Good afternoon, friends. It’s another busy day for business news in Egypt, with the release of S&P Global’s Egypt PMI for August, which showed activity growing after years in contraction.

THE BIG STORY TODAY-

We’re finally growing: Egypt’s non-oil private sector activity expanded in August for the first time in over three years, S&P Global’s Egypt Purchasing Managers’ Index (PMI) (pdf) report showed. The index rose to 50.4, finally crossing the 50.0 mark that separates growth from contraction, from 49.7 in July.

Thank macroeconomic stability: “The past three months of survey data has been broadly indicative of a stabilization in demand conditions, with many firms commenting on a market recovery amid improved macroeconomic factors and rising export business. This stability led firms to increase their activity for the first time in three years in August, although the pace of expansion was only marginal,” the report said.

THE BIG STORY ABROAD-

Netanyahu under scrutiny after hostage deaths: Over 100k Israelis are protesting and striking in demand of a ceasefire after the discovery of dead hostages earlier this week. In response, Netanyahu only stated that he would stay on task in ensuring continued Israeli control of the Philadelphi corridor along the Egyptian border with Gaza, from which he claims Hamas smuggles weapons. (Associated Press | Bloomberg)

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

  • Another uneventful Thursday ahead? The Central Bank of Egypt is expected to once again leave interest rates unchanged when it meets on Thursday, as persisting inflationary pressures keep potential rate cuts at bay.
  • GCC investors want a slice of Mount International: A number of undisclosed Saudi and Emirati investors — investment funds and family businesses — are in negotiations to acquire a 40% stake in Mount International School Community in a EGP 280 mn transaction.
  • Basata snaps up stake in MadfoatCom: Local fintech player Basata and the Jordan Kuwait Bank have acquired 27.1% of Jordanian bill payment provider MadfoatCom for an undisclosed sum.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 33°C before simmering to a low of 25°C by nightfall, according to our favorite weather app.

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