Good afternoon, wonderful people, and happy almost-THURSDAY. We have a pleasantly brisk but balanced news day so far as the slide towards the weekend gathers steam.

THE BIG STORY TODAY

New Golden Triangle industrial zone? The General Authority for Freezones and Investment (GAFI) is reportedly in talks with a handful of private sector companies to set up a USD 2 bn industrial zone in the Eastern Desert’s Golden Triangle, Asharq Business reports, citing three government sources it says have knowledge of the matter. The zone would bring together mining, agriculture, trade, and tourism-related activities, the sources are quoted as saying.

WE HAVE JUST FIVE DAYS TO GO until we see some of you at 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 Todd Wilcox (CEO and deputy chair, HSBC Egypt) , Akef El Maghraby (vice chairman, Banque Misr), Tarek El Nahas (group head of international banking, Mashreq), Hazem Hegazy (CEO and vice chairman, Al Baraka Bank), Fadi Abi-Nader (VP — One Demand, Global Emerging Markets, Mars-Wrigley), Bahaa Alieldean (senior and managing partner, ALC Alieldean Weshahi & Partners) and many others for talks on everything from what’s driving transformation in the banking and finance sector to how a can bank can transact in uncertain times.

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, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment.

THE BIG STORY ABROAD

The EU’s anti-subsidy probe into electrical vehicles coming from China is (broadly) leading the conversation in the international business press this afternoon, after European Commission President Ursula von der Leyen said the international market is “flooded with cheaper Chinese electric cars” which in turn undermines the European EV market. The Chinese manufacturers are able to charge less for their vehicles as Beijing is absorbing a majority of the costs through state-provided subsidies. (Financial Times | CNBC | Reuters)

Meanwhile in Russia, Kim Jong Un and Vladimir Putin’s meeting continues as the North Korean leader met his counterpart in the Vostochny Cosmodrome. The rest of the world remains uneasy as their warming friendship suggests that Kim may provide military apparatus to aid Russia in its conflict with Ukraine. (Wall Street Journal | Financial Times | Reuters)

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

  • Pundits are closely following news that suggests there could be fresh energy in the privatization program as the Madbouly government looks to bring in some USD 5 bn in proceeds this fiscal year. The latest news sees potential sales of stakes in two high-profile telecoms players as well as a renewable energy facility. The expectation is that all three sales will be paid for with inflows of foreign exchange.
  • Beshay Steel sells minority stake to NSPO: Military-owned conglomerate the National Service Projects Organization (NSPO) has acquired minority stakes in three private-sector steel companies owned by Beshay Steel Group.
  • Abdellatif Olama has been appointed CEO of Jumia Egypt, taking over from Hisham El Gabry, who is moving up to become chief commercial officer for Jumia Group.

☀️ TOMORROW’S WEATHER- Expect more sunny skies tomorrow with a high of 34°C in the daytime and a drop to 23°C in the evening, according to our favorite weather app.

Tags: