Good afternoon, wonderful people, and welcome to the almost-weekend. We’re on yet another temperature upswing, and anticipate a second consecutive scalding end to the week. You can find a comparison of two tech titans in this issue, whose management styles show that the path to innovation can be paved with all types of intentions.
THE BIG STORY TODAY-
1Q 2025 was good to our friends at EFG Holding, where revenues for the quarter would have been up 31% y-o-y if you set aside the impact of a one-off FX windfall booked in 1Q 2024 on the back of the devaluation of the EGP, the company said in an earnings release (pdf). Factoring in the exceptional FX gain last year, the company’s topline was down 34% y-o-y at EGP 5.6 bn in the quarter, while net income after tax and minority interest declined at the same pace to EGP 1.2 bn.
A strong operational performance: The Investment Bank unit’s sell- and buy-side divisions posted solid year-on-year growth, while non-bank financial institution EFG Finance’s top line climbed 23% y-o-y to EGP 1.3 bn in 1Q 2025. Bank NXT, EFG Holding’s commercial banking arm, turned in an 11% y-o-y rise in revenue at EGP 1.4 bn. We'll have detailed coverage tomorrow in EnterpriseAM.
THE BIG STORY ABROAD-
Israeli forces have encircled two of northern Gaza’s last functioning hospitals, the Indonesian hospital and Al Adwa hospital, prohibiting anyone from exiting or entering the medical facilities amid Israel’s renewed offensive on the territory, the Associated Press reports.
Airstrikes launched on the Indonesian hospital yesterday damaged its power and water supplies, while drones fired at Al Awda have halted movement at the hospital, where 47 patients and approximately 140 staff remain trapped.
Gaza’s health system is stretching “beyond the breaking point” on the back of Israel’s attacks and evacuation orders, said World Health Organization Director-General Tedros Adhanom Ghebreyesus. The two hospitals and three primary health care centers fall within the evacuation zone determined by Israel this week, while another two hospitals and four primary care centers are located within 1km of the zone.
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☀️ TOMORROW’S WEATHER- The capital will be seeing yet another upswing in temperature, with a peak of 33°C throughout the day tomorrow, and lows of 21°C at night, according to our favorite weather app.




