Good afternoon, all. It’s shaping up to be another calm news day as we enjoy one of the last days before summer comes to an end and the academic year kicks off.

THE BIG STORY TODAY-

Fourth review incoming: Representatives from the IMF should land in town early October to conduct the fourth review of our USD 8 bn loan program, which should unlock some USD 1.3 bn in funding, unnamed sources told Al Arabiya. The visit was pushed back from its initial date in September.

On the agenda: The review will focus on reforms like further subsidy cuts, capping tax breaks, and boosting revenues.

When can we see the funds roll in? The IMF Executive Board should greenlight the review in a December meeting, the sources said.

Remember: The IMF completed its third review of our loan program in late July and the USD 820 mn tranche landed in state coffers just days later.

THE BIG STORY ABROAD-

It’s another afternoon with Gaza on the front pages: The latest round of ceasefire talks that took place in Cairo yesterday failed to bring about an agreement, with neither Hamas nor Israel agreeing to “compromises” put forth by mediating parties, two unnamed Egyptian sources told Reuters. “Working groups” will remain in Cairo to continue addressing the sticking points. Meanwhile, all eyes are on the region in anticipation of further escalations following yesterday’s fire exchange between Israel and Hezbollah.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Gulf consortium backs out of plan to redevelop NDP HQ: A consortium of the UAE’s Al Shafar General Contracting Group and Saudi Egyptian Developers has reportedly backed out of an agreement to work on the USD 5 bn redevelopment of the former National Democratic Party (NDP) headquarters in central Cairo due to increased construction costs following the EGP float.
  • Three maritime terminals seeking operators: Alexandria Port Authority is gearing up to hand over three maritime terminals to local and foreign operators before the end of the year.
  • Valu takes another batch of securitized bonds to market: Homegrown fintech leader Valu raised EGP 1.1 bn in a securitized bond issuance.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 37°C before simmering to a low of 26°C by nightfall, according to our favorite weather app. It’s a little cooler in Sahel and Alexandria, with highs of 31-32°C and lows of 24°C.

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