Good morning, wonderful people, and happy last-workday-of-the-week. We’ll have EnterprisePM in your inboxes this afternoon and are then off until Monday, 24 July in observance of Islamic New Year and Revolution Day.

Enterprise Climate and Enterprise Logistics will also be off. We’ll all be back at the the usual time on Monday. Until then, we wish you a restful weekend with family and friends.

Speaking of Enterprise Climate:

SOUND SMART- El Niño is here — this is what it means for the MENA region. Enterprise Climate takes a look at what the weather phenomenon in an easy-to-read two-part explainer here and here.

As was the case yesterday, this morning’s issue again has plenty of news from the private sector — a welcome development after months during which policy news has dominated the headlines.

PSA- This heatwave isn’t going anywhere. The mercury in the nation’s capital will continue to hover in the 41-42°C band through to at least next Wednesday, according to our favorite weather app. Sahel weather looks a lot nicer — a daytime high of 32-33°C as far as the eye can see, though the mercury will cool to just 26°C overnight.

Let’s get started with the FDI rumors, shall we?

FROM THE RUMOR MILL-

#1- A piece of the company rolling out Banque Misr’s digital bank could be up for sale to an investor : Several Gulf investment funds are eyeing a minority stake in Misr Digital Innovation(MDI), a company set up by Banque Mis r to launch its digital banking arm, Al Mal reported yesterday, citing sources it said are familiar with the matter. The state-owned bank is willing to sell 10-20% of the bank, according to the sources. Foreign interest was later confirmed by Chairman Mohamed El Etreby, who told Asharq Business that the bank has received offers from foreign investors to become partners. El Etreby didn’t provide further information.

Going for the license: Banque Misr has applied to receive its digital banking license from the central bank, El Etreby said. Under new regulations (pdf) published last week, digital banks will need at least EGP 2 bn in capital to receive a license, and will need EGP 4 bn to be able to finance large companies. The bank’s current paid-up capital is EGP 2 bn and its authorized capital is EGP 2.5 bn.

Saudi branch inauguration in September: Banque Misr will open up its first Saudi branch in September, El Etreby said. The bank received the license to operate in Saudi from the Saudi Central Bank back in 2021.

#2- Offers for Wataniya could be in : The Sovereign Fund of Egypt has reportedly received three offers to buy stakes in military-owned fuel retailer Wataniya, Al Borsa reports. The Abu Dhabi National Oil Company (ADNOC), the Emirates National Oil Company (ENOC), and Saudi firm Petromin have all reportedly submitted offers, the news outlet says, citing informed sources.

Remember: Planning Minister Hala El Said said last week that the government had qualified three companies to conduct due diligence on the company after receiving six non-binding offers. The transaction is expected to close in October or November. The company — whose sale has been in the pipeline for a few years — was reported earlier this year to have attracted the interest of Adnoc.

HAPPENING TODAY-

Egypt Mining Forum concludes today: International and local mining chiefs, investors and policymakers are gathering at the Nile Ritz-Carlton for the two-day Egypt Mining Forum.

HAPPENING THIS WEEK-

Seven gold exploration licenses up for grabs: The Oil Ministry will this week award seven gold exploration licenses to LSE-listed gold miner Centamin and Canadian firm Barrick Gold (listed on the NYSE).

The deadline for two USAID scholarships is approaching: The application deadline for the USAID Scholars Activity and USAID Egyptian Pioneers scholarship programs is this Thursday, 20 July. The programs offer scholarships to 250 Thanaweya Amma students in public, experimental and STEM schools. Know someone who should apply? Send them this link .

NEXT WEEK-

The National Dialogue is back: The National Dialogue will resume sessions on Tuesday, 25 July, Kamal Zayed, member of the dialogue’s board of trustees, told Al Masry Al Youm. The dialogue kicked off in May, holding three weekly sessions discussing political, economic, and social issues.

When does the national dialogue process end? Sessions have been on pause since the Eid Al Adha break, and officials have said it’s too early to tell when the public policy-making fest might wrap up.

THE BIG STORIES ABROAD-

Key Ukrainian port targeted as Russia leaves grain pact: Russia yesterday fired missiles at Ukraine’s Black Sea Odesa port, one of the country’s most important ports for shipping grain, in what it said was a revenge attack following Ukraine’s targeting of the bridge linking mainland Russia with Crimea.

Grain pact dead: The strike on Odesa came a day after Moscow said it would not be renewing the grain export pact with Ukraine, a move that prevents Kyiv from using its Black Sea ports to export grains and other commodities overseas. The end of the agreement is stoking fears of a return to the soaring food prices and global shortages prior to the signing of the pact in 2022.

ALSO- Trump targeted for election interference: The former president’s statements yesterday that he is under investigation by a grand jury for his efforts to remain in power following the 2020 election are getting a lot of attention globally this morning. ( Associated Press | Reuters | Financial Times | New York Times | Washington Post)

AND- Israeli protests spread: Israeli protests against the hard-right government’s push to overhaul the justice system are spreading, with demonstrators yesterday marching into the Tel Aviv stock exchange and train stations, according to Bloomberg.

CIRCLE 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.

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.

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.

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, while also working on and filing 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 “reporter development program” in your subject line.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: Infrastructure players reported solid 1Q 2023 earnings, thanks in large part to the EGP weakening against the greenback.

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