Good morning, friends, and happy almost-THURSDAY to you all. We’re edging into four-day-workweek territory now as Sahel season kicks into high gear — and you can *just* start to feel the slowdown reflected in the pace of newsflow coming out of government and major companies alike.

Speaking of Sahel season: You don’t want to get behind the wheel on a major highway if you’ve gotten high anytime in the past few weeks. Police yesterday said 389 people had tested positive for banned substances out of nearly 3.4k drivers they stopped nationwide.

On-the-spot urine tests: At the Cairo-Alexandria Desert Road toll station coming into Cairo, police ordered multiple drivers to submit to on-the-spot urine tests and detained at least six people. The apparent crackdown comes two weeks after 19 women were killed in a highway accident in Menoufia, prompting a national outcry. Drugs were a factor in the accident.

How [redacted] are you? It depends on the metabolite for which the police are testing. Traces of weed, for example, can still be in your system more than 30 days later if you’re a heavy user. Pop some gummies or smoke a single joint as a one-off? You’re hot for 1-3 days, depending on how much THC was in the product, how much body fat you have, and how well-hydrated you are. (The more water you drink, the faster you excrete it — that’s not a myth.)

Do I have to pee in the cup? We’re not going to practice law without our Official Fake Lawyer’s License™, but our understanding is that refusal to produce a sample could see the senior officer on site decide you’re going to be his guest at the local cop shop, where you’ll be subject to a more rigorous blood test. Expect to be hanging out for 2-4 days in that case.

MEANWHILE- We have good news if you — like us — obsess over the likelihood of power outages. It’s been a good summer on that front so far (touch wood), and the odds we’ll get through unscathed will go up today as two floating regasification plants come online. They’ll boost supplies available to power-generation stations and keep us all in glorious A/C.

In other energy news: IOCs have another USD 1 bn in their coffers after the Oil Ministry made good on some arrears. And while we all wait to hear about Modon’s plans for Ras El Hekma, smaller builders in the area are pressing ahead, with Sky AD saying it has broken ground on its EGP 80 bn project in the area.

WATCH THIS SPACE- Nearly a quarter mn refugees in Egypt could lose food assistance next month thanks to a funding shortfall at the World Food Programme.

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

MORNING MUST-READS-

#1- The Trump administration says a “formal process” is underway to choose Jay Powell’s successor as Fed chair — and Jamie Dimon’s teeth are on edge. The JPMorgan CEO told banking analysts yesterday that “the independence of the Fed is absolutely critical — and not just for the current Fed chair, whom I respect, Jay Powell, but for the next Fed chair.” His remarks are splashed across the front pages of the Wall Street Journal and the Financial Times as pundits worry that Trump’s assault on the Fed’s independence could take global markets to a very dark place.

The timing for an attack on the Fed ain’t great: Early data suggests that Trump’s crackdown on illegal immigration and his tariff campaign are together weighing on the job market and boosting inflation, the Journal notes.

#2- For our fellow tech nerds, we have two beautiful headlines this morning:

• The Commodore 64 is back in production as the Commodore 64 Ultra. Seeing the iconic 1980s PC come back — complete with a spiral-bound manual — will delight the hearts of boys and girls of a certain age. Check out the new company’s website and this interview with its founder.
• And the nearly-as-iconic Sony RX1R camera is back in production after a decade with a nice design update, 61 MB sensor, better autofocus, and a gorgeous 35mm f2 Zeiss Sonnar lens.

PSA-

Daily bank withdrawal limits + working hours reinstated: In a sign of a return to business as usual after the Ramses data center fire that knocked-out the internet in the capital city and beyond, the Central Bank of Egypt rolled-back the daily cash withdrawal limit for both individuals and companies from bank branches to EGP 250k, the CBE said in a circular(pdf) published on its website. Banks also reverted to their regular operating hours for the public, meaning branches will close at 3pm instead of 5pm, the CBE noted in a separate circular (pdf). Both decisions took effect yesterday.

Also back to normal: The Finance Ministry has ordered government entities to immediately stop accepting cash payments and resume collecting via electronic payment systems, after confirming that telecom services have fully recovered.

BACKGROUND- The move came after the CBE’s temporary decision to double the daily withdrawal limit to EGP 500k, which was in place for a week, in response to the fallout from the Ramses fire that led to a partial telecom outage, affecting mobile service, internet connectivity, and banking services.

WEATHER- It’s another hot day in Cairo, with a high of 37°C and a low of 25°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 35°C and a low of 23°C.

WATCH THIS SPACE-

#1- Our privatization target for FY 25-26 unveiled? The Madbouly government plans to raise USD 3 bn from asset sales in the current fiscal year, up from a projected USD 600 mn last fiscal year, the IMF said in its country staff report for the fourth review of our USD 8 bn loan program. We’re expected to raise an additional USD 2.1 bn in the fiscal year 2026-2027. The targets have been revised upwards to “account for the shortfalls in FY 2023-24 and FY 2024-25 to maintain the overall divestment envelope the authorities agreed at program approval,” the report read.

Our sources are a little more optimistic: A government source told us earlier this week that the government aims to drum up USD 5-6 bn in fresh investments by offering stakes in six companies — including Banque du Caire, Safi, and Wataneya — on the EGX before 1Q 2026.

** We’ll be diving deeper into the full staff report on Sunday.

#2- Al Ahly Capital eyes four acquisitions this year + push into consumer finance: Al Ahly Capital Holding, the investment arm of the National Bank of Egypt (NBE), is planning four acquisitions this year across NBFS, private equity, and education, Al Arabiya quotes CEO Karim Saada as saying. The firm is also set to enter consumer finance, targeting two local players after securing a license ahead of the FRA’s permit freeze — mirroring a similar move by EGX-listed Taqa Arabia, which is eyeing M&A in the same space. It also aims to double its EGP 4 bn microfinance portfolio by end-2026, he added.

BACKGROUND- Al Ahly Capital has been steadily building in both non-bank financial services and education. Last year, the firm upped its 46.6% stake in local financial leasing services provider Easy Lease to 97.6% as part of a broader strategy to scale up lending activity. It also partnered with our friends at CIRA in April to launch Saxony Egypt University for Applied Science and Technology (SEU), the largest private tech university in Greater Cairo.

#3- Syria will ban trucks coming from Egypt and Saudi Arabia from entering its territory starting 20 July, Director of Relations at the General Authority for Land and Sea Ports in Syria Mazen Alloush told the Syrian Arab News Agency (SANA) reports. Goods will instead be offloaded at the border for transfer. The move comes in response to ongoing restrictions on Syrian trucks entering both countries.

For Marakez Executive Vice Chairman Dasha Badrawi, the North Coast is rooted in the memories of childhood summers in Agami and Montaza — the endless beach days and the simple roaming from cabin to sea. In a special Destination Sahel episode of Making It (our podcast on how regional leaders are building great businesses) Dasha is telling us how those memories are helping shape Ramla, Marakez’s flagship coastal project in Ras El Hekma.

Dasha is a longtime friend of EnterpriseAM and a big part of our origin story, so it was a treat for Patrick, our editor-in-chief, to have him on the show. They unpack how Marakez quietly became one of Egypt’s most influential developers — and Dasha’s journey from corporate law in London to building District 5, one of the hottest mixed-use destinations in the country.

Dasha’s secret? It’s been all about surrounding himself with the right people — and taking big bets on long-term value.

Dasha also shares what he sees driving buyer behavior in 2025, why Egypt’s real estate model keeps defying gravity, and how recurring revenue, walkable communities, and local authenticity will define the next chapter of the industry.

You can catch the full episode on Apple Podcasts | tune in on Spotify | and find us on Omny. Or tap or click here to go read the full transcript on our website.

HAPPENING TODAY-

#1- Retail investors have until end of trading today to subscribe to Bonyan’s IPO, after the subscription window was extended by one day to account for the EGX’s full-day halt last Tuesday. The public tranche of the offering was 19.4x oversubscribed as of yesterday, writes Al Borsa. The private placement closed nearly 7x oversubscribed on Sunday amid heavy appetite from institutional investors. The final price per share stood at EGP 4.96 a pop.

#2- Will Mohamed El Erian become chancellor of the University of Cambridge? It’s the second and final day of voting, with in-person and online closing at 5pm UK time. You can read Mohamed’s statement here.

UPDATE-

Egypt welcomes the US to the GERD negotiation table: President Abdel Fattah El Sisi expressed Egypt’s appreciation for US President Donald Trump’s recent remarks regarding the US’ involvement resolving the long-running dispute over the Grand Ethiopian Renaissance Dam (GERD). “Egypt also appreciates President Trump’s keenness on reaching a just agreement that safeguards the interests of all parties regarding the Ethiopian Dam, as well as his recognition of the Nile as a source of life for Egypt,” El Sisi wrote in a Facebook post.

ICYMI- Trump recently said that the US is working to resolve the dispute between Egypt, Sudan, and Ethiopia over the GERD, reiterating that the dam is a serious threat to Egypt’s “important source of income and life.”

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THE BIG STORY ABROAD-

There’s no single big story abroad this morning, but a mix of new tariff updates, rising inflation in the US, and increased violence in southern Syria are getting a lot of attention.

Tariffs on pharma and semiconductor chips could come as soon as this month, with the pharma tariff coming in low at first before US President Donald Trump hikes them a year later once pharma firms have gotten a chance to regroup. Trump had previously floated a tariff on pharma that could reach as high as 200%, and said he plans to impose a 50% tariff on copper. (Bloomberg)

Trump says we can expect two or three more trade agreements to be struck before 1 August, when reciprocal tariffs are set to go into effect, name-checking India as one that could materialize soon.

The US also reached an agreement with Indonesia that will see Indonesian imports face a 19% tariff, in exchange for bns in USD worth of committed purchases, including of Boeing jets and US energy. (Reuters | Guardian)

ALSO- The impact of tariffs seem to have started to trickle down to consumers, with consumer prices rising 0.3% in the US last month. The latest data suggests the US Federal Reserve will keep holding off on rate cuts until inflation is back in check. (Wall Street Journal | Reuters | Financial Times)

CLOSER TO HOME- Israel attacked military targets in Syria and Lebanon, killing 12 people in Bekaa Valley in Lebanon, including several Hezbollah fighters, and ramping up tensions with the Syrian government, which condemned the attacks on the southern city of Sweida. Sweida had seen an escalation of violence amid clashes between Druze — who dominate the city — and Bedouin groups that have killed more than 100 people, according to the Syrian government. (Guardian | BBC | New York Times)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’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 look at the current state of the river transport sector and what the government is doing to boost investment in the sector.