Good morning, friends, and a very happy THURSDAY to you all. No single theme runs through today’s issue, though we note with interest news that we might be able to import more Israeli gas — and that there is progress on the megaproject that is the redevelopment of the former NDP’s downtown HQ.

It’s the next-to-last weekend of summer here in Egypt. With more private international schools set to open their doors next week and the week after, we expect to hit “peak Sahel” this weekend. Leave early today if you can, and drive safely.

HAPPENING TODAY-

Madbouly in Joburg for the Brics summit: Prime Minister Moustafa Madbouly arrived in South Africa yesterday to attend the Brics summit on behalf of President Abdel Fattah El Sisi, according to a a cabinet statement. Madbouly is expected to deliver remarks today as well as participate in a number of official events.

A roadmap for expansion is close: The leaders of Brazil, Russia, India, China and South Africa are reportedly close to an agreement about inviting new member countries to join the bloc, according to Reuters. The five countries were expected to sign a final pact yesterday after South Africa's foreign minister announced an agreement had been reached, but sources tell the newswire that Indian Prime Minister Narandra Modi made a last-minute demand to change the criteria for entry. Talks continue.

This is potentially important for Egypt: Egypt is among the 20+ countries that have formally applied to join the organization, a move that could — in the longer term — allow it to temper its reliance on the USD for trade and open the door to new sources of investment.

The door to the NDB will remain closed — for now: The Brics’ multilateral lender, the New Development Bank, will not be welcoming any new members during the summit, the bank’sCFO, Leslie Maasdorp, told Reuters yesterday. The bank’s members are considering the entry of at least another 15 countries, including Saudi Arabia, Algeria, and Argentina, he said.

SOUND SMART- The NDB is a multilateral development bank set up in 2014 by the Brics to fund infrastructure projects in its member countries. Egypt earlier this year became an NBD member country.

The EIB is concerned about the growing multipolarity: President of the European Investment Bank Werner Hoyer has voiced concern about developing nations’ growing interest in non-Western lenders like the NDB and called on developed countries to do more to keep them in the orbit of Western financial institutions, according to Reuters.

SMART POLICY- FRA invites applications for a new local credit rating agency: Companies have until 22 November to apply to set up a credit rating agency, with the Financial Regulatory Authority (FRA) set to award a license to just one of the firms, the regulator said yesterday. The company that takes home the license will be scored on the basis of its involvement with or certification by international credit rating agencies, the makeup of its ownership structure, its level of compliance with international credit rating standards, and technical and feasibility studies.

REMEMBER- The FRA wants more local rating agencies: The regulator last year made it easier for rating agencies to get operating licenses in Egypt by scrapping a requirement for them to be at least 10% owned by international firms. The country currently only has one credit rating agency, the Middle East Rating and Investors Service (MERIS).

HAPPENING THIS WEEK-

The financial markets will have their eyes on Wyoming today when global central bankers, economists and policymakers head to Jackson Hole for an annual meeting of central bank officials. US Federal Reserve Chairman Jerome Powell’s speech will be the headline event as investors try to gauge where interest rates are heading in the coming months. The event runs Thursday through Saturday.

Signs of stress in the US and European economies spark market rally: US and European stocks jumped yesterday on optimism that yesterday’s disappointing economic data will push central banks to relent on their hawkish monetary policies. Stocks climbed their most since June and bond yields fell after flash PMI figures indicated that a contraction of private-sector activity in the eurozone intensified in August. In the US activity grew at its weakest rate since February. Investors hoping that a deterioration in economic activity will push the Federal Reserve and the European Central Bank to stop raising interest rates and bring forward plans to loosen policy.

The rally is continuing in Asia this morning where it’s a sea of green ahead of the Jackson Hole meet. Expect more of the same in the US and Europe later today.

THE BIG STORIES ABROAD-

Putin’s chef-turned-mutineer dies in plane crash: Yevgeny Prigozhin, the leader of the Wagner mercenary group who mounted a brief rebellion against the Russian defense ministry in June, has been presumed dead after a private jet he was on crashed outside of Moscow yesterday. (Associated Press | Reuters | Bloomberg | Financial Times | New York Times | Washington Post | Wall Street Journal | CNBC)

US election 2024: US media has its eyes on the first debate in the Republican primary contest, which was just wrapping up as we prepped for dispatch. With Trump choosing to avoid the debate, the eight candidates will be vying to become the primary challenger to the former US president, who remains far ahead in the opinion polls. (Associated Press | Reuters | New York Times | Washington Post | Wall Street Journal)

Egyptian grain up in flames in Ukraine: Some 13k tons of grain headed to Egypt and Romania were destroyed in a Russian drone strike in the south of Ukraine yesterday, Ukraine’s deputy prime minister, Oleksandr Kubrakov, said, according to Al Arabiya.

India’s move to food protectionism continues: Indian government sources say thatNew Delhi will ban sugar exports in the upcoming season beginning October to cover local demand and tamp down on food inflation which is currently at a three year high 11.5%, according to Reuters. This would be the latest food protectionist measure by India, which in recent weeks has banned the export of non-basmati white rice and a new tariff on onion exports.

CHECK OUT OUR AGENDA-

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.

This is our first two-day event,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.

Our full agenda will be out at month’s end. Among the topics we’ll be discussing:

  • Looking into the crystal ball: Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.
  • Surviving nuclear winter: We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it’s awfully difficult to price your local asset in USD terms.
  • The robots are coming: We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.
  • What do you do when nobody wants to be a banker — and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they’re building talent for tomorrow.
  • NBFIs are a bubble. Prove me wrong: We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We’ll dive into whether consumer finance is starting to mature as a segment — and ask which sector is next.
  • What does 2024 hold in store for fintech: We dive deep into which categories are getting traction, which segments will account for the lion’s share of future growth, what business they would start today if they could, and what we can expect of the sector in the year ahead.
  • What’s a bank, anyway? Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry.

** 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.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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.

CIRCLE YOUR CALENDAR-

Our friends at Sodic will hold their annual charity run on Friday, 15 September at Sodic West, according to a company press release ( pdf ). The event will feature 3-km, 5-km and 10-km races and is organized in partnership with the TriFactory to support the Magdi Yacoub Heart Foundation. Register here.

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

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