Good afternoon, friends, and congratulations on making it to the long weekend. The weather seems to be heating up as the news cycle cools down.

**A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow, and will be back in your inboxes on Sunday afternoon. Until then, enjoy the weekend.

THE BIG STORY TODAY-

Four crew members died and another 22 were injured after Adam Marine 12 drillship capsized in the Gulf of Suez last night, the Health Ministry confirmed in a statement. Rescue and search operations are ongoing as four crew members remain missing, Masrawy reports.

Meanwhile, navigation in the Suez Canal is proceeding normally in both directions, the Suez Canal Authority said in a statement.

Bonyan for Development and Trade is gearing up to launch its IPO on the EGX as soon as next week, Al Mal reports, citing a source with knowledge of the matter. The real estate investment firm is finalizing its offering prospectus, and the subscription window will open once regulatory approvals are secured — including that of the Financial Regulatory Authority — the source said.

The timing looks right. The decision to move forward with the listing comes amid signs of renewed market activity and fresh investor interest in Bonyan’s shares — a turnaround from the cautious mood seen recently due to regional tensions — the source said.

REFRESHER- The two-tranche offering will be open to both institutional (95%) and retail investors (5%). Mubasher pegged the fair value price at EGP 7.94 per share. While the 551.3 mn shares on offer — good for a 33% stake — are being sold by Bonyan’s sole shareholder Sky Realty Holding, a post-IPO capital hike will see the Compass subsidiary reinvest a portion of the IPO proceeds back into Bonyan.

THE BIG STORY ABROAD

Hamas responds to US-backed ceasefire proposal: Hamas indicated today that it is open to a ceasefire agreement with Israel but maintained its core demand for a complete end to the war in Gaza, hours after US President Donald Trump said that Israel agreed to a US-backed proposal for a 60-day ceasefire. The Palestinian group is “ready and serious regarding reaching an agreement,” Hamas official Taher Al Nunu said, adding that it would “accept any initiative that clearly leads to the complete end to the war.” A Hamas delegation is expected to meet Egyptian and Qatari mediators in Cairo today to discuss the offer, which reportedly includes partial withdrawal from Gaza and increased humanitarian aid. Israel has not committed to ending the war as part of the agreement, saying the war could only stop if Hamas is disarmed and dismantled.

OVER IN THE US- the US House of Representatives is racing towards a vote today on Trump’s “ big, beautiful bill ” of sweeping tax and spending cuts, aiming to meet his 4 July deadline. The bill, which narrowly passed the Senate 51-50, faces united opposition from Democrats in addition to pushback from some Republicans over steep Medicaid cuts and a projected USD 3.3 tn increase in the deficit.

☀️ TOMORROW’S WEATHER- It’s going to be another hot day in Cairo tomorrow, with the mercury set to peak at 37°C before dropping to 23°C at night. The North Coast remains cool, with temperatures peaking at just 27°C before slightly dropping to 25°C at night, according to our favorite weather app.