Good morning, friends. We have a brisk read for you this morning — led by a deep dive into the gas market dynamics pushing Egypt further into LNG imports. Meanwhile, Saudia has awarded Saudi Ground Services a SAR 6.3 bn contract to keep its operations running smoothly across the Kingdom's airports over the next five years.

Earning well is not the same as investing well — and for most mid-level executives and entrepreneurs, the gap between the two is wider than they’d like to admit. The financial landscape has shifted. Regional markets are opening up, AI is rewriting how portfolios get managed, and Real Estate Investment Trusts (REITs) are entering the conversation.

And the questions that used to feel straightforward — buy or rent, fund the startup or play it safe, finance the car now or wait it out — are harder to answer than ever.

In Issue 2 of EnterpriseAM Money Matters, we get into the decisions that don’t have easy answers, because at this stage, playing it safe is the riskiest move you can make.

Tap or click here to subscribe to the Egypt edition, delivered to your inbox Wednesday, June 3.

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SHIPPING — Will dark tankers become the new Hormuz normal? Four major tankers carrying crude and LNG exited Hormuz last week with their transponders switched off. The tankers — Eagle Veracruz and Nissos Keros — were carrying Saudi and UAE crude to China and India, while Adnoc-managed LNG tanker Umm Al Ashtan was headed to India. Cosco’s Hua Lin Wan also left Hormuz, carrying Kuwaiti naphtha bound for Huizhou.

ICYMI- AIS is now part of the risk playbook: Vessel tracking around Hormuz has been getting less reliable for weeks, with electronic interference and deliberate AIS switch-offs reducing visibility into who is actually moving, where, and when. Qatar had already instructed vessels around Ras Laffan to switch off transponders in nearby port waters earlier last month.

The trade was access, not oil: Swiss commodity trader Lytton helped move the VLCC Agios Fanourios through Hormuz, carrying nearly 2 mn barrels of Iraqi Basrah crude bound for Vietnam, after the tanker was first stopped by Iranian authorities and later by the US Navy.

The economics highlight how valuable Gulf access has become during periods of disruption. Lytton reportedly purchased the cargo at around USD 18 per barrel to benchmark prices, implying an estimated gross gain of roughly USD 60 mn if successfully delivered. Iraq’s state oil marketer has reportedly offered reductions of as much as USD 33.4 per barrel to buyers willing to load crude inside the Gulf and assume the risk of getting it out.

[wwtt2] AVIATION — Is Beijing leveraging Airbus deliveries? China has reportedly slowed approvals for Airbus deliveries to signal frustration with the pace of European certification for Comac’s C919 passenger jet, Bloomberg reports, citing people familiar with the matter.

What’s behind it: State-backed aircraft manufacturer Comac is seeking European certification for its C919 narrowbody jet, which competes directly with Airbus' A320 and Boeing's 737. While aircraft certification typically takes years, Beijing is reportedly growing impatient with the pace of the process at the European Union Aviation Safety Agency.

The impact is already showing up in delivery numbers: Airbus delivered just 16 aircraft to Chinese airlines in the first five months of the year, down from 47 during the same period last year. The approval bottleneck reportedly left nearly 20 China-bound Airbus jets awaiting final clearance earlier this year, preventing them from entering service for several months.

Why it matters: China is one of Airbus' most important markets and a key driver of future growth. Delayed deliveries weigh on Airbus' finances — the company previously attributed part of a EUR 5 bn inventory build-up in 1Q to aircraft awaiting delivery approvals.

Market watch

Oil prices edge lower this morning on caution over US-Iran negotiations, Reuters reports. Brent crude futures slipped USD 0.75 to trade at USD 94.23 / bbl by 04.34 GMT, while US West Texas Intermediate (WTI) declined USD 0.85 to USD 91.31 / bbl.

The Baltic Index retreats a touch: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.1% to 3,222 points on Monday, driven by the bigger vessel segment. The capesize index was down 0.1% to 5,496 points, while the panamax index gained 1 point to 2,344 points. The smaller supramax index was up 1 point to 1,570 points.

Data point

18.9% — that’s how much Saudi Arabia’s non-oil exports grew in 2025. The surge was driven by re-exported goods, which surged 64.4% y-o-y, while domestic non-oil exports excluding re-exports slipped 0.1% y-o-y.

PSA

Sharjah cuts corridor costs for Oman cargo: The Sharjah Ports, Customs, and Freezones Authority and Sharjah’s Roads and Transport Authority have started to waive truck toll gate fees for cargo trucks entering from Oman and traveling along designated logistics corridor routes across the emirate. The exemption applies to trucks entering through the Khatmat Malaha and Al Madam border crossings, provided shipments are registered under the initiative’s approved routes.

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