Good afternoon, friends, and happy hump day. The news cycle is picking up both abroad and at home, with news that familiar names may head to the EGX. In the business press, all eyes remain on Elon Musk’s record-setting merger. Also in today’s issue: we take a look at the state of the job market in 2026 and try New Cairo’s latest specialty coffee shop.
THE BIG STORY TODAY-
📍 Could TBS, Tamweel, El Abd be the next IPO stories? Financial Regulatory Authority (FRA) Chairman Mohamed Farid said he would like to see The Bakery Shop (TBS) follow in Gourmet’s footsteps and tap the public markets, in remarks made on the sidelines of the Summit of Capital Markets we attended today.
ALSO FROM THE SUMMIT SIDELINES- Tanmeyah Capital Ventures (TCV) Managing Partner Mohamed Mahgoub says the firm is preparing to exit its jointly owned portfolio company with B Investments — widely understood to be NBFI player Tamweel — some time soon, during a panel at the summit. He also indicated that their portfolio confectionery heavyweight El Abd could look to the EGX as a potential exit route as soon as next year, replying to a question about whether they regret exiting Abu Auf through a strategic sale instead of an IPO.
Why it matters: For much of the past decade, the gold standard exit for domestic founders was a strategic sale to a regional or multinational heavyweight — think Agthia’s acquisition of Abu Auf. Gourmet’s IPO challenges that assumption: Its private placement was oversubscribed 12.2x and priced at the top of its range, underscoring that the local market has both the liquidity and investor appetite to value premium brands effectively — without relying on a strategic buyer.
THE BIG STORY ABROAD-
🌐 It’s a busy afternoon in the business press, with several stories getting plenty of ink. Elon Musk’s record-setting merger is still dominating headlines with SpaceX’s acquisition of xAI, valuing the entities at USD 1.25 tn. The transaction unifies Musk’s AI and space ambitions to “form the most ambitious, vertically integrated innovation engine on (and off) Earth.” The merger comes as SpaceX plans an IPO that could value it at over USD 1.5 tn.
^^ Read more on Bloomberg and Reuters.
Also making the rounds: US President Donald Trump announced a trade agreement with India to cut tariffs from 50% to 18%. India would halt Russian oil purchases and buy over USD 500 bn of US energy, technology, agriculture, coal, and other products, Trump said on Truth Social. The news follows the EU’s trade agreement with New Delhi.
^^ Read more on CNBC and Reuters.
AND- US-listed rare earth miners saw strong gains in premarket trading today after Trump announced the details for Project Vault — a first-of-its-kind critical mineral reserve intended for the US private sector. The project is set to bring in USD 2 bn in private capital with a USD 10 bn loan from the US Export-Import Bank.
^^ Read more on: CNBC.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The Finance Ministry is weighing requests from some 80 companies to slash customs tariffs on 150 production inputs, aiming to bolster strategic sectors, including chemicals, home appliances, textiles, automotive glass, sheet metal, and the renewable energy industry;
- El Sewedy Electric’s energy and water management solutions arm Iskraemeco plans to invest USD 10-20 mn over the next two years to double its share of Egypt’s national water projects. The company is targeting a 40% market share by 2026 by expanding production lines for smart meters and Internet of Things (IoT) systems;
- The Central Bank of Egypt has officially launched its regulatory framework for software point-of-sale (soft POS) devices, allowing merchants to turn any NFC-enabled smartphone or tablet into a payment terminal.
☀️ TOMORROW’S WEATHER- We’re in for a cool, hazy day in the capital tomorrow, with the mercury set to peak at just 21°C before cooling down to 11°C, according to our favorite weather app.




