Good morning, wonderful people. Ramadan is still three weeks away, but it feels like the business news slowdown for the holy month has already started.

But fear not, we’ve searched far and wide to bring you exciting news of a proposed USD 3 bn aluminum factory to be developed in partnership between the government and an Emirati company, Egypt Post’s plans in 2024, and much, much more for you this fine morning.

WATCH THIS SPACE-

Three new sub-funds from the SFE? The Sovereign Fund of Egypt is looking into launching three sub-funds for education, agriculture, and healthcare in a bid to bring in more investments into the local market, SFE CEO Ayman Soliman said during his participation in Al Mal’s CEOs Thoughts conference yesterday, Mubasher reported.

HAPPENING TODAY-

#1- The Egypt Energy Show is kicking off today at the Egypt International Exhibition Center in New Cairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production. President Abdel Fattah El Sisi is set to open the event, which will run until Wednesday.

#2- The House is set to issue amendments to the Consumer Protection Law: The House’s Legislative and Constitutional Affairs Committee will convene today to discuss amendments to the 2018’s Consumer Protection Law, as the government looks to toughen penalties for withholding strategic food commodities from the market.

MEANWHILE- Senate committees will have another busy day:

  • The Financial and Economic Affairs Committee will discuss the prospect of the central bank issuing a national digital currency as a way of achieving financial stability and inclusion.
  • The Foreign and Arab Affairs Committee will discuss the challenges and opportunities awaiting Egypt after formally joining Brics.
  • The Industrial Committee will assess the development of industrial sectors and the increase in export volumes.
  • The Energy Committee will review the development of renewable energy in Egypt.
  • The Health Committee will discuss a report on the impact of the global economic crisis on the local healthcare sector and prices of pharma products.
  • The Agriculture Committee will look into the ways to boost fruit and vegetable exports.
  • The Culture Committee will discuss a report on ways to develop Egypt’s medical tourism.

DATA POINT-

Growth forecasted to slow to 2.8% in the event that the war on Gaza is contained and Red Sea shipping resumes in a couple of months, the Institute of International Finance (IFF) said in a recent report seen by Enterprise. However, in the IFF’s pessimistic outlook — which it gives a less than 30% chance — growth is forecasted to fall to 2.0%.

WAR WATCH-

Egypt to testify before the ICJ against Israel: Egypt will be among 52 nations that will present arguments to the UN’s International Court of Justice (ICJ) starting today for the court to build a non-binding opinion on the legality of Israel’s occupation of Palestinian territories, State Information Service head Diaa Rashwan said in a statement yesterday.

CORRECTION: In yesterday's PM edition of Enterprise Egypt, we mistakenly reported that Egypt’s upcoming oral arguments at the UN on Gaza were part of South Africa’s case against Israel at the International Court of Justice. The oral arguments are instead part of a separate UN request for an advisory opinion. The story has been updated on our website.

UN likely to vote on ceasefire again tomorrow, with US expected to veto: The UN Security Council is likely to vote on an Algeria-penned draft resolution that calls for an immediate ceasefire in Gaza, Reuters reports. Commenting on the resolution, US Ambassador to the UN Linda Thomas-Greenfield said on Saturday that "the United States does not support action on this draft resolution. Should it come up for a vote as drafted, it will not be adopted."

THE BIG STORY ABROAD-

It’s a mixed bag this morning in the global business press: The Financial Times leads with news that Apple has been hit with it’s first-ever fine in the European Union — a EUR 500 mn hit after an antitrust probe urged on by Spotify.

The Wall Street Journal, meanwhile, notes that a USD 355 mn “New York fraud ruling against Donald Trump stands to put a serious dent in his bank account.” The Donald is barred from being an exec at any New York company for three years and is blocked from applying for loans from any financial institution chartered in New York state.

Bloomberg notes that “Ken Moelis's long courtship of governments in Dubai and Saudi Arabia is paying off,” pointing to tombstones for Aramco and Adnoc and whispers among competitors that “Moelis has turned its Middle Eastern operation into one of the bank’s biggest revenue generators per employee — no mean feat in a part of the world that's not known for big fees.”

Deutsche Bank is also having a moment in the global business press: The Wall StreetJournal has a long take out that notes Christian Sewing may have shored up the fate of the storied institution, but investors have yet to (fully) buy into his turnaround story. And everybody and her brother is taking note of the fact that Deutsche has (a) ordered managers back to work four days a week — and (b) banned the practice of working from home on Fridays and Mondays. (Fortune | Bloomberg | Still more Bloomberg | Financial News)

MORNING MUST READ-

Speaking of working from home and other ideas reshaping the workplace: Have you heard of meeting-free Fridays ? Did you know that one recent survey found working from home could increase your odds of missing out on a promotion — or of being fired?

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industryand manufacturing, we looked at what our rapprochement with Turkey means for Egyptian industry. You can check it out here.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We speak to industry insiders to find why foreign universities are setting up shop in Egypt and what challenges they face.

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