Welcome to FY2022-2023, ladies and gentlemen. And while a bunch of you are on summer break (judging by the volume of OOO replies in our inboxes), there’s no rest for the weary on the policy and investment front.

THE BIG STORIES TODAY are too numerous to summarize up top: We’ve just sealed one of our biggest wheat buys in years, there’s more news on the GCC investment front, and a landmark real estate court ruling that may help that trend continue.

ALSO MAKING HEADLINES- British American Tobacco is exiting Egypt among a bunch of other countries, and the subscription deadline for the retail portion of Ghazl El Mahala’s IPO could be pushed back. We explore those in detail in the news well below.

WHAT’S HAPPENING TODAY-

The long-awaited light rail opens today: The first phases of the light rail transit system (LRT) connecting Cair, the new administrative capital and Tenth of Ramadan will start operating today. Eight stations connecting new cities such as Al Shorouk, Badr and Al Mostakbal with Adly Mansour and Knowledge City in the new capital will go live today, according to Al Masry Al Youm. The line will be expanded deeper into the new capital and to Tenth of Ramadan in later phases.

Tickets are going to be pricier than the metro, costing between EGP 15-35 depending on how far you’re going.

Want to know more about the LRT line? We’ve got you covered with our in-depth project profile.

The Austrian FM is in town: Foreign Minister Sameh Shoukry will hold talks with his Austrian counterpart Alexander Schallenberg in Cairo today. The two will discuss relations between the two countries as well as current regional and international issues.

The Egypt Industries Expo starts today at the Egypt International Exhibition Center. The three-day event brings together leading industry players in various sectors to promote their products.

THIS WEEK-

MPs could begin their summer recess this week: The House will reconvene this week, holding plenary sessions today, tomorrow and Tuesday as the current legislative cycle draws to a close. Speculation is growing among MPs that recess could begin later this week though there’s still a chance that our elected representatives will have to postpone their annual Sahel getaways until after Eid.

On the legislative agenda this week:

• Saudi investment: MPs will today discuss the agreement signed with Saudi Arabia’s Public Investment Fund (PIF) at the end of March which could see USD 10 bn of fresh Saudi investment in the economy. The PIF and the Sovereign Fund of Egypt (SFE) have already identified the companies — both private and state-owned — that the Saudi wealth fund will invest in.
• Consumer finance: Government-drafted amendments to the Consumer Finance Act will be debated tomorrow. Three articles could be added to the act to provide greater fraud protections to consumers, according to a note seen by Enterprise.
• Tax disputes: The House will also discuss government-drafted amendments to tax dispute settlements tomorrow, part of efforts to improve the investor climate and boost tax revenues.

Will the reforms to competition rules make it to the House before the recess? We’re hearing that discussions have reached a deadlock and there’s a chance that we won’t see any movement on this until the next legislative session starts in October. We have more in this morning’s news well, below.

EIB pledges support for water and sustainable transport during upcoming VP visit: European Investment Bank Vice President Gelsomina Vigliotti will be in town for a four-day visit this week, marking her first high-level visit to the country since the covid pandemic began in 2020, according to a statement (pdf). The visit will see Vigliotti discuss the bank’s support for Egypt’s energy and food security, as well as green projects ahead of the COP27 summit in November.

There’s no single story dominating the international headlines as we wake up this morning: There’s more bad news for crypto bros, ominous news for Ukrainian forces in the Donbas, and inconvenient news for US travelers ahead of July Fourth celebrations.

WATCH THIS SPACE- Diplomats are working hard on a Tiran and Sanafir transfer agreement: Lawyers and diplomats from Egypt, Israel, the US and Saudi Arabia are working on a “complex” series of agreements to pave the way for the transfer of the Tiran and Sanafir islands from Egypt and Saudi Arabia ahead of US President Joe Biden’s visit to the region later this month, Axios reports, citing three Israeli officials. The plan, which could open the door to Israel and Saudi Arabia normalizing ties, has reportedly received the green light in Israel, potentially putting Biden in reach of his first major foreign policy breakthrough.

The costs of climate inaction are the biggest threat to economic growth, Mahmoud Mohieldin, the special envoy of the UN Secretary General, executive director at the IMF, and the UN Climate Change High-Level Champion for Egypt, said during a speech at the Climate Innovation Forum in London on Tuesday. As one of the leading figures building support for COP27’s agenda, Mohieldin has put sustainable finance and climate adaptation strategies — especially in aid of Africa —at the heart of his pitch to global leaders ahead of the global summit in Sharm El Sheikh in November.

CIRCLE YOUR CALENDAR-

It’s the start of a brand new month — and you know what that means…

• PMI: Data measuring activity in Egypt’s non-oil private sector will drop on Wednesday, 6 July.
• Foreign reserves: Foreign reserves figures will be out sometime this week.
• Inflation: Inflation data for June will land on Sunday, 10 July.

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

*** It’s What’s Next day: We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.

In today’s issue: Today, we explore what’s next for healthtech in Egypt. We go beyond the startups to look at the healthtech that is moving the industry and what trends industry insiders expect, from both the startups and traditional healthcare providers.