Good morning, folks. We may not have news of a new government taking the reins yet, but there’s plenty of local business and bourse news to get stuck into the issue today. We’ve picked up on a report suggesting that the long-awaited shariah-compliant index is set to launch on the EGX today, the latest Qalaa debt buyback updates, and much, much more. So, let's jump right into it.

We may have to wait until after Eid to see a new government to be formed: The new government will be sworn in following Eid El Adha, an unnamed government source told Extra News (watch, runtime: 0:32). We had been looking out for news of a new government potentially taking the reins yesterday after MP and TV presenter Mostafa Bakry penciled in Tuesday as the date. Talk show host Ahmed Moussa also previously said that the announcement of a new government tomorrow is also a possibility, so we will be keeping our ear firmly to the ground for any developments.

Public and private sector workers are off for the entirety of next week: The private sector will be joining the public sector in getting Saturday 15 June through Thursday 20 June off in observance of Eid El Adha, the Labor Ministry said yesterday. While the entire period will be additional paid leave for the public sector, the private sector will have June 15-18 off as additional paid leave and June 19-20 will be deducted from their vacation balance.

Banks will be off one day later: Egyptian banks will be off from Sunday 16 June to Thursday 20 June for the Eid Adha break, and will be back to work on Sunday 23 June, according to a statement from the central bank seen by Enterprise.

PSA-

WEATHER- The temperature is continuing to creep up in Cairo today, with a high of 39°C and a low of 25°C, according to our favorite weather app.

It’s only a little bit cooler in Alexandria, with a high of 34°C and a low of 23°C.

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WATCH THIS SPACE-

We could be in line for USD 1 bn in funding from the NBD: Egypt is looking to secure a USD 1 bn — or its equivalent in another currency — soft loan from the Brics’ New Development Bank (NDB) by the end of 2024 or the beginning of 2025, Finance Minister Mohamed Maait told Asharq Business.

Linking up with the private sector should also unlock NBD funding: International Cooperation Minister Rania Al Mashat also said that because lending for government projects is tightening, the state is developing projects with the private sector that will be able to get NDB funding, Al Arabiya Business reported.

Remember: The NDB — which Egypt joined in April 2023 — plans to ramp up its investments in Egypt’s electricity and renewable energy sectors.

AND- Local currency bonds in the works? The government is also in talks with the NDB over the issuance of local currency-denominated bonds, which the multilateral lender would guarantee, Maait said.

PLUS- The bank could open up its first regional HQs in Egypt? The government is hoping to see the bank open up its first regional office in the new capital to act as its gateway to Africa, Europe, and Asia, Prime Minister Moustafa Madbouly said during day one of the bank’s two-day seminar in Cairo.

CIRCLE YOUR CALENDAR-

Gov’t to roll out new export support program next month: The government will reportedly launch its new export subsidies program starting in July, Al Borsa reports, citing unnamed sources. The new program will determine the amount of financial support given out with a focus on what percentage of the goods are locally produced in a bid to boost the localization of industry.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

The global press’ attention is squarely focused on the ongoing courtroom drama that is US politics, with news that US President Joe Biden’s son Hunter was convicted for obtaining a gun by lying about his drug use dominating the front pages in the states and beyond.

But some think this could be a help and not a hindrance to the Biden campaign, with the New York Times writing that the verdict undercuts a key Trump talking point — and fundraising pitch — about a rigged justice system.

MEANWHILE IN TECH NEWS- Apple’s AI collab with OpenAI already seems to be paying off, with Apple shares shooting up 7.3% on the Nasdaq by the end of trading yesterday after having fallen nearly 2% the day before.

The expected boost in iPhone sales could see Apple become the world’s largest company once again, with its market cap now sitting at USD 3.18 tn, just behind the world’s most valuable company Microsoft with USD 3.22 tn.

FROM THE FRONT LINES OF THE TRADE WAR- The US Treasury is turning up theheat on foreign financial institutions with ties to Russia with plans to expand its secondary sanctions on the country. Any foreign financial institutions involved with sanctioned Russian entities will now be treated as if it's dealing with Russia’s military-industrial complex.

AND IN MARKET NEWS- OPEC is staying by its high demand forecast for the year despite a shaky start, pointing to an expected uptick in travel and tourism later in the year driving oil demand to 2.25 mn bbl/d this year in its latest monthly report (pdf). There remains no consensus on the outlook, with several holding contrarian views, particularly the International Energy Agency, which will release its own oil demand forecast today.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at how Egypt is trying to shore up its energy security by planning oil and gas exploration tenders, investing in the development of oilfields, and building oil storage facilities.