Good morning, wonderful people. We have a brisk issue for you this morning led by the latest on our pharma shortage and news of discussions over a fixed regasification unit.

WATCH THIS SPACE-

#1- Egypt is looking to attract some USD 2 bn in foreign direct investment from EU countries in its industrial sector by the end of 2024, Al Arabiya reports, citing an unnamed government official. The government is aiming to intensify talks with major European firms and participate in exhibitions across key European capital cities in the coming period, the source added.

We are already expecting a lot of EU investments to come after Egypt inked EUR 67.7 bnworth of agreements and MoUs at the Egypt-EU Investment Conference in June.

#2- The International Eye Hospital could soon welcome a new majority shareholder: An unnamed strategic investor is looking to acquire no less than 51% of local healthcare chain International Eye Hospital, a source with knowledge of the matter reportedly told Al Borsa. Negotiations are currently ongoing and should wrap up before the end of the year.

#3- EU launches anti-dumping investigation into Egyptian steel exports: The European Commission has initiated an anti-dumping investigation into hot-rolled flat products of iron, non-alloy or other alloy steel imports from Egypt, India, Japan, and Vietnam, it said in a statement (pdf) last week. The probe follows a complaint by the European Steel Association calling for the imposition of anti-dumping duties.

Who is involved? Ezz Steel, Egypt’s sole exporter of hot-rolled flat steel to the EU, received a notice from the Commission last week, it said in a statement to the London Stock Exchange. The company, which considers the EU a major market for its flat steel exports, has pledged full cooperation with the investigation.

What’s next? The exporters under investigation will be required to provide detailed data in the next few weeks, Ezz Steel said. The investigation is expected to be lengthy given the involvement of multiple countries and the complexity of the required data, it added.

DATA POINT-

The number of e-wallets in the country rose to 39.4 mn at the end of 2023, according to a report (pdf) by the Central Bank of Egypt (CBE).

AND- Could mobile contactless payment finally come to Egypt? The central bank is finalizing the technical infrastructure needed to allow mobile contactless payments, the report said. The move will allow merchants to accept contactless payments through their mobile devices and has been in the works for years now.

PSA-

WEATHER- It’s another bright day in Cairo, with a high of 35°C and a low of 27°C, according to our favorite weather app.

It’s almost as hot 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?

HAPPENING TODAY-

Your last chance to apply to the Climate Adaption Innovation Accelerator: The Planning and International Cooperation Ministry and World Food Programme (WFP) are offering grants to local startups focused on climate adaptation and food security under the Climate Adaptation Innovation Accelerator Programme. Successful applicants will receive up to USD 200k in grants alongside guidance, support, and the chance to participate in WFP operations. The accelerator program targets startups, companies, and NGOs in Egypt, Jordan, and Lebanon. The application deadline is today, 11pm local time. You can apply here.

THE BIG STORY ABROAD-

The rising imminence of Iran attacking Israel — potentially triggering a regional war — is largely leading the conversation in the international press this morning. Washington is bracing itself for what its intelligence suggests “could be a significant set of attacks” on Israel by Iran “and / or its proxies,” White House Press Secretary John Kirby said last night, according to a press readout.

The US has ramped up its “force posture and capabilities in the region even in just the last few days” in anticipation of a potential outbreak of violence, Kirby said. US Secretary of Defense Lloyd Austin had ordered yesterday a strike group to speed up its deployment to the region, following a call with his Israeli counterpart Yoav Galant.

This comes as Israel pushes ahead with its attacks on Palestine, killing more than 20 people in its latest strikes in Khan Younis, Gaza City, and Rafah yesterday. (Reuters | Bloomberg | Financial Times | CNBC)

ALSO WORTH NOTING- Elon Musk hosted Donald Trump for a live streamed interview and X crashed due to technical glitches — which Musk blamed on a cyberattack. (CNBC | Wall Street Journal | Politico)

*** 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 look at how climate change has started affecting Egyptian businesses.

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