over pro-EU Warsaw mayor Rafał Trzaskowsk. A Nawrocki win, if confirmed, could derail current Prime Minister Donald Tusk’s reform agenda, deepen political gridlock, and shift Poland’s stance away from the EU and its support for Ukraine. (Financial Times | Guardian)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at what the government is doing to boost vocational education.

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