THIS EVENING: EGX cancels transactions on Taqa Arabia on first day of trading

Good afternoon, friends. We’re kicking off the week to a busy start here at home, with plenty of tidbits to keep us interested.

THE BIG STORY TODAY

The EGX reversed all transactions carried out today on shares of Taqa Arabia, which debuted on the bourse this morning, according to a news bulletin. The EGX board’s decision comes after 75 transactions, including a EGP 3.7 bn block transaction on the Qalaa Holdings subsidiary during the trading day. Taqa’s share price has been reset to EGP 0.50 apiece.

THE BIG STORY ABROAD

Still leading the conversation in the international press this afternoon: The question of whether Yellen’s visit to Beijing is a “step forward” in US-China ties. The culmination of the US Treasury Secretary’s four-day visit continues to dominate the conversation in the international press as she expressed that the meetings conducted between both sides was a step in the right direction, even though major policy-changing decisions were not made. Yellen did highlight that the curb on US investments in the world’s largest economy will be “narrowly channeled” as it will focus on ensuring that US technology is not supporting the Chinese military. BBC | Reuters | CNBC | Financial Times | Associated Press

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

• SFE to put Mostakbal City developer up for sale: The Sovereign Fund of Egypt (SFE) will offer a 25-30% stake in real estate firm El Mostakbal Urban Development (Midar) to a strategic investor after recently adding the company to its pre-IPO fund.
• Egypt’s oil and gas exports fell more than 50% y-o-y in the first four months of 2023.
• Shell to squeeze more out of West Delta Deep Marine: Shell Egypt and its partners will drill three new development wells in the offshore West Delta Deep Marine (WDDM) concession later this year.

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM?Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to:Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We explored the lessons learned from the industries that have raised our export profile: Food and beverages, fertilizers and chemical products, and textiles and garments. We were joined on that panel by Mohamed Talaat Khalifa, CEO of Concrete, Shams Eweis, corporate affairs manager for North Africa and the Levant at Mars, and Tarek Hosny, head of investments and projects at Fertiglobe.

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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We have our Manufacturer of the Month column, wherein we profile an industrial player with a manufacturing base here in Egypt. Manufacturer of the month is dedicated to looking at locally bred or international players to examine the success and challenges that came with being a manufacturer in Egypt, as well as their paths forward. Today, we speak to Egyptian waterproofing and thermal insulation product manufacturer Insutech.

☀️ TOMORROW’S WEATHER- We’re being promised sunny skies, with thermometers expected to read a high of 37°C that will cool to 25°C at night, our favorite weather app tells us.