The EGP punches through the EGP 50 barrier

👋 Good morning, friends, and happy long weekend.

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS

The USD fell below the psychological EGP 50 mark across several local banks on Wednesday for the first time since March extending the EGP’s recovery

AND- China extended its local-currency swap line with Egypt for three more years and lifted the ceiling 67% to CNY 30 bn (c. USD 4.43 bn)

ALSO- The government is fast-tracking corporate formation by introducing a temporary eight-month tax card.

Egypt agreed with QatarEnergy and ExxonMobil to receive and re-export gas from Cyprus’s Pegasus and Glaucus fields through Egyptian pipeline networks.

AND- The military’s National Service Projects Organization is handing Taqa Arabia a 10% stake in 172 stations from Wataneya’s fuel network.

ALSO- The EU is putting up EUR 690 mn to upgrade our electricity transmission network

Chinese luxury EV maker Rox Global is expanding in the local market through a joint venture with Ezz El Arab Elsewedy Investments

AND- Egypt’s automotive market cooled in April, falling to 15.3k units from 17.8k in March

Some of the government’s longest-running privatization plays may finally be seeing daylight.

The Transport Ministry is set to reject AD Ports’ mandatory tender offer to acquire up to 90% of Alexandria Container and Cargo Handling

Fintech platform Valu secured a EGP 600 mn loan from the European Bank for Reconstruction and Development

🌍 AROUND THE WORLD IN SEVEN DAYS

This week’s news cycle was dominated by two stories:

The US and Iran reached an agreement on Sunday to end the war and reopen the Strait of Hormuz news outlets obtained the details warned agreed

Uncertainty remained over the Strait of Hormuz more-than-three-month low

IN THE BUSINESS PRESS- largest IPO in history acquire

MEANWHILE- carried out the first-ever operation of its kind

ALSO- announced plans to ban social media access

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☀️ THE WEATHER THIS WEEKEND

Things are heating up in C-Town this weekend

As for our friends up north

🎤 HAPPENING THIS WEEKEND

Human behavioral expert Dr. Khaled Ghattass returns to Cairo with his special show, Between the Strange and the Prevailing Al Manara Main Hall discussion Ticketsmarché

How about yacht Pilates for your summer plans? event website

🎤 HAPPENING NEXT WEEKEND

Hamaki is kicking off El Arena ’s summer concert season night Tazkarti

Still feel like a kid at heart? The Play Festival Ticketsmarché

Pop icon Tamer Ashour is set to take the stage at The Mall of Mansoura for the mall’s grand opening on Saturday, 27 June. show Ticketsmarché