Good morning, friends. A whole lot has happened in the world since you went to sleep last night, with Iran launching missile strikes on the US’ largest military base in the region in Qatar, which was soon followed by a completely unexpected ceasefire between Iran and Israel set to begin taking place in only a matter of hours.

But for many of our readers, what happened on the EGX yesterday was just as gripping, with Valu seeing its shares jump 852.4% to hit the price ceiling on its EGX debut. We’ve got a rundown of Valu’s first day on the bourse, incoming customs amendments, a USD 1 bn sukuk issuance for Kuwait, and more in today’s issue. There’s plenty to get through this morning, so let’s jump right in.

Sahel – what was once Egypt's summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we’re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.

In a special four-part summer series we’re taking the insights you’ve come to expect of us seaside. Think everything from Ras El Hekma's impact and investment opportunities to exclusive interviews with key players. And it wouldn’t be Sahel season without a sprinkling of what’s shaking up socially.

Expect us in your inbox today at 10am.

See you, Sahel-side.

PSA-

WEATHER- The hot and humid weather continues in Cairo today, with a high of 35°C, a low of 23°C, and partly cloudy skies, according to our favorite weather app.

As per usual, it’s a few degrees cooler and a little more humid in Alexandria, with a high of 30°C, a low of 21°C, and partly cloudy skies.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

#1- Egypt issued USD 1 bn worth of sukuk to Kuwait on Thursday, with settlement due to take place tomorrow, a government source told EnterpriseAM. The issuance is part of a plan to increase Kuwaiti investments in the country until the end of 2026 and will have a three-year tenor maturing in June 2028, with a coupon rate of 8%, our source added.

It’s likely that this is part of Kuwait’s unconfirmed plan to turn its direct deposits in Egypt’s central bank into direct investments, which currently stand at USD 4.0 bn, according to data (pdf) from the Central Bank of Egypt. The countries agreed two months ago on the sukuk issuance, according to our source, which lines up with when reports about Kuwait’s plan to convert its deposit started to leak to the press.

It’s also possible that the issuance could be part of the government’s sukuk-funded RasShukier project, especially as a still-unnamed Gulf sovereign wealth fund was gearing up to announce a big-ticket project in the Red Sea project “in the coming days,” we were told earlier this month by a senior government source. However, our source yesterday declined to comment on the issuance's connection to the Ras Shukier project, but added that a number of other sukuk-backed projects under the initiative with Gulf and local partners will be announced soon.

#2- The resumption of natural gas supplies to factories has been pushed back for another week, with flows now expected to start gradually before the end of June, an unnamed government official told Al Arabiya Business. The delay comes amid a halt to imports from Israel, with Israel gas flows to Egypt currently down at 40-50 mn cubic feet per day (mcf/d) — down from the 90 mcf/d last week and the 650 mcf/d initially expected this week.

Fertilizer and petrochemical plants are on standby to restart operations once gas begins flowing again, two industry sources told the regional news outlet, noting that most facilities have completed scheduled maintenance and are in close coordination with the Oil Ministry and Egas to resume operations. Supplies could reach some plants starting Friday, with full pre-shutdown volumes expected by mid-July.

DATA POINT-

Egypt saved EGP 9 bn in 1H 2025 on the back of reduced fuel consumption at power plants, Asharq Business reports, citing an unnamed government official. Power plants cut their fuel consumption by 7.1% y-o-y during the period as part of the government’s efforts to slash the use of fuel, whose average monthly cost stands at EGP 24 bn.

HAPPENING TODAY-

#1- The investment and finance-focussed edition of the Decision Makers Conference kicks off today at the St. Regis Cairo, bringing together top government officials and private sector leaders to discuss our rapidly evolving business landscape. The annual event will feature speakers like MSMEDA CEO Bassel Rahmy, Fawry CEO Ashraf Sabry, EGX Vice Chair Heba El Serafi, and economist Hany Tawfik.

#2- It’s day one of Africa Health Excon at the Egypt International Exhibition Center in Cairo. The four-day event will host 500 pharma and healthcare companies from the continent and further afield as exhibitors, and feature panel discussions and talks on the most pressing issues facing the industry.

THE BIG STORY ABROAD-

Dominating the world’s digital front pages this morning is news that nearly two-week war between Israel and Iran may soon be coming to an end, as Donald Trump took to the Truth Social to announce that “a complete and total ceasefire” had been “fully agreed” to by the two warring parties. The phased ceasefire is understood to start coming into effect in a matter of hours and lead to a complete end to the hostilities after 24 hours. (Financial Times | Bloomberg | Reuters | Associated Press | Guardian)

To say that It’s been an eventful night of news, would be an understatement, with the ceasefire announcement coming shortly — and very unexpectedly — after Iran launched a missile strike on the US’ largest military base in the region in Qatar — which was intercepted and caused no injuries or casualties — in response to strikes earlier this week on its nuclear facilities. While Trump characteristically dismissed the strikes as a “very weak response," he less characteristically thanked Iran for giving it advance notice to avoid any loss of life and called for both Israel and Iran to seek peace. (Reuters | Bloomberg | Associated Press | New York Times | Washington Post | Guardian)

The unexpected — and very welcome — news of an approaching ceasefire sent energy stocks tumbling, falling as much as 5% after the announcement. Investors also pulled back from classic safe haven assets — including the USD — while Wall Street futures picked up and Asian markets in early trading started the day with sizable gains.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look at efforts to increase the country’s nature reserves.

Tags: