Good morning, friends, and happy Friday. We hope you’re reading us from the beach, enjoying the last weekend of the Sahel season.

In the Enterprise Guide this week: From plumbing to electrical work, finding trusted experts in your area is always a headache. You can’t remember who was the best technician from the ones on your phone book, or which maintenance app on the store is reliable. Don’t worry, we got you covered in our guide this week with a list of top-rated home maintenance services at your fingertips.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- The delayed fourth IMF loan review is still right around the corner: The International Monetary Fund is set to conduct the fourth review of our USD 8 bn loan program by the end of September or in October at the latest, two government sources told Enterprise. The review, which was pushed back from its initial date in September, is set to unlock a USD 1.3 bn tranche.

The IMF also released its latest country report on Egypt, in which it said that the country’s performance for the third review was “satisfactory.” All in all, Egypt met half of the structural benchmarks laid out by the IMF.

#2- CBE turns the page on a seven-year chapter of losses: The Central Bank of Egypt reported a net income of EGP 22.8 bn in fiscal year 2023-2024, compared to losses of EGP 86.3 bn in the previous fiscal year. This marks the first time that the bank has turned a profit since FY 2016-2017.

EDUCATION-

Gov’t rolls over caps on tuition fee hikes into a second year: The limits up to which private and international schools were permitted to raise their tuition fees last year will remain in effect in the 2024-2025 academic year.

INVESTMENT-

#1- A mega phosphoric acid plant in the works set to give the local fertilizer industry a boost: A local consortium led by Abu Tartour For Phosphoric Acid will set up a USD 1.2 bn phosphoric acid production plant. The project will be carried out over a 36-month period and aims to produce 900k tons of phosphoric acid a year.

#2- A USD 60 mn carbon black factory in the making? One of India’s largest black carbon producers is interested in setting up a USD 60 mn plant in Egypt. A delegation from the company will be visiting Egypt to conduct field visits to potential locations that could house the factory.

WHAT’S HAPPENING NEXT WEEK-

#1- Could we finally see non-oil private sector back in growth territory? S&P Global will publish Egypt’s PMI figures for August on Tuesday, 3 September measuring the country’s non-oil private sector activity. Last month saw business activity hit its second highest level since August 2021.

#2- It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee is meeting next Thursday to review rates. The bank left interest rates unchanged during its last meeting in July citing its commitment to sustaining the current trajectory of inflation moderation.

Remember: The committee delivered a jumbo 600 bps rate hike following a surprise monetary policy meeting in March, which coincided with the float of the EGP and the securing of an expanded package from the IMF. The CBE has left interest rates unchanged since.

#3- The US-Egypt Joint Economic 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.

#4- 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.

AROUND THE WORLD IN SEVEN DAYS-

#1- The “time has come” for rate cuts in the US: Federal Reserve Chair Jerome Powell indicated his readiness to start cutting interest rates in September. Powell emphasized that “the time has come for policy to adjust,” citing cooling inflation and slowing job growth.

The odds: Markets now see a 35% chance of a larger-than-usual 50 bps cut in September, up from 28% before Powell’s remarks,

#2- Trump gets indicted, again: Former President and current presidential nominee Donald Trump was hit with a fresh indictment in the 2020 election case, as special counsel Jack Smith submitted a revised indictment accusing Trump of election subversion.

#3- Israel and Hezbollah exchanged attacks on Sunday, with Israel launching “around 100” warplanes into Lebanon in what it said was a preemptive move against an attack from Hezbollah. The group later fired hundreds of rockets into Israel, hitting military targets and killing one Israeli soldier. Hezbollah’s attack was in retaliation for the killing of Fuad Shukr, one of its senior members, in Beirut last month. Although the exchange of fire has raised concerns of regional escalation, both Hezbollah and Israel are “employing the language of containment.”

☀️ THE WEATHER THIS WEEKEND- Yet another hot weekend in Cairo with a high of 36°C and a low of 26°C today, with the same temperature continuing into tomorrow. It will be a bit cooler in Sahel with highs of 32°C and lows of 25°C during the weekend.

HAPPENING THIS WEEKEND-

End Sahel season on a high note with Adriatique at AHM Club in Silversands, where you can dance the summer away, or what’s left of it. The event will take place tomorrow, get your tickets here.

Don’t miss BUE Theatre Team’s Arees El Bahr play. The theater team has already performed at New Alamein and is now taking the show to Rawabet Art Space in Cairo tonight and tomorrow. The show starts at 8:00 pm. Secure your spot here.

This is the last week you’ll be able to fly through the sky on a paramotor. Sky Sports Egypt are offering a 15-minute bird’s eye view of Alamein in North Square until today. Buy your tickets here.

None other than Wegz to close out the iconic new Alamein Festival. The concert will take place tonight at 10pm at the U-Arena. You can grab your tickets here.

Tamer Ashour is taking over the Porto Said beach tonight. Gates open at 6:00 pm and the singer will take the stage at 8:00 pm. Get your tickets here.

Don’t miss the chance to explore the diverse visual and cultural evolution of Egyptian film with the Afichat w Aflam exhibition at Bibliothek. This exhibition showcases a vast selection of late artist Pierre Sioufi’s collection of more than 10k pieces of Egyptian cinema memorabilia. The third edition is now on display, showcasing film posters and collectables from the 1990s to 2017, and will continue through to Monday, 2 September.

HAPPENING NEXT WEEKEND-

If you want to LOL go to the High Five stand up comedy show with Abdelrahman Mohamed, Badr Nour Eldin, Gamal Ramzy, Fekry Tarek, and Pola Samwel is coming to Theatro Arkan in Sheikh Zayed on Friday, 6 September starting 8:00 pm. Book your spot for the show here.

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