Good morning, and HAPPY FRIDAY. If you’re squeezing in a few last days in Sahel, we hope you end the summer season with a wonderful weekend as we ease into a fresh month. For those of you with little (and not so little ones) going back to school or university, we wish you a restful weekend.

Speaking of the back-to-school grind: If you — like many parents — like to keep your kids busy with after school activities but are getting bored of the usual suspects (el nady, we’re looking at you), you’ve come to the right place.

Look no further than our Enterprise Guide this week, where we look at the best spots to learn (or get better at) some art. We have the rundown on all the places where children and teens can drop their phones and iPads, and pick up a brush, paper, or some clay to cultivate their imagination, focus, and sensory skills.

Enterprise Weekend comes out each Friday at 9:00am CLT . We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

WHAT A WEEK- It’s been a privatization- and investment-heavy news cycle over the past few days with details from the government’s revised privatization policy document emerging.

PRIVATIZATION WATCH-

#1- The government is aiming to bring in USD 5 bn in investments through the privatization of state-owned companies and assets in the nine months between October 2023 and June 2024, according to an updated state ownership policy document leaked this week.

There are a handful of key changes in store: The original list of 32 state-owned companies being prepped for sale has been expanded to a total of 35 that will include Telecom Egypt, Eastern Company, and Al Ezz Dekheila. The government has also extended the deadline for delivering on its targets until the end of June 2024, instead of an initial deadline slated for the end of 1Q 2024.

#2- Some more details on one of three Siemens power plants set for sale… The government is looking to sell a c. 70% stake in the 4.8-GW Beni Suef combined-cycle power plant, which the document assigned an “indicative” value of USD 1.4-1.9 bn.

#3- …and more investors could get a piece of the Zafarana wind farm…: A further stake will be offered to international investors in addition to the portion that the government has in principle agreed to sell to multinational shipping giant Maersk.

#4- …and Helwan Fertilizers: The government is looking to sell up to 40% of the state-owned Helwan Fertilizers Company to a strategic investor, government sources confirmed to us earlier this week. Local media had previously put the stake on offer at 20%.

#5- Taqa Arabia wants a stake in Wataniya: Qalaa Holdings’ Taqa Arabia submitted a non-binding offer to buy an unspecified stake in fuel retailer Wataniya.

#6- … while two unnamed investors are eyeing stakes in bottled drinks firm Safi. The government expects to reach an agreement on the sale by December.

#7- There were also some rumors put to rest this week:

  • State-owned tobacco maker Eastern Company’s rumored USD 4.5 bn valuation are “far from correct,” a source at Eastern’s state-owned parent firm Chemical Industries Holding Company (CIHC) told us.
  • The state-owned Export Development Bank (EBank) denied knowledge of any government intention to sell shares to private investors via the privatization program.
  • EIPICO denied rumors of an exit from its largest shareholder Acdima.

INVESTMENT WATCH-

#1- Industrial projects could soon be getting a fresh batch of incentives: Tax breaks, markdowns on land prices, and an expansion of the single-approval “golden” license in key sectors could soon be rolled out after President Abdel Fattah El Sisi earlier this week instructed cabinet to implement a fresh package of incentives to support industrial activity.

#2- Dubai-based fintech firm Network International will invest EGP 1 bn in Egypt to boost digital payments access. The investment will go towards procuring, deploying, and maintaining some 100k point-of-sale machines and rolling out Network International’s payment platform.

#3- Singapore-based chemical company Indorama is set to invest around USD 700 mn to establish two factories to produce phosphate fertilizers and silicon metal for solar panel production.

#4- Russian steelmaker Novostal M plans to spend USD 400-500 mn to set up a steel factory in Egypt.

#5- Chinese textiles giant could establish a USD 60 mn factory in Ain Sokhna: The local unit of Shanghai-listed Chinese textile manufacturer Zhejiang Cady Industry will invest USD 60 mn to establish a factory in China’s TEDA industrial zone in Ain Sokhna.

#6- Al Amal for Food Industries is planning to invest USD 3 mnto establish a pectin factory in Sadat City.

DEBT WATCH-

#1- GlobalCorp closed a EGP 2.54 bn securitized bonds issuance last week. The sale is part of a wider program that has, so far, seen the NBFS firm securitize more than EGP 5.9 bn of its portfolio over the past two years.

#2- Pickalbatros Hotels & Resorts Group signed an EGP 750 mn leaseback agreement with Beltone Leasing to sell and lease back one of its hotels. Pickalbatros will use the proceeds to finance its working capital and expand its hotel portfolio.

#3- Ethydco could get USD 100 mn in finance from Mashreq: Mashreq is considering lending the Egyptian Ethylene and Derivatives Company (Ethydco) USD 100 mn to fund its working capital.

ENERGY –

The Oil Ministry plans to launch an international tender for companies to explore for oil and natural gas in up to 10 concessions. The tender could be launched by the end of this year or the beginning of 2024 and is expected to be concentrated in the Gulf of Suez, Red Sea, and the South Valley.

IPO WATCH-

#1- ADES International is up for an IPO in Riyadh in September: Cairo-born regional oil and gas services company ADES International announced its intention to float on the Saudi Tadawul. The company is planning to offer a 30% stake (338.7 mn shares), which could raise more than USD 1 bn.

DIPLOMACY-

#1- No breakthrough in GERD talks: The first round of talks between Egypt, Ethiopia, and Sudan in two years ended without a breakthrough. The discussions “did not witness any tangible change in the Ethiopian position,” a ministry spokesperson said. Officials from the three countries will reconvene in the Ethiopian capital for a new round of talks in September.

WHAT’S HAPPENING NEXT WEEK-

The central bank will release August’s foreign reserves figures next week. FX reserves continued to inch up in July, reaching USD 34.88 bn.

PMI figures are out on Tuesday: We’ll find out how Egypt’s non-oil private sector has been getting along on Tuesday, 5 September when S&P Global releases its latest purchasing manager’s index. July’s PMI figures showed improvement as the contraction in Egypt’s non-oil private sector continued to slow and reached its softest pace in nearly two years.

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

YOUR MOST CLICKED LINKS-

  • The Knight Frank report on real estate in Africa was a big point of interest, sending readers clicking away.(Knight Frank report).
  • New visa restrictions on visitors from Canada got a lot of attention. (Canada’s gov’t travel website)
  • BBC’s coverage of the details of the Zambia-Plane seizure was another puller. (BBC)
  • Ades Holding’s announcement to float on Tadawul had many of you wanting to find out more details. (Announcement)
  • The Ministry of Meat’s Facebook page got lots of love. (Facebook)

AROUND THE WORLD IN SEVEN DAYS-

Hurricane Idalia’s landfall in the US has been getting wide coverage: The Category 1 hurricane brought severe flooding and strong winds to some towns on Florida’s Gulf Coast before moving north towards Georgia. Although there have so far been no recorded deaths, some 250k homes have been left without power in Florida.

Meanwhile, a coup in Gabon has also been getting attention in the international press: Military officers in Gabon announced that they have put president Ali Bongo under house arrest and seized power. This comes after a disputed election in Gabon saw President Ali Bongo declared president for a third term and potentially puts an end to the president’s family’s 55 year long rule over the Central African nation.

☀️ THE WEATHER THIS WEEKEND- Both today and tomorrow will see a high of 39°C before the mercury cools to 23°C at night, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Make the last weekend in Sahel count with the last events of the New Alamein Festival :

  • Wegz will hit the stage today. Check out if tickets are still available on Tazkarti.
  • Sharmoofers will perform tomorrow. Grab the last tickets on Tazkarti.

Head out to Arkan Plaza to watch a theatrical production of Les Miserables in Arabic tomorrow starting at 8:30pm. Get your tickets with Ticketsmarche.

Also tomorrow, is stand-up comedy open mic night with Hashem El Garhy at Makan starting from 7 to 10pm. Get your tickets with Ticketsmarche.

HAPPENING NEXT WEEKEND-

Animatex is in town. Attend the event starting from Thursday 7 to Saturday, 9 September for a weekend of short and longer feature films from all around the globe. There will also be competitions and masterclasses from international guest artists. Reserve your seat with Ticketsmarche.

The Citadel Music and Singing Festival continues today and wraps up next Thursday, 7 September.The festival will be held at the Salah El Din Citadel with several acts lined up:

  • Marimba player Nesma Abd El Aziz and the Jordanian singer Aziz Maraka are performing tonight.
  • The iconic singer Waleed Tawfik will be performing tomorrow.
  • Musician Hisham Kharma and the Tunsian singer Ghalia Benali will be performing on Sunday, 3 September.

El Morabba3 is coming to Egypt. Jordanian rockband El Morabba3 will be performing at three concerts:

  • The first will be at the closing ceremony of the International Summer Festival at Bibliotheca Alexandrina today.
  • The second will be at El Sawy Culturewheel on Sunday, 3 September.
  • The third will be at Cairo Jazz 610, Sheikh Zayed branch, the band will be sharing the stage with the singer and songwriter Samar Tarek on Wednesday, 6 September.

Tickets are available here for Bibliotheca Alexandrina, here for El Sawy CultureWheel and reservation for the CJC 610 will be through their Facebook page.

The Elite Stand Up Comedy will be performing their show at Cairo Festival City’s The Marquee next Saturday, 9 September at 9:00pm. Get your tickets with Ticketsmarche.

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