Good morning, friends. It’s been a pretty busy few months since the national currency was floated in March, so it’s nice to occasionally have days like this when the local business news cycle is slow.

But slow does not always mean unimportant, with one story that we heard about from informed sources getting us excited about what may be in the pipeline for the country’s construction industry. We’ve got encouraging news that Saudi’s National Housing Company is looking towards Egyptian companies to help build USD 200 bn worth of infrastructure and housing projects, reports that the CBE may soon lift import restrictions on non-essential goods, and much, much more.

WATCH THIS SPACE-

Subsidized gov’t financing for industry to resume: The government is planning to carry on with its subsidized loan program, offering loans at a subsidized 15% interest rate to manufacturers in freezones as well as agriculture and renewable energy companies in a bid to boost private-sector involvement in the economy, Industry and Transport Minister Kamel El Wazir said in a statement, adding that the targeted sectors are yet to be determined.

You’d be hard pressed to find better rates: Although four percentage points higher than the last batch of cut-rate finance for industry and agriculture, the 15% interest rate charged in the initiative is nearly half the central bank's post-float 28.25% lending rate.

Remember: The loan program had run into difficulties since it was introduced in April and was ultimately suspended after benefitting only a few industrial players, industry players told Enterprise in July. Industry insiders also told us the EGP 120 bn allocated to the projects were insufficient to fully fund the program.

But the program may have more firepower this time round: The finance, industry, and investment ministries are looking into proposals by business organizations to allocate another EGP 30 bn in funding for the loan program, bringing its total value to EGP 150 bn, Al Borsa reports, citing sources it says have knowledge of the matter.

CIRCLE YOUR CALENDAR-

Explore the future of digital commerce next month at Seamless North Africa. The two-day event will be held at the Egypt International Exhibition Center from 2-3 September under the theme The Future of Digital Commerce Across North Africa. The event brings together mechants, enterprises, and SMEs in the e-commerce space as well as players in the fintech, banking, and retail sectors “to drive forward the future of digital commerce.” Take a look at the schedule here and register to attend here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

PSA-

WEATHER- It’s another hot day in Cairo today, with a high of 37°C and a low of 27°C, according to our favorite weather app.

It’s a bit cooler in Alexandria, with a high of 34°C and a low of 25°C.

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

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WAR ECONOMICS-

Are Russian tankers also avoiding the Red Sea? Russia is sending an oil tanker on a lengthy journey around Africa to Asia — instead of through the Suez Canal — in what might be a sign that the country’s fleet is not protected from Houthi attacks on shipping vessels in the Red Sea, Bloomberg reports. Despite repeated assurances from the Houthis that Russian and Chinese vessels would be given safe passage, several Russian ships have been attacked.

The speculation stems from an incident that has got ship trackers scratching their heads: Two suezmax ships — i.e., the largest vessels capable of passing through the Suez Canal fully loaded — were on their way to Asia, but transferred their cargoes to the supertanker Gold Pearl near Port Said earlier this month. The supertaker was too deep to pass through the Suez Canal, rerouting its course around Africa instead and perplexing shipping watchers about a move that doesn’t seem to make economic sense.

THE BIG STORY ABROAD-

The US is reminiscing about 2008: Former US President Barack Obama took the stage at the Democratic National Convention (DNC) in his hometown of Chicago just a few minutes before we hit “send” on this morning’s issue, as he endorses Democratic nominee Kamala Harris. Some are drawing parallels between Obama’s “hard-fought” presidential election bid in 2008, “with party faithfuls hoping that Harris’ race against Donald Trump will assemble the same broad coalition that could deliver a commanding win.” The story is emblazoned across the front pages everywhere in the international press this morning (Reuters | Bloomberg | Politico | Financial Times | Wall Street Journal | New York Times | Washington Post)

MEANWHILE- US Secretary of State Antony Blinken wrapped up his tour of the Middle East without clearly securing a ceasefire agreement between Hamas and Israel. Blinken, who was in Cairo and Doha yesterday, secured Israeli Prime Minister Benjamin Netanyahu’s agreement to a bridge proposal that would ensure a ceasefire in Gaza, but Hamas has yet to formally accept or reject the terms of the proposal. Ceasefire talks are still scheduled to happen in Egypt this week, although it remains unclear when. (Reuters | Bloomberg)

AND- Morgan Stanley International Chairman Jonathan Bloomer and British tech b’naire Mike Lynch are both missing and presumed to be dead after a yacht hit a storm and sank off the coast of Italy earlier this week. Four others onboard the yacht are also missing, while one — a chef on board the yacht — was found dead, and 15 passengers were rescued. (CNBC | Financial Times)

*** 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 how Egypt’s ports fared in the World Bank’s annual Container Port Performance Index report and hear from some industry insiders on what to expect from recent port developments.

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