Good afternoon, wonderful people, and welcome to another rather busy news day. Today’s news cycle is still dominated by business and economic news, but there’s also a sprinkle of diplomacy and policy to keep us on our toes.

THE BIG STORIES TODAY

#1- Egypt could export LNG to Poland: Egypt is “a partner of the future” for Poland as the European country looks to diversify its LNG imports, Polish President Andrzej Duda said following a meeting with President Abdel Fattah El Sisi in Cairo today. The two presidents discussed shipping liquefied natural gas from Egypt to Świnoujście, where Poland plans to expand an existing terminal, the Polish president said on Twitter.

Also on their radar: Getting wheat shipments out of Ukraine. El Sisi and Duda also discussed finding a way to export grain from the war-torn country of Ukraine to Egypt amidst the Russian blockade, according to the Polish press. Duda had said earlier this month that Poland could help facilitate shipments of Ukrainian wheat to Egypt through Polish seaports.

#2- The FRA wants to more than double EGX market cap by 2026: The Financial Regulatory Authority (FRA) wants to more than double the size of the EGX to EGP 1.6 tn from 2022 to 2026, the regulator said in its 2022-2026 strategy (pdf). The bourse’s current total market cap is currently hovering at around EGP 663.54 bn.

THE BIG STORY ABROAD

Brent crude prices breached the USD 120 per barrel mark as the EU prepares to sign off on a partial embargo on Russian oil imports. The European Council “agrees that the sixth package of sanctions against Russia will cover crude oil, as well as petroleum products, delivered from Russia into Member States, with a temporary exception for crude oil delivered by pipeline,” Reuters reports, citing a draft of the council’s conclusions. The story is also on the front page of the Financial Times and CNBC.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn in industrial projects in Egypt, the UAE and Jordan as part of a partnership signed in Abu Dhabi yesterday to finance large-scale projects in “key industries” that “create jobs, support growth, boost industrial production and increase exports.”
• The state plans to sell a stake in EGX-listed Egypt Aluminum (EgyptAlum) to a “strategic investor,” Public Enterprises Minister Hisham Tawfik said at a conference yesterday.
• It’s official: Eastern Company will acquire a quarter of Egypt’s second tobacco manufacturer after the company’s general assembly approved the EGP 100 mn purchase of a 24% stake in Philip Morris’ United Tobacco.

FOR TOMORROW-

PSA- Tomorrow is the last day for EGX-listed companies to file their earnings for 1Q2022, after the Financial Regulatory Authority granted listed companies a two-week deadline extension.

Tomorrow is also the application deadline for ITIDA’s annual Export IT program. The program is designed to encourage local IT companies to boost exports while reducing related costs.

???? CIRCLE YOUR CALENDAR-

A handful of conferences happening this week:

• Egypt Can with Industry wraps tomorrow.
• The Islamic Development Bank’s 2022 annual meetings are scheduled for this Wednesday-Saturday, 1-4 June in Sharm El Sheikh. Enterprise will be attending the annual meetings and bringing you updates from there.
• The Islamic Corporation for the Ins. of Investment and Export Credit will hold two high-level parallel meetings on climate action and digital transformation during IsDB’s annual meetings.

The Greek Campus is holding a workshop this Wednesday, 1 June titled ‘Transitioning to E-Mobility’ which will look at the growing electric vehicle industry in Egypt and worldwide and why the shift to EVs is beneficial to everyone. The workshop will run from 6-9pm and will be led by local EV marketplace electrified co-founders Ayman Mohamed and Ahmed El Hosseny.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 39°C tomorrow and a nighttime low of 20°C in what seems like it may be the beginning of the summer heat, our favorite weather app tells us.