Good morning, wonderful people. We have a packed issue for you this morning, led by Finance Minister Ahmed Kouchouk’s first press conference, where he gave us the rundown on what we can expect from the Finance Ministry over the coming period.

WATCH THIS SPACE-

Arabia Holding mulls EGX listing: Real estate player Arabia Holding is looking into listing the company on the EGX, Chairman Tarek Shoukry told Asharq Business. The company is looking to expand regionally, namely in the Saudi market.

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 TOMORROW-

Google I/O Extended MENA comes to Cairo: The highly anticipated Google I/OExtended MENA event is taking place tomorrow at Shorouk Academy in Shorouk City, Cairo. The event promises a packed day of tech insights and networking for both new and experienced developers. Attendees can expect over five keynote speeches, 30+ talks and panels, and over 90 workshops covering a wide range of topics including web development and AI. You can check out the full agenda and list of speakers here and book your seat here.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 36°C and a low of 27°C, according to our favorite weather app.

It’s a little nicer in Alexandria, with a high of 32°C and a low of 24°C.

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

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THE BIG STORY ABROAD-

Global markets are catching their breath after stocks staged somewhat of a comeback yesterday, recovering some of the losses from the past three days as investors eased recession concerns and Japanese equities bounced back during trading.

The rundown: The Dow gained 0.76%, while the S&P 500 rose 1.04%, and the Nasdaq Composite closed up 1.03%. Major tech stocks like Nvidia and Meta Platforms saw rebounds after being among some of the worst performers on Monday. Japanese stocks also boosted sentiment, with the Nikkei 225 experiencing its best day since October 2008, jumping 10.2% after a sharp decline the previous day. (CNBC | Financial Times | Wall Street Journal | Reuters)

AND- US Vice President and presidential nominee Kamala Harris tapped Minnesota Governor Tim Walz — who is known for being more broadly appealing in the voter base, despite not being the most well-known contender — as her running mate for the presidential campaign. (Bloomberg | AP | CNBC | Reuters | The New York Times | Wall Street Journal | Washington Post)

IN OUR NECK OF THE WOODS- Hamas tapped Yahya Sinwar as the new head of its political bureau, succeeding Ismail Haniyeh who was assassinated last week in Tehran. This makes Sinwar the main focal point for any diplomatic efforts aimed at halting the war in Gaza. (Reuters | Guardian | BBC | ABC News | Times of Israel)

OLYMPICS-

Here are the highlights from day 11 of the Paris Olympics:

Another day where history was made: Cuban wrestler Mijaín López, 41, wrote Olympic history, becoming the first athlete to ever win gold in the same event in five Olympic Games, following his victory in the Greco-Roman wrestling 130kg category, which he has dominated since the Beijing 2008 Olympics. Following his win, López left his shoes on the mat, signaling his retirement from the sport.

Canada dominates hammer throw events: Canadian Camryn Rogers won the women's hammer throw gold yesterday, while Poland's Anita Włodarczyk, who won gold in the last three Olympics, finished fourth. Rogers' win comes only days after Canada’s Ethan Katzberg secured the gold in the men’s event.

Algerian boxer Imane Khelif advanced to the final of the women’s boxing under 66kg, where she will face China's Yang Liu on Friday evening.

The medal standings now at the Paris Olympics:

  • USA (24 gold, 86 overall)
  • China (22 gold, 59 overall)
  • Australia (14 gold, 35 overall)
  • France (13 gold, 48 overall)
  • UK (12 gold, 46 overall)

TEAM EGYPT- The match of the day: We will be tuning in for the quarterfinal of the men’s handball tournament, where team Egypt will be taking on Spain at 10:30 am. The Pharaohs secured their spot in the quarterfinal after placing second in their group after defeating Argentina 34-27 earlier this week.

And stay on the lookout for: We also hope to clinch a medal in Greco-Roman wrestling through Mohamed Gaber, who will compete for the bronze in the 97 kg category in the competitions starting at 7:15 pm, after losing in the semi-final match yesterday with a score of 6-0 against Iran’s Mohammad Saravi.

It’s another busy day for team Egypt, here are matches you don’t want to miss::

  • Canoe sprint: Samaa Ahmed will be taking part in the women’s kayak single 500m heats at 10:30 am.
  • Wrestling: Mohamed Elsayed will be facing Azerbaijan’s Hasrat Jafarov in the men’s Greco-Roman 67kg at 12:00 pm and Mohamed Metwally will face Kazakhstan’s Nursultan Tursynov in the men’s Greco-Roman 87kg also at 12:00 pm.
  • Diving: Maha Amer will take part in the women’s 3m springboard preliminary at 4:00 pm.
  • Artistic swimming: The national team will be showing off their skills at the team acrobatic routine at 8:30 pm.

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 Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at what Egypt's construction industry can do to ensure a sector-wide rebound.

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