Good morning, wonderful people. We have a “calm-but-important” issue for you this morning — the type that’s heavy on the good news and light on worries. (Which is probably just what the doctor ordered on this midsummer’s morning…)

Investor and tourist appetite for Egypt have proven resilient despite worries last month that the Israeli-American attack on Iran would spark a regional conflagration. Institutional investors have snapped up real estate investor Bonyan’s private placement on the EGX. The Madbouly government will take heart from that as they signal they’re looking for as much as USD 5-6 bn from EGX listings as they ready a “fourth wave” of privatization that could include two high-profile military-owned companies.

The Finance Ministry will also take note: It’s gearing up to raise fresh international capital with Panda and Samurai bonds. Investor appetite will be key as the ministry looks to tweak the composition of its debt stock in a climate that now sees outlays on debt service outstrip every other form of state spending by a wide margin.

There are signs that business confidence is also moving in the right direction: Our friends at SODIC are pushing head with a plan to invest up to EGP 10 bn in hospitality, including Marriott and Nobu hotels, while the local arm of Turkish papermaker Hayat will invest USD 44 mn to add new capacity at its Sokhna plant.

^^ We have all of this and more below and in this morning’s news well.

PSA- TODAY’S WEATHER- It’s July, so it won’t surprise you that we’re in for another hot day in Cairo, with a high of 37°C and a low of 24°C, according to our favorite weather app.

It will be a little cooler in Alexandria, with a high of 32°C and a low of 22°C.

IPO WATCH-

Bonyan’s private placement 6.88x oversubscribed: Institutional demand for Bonyan’s private placement on the EGX was heavy as bankers closed the bookbuilding process yesterday, the company said in a statement seen by EnterpriseAM. The final price per share stood at EGP 4.96 a pop at the close of play yesterday.

The retail offering is currently 5x oversubscribed, a source close to the transaction tells us. Individual investors can still place orders through Wednesday.

Why it matters: Real estate players are closely following Bonyan’s IPO, looking for signs that it will be a key milestone in the rewriting of the financing playbook for the industry. Developers have long shouldered the burden of financing, and the creation of a publicly traded REIT-like vehicle could be a game-changer. You can go a bit deeper here.

ADVISORS- CI Capital and Arqaam Capital are quarterbacking the transaction, while Mubasher is offering agent. Matouk Bassiouny & Hennawy are serving as counsel, Baker Tilly did duties as independent financial advisor, and PwC is the auditor of record.

WATCH THIS SPACE-

Taqa Arabia is lining up an acquisition to get into the consumer finance game: Our friends at Qalaa-controlled, EGX-listed energy giant Taqa Arabia are kicking the tires on a potential acquisition in the consumer finance space and has more than one target in mind, it said in a filing to the EGX (pdf).

What’s next: The company would need approval from the Financial Regulatory Authority (FRA) to kick off due diligence ahead if it decides to go ahead with one of the options it’s now exploring. The company declined to share further information, saying the transaction is still at an early stage.

Did consumer finance just jump the shark? It’s a bit weird for an energy company to get into consumer finance, right? Not at all. Utilities and other players like TAQA are already competing in the consumer finance arena in India, Kenya, and Nigeria. TAQA has onboarded more than 1.7 mn household, commercial, and industrial clients for its energy distribution business. It has KYC’ed them, knows how to collect money from them, and has data on their household spending patterns, putting it in a position to get into everything from household appliance financing to microloans, at least on the consumer side of the business.

EL-ERIAN RUNNING FOR CAMBRIDGE CHANCELLOR

The second and final day of voting to elect a new chancellor of the University of Cambridge is set to take place this Wednesday — and son of Egypt (and finance legend) Mohamed El-Erian has thrown his name in the hat. The chancellor is the storied university’s formal and ceremonial head, but has no executive authority.

El-Erian is promising to “not be a mere figurehead” if elected, saying he will “actively promote the University, raise funds to secure its future, and foster connections with the alumni community and beyond.” There are nine other candidates for the role.

You can read El-Erian’s statement here, check out his IG here, and learn how to vote (if you’re eligible) here.

DATA POINT-

It looks like we’re still on the world’s bucket list: Tourism was up again in 1H 2025 as inbound visitor figures swelled 24% y-o-y to 8.7 mn.

Critically: It appears tourism held steady last month despite widespread fears the US-Israeli attack on Iran would spark a regional war. Arrivals were up 22% y-o-y last month, the domestic press quotes Tourism Minister Sherif Fathy as having said. Neither the ministry nor cabinet have released figures for the period.

For decades, Sahel has been synonymous with summer's embrace: clear waters, crisp breezes, and vibrant nights. Last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.

In the second issue of our Destination Sahel series, we’re digging deep into the infrastructure needed to support this evolution — and whether Sahel has a spot on the global tourism stage..

Look for the second issue of our series EnterpriseAM Destination Sahel in your inbox tomorrow at 10am.

Is Sahel overpriced? Are you still sorting out how to open your summer place — or hoping to line up a rental? We’ve got your back in issue one: Tap here to read it now.

MORNING MUST READ-

We have for you two offerings this morning, depending on the kind of mood you’re in.

FIRST- Drop that vape. New evidence is emerging that vaping is (shockingly…) probably not all that good for you. Data on long-term health effects is still limited, but scientists point to high concentrations of heavy metals in some vapes (to make you stupid, impotent, and infertile) while regular use of all of them puts constant strain on your heart and the rest of your cardiovascular system. The New York Times wants to scare you straight in Just how harmful is vaping? More evidence is emerging.

NEED A PALATE CLEANSER? We point you to menswear columnist / thinker Derek Guy’s recent (and richly illustrated) thread on men’s suiting.

DID YOU MISS this week’s Inside Industry? Our weekly look at all things industry and manufacturing dug deep at the Madbouly government’s bid to double Chinese investment here to USD 16 bn over the next four years. Check out the story here.

** DID YOU KNOW that we cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

THE BIG STORY ABROAD-

There’s no single story dominating global headlines this morning — but tensions are still high on the transatlantic trade front: The European Commission said it would extend its suspension of retaliatory tariffs on the US until early August, keeping the door open for a negotiated solution to Donald Trump’s latest protectionist threats. Trump is pushing ahead with a 30% blanket tariff on EU imports starting 1 August unless better offers are made, according to White House economic adviser Kevin Hassett.

Europe isn’t exactly staying quiet: EU leaders are pushing to avoid escalation, but they do plan to ramp up engagement with other US trading partners affected by the tariffs for potential coordination. Some — like France’s Emmanuel Macron — are calling for countermeasures including the potential use of the anti-coercion instrument, the bloc’s most powerful trade tool, though EU Commission chief Ursula von der Leyen said there are no plans to use it at this point. (Reuters | Bloomberg | FT | Politico | Guardian)

CLOSER TO HOME- At least eight Palestinians, most of them children, were killed in central Gaza on Sunday when an Israeli missile struck a water distribution point in the Nuseirat refugee camp. The Israeli army said the missile had malfunctioned and “missed its target,” which it claimed was an Islamic Jihad militant. Seventeen others were wounded, including multiple children.

This comes as talks for a ceasefire stall, despite the US’ Middle East envoy Steve Witkoff saying he is still hopeful ahead of a meeting with Qatari officials on the sidelines of the Club World Cup Final. (Reuters | CNN | BBC | Guardian)

IN SPORTS-

• Tennis world number one Janik Sinner claimed his first Wimbledon title, defeating Spain’s Carlos Alcaraz and becoming the first Italian to prevail at the All England Lawn Tennis Club. (Guardian | CNN | Reuters)
• Chelsea beat PSG to become Club World Cup champions, ending the game 3-0 with the help of a double lead from Cole Palmer. (BBC | New York Times)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at why girls’ education is more than just the right thing to do: It lifts entire economies. We have lots of ground left to cover here in Egypt, where progress has been uneven and structural challenges. Still, attitudes are changing, and so is public policy: The government is stepping up a campaign to prevent girls from dropping out of school — and a cabinet survey shows that 55% of Egyptians think families give equal priorities to girls’ and boys’ education.