Good morning, all, and happy hump day. It’s another relatively quiet day in local business news as we hit the midpoint of the workweek. Today’s issue may not be the busiest we’ve ever had, but we have picked up some must-know IMF updates, M&A news, the latest on upcoming school fee hikes, and much more for you this morning.

PSA-

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

It’s only a tad cooler in Alexandria and along the North Coast, with a high of 33°C and a low of 23°C.

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WATCH THIS SPACE-

#1- Tourism authority offers grace period to land buyers to encourage investment: The Tourism Development Authority (TDA) will waive late payment penalties on land purchases for tourism development and investment companies that fully pay their installments by 31 August, 2025, according to a statement from the Housing Ministry. To demonstrate commitment, companies must make a 10% down payment on their installments by 31 October, 2024. The move is part of a set of measures aimed at supporting investors in the tourism sector.

Projects in Taba and Ras Sidr in particular are getting a helping hand: The TDA has also decided to offer development and investment companies in Sinai’s Taba and Ras Sidr a two-year extension of their project implementation deadlines and other measures in light of current geopolitical difficulties.

#2- GAFI draws up country-wide plan to boost investments: The General Authority for Investment and Free Zones (GAFI) and representatives of all governorates are set to form a permanent joint committee to promote and facilitate investments across the country, according to a statement by GAFI. The committee will work to update the country’s investment opportunities and development-ready pieces of land on its Invest in Egypt online database.

#3- A handful of airport investments are up for grabs: The government is offering seven investment projects at a number of airports across the country, Asharq Business reports, citing government data. Here’s the rundown:

  • Cairo Airport: A 4.9 mn sqm plot of land in the airport’s investment zone for setting up commercial and service activities under the usufruct system.
  • Sharm El-Sheikh International Airport: A 285-feddan plot of land to set up tourism and investment service areas near the airport fence.
  • And: A 3.9k sqm building and a vacant 39.5k sqm land plot for the establishment of a hotel or commercial mall in the vicinity of the Sharm El-Sheikh International Airport.
  • Borg El Arab Airport: Setting up a tourist and commercial area within the airport through a partnership, lease, or tender.
  • El Tor Airport: Setting up tourism and investment service areas within the airport through lease or partnership arrangements.
  • Port Said Airport: A 2.8-feddan plot near the airport fence for setting up a service area through a partnership, lease, or tender.
  • Assiut International Airport: A vacant 3.6k sqm land for establishing a commercial and industrial zone through a partnership or lease.

HAPPENING THIS WEEK-

UK-Egypt trade and investment in the spotlight: Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar this week to discuss how to support infrastructure reforms, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar takes place Thursday (29 August) from 12-1pm CLT / 1-2pm UAE.

Want to attend? You can sign up here.

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September.

Infrastructure is a key part of the forum. The gathering — which follows on from a Juneinfrastructure mission — will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech.

Networking: The forum will include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update.

Want to join them in London? Register your interest in attending the event here.

CIRCLE YOUR CALENDAR-

We have a date for the US-Egypt Joint Economic Committee meeting: The committee will be convening on 4-5 September in Washington to talk all things partnership between the two countries’ private sectors, boosting trade, bilateral investment, and following up on the outcomes of the first meeting of the committee, according to an Investment Ministry statement.

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

THE BIG STORY ABROAD-

The international business press can’t agree on a story with which to lead this morning’s front pages, giving us instead a rather mixed bag. Among the stories and headlines getting top billing:

#1- Russia launched a barrage of missiles at Ukraine, targeting the country’s energy and water infrastructure in what Kyiv said appears to be a tactic from Moscow to hit water and heating infrastructure ahead of the winter months. The missile attacks from Russia come after Ukraine’s invasion of Russia’s western Kursk region this month, which marked a significant victory for Ukraine 2.5 years into their war. (Reuters | Bloomberg | New York Times)

#2- Skydance looks set to acquire Paramount after American businessman Edgar Bronfman Jr. decided to drop a bid to buy the studio. Bronfman — who previously served as CEO of Warner Music Group — raised doubts on his ability to secure the financing necessary for a USD 6 bn bid for Paramount before the deadline to submit a final offer tomorrow. The Wall Street Journal and CNBC have the story, and the New York Times also has more on Bronfman and the dynamics at play in the bidding dance.

ALSO- Apple is hosting a press event on 9 September, at which the company is expected to unveil new iPhone and Apple Watch models. Analysts don’t expect the upcoming iPhone 16 will be significantly different from its predecessor, save for redesigned cameras. (CNBC)

WHILE CLOSER TO HOME- Gaza ceasefire talks in Cairo are set to continue over the next few days, the US national security spokesperson John Kirby said yesterday. Despite reports that the talks mediated by Egypt, Qatar, and the US had failed to make any progress, Kirby insisted that they had been “constructive” and “actually progressed to a point where they felt like the next logical step was to … sit down to hammer out these finer details.”

*** 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 take a look at how the government plans to add 28 GW of renewable energy to the country’s energy mix in the next five to seven years.

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