THIS EVENING: Storm Daniel is coming our way

Good afternoon, ladies and gentlemen. It’s a relatively quiet day in Omm El Donia as far as business and economic news go, but that doesn’t mean it’s calm everywhere…

THE BIG STORY TODAY / PSA

Storm Daniel looks like it’s about to hit home, after passing through Libya, where it killed at least 25 people, according to Reuters. Although the Egyptian Meteorological Authority expects most of the storm’s ferocity to have abated by the time that it hits our shores, we can expect dust storms mostly in Salloum, Marsa Matrouh, Alexandria, Alamein and Siwa.

ONE WEEK TO GO- There are just seven 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.

What to expect: Join Amr Allam (co-CEO, Hassan Allam Holding), Pakinam Kafafi (CEO, Taqa Arabia), Sherif El Kholy (partner and head of MENA, Actis), Tarek Abdel Rahman (managing partner, Compass Capital), Tarek Assaad (managing partner, Algebra Ventures), Ahmed Sobhy (chief investment officer, Banque Misr), and many others for talks on everything from how PE and VC players are tackling fundraising in a challenging climate to what major corporate customers of banking and finance need to see from their institutions.

Tap or click here to view the FULL AGENDA with SPEAKERS.

There will be plenty of parking available at the venue for all those attending.

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, the IFC, and Post for Investment.

THE BIG STORY ABROAD

Morocco’s devastating earthquake continues to get top billing across the international press this afternoon, as foreign aid has started to pour into the nation: Spain, Qatar, the UK, and the UAE have sent in support, while other groups are waiting for permission to send in their resources (Reuters | Financial Times). Meanwhile, Bloomberg takes an analytical view on the economic impact the quake will have on the country, including the tourism economy — with the majority of the damage in UNESCO-listed city Marrakech — suggesting that the losses will amount to 2% of the country’s GDP.

ALSO- The EU’s growth outlook is getting some ink, as the European Commission revised down its forecast for the bloc’s GDP growth to 0.8%, from the 1.0% predicted in May due to sticky inflation and as Germany’s economy contracted 0.4% on lower consumer spending and manufacturing output. (Financial Times | CNBC)

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

• Inflation hits another all-time high in August: Annual urban inflation jumped to 37.4% in August from 36.5% the month before, marking a third consecutive month of record-breaking highs.
• ADES sees strong demand from investors for landmark IPO: Egypt-born regional oil and gas services driller ADES Holding’ s initial public offering (IPO) on the Saudi stock exchange was oversubscribed within hours of the company releasing pricing on its shares.
• A first face-to-face round of talks for El Sisi, Erdogan: Turkish President Tayyip Erdogan hailed “a new era” for relations between Egypt and Turkey in his first-ever meeting with President Abdel Fattah El Sisi following the decision to restore diplomatic ties in July.

☀️ TOMORROW’S WEATHER- Is it fall yet? The temperature stoops to 34°C in the daytime and drops to a cooler 24°C in the night time, tells us our favorite weather app.