Madbouly in Amman for talks. PLUS: Temperatures set to cool slightly this week

Good morning, wonderful people, and happy Monday. It’s the kind of slow news day that can only occur in August. Let’s jump right in.

PSA- Cooler days ahead: Temperatures are set to hit highs of (only!) 36°C in Cairo today and will continue to drop to around 34°C through the end of the week, Eman Shaker, an official at the Egyptian Meteorological Authority, told Ahmed Moussa as she walked viewers through this week’s forecast(watch, runtime: 5:01).

There’s no one BIG STORY driving the agenda here at home this morning. Instead, the news cycle brings us several significant stories, including data showing that Egypt’s foreign reserves ticked up for a tenth consecutive month in July. Elsewhere, reports are that the country is looking to borrow some EGP 20 bn from local banks to help address ongoing energy shortages; and the Zanussi brand could be changing hands as Chinese home appliances conglomerate Midea eyes the local assets that Swiss firm Electrolux wants to offload. Details on all those stories and more below.

HAPPENING TODAY-

Madbouly in Amman: Prime Minister Moustafa Madbouly arrived in Amman yesterday at the head of an Egyptian delegation set to hold bilateral talks with Jordanian officials, according to a cabinet statement. Representatives from the two countries are expected to sign several agreements to boost cooperation during the meetings.

HAPPENING THIS WEEK-

On the National Dialogue’s agenda: Closed-door sessions continue this week as the National Dialogue’s specialized committees work on drafting policy recommendations. Yesterday, the committees discussed three potential options for electoral reform, as well as recommendations on a law establishing an anti-discrimination commission and a law regulating the free handling of information.

On Tuesday, the specialized committees will draft recommendations on economic issues including a potential law to impose a ceiling on foreign borrowing and another regulating the performance of cooperatives.

On Thursday, the Dialogue’s committees will finalize recommendations on the family and personal status laws.

There’s also no one BIG STORY ABROAD driving the conversation in the foreign press this morning. US outlets are covering the latest in former president Donald Trump’s most recent indictment, for trying to overturn the 2020 election (Washington Post | WSJ | New York Times).

AND- Musk is keeping the fight with Zuckerberg alive: Elon Musk tweeted yesterday that his promised cage fight with Meta’s Mark Zuckerberg will be live streamed on X (FKA Twitter), adding that proceeds will go to “charity for veterans.” Reuters and Bloomberg had coverage.

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we profiled chemicals producer TCI Sanmar for our Manufacturer of the Month column, where we get to know an industrial player with a manufacturing base here in Egypt.

CIRCLE YOUR CALENDAR-

Gold exploration tender deadline reportedly extended: The closing date for state-owned Shalateen Mining Company’s international gold exploration tender has been extended to November from an earlier 10 August deadline, Asharq Business reports, citing a government source. The deadline was extended at the request of companies who asked for more time to visit and inspect the auctioned sites. Eight companies have expressed initial interest, including local firms and others hailing from China, Turkey, and Australia, the source said

Remember: The tender invites firms to bid for concessions in five areas of the Eastern Desert managed by the company. Bidding companies should be producing more than 500k oz of gold a year, have more than 10 mn oz of gold reserves, and have 10 years of experience to qualify. Plans of a possible deadline extension were first announced last week.

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.

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

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered: The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami .

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair, CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

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

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: Why haven’t international and private schools yet announced their fees for the new academic year?