Good morning, friends. We’re kicking off the issue with some good news that after three long years of contraction, the country’s non-oil private sector has inched back up into growth territory. But that’s not all today, with El Sisi is set to touch down in Turkey today for his first visit to the country since being in the top job, Hurghada’s long-awaited solar projected back in the works, debt news galore, and much more. We’ve got a packed issue today, so let’s jump right into it.

HAPPENING TODAY-

#1- El Sisi touches down in Turkey: Today is the day that President Abdel Fattah El Sisi touches down in Turkey for his long-awaited visit to the country since assuming office as the two countries seek to mend fences and build diplomatic and economic ties, Turkey’s Directorate of Communications confirmed yesterday. El Sisi is set to meet with Turkish president Recep Tayyip Erdogan and together chair the first meeting of the long-stalled high-level Strategic Cooperation Council between the two countries in the works since 2010.

On the agenda: Although details from the Turkish side are skimpy and Egypt has yet to release a statement on the trip, in addition to Gaza — that will presumably top discussions — Ahmed Moussa told his viewers on Ala Mas'ouleety earlier this week that the visit will include “discussions on all bilateral and international issues, as well as the signing of numerous agreements and MoUs in various areas” (watch, runtime: 2:21). Al Arabiya’s Turkey correspondent also told Amr Adib that economic relations and cooperation in areas such as tourism, transportation, and the defense industry, alongside expanding the countries’ joint freetrade agreement would be on the agenda.

The two countries are “opening a new chapter,” El Sisi said in a presser when Erdogan made his first visit in over a decade in February (watch, runtime: 15:15). The two sides have been working to mend a decade of tense relations triggered by a host of issues, including Erogan’s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. Under this new relationship, the two countries are planning to boost annual bilateral trade from USD 6.6 bn in 2023 to USD 15 bn in the next few years.

#2- Madbouly is in Beijing for the launch of the Forum on China-Africa Cooperation: Keep your eyes peeled for investment and debt news, because Prime Minister Moustafa Madbouly is attending the three-day Forum on China-Africa Cooperation and is also booked in with Chinese officials and business leaders to discuss agreements and proposed investments in the works. A cabinet statement earlier this week told us that Madbouly will ink a number of MoUs and contracts related to investments in the Suez Canal Economic Zone and the Egyptian telecommunications sector, without going into details.

We’ve already heard that we’re getting new funding from our BRICS buddy: China will be extending a CNY 100 mn in development grant — currently worth around EGP 681 mn or USD 14 mn — in order to implement a number of new joint projects, according to another cabinet statement out yesterday.

#3- The two-day US-Egypt Joint Economic Committee meeting kicks off in Washington today, with government and business representatives expected to discuss Egypt’s current economic straits, existing investment opportunities and hurdles, and the coordination of PPPs between the two countries, according to an Investment Ministry statement.

#4- It’s day two at the Egypt International Airshow, which kicked off yesterday in El Alamein. The event covers all things aviation through Thursday, bringing together participants from over 300 companies from more than 100 countries. It also features exhibitions from 200+ companies, discussions from industry leaders, and even aircraft flyovers and displays.

HAPPENING TOMORROW-

It’s decision time for the MPC: The Central Bank of Egypt’s Monetary Policy Committee is meeting tomorrow 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.

The polls are in: The central bank is once again expected to leave interest rates unchanged as persisting inflationary pressures keep potential rates at bay, eight analysts and economists told Enterprise in a poll earlier this week. Those polled by Reuters agree, with 14 of the 15 that the newswire spoke to predicting that rates will be held steady and one penciling in a 100 bps rate cut

DATA POINT-

The Electricity Ministry expects to collect EGP 500 mn in fines from overdue electricity bills during the current fiscal year, ministry sources told Al Arabiya. Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) introduced a 7% fine on overdue electricity bills which will come into effect with September’s bill. Those who fail to pay for three consecutive months will receive a warning before having their meters removed.

KUDOS-

Local firm MUSEEUM is up for the Arab World Design Award: Local retail management company and the operator behind the Grand Egyptian Museum’s (GEM) gift shop MUSEEUM has been nominated for this year’s Arab World Design Award for its curation of the GEM gift shop. Hosted by the Institut du Monde Arabe (IMA), the award “aims to highlight emerging and established designers from the Arab world,” according to the institute’s website. The winning candidates will be named today and an exhibition of the winning projects will be held at the IMA in Paris from 5-15 September.

What MUSEEUM does: The company works as a curator for heritage destinations and museums, using “research and analysis to craft a collection that captures the historical essence of its surroundings,” MUSEEUM co-founder Jaeyung Kwon told Enterprise. “Our goal is to cater to a diverse audience, encompassing tourists, bucket list enthusiasts, proud locals, Egyptophiles, as well as academics and teachers and students,” she said.

The firm’s strategy involves collaborating with both artisanal and manufactured products fully crafted by Egyptians, and making sure that artists get their fair share of the value chain while still delivering favorable and varied prices, Kwon tells us. “In Egypt, the artisanal talent is there, but through design and curation we point artisans towards global interest. Good design can show both the customers and the craftsmen what they've been missing,” she said.

** Want more? We spoke to Kwon at length for our My Morning Routine column — look out for the full interview in tomorrow’s issue of EnterpriseAM Egypt.

PSA-

WEATHER- It’s much the same in Cairo today, with a high of 34°C and a low of 26°C, according to our favorite weather app.

It’s a notch cooler in Alexandria and along the North Coast, with a high of 32°C and a low of 24°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

CIRCLE YOUR CALENDAR-

German President Frank-Walter Steinmeier and an accompanying business delegation will touch down in Egypt next week, a German embassy official recently announced, according to a statement from the General Authority for Investment and Free Zones. Steinmeier’s visit will mark the first time in 24 years that a sitting German president has visited Egypt.

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-

All eyes are on Wall Street in the international business press this morning, with the S&P 500 having dropped 2.1% by yesterday’s close. A 9.5% slide in Nvidia’s stock price prompted a selloff of other big tech names. Nvidia was breaking all of the wrong types of records yesterday, claiming the unenviable title of having the steepest-ever single-day loss of market cap by a US company — wiping off a whopping USD 279 bn during trading.

Traders were prepared for a rocky September, but probably not this rocky. On top of the “traditional” September slump, an upcoming US jobs report on Friday, interest rate cut speculation ahead of the Fed’s mid-month meeting, and 10 September televised debate between Kamala Harris and Donald Trump have been weighing on the market.

Analysts are increasingly wondering if this may signal the end to chip mania, which had until recently been the main driver pushing US stock markets to historic records. After all the money that has been pumped into chipmakers over the last year and a half, a period of reflection and readjustment may be a matter of course, thinks Jackson Square Capital’s Andrew Graham, telling Reuters that “all tech revolutions go through periods of disillusionment.”

But high expectations aren’t Nvidia’s only problem, with it being reported on the same day that the US Department of Justice has subpoenaed Nvidia in an antitrust probe.

It wasn’t much calmer in the oil markets, with Brent crude falling 4.9% to settle under USD74 and wiping out gains the black stuff had made throughout the year. Driving the fall was news that Libya is ready to turn back the tap back on. A dispute between competing political factions over oil revenue and control of the central bank had effectively stopped exports on the formal market.

AND IN OUR CORNER of the world, Riad Salameh faces the music … again. Former Banque du Liban head Riad Salameh was arrested yesterday in Beirut for alleged financial crimes related to USD 110 mn he amassed through the Lebanese central bank’s dealings with brokerage firm Optimum Invest.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look into what the government has done — and has yet to do — in the lead up to the Grand Egyptian Museum's official opening.

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