Good morning, folks. We have a brisk issue for you this morning led by fresh discussions with the IMF over the new cabinet’s policy.

WATCH THIS SPACE-

#1- A fresh entry on the EGX? Cairo-based Al Ahly Group for Modern Agriculture filed a request to list its shares on the EGX, the bourse said yesterday. The company is currently working to complete the listing procedures, ahead of listing its 1.5 bn shares, with a capital of EGP 150 mn.

#2- Further confirmation that eSIM services are fast approaching: The government plans to launch eSIM services within two months, CIT Minister Amr Talaat told Asharq Business. This follows reports that the National Telecom Regulatory Authority had been conducting the final technical tests for the service earlier this month and was awaiting the visit of a representative from the GSM Association — a global organization representing the interests of mobile network operators — to ensure the system is in line with international standards.

eSIMs? eSIMs are a digital version of a SIM card that can be put in your phone by scanning a QR code or putting in a code. The newest Apple, Samsung, and Google phones are already eSIM-compatible, and many believe it is only a matter of time before physical SIM cards are tossed into the dustbin of history.

#3- Iraq wants Egyptian investors to tap the country’s recovering economy: Iraq’s Prime Minister Mohammed Al Sudani invited Egyptian and Saudi investors to invest in the country’s real estate sector, according to a statement. His statements came during a meeting with Egyptian and Saudi businessmen, including Egypt’s TMG Holding and Saudi conglomerate Al Muhaidib.

DATA POINTS-

#1- Suez Canal revenues fell 23% y-o-y during the fiscal year 2023-2024 to record USD 7.2 bn, Al Mal reports citing sources with knowledge of the matter. The number of vessels passing by dipped 22% y-o-y, while net tonnage decreased by nearly 30% y-o-y.

#2- Expanding the Takaful and Karama program: Some 73k families were added to the Takaful and Karama social safety program in July, Social Solidarity Minister Maya Morsy said. The program currently includes around 5.2 mn families — 21 mn citizens.

HAPPENING TODAY-

Egypt Mining Forum kicks off: The two-day Egypt Mining Forum opens its doors today at the Nile Ritz-Carlton. The forum will bring together over 4k attendees for 15 sessions with over 50 speakers.

PSA-

We have another long weekend ahead: Public and private sector workers will have Thursday, 25 July off in observance of the 23 July Revolution, Prime Minister Moustafa Madbouly announced yesterday.

WEATHER- Brace for another humid day in Cairo, with a high of 35°C and a low of 26°C, according to our favorite weather app.

It’s almost as hot in Alexandria, with a high of 33°C and a low of 24°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

THE BIG STORY ABROAD-

Donald Trump is still in front pages everywhere — this time after formally taking the Republican nomination. He has named Ohio Senator JD Vance as his running mate — Vance was once a Trump critic and is a sharp populist — in a move that the Wall Street Journal says could be aimed at clinching victory in the Midwest battleground states.

Trump made his first public appearance since his assassination attempt — with a big bandage on his ear — at the Republican National Convention, which is still underway at dispatch time.

ALSO- A US judge dismissed a criminal case over Trump’s handling of classified documents, in the latest legal victory for the former president, the WSJ reported separately. The judge in the case is a Trump appointee who has made a series of baffling or unorthodox rulings in the case.

AND- Trump will force Ukraine-Russia peace talks if he’s elected president, says Hungary’s prime minister, Viktor Orbán.

OVER IN FRANCE- The fragile unity within the country’s New Popular Front is fraying as coalitions within the party fail to agree over a new prime minister, France24 reports. The government is set to convene on Thursday for the first time to elect a new president of the national assembly, equivalent to the speaker of the house.

IN THE BUSINESS PRESS- Apple’s shares rose to a record high after Morgan Stanley identified the stock as a “top pick,” giving it a valuation of USD 3.62 tn, attributing the choice to the iPhone manufacturer’s AI efforts, which it expects to help boost sales.

SPEAKING OF APPLE- Fellow iSheep can now download the beta version of iOS 18 (and iPad, macOS, watch OS 18, and macOS Sequoia). (The Verge)

AND IN EARNINGS NEWS- Goldman Sachs saw its net income more than double in 2Q 2024 to USD 3 bn due to a recovery in dealmaking. Morgan Stanley is set to report its earnings today.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We break down the new cabinet’s green goals, from renewables targets to plans for electricity production and consumption.

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