Good morning, everyone. We have a brisk issue for you today led by the USD 40 mn ethane pipeline in the works.

It’s a big day for Egypt in Paris, with the Pharaohs set to face host France in the semifinal of the men’s Olympic football tournament this evening — we have more in the news well, below.

WATCH THIS SPACE-

#1- Egyptera to hike EV charging fees: The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) is set to announce new pricing for electric vehicle charging within a month, Al Arabiya reports, citing unnamed sources from EV charging companies. EV charging companies are asking for an increase of over 42% from the current rates, which have been in effect since February 2022.

The rationale: EV charging companies have been pushing for a price hike, citing rising investment costs for charging stations and the impact of the EGP float. The current fees are also causing financial strain on electricity companies, as the subsidized electricity supply price for charging companies of EGP 1.21 per KWh is significantly lower than the production cost of EGP 2.2 per KWh.

#2- EFG Hermes ONE gets a makeover: Our friends at EFG Hermes have launched a rebranded version of online trading platform EFG Hermes ONE, with a new brand identity and user interface, according to a press release(pdf). “The new visual identity of EFG Hermes ONE embodies the forward-thinking and dynamic essence of EFG Holding,” said EFG Holding Group Chief Marketing and Communications Officer May El Gammal.

What’s new: The upgraded app introduces several new features, including multiple payment options and Egypt’s first licensed digital onboarding process. The app is currently available in a number of markets including Egypt and Kuwait, with plans to launch in the UAE soon. The app provides users access to 35 global markets and offers them various trading options, portfolio management tools, and technical analysis capabilities. EFG Hermes has also added customer support features such as calls, emails, and chatbots.

#3- Gov’t wants to allocate more land for new industrial zones: Cabinet’s National Center for Planning State Land Uses and the Federation of Egyptian Industries are looking into allocating 43 plots of land in 16 governorates for new industrial zones, according to a statement.

FACT CHECK-

Egyptian airports will stay Egyptian: Civil Aviation Minister Sameh Elhefny has refuted claims that the government is looking to sell Egypt’s airports to foreign investors, emphasizing that all airports in Egypt are fully state owned and under Egyptian sovereignty.

Always read beyond the headline: The government wants to inviteprivate-sector players to manage the country's airport in a bid to enhance airport efficiency and increase capacity. Last we heard, the Civil Aviation Ministry has started receiving offers from the private sector to manage Egyptian airports and is working to select an international consultant to oversee the offers.

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in our country and the wider region. Among the questions we’ll be asking:

  • What’s Egypt’s role in the regional industry?
  • What are foreign investors looking for right now?
  • Is real estate the only asset class in Egypt?
  • What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image above.

HAPPENING TODAY-

#1- Egypt and Turkey’s foreign ministers to meet: Turkish Foreign Minister Hakan Fidan will meet with Foreign Minister Badr Abdelatty later today to discuss cooperation and regional developments, Ahram Online reports, citing two diplomatic sources. Topping the agenda are preparations for President Abdel Fattah El Sisi’s upcoming visit to Turkey as well as the Egypt-Turkey high-level Strategic Cooperation Council meeting that is set to take place during El Sisi’s visit. Fidan touched down in Cairo yesterday for a two-day visit — some 20 agreements are expected to be signed during Fidan’s time in Egypt.

From day 1: Fidan visited the Rafah crossing, where he called on the international community to take a stance against Israel and stressed Turkey’s support for the people of Gaza.

Remember: Egypt and Turkey have been working to mend a decade of tense relations triggered by a host of issues. They restored diplomatic ties and reappointed ambassadors last summer and relations progressed even further when Turkish President Recep Tayyip Erdogan visited Egypt in February, where he met with El Sisi and agreed to boost the volume of trade between them to USD 15 bn over the next few years.

#2- It’s the second and final day of the Foreign Ministry-backed Egypt Expat Forum. The forum has been holding sessions on investing in Egypt, the education of young Egyptians abroad, and the services offered to Egyptian expats, according to a statement.

WORTH NOTING FROM DAY 1- Consular services could go digital: The Foreign Ministry is working with the interior and CIT ministries to digitize all consular services, Al Arabiya reports. “It's unacceptable that consular transactions are still paper-based, and it's unacceptable for Egyptian citizens to wait three months to receive their passports or IDs," Foreign Minister Badr Abdelatty said.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s slightly cooler in Alexandria, with a high of 33°C and a low of 25°C.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at efforts to localize the shipping container manufacturing industry. Check out the story here.

THE BIG STORY ABROAD-

It’s somewhat of a mixed bag in the international business press this morning, with front-page coverage split between one of two stories — an equity selloff on the back of US recession fears, and global concerns of escalation between Iran and Israel following Hamas leader Ismail Haniyeh’s assassination in Tehran.

Recession fears in the US after “alarming” US economy data — including a jump in unemployment rates to 4.3% — have thrown equity markets into a tailspin, with the S&P 500 and Nasdaq Composite both tumbling from their record highs. Markets are now pricing in a “near 70% chance” that the US Federal Reserve will move to cut interest rates come September, with some suggesting that it could move to cut rates by 50 bps next month. Analysts say the Fed will need to bring down rates “sharply, and quickly, to support growth.”

The sell-off isn’t remaining contained in the US, with Asia-Pacific markets approaching bear market territory after entering a third day of a sell-off triggered by a surging JPY, coupled with Middle East tensions and the Bank of Japan raising interest rates last week. (Bloomberg | CNBC | Reuters | Financial Times)

The market stability also isn’t being helped by rising tensions in our backyard, with leaders bracing for retaliatory attacks against Israel from Iran and Hezbollah “as early as Monday” following Israeli assassinations of senior leaders of both Hamas and Hezbollah last week. Hezbollah and Israel “exchanged limited fire” yesterday, with the Lebanon-based group saying it fired rockets into northern Israel, but it appears to be far from a full-fledged retaliatory attack. US and Arab leaders have called on Iran to “show restraint” and are pushing for a de-escalation. (Bloomberg | Wall Street Journal | New York Times)

MEANWHILE- Kamala Harris shot down Donald Trump’s pitch for a 4 September debate on Fox News, with Harris’ campaign claiming Trump is trying to avoid the originally scheduled debate on ABC. The ABC debate was penciled in with President Joe Biden before his withdrawal from the presidential race. Trump argued the debate on Fox would follow similar rules to his prior debate with Biden, featuring a full arena audience in Pennsylvania, and claimed Biden’s withdrawal effectively “terminated” the ABC debate — a point ABC has not confirmed. (Reuters)

OLYMPICS-

It was another busy day in Paris — here is everything you need to know about day 9 of the 2024 Olympics.

Meet the world’s fastest man: Noah Lyles did not disappoint the Americans who had high hopes for him to restore the United States' glory in short-distance track and field events. Lyles managed to nab the gold medal in the 100-meter dash, which was dramatically decided by a photo finish after both Lyles and Jamaican Kishane Thompson clocked a time of 9.79 seconds. The US also secured the bronze medal in the race through sprinter Fred Kerley.

A first for Africa: Algeria’s 17-year-old gymnast Kaylia Nemour won gold in the women's individual event on the uneven bars — Nemour becomes the first Arab and African gymnast to secure an Olympic gold.

Djokovic secures his long-awaited Olympic gold: Serbian tennis legend Novak Djokovic completed the missing piece in his career by securing the gold medal in the men's singles after defeating Spain's golden boy Carlos Alcaraz in a marathon match with two sets, both ending 7-6.

China ended America’s 40-year monopoly of the men's swimming 4x100 medley relay with a perfect finish by the world record holder in the 100-meter freestyle, Pan Zhanle. Until yesterday, the US had never lost this race in the Olympics since it was introduced 64 years ago in the Rome Games, snagging the gold in every run of the games except in 1980, when it boycotted the Moscow Games.

Meanwhile, South Korea sweeps archery gold. The Koreans have secured all five available gold medals in archery after claiming the men's individual gold yesterday.

TEAM EGYPT- Egypt is heading to the quarterfinals of the men’s handball tournament, where it will face Spain on Wednesday at 10:30 am. The Pharaohs secured their spot in the quarterfinal after placing second in their group after defeating Argentina 34-27 yesterday.

And tonight, our eyes will be on Lyon Stadium, where the Pharaohs will face host France in the semifinals of the men’s football tournament at 10:00 pm.

APART FROM FOOTBALL- It’s a busy day for team Egypt, with some pretty major events that many of you won’t want to miss:

  • Diving: Kicking off the day for team Egypt is Malak Tawfik, who will be taking part in the women’s 10m platform preliminary at 11am.
  • Table tennis: Starting at the same time is the men’s table tennis team who will face Chinese Taipei at 11am. Later in the day, the women’s table tennis team will face China at 4pm
  • Sailing: Khouloud Mansy will be taking to the water for the women’s dinghy race at 1:15pm, shortly followed by Aly Badawy who will take part in the men’s race at 3:45pm.
  • Wrestling: Moamen Rabie will face the Chinese Cao Liguo in the men’s Greco-Roman wrestling under 60kg at 4pm. Abdellatif Manea will face Turkey’s Muhammet Bakir in the under 130kg category, also at 4pm.
  • Artistic swimming: The country’s artistic swimming team will be taking part in the team technical routine at 8:30pm.

CORRECTION- We slipped up yesterday and erroneously reported that this is the first time ever that the Pharaohs had made it to the semifinals of the men’s football tournament. As pointed out to us by one of our valued readers, this is the first time in 60 years that the team has gotten this far. The story has been updated on our website.

You can follow Team Egypt through this schedule or by heading over to our Paris 2024Guide.

Want to see when your favorite sport is on? Check out the official schedule 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 Educatly co-founder and CEO Mohammed El Sonbaty to discuss the education platform’s expansion plans after having raised some USD 3.5 mn over two separate funding rounds.

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