Good afternoon, and a very happy THURSDAY, ladies and gentlemen. It’s shaping up to be a macro-heavy end to the workweek, with new inflation and budget data out today. Before we get underway, we have a couple of mea culpas from this morning’s edition of EnterpriseAM, which we’ve amended on the web:

CORRECTION #1- Our My Morning Routine column with Fadi Abi Nader included an incorrect title. Fadi is Vice President - One Demand Global Emerging Markets at Mars Wrigley.

CORRECTION #2- We incorrectly said that Mohamed Kotb, who has been tapped as Prime Investments’ new CEO and managing director, is taking over from Hassan Samir Farid. Hassan remains vice chairman and CEO of Prime Holding.

THE BIG STORIES TODAY

#1- New record for inflation: Annual urban inflation accelerated again in July, hitting a new record of 36.5% y-o-y during the month, up from 35.7% in June, according to figures from statistics agency Capmas. July’s inflation figures are a new record high, as food and beverage prices continued to underpin the price acceleration during the month, rising 68.4% y-o-y.

#2- FinMin releases updated economic data: Egypt’s budget deficit came in at 6.0% in FY 2022-23, narrowing one percentage point from the previous fiscal year, Finance Minister Mohamed Maait said in a statement today. Preliminary figures had suggested the budget deficit widened to 6.2% last fiscal year. Our primary surplus also improved, coming in at 1.63%, up from 1.3% a year earlier, Maait said.

#3- EFG Holding’s net income after tax and minority interest grew 20% y-o-y in 2Q 2023, recording EGP 405 mn , according to its earnings release (pdf). The group’s revenues rose 51% y-o-y to EGP 3.1 bn, buoyed by “broad-based growth” across its investment banking arm, EFG Hermes; commercial bank aiBank; and its NBFIs platform EFG Finance.

THE BIG STORY ABROAD

Biden’s executive order to curb investments and trade with China’s tech sector is leading the conversation in the international business press this afternoon. Made yesterday, the order focuses on advanced semiconductors which may be used with technologies aimed at military, surveillance and cyber activities. The order goes to the extent that US investors must inform Washington about any investments into other kinds of semiconductors and AI technologies and prohibits US nationals and permanent residents from participating in clandestine agreements. China’s rebuttal includes a sharp response to this move that impacts the “security of the global industrial and supply chains” and naturally affects any investment in China. (Financial Times | Reuters | CNBC | Bloomberg | Wall Street Journal)

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

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.

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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.

☀️ TOMORROW’S WEATHER- The temperature will hit 39°C during the day and drop to 24°C in the evening, according to our favorite weather app.

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