Happy THURSDAY, ladies and gentlemen. It’s a calm-ish afternoon to wrap up the first week of the month, which we’re not exactly complaining about…

THE BIG STORY TODAY

BVC snaps up 20% of ariika in series A equity round: Beltone Venture Capital — Beltone Financial Holding’s recently-launched venture capital arm — has acquired a 20% stake in home and decor brand ariika in a EGP 31 mn transaction as part of a series A equity funding round, according to a press release (pdf).

COUNTDOWN- There are just 11 days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

You won’t want to miss this one: Join Karim Awad (CEO, EFG Holding), Hassan Allam (CEO, Hassan Allam Holding), Yasmine El Hini (country officer, IFC), Hazem Moussa (chairman, Contact Financial Holding), Tamer El Emary (group CEO, GB Capital), Hoda Kassem (Cairo global services center director, HSBC Egypt) and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to REQUEST AN INVITATION or view the FULL AGENDA.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

THE BIG STORY ABROAD

Different stories are leading the international business press:

  • KSA is mining for copper: Transforming the nation into a metal hub seems to also be on MbS’ plan to diversify the nation’s economy, which has seen the country invest in sports, gaming, and other industries. (Bloomberg)
  • Wall Street banks are “cautiously optimistic” that the stock market will reverse its current slump as surging bond yields dampen risk sentiment, with a potential rally in the cards through the end of the year. (CNBC)
  • China’s RMB reached a new low, falling to 7.3256 / USD 1 following a report that China’s exports have also fallen 8.8% y-o-y. (Financial Times)
  • Lloyd’s of London is negotiating ins. cover with the UN for Ukrainian grain shipments if a settlement in the Black Sea corridor can be reached. (Reuters)

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

  • Gov’t imposes tight cap on fee rises for high-end int’l, private schools: Private and international schools that charge tuition fees of EGP 35k and above will not be allowed to hike fees by more than 6% for this academic year, down from the previous 7% cap.
  • We’re going to be importing more from the UAE: Abu Dhabi Exports Office (ADEX) is set to extend a USD 100 mn revolving loan to the National Bank of Egypt (NBE) to fund imports from the UAE.
  • Awlad Ragab is shutting down more of its branches: Supermarket chain Awlad Ragab is liquidating some EGP 850 mn worth of assets before the end of the year in an attempt to avoid default.

☀️ TOMORROW’S WEATHER- The mercury will be climbing higher to 42°C at its peak in the daytime and dropping to a cooler 25°C, according to our favorite weather app.

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