A morning of firsts

Good morning, wonderful people — and it’s definitely a good morning for our Egyptian readers in particular, who start their day with a historic victory at the World Cup. The Pharaohs beat New Zealand 3-1 to secure the country’s first-ever match win at the global tournament (in addition to a few other firsts for the team) and are now sitting at the top of Group G. Egypt next takes on Iran on Saturday at 6am.

The on-pitch heroics are a welcome distraction from the off-pitch nerves. The first day of US-Iran peace talks in Switzerland wrapped overnight after a rocky start, with mediators now reporting “encouraging progress” and a 60-day roadmap to a final agreement. The parties have agreed to set up a communication line for safe passage through the Strait of Hormuz, while a new conflict in Lebanon hasn’t done much to stop the fighting.

One (somewhat grim, in context) number to carry into your week: USD 12.3 bn. That’s how much defense-tech startups have raised from VCs so far this year — already eclipsing the full 2025 haul of USD 10 bn. The drone-heavy wars in Ukraine and the Gulf are doing much of the legwork there, capturing the sentiment of the year.

Speaking of numbers to keep an eye on: Our Lede this morning digs into Tunisia’s new wealth tax, which takes effect on 30 June and imposes a 0.5-1% levy on residents worth more than TND 3 mn. The catch? Nobody — possibly including the Finance Ministry — can say what the 2023 version of the same tax actually collected, or whether a famously under-resourced tax bureaucracy can chase down the “moveable assets” now in scope. We have the full rundown below.

On deck this week: We’re watching whether US Secretary of State Marco Rubio actually touches down in the UAE, as Axios has suggested. We’ll also have one eye on the TV for a busy lineup of World Cup matches from the region, starting with Iraq v France and Jordan v Algeria overnight tonight. –Salma and Patrick