☀️ Good morning, friends, and happy weekend. A small programming note to kick things off: Founder of the Month has found a new home — from this weekend onward, you’ll find it here in the Weekend edition, where there’s a little more room to breathe. First up in its new home: Biddex’s Amr Allam, the architectural engineer who grew up around his family’s car showrooms in Alexandria, spotted what was broken about how Egyptians buy cars, and spent three and a half years building the fix himself — bootstrapped, with zero outside investors.
Elsewhere in today’s issue: a review of Spider-Man: Brand New Day, which we somehow managed to get tickets for; Maggie O’Farrell’s most ambitious novel yet; an Italian restaurant that’s made its way from Port Said to Madinaty; and a podcast for anyone who takes reading seriously.
But first, your weekly recap…
🗞️ LAST WEEK IN 3 MINS-
BANKING-
HSBC is exiting retail banking in Egypt after 44 years in the market but has no intention of pulling back from corporate and institutional banking, which account for the lion’s share of its business here. It has reached a definitive agreement with Emirates NBD Egypt that will see it hand over its entire retail business for an undisclosed sum. It’s the second big move this summer for Emirates NBD, which is majority controlled by the Emirate of Dubai, after its USD 2.8 bn acquisition in June of a 60% stake in India’s RBL Bank.
ECONOMY-
A fresh USD 1.8 bn IMF tranche landed on Monday, after the Executive Board signed off on the seventh review of the country’s USD 8 bn Extended Fund Facility and the second review under the Resilience and Sustainability Facility. The approval unlocks immediate access to the tranche.
AND- Egypt’s non-oil private sector saw its strongest business confidence since mid-2022 in July, even though on-the-ground business conditions are still tough. The headline seasonally adjusted PMI went up last month to 46.8 from June’s 41-month low of 46.0, marking our seventh straight month below the 50.0 break-even mark.
UTILITIES-
The Electricity Ministry hiked household electricity tariffs by an average of 12%, though the lowest consumption bracket will remain unchanged. The new structure keeps most residential users well below full cost recovery as the government tries to narrow the power sector’s funding gap without removing support from the lowest-consuming households.
ENERGY-
The Oil Ministry is targeting 160 oil and gas wells this fiscal year, backed by at least USD 7.2 bn in planned investment from foreign partners, with some 70% of the program earmarked for development wells to raise output from existing fields. The country is also planning to add about 100 mmcf / d of gas in October from five new onshore and offshore wells at a combined cost of about USD 95 mn.
AND- Egypt is accelerating a USD 128 mn, six-pipeline infrastructure package spanning 317 km to transport crude oil and petroleum products between domestic production zones, refineries, and export terminals across the country. The full network is slated to come online by early 2027.
TAX-
The Finance Ministry deployed field committees to sweep chalets, villas, and other properties across North Coast resorts to identify units missing from the Real Estate Tax Authority records. The authority plans to complete the North Coast inventory before expanding the sweep to gated communities in East and West Cairo, the Red Sea, and the New Capital, as part of a phased rollout covering 10 target areas nationwide.
EGX-
After a full quarter of net selling and a red June, foreign investors turned net buyers of Egyptian equities last month, picking up EGP 1.4 bn in listed stocks, even as local individuals turned net sellers to the tune of EGP 2 bn. The EGX30 rode the shift to a 5.85% monthly gain, closing at 53.4k points, marking its best month since the spring rally and reversing a 4.12% June loss.
INDUSTRY-
The government launched a new lease-to-own system for industrial land that allows manufacturers to spread land costs over up to 21 years and seek ownership after one year of operations.
AND- The government will auction eight billet-production licenses this August, with a combined annual capacity of 2.8 mn tons. The Industrial Development Authority is finalizing the tender documents before inviting technical and financial bids. The move aims to deepen local steel production, which rose 10.8% y-o-y to 2.89 mn tons in 1Q 2026.
ALSO- Manufacturers running behind schedule on projects with active building permits will get up to 18 additional months to complete construction and secure operational licenses under a new Industry Ministry relief package. The length of the extension and the corresponding relief from late-payment penalties will depend on a project’s physical completion rate.
The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?
Every session on stage answers one question: “So, what do I actually do about it?”
Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.
Request your invitation here.
🌍 AROUND THE WORLD IN SEVEN DAYS-
This week’s headlines were dominated by a US-Iran diplomatic fog — Trump canceling strikes, claiming talks, Iran publicly denying them, and a cargo ship hit in Hormuz regardless — alongside a migrant crisis in Spain and a blockbuster pharma megadeal. Here’s the rundown.
The Iran stand-off grew more confusing by the day. Trump canceled what he called a “massive attack” over the weekend, conditioning the halt on Tehran moving swiftly toward an agreement. Iran’s foreign ministry denied any negotiations were underway — saying instead it was discussing Hormuz shipping management with Oman, not Washington. A cargo ship reported being struck by an unknown projectile in the strait on Tuesday, 37 km off the Omani coast, with no claim of responsibility.
By Wednesday, US Treasury Secretary Scott Bessent said a Hormuz agreement could be well on its way. Later in the week, CNN reported that the US military has exhausted roughly 80% of its interceptors during the conflict, a claim the White House pushed back on. On Thursday, Iran announced an agreement with Oman that would give Tehran control over ships passing through Hormuz — a proposal the US has repeatedly said it will not accept. Iran simultaneously threatened to strike Gulf energy infrastructure if Washington launches fresh attacks.
IN EUROPE- Spain’s Ceuta faced its worst migrant crisis on record, with an estimated 60k North Africans crossing the border before most returned to Morocco, citing hunger, lack of shelter, and hostility from local authorities. At least 67 migrants died — including people who drowned and others killed in a stampede. Spain has since installed a 500-meter sea barrier along the border.
MEANWHILE- Ukrainian drone debris fell onto a crowded beach in southern Russia, killing at least seven in one of the deadliest incidents in recent weeks, as Ukraine and Russia continued exchanging overnight strikes. Russia launched a massive overnight strike on Kyiv — 24 ballistic missiles, none of which were intercepted — killing at least 17 people and wounding 44.
SpaceX posted its first earnings as a public company. Revenue nearly doubled y-o-y to USD 7.8 bn, beating expectations — but capex soared sixfold to USD 18.4 bn on AI infrastructure spending, sending shares down 8% in after-hours trading. More than 900 mn previously locked-up SpaceX shares became eligible for trading yesterday following the expiration of the company’s IPO lock-up period, which allowed early backers to sell up to 20% of their restricted holdings.
ALSO- FIFA President Gianni Infantino backed down on his plan to sell a 20% stake in a new USD 20 bn commercial entity after a backlash from fans, UEFA, and national associations — England and Wales have since withdrawn support for his re-election.
AND- Mohamed Salah finalized a move to Turkish club Trabzonspor, ending weeks of speculation about where the 34-year-old former Liverpool forward would land next.
☀️ THE WEATHER THIS WEEKEND-
Temperatures are staying consistent this weekend, with the mercury peaking at 37°C in Cairo today before dropping to an overnight low of 25°C. Saturday brings more of the same, with hazy sunshine, a warm high of 36°C, and a low of 25°C. Up North, it’s an easier day out, with highs of 31°C on Friday and 32°C on Saturday, while overnight temperatures hold steady at 24°C on both days, according to our favorite weather app.
🎤 HAPPENING THIS WEEKEND-
Missed her? We all did. Icon Sherine Abdel Wahab is set for a long-awaited comeback tonight at the North Coast’s Alamein City in Porto Golf. The night promises a medley of her biggest hits, kicking off at 9pm. Tickets are still available via TicketsMarché.
Jordanian singer Aziz Maraka is bringing his hits live to The Smokery Beach in Bianchi on the North Coast tonight. It’s another Sahel live performance set against the sunset by the sea, so be sure to arrive before sundown to make the most of it. The show kicks off at 6pm, the dress code is cocktail chic, and tickets are available for purchase here.
🎤 HAPPENING NEXT WEEKEND-
Number 1 is heading to Sahel. On Friday, 14 August, Mohamed Ramadan is taking over the Porto Golf Summer Festival in Alamein City. The iconic singer is bringing his signature high-energy, crowd-favorite hits for an unforgettable sing-along summer night. The concert kicks off at 10pm — early-bird tickets are now live on TicketsMarché.
It’s a star-studded Friday on the North Coast as masked sensation Tul8te heads to Sahel on 14 August as part of his ongoing world tour. The singer will take over U Arena, North Coast, to perform his addictive chart-topping hits live. Tickets can be purchased through Tellr — the concert kicks off at 6pm.
Looking to give your kids an extra challenge this summer? Tough Mudder Kids by The TriFactory is hosting a beachside obstacle course on the North Coast on Friday, 14 August, at Ramla by Marakez — welcoming kids ages 5-12.
The world-famous endurance event features exciting obstacles, teamwork, and a whole lot of mud-filled beach fun. The event kicks off at 10am, with races starting every 20 minutes until 2pm. Parents can register their children for either the mini mudder (ages 5-7) or mighty mudder (ages 8-12) courses — tickets are available on The TriFactory’s website.
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