Good afternoon, friends. It’s an unusually quiet news day at home as the long weekend inches closer.

There are just 63 days left until our next Enterprise Finance Forum, which will take place on Tuesday, 24 September at the St Regis Hotel on the bank of the Nile here in Cairo.

The nation’s finance industry is at a turning point. Less than six months after the float of the EGP, we are on the right side of a protracted FX crunch that had the business community and Planet Finance alike in a chokehold.

We’re also in the early days of a generational realignment of power not just in our region, but in the global finance industry: The UAE has for more than a decade been the unquestioned epicenter of finance in the Mideast. Saudi Arabia is jockeying for a position, offering a fat fee wallet as it invests bns in gigaprojects — but institutions that don’t declare it their regional headquarters could be left on the outside looking in.

Enter Egypt, where we need to ask tough questions about our role in this finance ecosystem — and about the role the industry can play in building a real, export-led economy that will be far more resilient to shocks going forward.

On the agenda in September:

  • We’ll ask a senior government official to tell us why it’s different this time around;
  • Top CEOs answer the most difficult questions in Welcome to the Hot Seat;
  • What does the New Middle East Economy look like, and what’s our finance community’s role in it?
  • How is Planet Finance preparing for the largest inter-generational transfer of wealth the world has ever seen?
  • Who are the next generation of giants who will be staples of your fee wallets and your NIMs in the future?

PLUS: The outlook for dealflow, opportunities in consumer finance, how we should be thinking about energy, why customer experience is key online and off, and what’s driving the next generation of Egyptian giants.

The 2024 Enterprise Finance Forum is our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

WHO SHOULD ATTEND? Everyone who plays a role in our industry, from commercial and investment bankers to asset managers, fintech founders, NBFS leaders, and professional services providers of all stripes. Attendees at our events are C-suite officers, business owners, and their direct reports; we also make an allocation for folks we think could be tomorrow’s founders and C-suite executives.

Want to request an invitation? Tap or click here Space is strictly limited. Formal invitations will start going out next month, and the only way to receive one is to let us know you’re interested.

THE BIG STORY TODAY

Retail investors piled into Act Financial’s offering till the last moment: Act Financial’s retail investors’ offering was oversubscribed 55x times on the last day of the subscription period today ahead of the IPO, a company source confirmed to Enterprise. The retail investors — who are being offered 60 mn shares — booked over 3.3 bn shares. The subscription period for institutional investors wrapped up last Thursday, and saw the offering 20.2x oversubscribed.

THE BIG STORY ABROAD

The news cycle continues to feel like one endless Kamala Harris campaign press briefing as we bring you updates on the US presidential election as it has unfolded since we last hit your inboxes this morning.

Harris clinches support of majority of DNC delegates: Harris has secured pledges ofsupport from a majority of the delegates to the Democratic National Convention (DNC), paving the way to securing the nomination at the convention from 19-22 August.

Harris to miss Netanyahu’s speech to Congress: Harris will not be attending Israeli prime minister Benjamin Netanyahu’s address to the US Congress tomorrow, though she is expected to meet with Netanyahu at some point during his visit to the US. While Harris has been characterized in recent days as more critical of Israel’s assault on Gaza, she is widely expected to maintain Biden’s foreign policy direction — including the US’s near-unconditional support for Israel.

Meanwhile, Harris memes get a new — and perhaps unwelcome — lease on life as the campaign itself jumps on board in a bid to woo Gen Z voters. The AP is now out with a guide that breaks down the memes for the uninitiated.

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

  • Egypt’s external debt registers record decline in May: External debt dropped to USD153.9 bn at the end of May, down by USD 14.2 bn — or 8.43% — from its level at the end of December 2023.
  • A new entry in the race for Gulf Capital’s stake in Middle East Glass: Parent firm MENA Glass Holding has submitted a mandatory tender offer to acquire an additional 40.8% — represented in 25.5 mn shares — in EGX-listed bottle maker Middle East Glass in a USD 57.8 mn transaction.
  • Bonyan mulls IPO: Compass Capital subsidiary Bonyan Development is reportedly planning to offer a USD 120 mn stake in an upcoming initial public offering on the EGX by year-end.

☀️ TOMORROW’S WEATHER- The heat is staying consistent with highs of 38°C and dropping to a moderate low of 28°C at night. It’s a bit cooler in Sahel and Alexandria with a high of 33°C and a low of 25°C, according to our favorite weather app.

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