Good afternoon, wonderful people, and a very, very happy THURSDAY. We’re rounding out what has been an eventful week for us here at Enterprise with a relatively calm news day (although those tides may change course later in the evening).

THE BIG STORIES TODAY

Are we looking for more UAE funding for our wheat? The government is reportedly in early talks with an unnamed Abu Dhabi-based bank to finance wheat imports from Kazakhstan, Reuters reports, citing three wheat traders and sources who have knowledge of the matter. Traders were informed about the potential funding for the wheat imports yesterday through a General Authority for Supply Commodities (GASC) wheat tender, according to Reuters.

IT’S INTEREST RATE DAY- The Central Bank of Egypt (CBE) is expected to leave interest rates unchanged when it meets later today, according to our customary poll of analysts. All seven of the people we spoketo think the CBE will leave rates on hold thanks to easing monthly inflation and the need to retain policy space for a widely anticipated devaluation.

THE BIG STORY ABROAD

It’s another somewhat mixed bag in the international business press, although monetary policy decisions are capturing headlines abroad ahead of our own monetary policy committee meeting. Turkey enacted another rate hike, with a massive 500 bps increase as it tries to control the inflation gripping the country, Bloomberg notes. Meanwhile, the Bank of England left interest rates on hold at 5.25% on account of better inflation data acquired in August, the Financial Times reports.

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

  • An eventful cabinet meeting: Ministers yesterday greenlit a slew of decisions, including the recently-announced social support measures, a proposal to increase the capacity of Benban and establish a new wind farm, and new golden licenses for industrial projects.
  • We now know how much funding the IFC could extend to Damietta cargo terminal II: Our friends at the International Finance Corporation (IFC) are considering extending USD 125 mn loan to Egypt to fund the construction of Damietta Port’s second container terminal.
  • Pickalbatros targets Morocco expansion: Egypt-based hotel owner and operator Pickalbatros Hotels & Resorts Group will invest USD 140 mn in Morocco over the next two years.

☀️ TOMORROW’S WEATHER- Expect some clouds tomorrow with the temperature reaching a high of 34°C and dropping to a cooler 24°C in the evening, according to our favorite weather app.

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