Iran threatens war beyond the Middle East should the US attack

Good afternoon, friends, and happy (almost) weekend. As the weather cools down, it seems the news cycle is following suit. In today’s issue: We sit down with TAM co-founder and gallery director Lina Mowafy for an insider look at the program that springboarded the careers of many of Om El Donia’s best-known artists. We also revisit a classic memoir, break down the latest happenings in the world of football after last night’s Premier League fixture, and more.

First up, the news…

THE BIG STORY ABROAD-

🌐 Negotiations between the US and Iran are still dominating the news cycle. Today, Iran’s Revolutionary Guard warned it could take the war “beyond the region” if the US and Israel resume attacks against the Islamic Republic. “Our crushing blows will bring you to ruin in places you cannot imagine,” Iran’s Revolutionary Guard said. This follows US President Donald Trump halting his “scheduled attack,” saying he had been “an hour away” from relaunching the military campaign against Iran.

^^Read more on: Bloomberg, CNBC, and Reuters.

MEANWHILE- Chinese President Xi Jinping warned Russian President Vladimir Putin that the world is at risk of regressing to “the law of the jungle” while praising the China-Russia relationship as a stabilizing global force during talks held today. The summit between the two leaders featured affirmations of their ties, alongside renewed calls to end the US-Iran war.

^^Read more on: The Financial Times and The Guardian.

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

• The institutional tranche of Korra Energi’s IPO was 2.7x covered on the first day of bookbuilding. Korra is floating roughly 247.5 existing shares on the EGX — an 11% stake — of which 60% are being offered exclusively to institutional investors until 24 May;
• Cyprus wants to route natural gas exports through Egypt by 2028 — from the offshore Cronos field to European markets. Last year, the Oil Ministry signed three agreements with field partners Eni and TotalEnergies to transport and process Cronos gas through Zohr-linked infrastructure, liquefy it at Damietta, and re-export it to Europe;
• QNB Egypt arranged an EGP 11.98 bn syndicated loan for Kased Khair General Supplies and Contracting to fund 6 km of new marine berths at East Port Said Port. QNB is acting as lead arranger, bookrunner, and facility agent for the 12-bank facility, which will finance the construction of berths with a 22-meter draft depth.

☀️ TOMORROW’S WEATHER- Good news, folks, the heat wave is behind us. We’re in for a breezy day in the capital tomorrow, with the mercury set to peak at just 29°C before dropping to a low of 18°C, according to our favorite weather app.