Vance arrives in Switzerland for Iran talks

Good afternoon, friends, and welcome back — hope the long weekend treated you well. We’re easing into the week with something worth chewing on: a look at how Egypt’s founders are actually using AI inside their businesses, from hiring decisions to contract negotiations. Spoiler — it’s further along than the country’s global rankings would suggest. We also have a podcast recommendation for anyone still in a long-weekend state of mind and a full recap of the weekend’s World Cup action, plus tonight’s fixtures.

But first, as usual, the news…

THE BIG STORY ABROAD-

🌐 More of the same headlines are dominating the digital newsfronts this afternoon — here’s the latest: US Vice President JD Vance arrived in Switzerland for talks with mediators, but left reporters with more questions than answers ahead of discussions with Iranian officials. Vance declined to comment on issues ranging from negotiations with Tehran to his stance on Israel’s actions in Lebanon.

Behind the scenes, however, tensions are building. The Trump administration has grown increasingly critical of Israel’s campaign in Lebanon, warning that strikes against Hezbollah risk marring the peace agreements with Iran. Vance had said earlier that the US and Israel may be approaching the conflict from different angles, telling Fox News that the two allies could have “a divergence” over how to achieve their goals. He also cautioned that Israel should be careful not to target its most important ally.

^^Read more on: CNN, BBC, The Guardian, Reuters, and Associated Press.

MEANWHILE- UK Prime Minister Keir Starmer is widely expected to resign as soon as tomorrow. Starmer is facing questions over his leadership after rival Andy Burnham secured a seat in parliament. The prime minister is said to be considering the “political realities” ahead, following mounting pressure from Labour MPs pushing for a leadership change.

^^Read more on: Reuters, The Guardian, and CNN.

IN THE BUSINESS PRESS- The Financial Times reports that SpaceX was awarded the lowest possible environmental, social, and governance (ESG) rating — a triple-C — by index provider MSCI just one day before the company’s record USD 75 bn IPO earlier this month. This places the company on par with Russia’s sovereign rating in the wake of its 2022 Ukraine invasion.

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

• The gov’t will receive EUR 1.5 bn from the European Union this month to support its economic reform agenda. The tranche brings the total disbursed macro-financial assistance to EUR 3.5 bn out of the EUR 5 bn pledged. The partnership also includes EUR 1.8 bn in investment agreements and EUR 600 mn in grants;
• The European Investment Bank is currently weighing financing for two major renewable energy projects in the country that will add a combined 1.6 GW of clean power to the national grid. These include Dubai-based Alcazar Energy’s twin 250 MW onshore wind farms near Ras Ghareb and Norwegian renewables giant Scatec’s 1.1 GW Dandara solar plant — which comes paired with a large-scale battery storage system — in Qena;
• The Oil Ministry is targeting its largest Mediterranean exploration drilling program yet in 2026, including 14 new wells and more than USD 1 bn in expected investment. The Med push is part of a wider 2026 exploration program targeting a total of 101 wells across the country’s oil and gas blocks, with a total expected investment of USD 1.3 bn;
• The Egyptian National Railways signed four contracts worth EUR 690 mn (c. EGP 39.5 bn) with an Alstom-led consortium to modernize two of our most critical freight and logistics rail corridors. The consortium will tackle the 6th of October-Alexandria corridor and the Belbes-10th of Ramadan line.

☀️ TOMORROW’S WEATHER- Cairo’s experiencing unusually nice weather tomorrow, with a high of just 33°C and a low of 23°C. As for the North Coast, it’s set to be a beautiful and sunny day with a high of 29°C and a low of 22°C, according to our favorite weather app.