Good morning, everyone. It’s almost as if the weekend has already started, with local business slower than any of us have seen for a long time. In today’’s short and punchy issue, we’ve got the latest on the unfolding FX withdrawal limits reports and repudiations, an upcoming conference that Egypt investors need to put on their calendar, and more.

WATCH THIS SPACE-

Healthcare facilities up for grabs: The Health Ministry will soon compile a list of investments in the medical and health sector across all governorates and present them to potential investors, Al Borsa reports, citing Egyptian Federation of Investors Association board member Abeer Essam.

Remember: President Abdel Fattah El Sisi ratified a bill in June allowing private entities to manage, and operate healthcare facilities and public hospitals for a period of 3-15 years. Supporters of the bill argue it will help attract foreign investments into Egypt’s health sector and enhance the services offered by public hospitals and healthcare units.

PSA-

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

It’s a little cooler in Alexandria and along the North Coast, with a high of 33°C and a low of 25°C.

And over the weekend, expect to see highs of 35°C in the capital and 31°C for our friends on the Mediterranean.

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THE BIG STORY ABROAD-

Ahead of Jackson Hole meeting, Fed minutes show September rate hike are all the more likely: The “vast majority” of policymakers at the US Federal Reserve’s FOMC meeting in July agreed “it would likely be appropriate to ease policy at the [Reserve’s] next meeting,” provided inflation and employment data remain “encouraging,” according to the meeting minutes pdf.

The Fed officials agreed inflation is “moving sustainably towards” the target of 2%, with expectations of continued downward pressure on inflation figures in the months ahead, the minutes showed. Although some officials said there was room to enact the first round of cuts at last month’s meeting, they unanimously agreed to leave rates unchanged.

The minutes were published ahead of an annual gathering of central bankers at Jackson Hole, where US Federal Reserve Chair Jay Powell is scheduled to speak on the country’s economic outlook tomorrow. The data provide further impetus for Powell to make the case that kicking off a monetary easing cycle is unlikely to push rates back up, particularly as the Fed now grapples with the need to mitigate the risks of recession.

Markets have already priced in September rate cuts, with the majority expecting a 25 bps reduction next month, while futures have priced in a total of 100 bps of easing through the end of 2024. The story is broadly leading headlines in the international business press this morning: (Bloomberg | CNBC | Financial Times | Wall Street Journal)

OVER IN CHICAGO- Kamala Harris’ running mate and Minnesota Governor Tim Walz is set to take the stage at the Democratic National Convention, marking his first high-profile national speech. Also speaking at the convention overnight: Former US President Bill Clinton and former House Speaker Nancy Pelosi. (New York Times | Washington Post | Politico | Bloomberg | Reuters)

CIRCLE YOUR CALENDAR-

The African Reinsurance Forum is coming to Cairo: The African Ins. Organization’s African Reinsurance Forum will be held at InterContinental Citystars Cairo from 12-15 October. The forum will bring together reinsurance industry leaders, regulators, and other stakeholders to discuss harmonization within the African ins. landscape, share best practices and innovative solutions, and advocate for a robust reinsurance market in Africa. You can register for the event here.

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

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