THIS EVENING: Shell plans to begin drilling new gas exploration wells next month

Happy Wednesday, dear readers. We have nearly come to the end of a week packed with news that the blackouts have clearly not abated.

THE BIG STORY TODAY

Shell to drill new gas wells in the Med next month: Energy giant Shell is set to begin drilling new gas exploration wells at its concession areas in the Mediterranean in September, Asharq Business reports, citing a government source. The first of these deepwater wells will see Shell investing north of USD 80 mn, the source said, adding that the seismic survey work for three of Shell’s concessions in the Mediterranean has been completed.

THE BIG STORY ABROAD

The Donald’s second indictment is flooding the international press today. The Department of Justice indictment is the result of an investigation by special counsel Jack Smith who claims that Agent Orange has meddled in the 2020 election results in an effort to thwart the certification of Joe Biden’s presidential win. It also includes some of his activities, along with his entourage and the lead-up to the January 6 2021 attack on the US Capitol. Read more about the indictment on: CNN | Reuters | Associated Press | BBC | Financial Times

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

• Net foreign liabilities widened in June, says CBE: Egypt’s net foreign liabilities hit a new high in June amid the country’s continuing FX shortage.
• Beltone reportedly wants this Minya-HQ’d microlender : The micro finance provider being targeted for acquisition by Beltone Financial has been named as Minya-based Cash.
• SFE not interested in Misr Pharmacies: The Sovereign Fund of Egypt (SFE) is not currently involved in any discussions with the owners of Misr Pharmacies to acquire a stake in the company.

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.

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 look at whether industrial clusters — which have been used to great effect elsewhere — can be a way for SMEs to be part of a potential export-oriented economy. Our speakers shed light on where industrial zones are working for us already, how Egypt can leverage clusters to get a bigger slice of that cross-border trade, and how industrial clusters can bring together SMEs to work with larger firms. We were joined on that panel by Shady Williams, managing director of IDG, Mohamed ElGebely, team leader at USAID Trade, and Nada El Ahwal, CSO of Transmar.

☀️ TOMORROW’S WEATHER- The temperature is staying at 38°C at its highest tomorrow and dropping to 25°C at night, according to our favorite weather app.