Good morning, friend, and happy long weekend. We hope you all have a relaxing long weekend with family and friends.

LAST WEEK IN 3 MINS-

ECONOMY-

Inflation accelerates after months of cooling: Annual urban inflation accelerated 0.5 percentage points to 26.2% in August after having fallen to 25.7% — its lowest level since December 2022 — in July. On a monthly basis, urban inflation rose by 2.1%, up from 0.3% the month before.

Fingers were firmly pointed to energy and transport price hikes, as the August reading “reflected energy price hikes that were announced in the last week of July. This included diesel, which has a broad-based effect,” CI Capital’s Sara Saada said. Transport costs were up 13.1 percentage points to 31.0 y-o-y in August, while on a monthly basis, prices were up 11.8%.

M&A-

#1- Egypt’s largest gold mine is about to get a new owner: NYSE-listed global miner AngloGold Ashanti will buy Egypt-focused LSE- and TSX-listed Centamin in a cash and share transaction valued at around USD 2.5 bn, the two companies said on Tuesday. The acquisition will give AngloGold — the sixth largest gold miner in the world — ownership of the Centamin-run Sukari mine in Egypt, one of the world’s largest gold mines.

What’s next? The acquisition is yet to receive Centamin shareholder and regulatory approvals. Centamin shareholders are scheduled to vote on the transaction at the end of October for the transaction to be finalized before year end.

#2- Bisco Misr to welcome new majority shareholder: American cereal and snack maker Kellanova (FKA Kellogg Company) will sell its entire majority stake in Egypt’s largest biscuit company, Bisco Misr, to UAE-based business conglomerate Hayel Saeed Anam Group (HSA), the companies said, without disclosing the value of the transaction. The transaction is set to close by 1Q 2025.

ENERGY-

Our LNG imports may extend to winter: The Egyptian General Petroleum Corporation (EGPC) has issued a tender for 17 shipments of liquified natural gas for its floating import terminal at Ain Sokhna, as well as three more cargoes for delivery to Jordan’s Aqaba, in one of the state-owned firm’s largest ever tenders, a government source told Enterprise. The 20 shipments are expected to be delivered from October through December.

Remember: Power cuts are set to return next week after an eight-week hiatus, before ending for good by the end of the year.

PRIVATIZATION WATCH-

State privatization efforts ramp up with EGP 2.8 bn Tamweely exit: A consortium of international investors has inked an agreement to fully acquire leading local microfinance provider Tamweely from its current state-owned shareholders. Investment Minister Hassan El Khatib put the transaction total at EGP 2.8 bn at a press conference announcing the news.

WHAT’S HAPPENING NEXT WEEK-

#1- The Egypt-UK investment conference is nearly upon us: Our friends at HSBC, together with UK Export Finance and Egyptian-British Chamber of Commerce, are hosting the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September. The conference will showcase investment opportunities in Egypt across different sectors — including renewable energy, water, automotive, food processing, IT, and AI — to potential investors from the UK. It will also facilitate matchmaking between institutions of both countries, bringing together government representatives, business leaders, and senior executives.

Tempted to jet off to London to attend the conference? Register your interest here.

#2- BEBA is heading to the UK: The British Egyptian Business Association (BEBA) is leading a business mission to the UK from 18-20 September under the theme “ Invest in Egypt: Your Gateway to Growth.” The mission will include Finance Minister Ahmed Kouchouk, Investment Minister Hassan El Khatib, and head of Financial Regulatory Authority Mohamed Farid, who will take part in ministerial sessions that aim to highlight the country’s “economic progress and ongoing reforms.”

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-

The much-anticipated Harris-Trump debate ended with a bang, not a whimper, as the two presidential hopefuls repeatedly accused each other of lying and clashed on the economy, January 6, abortion rights, Gaza, and migration.

Trump once again insisted that he was the rightful victor in the 2020 election against current US President Joe Biden, alleged that Democrats were ferrying in undocumented migrants across the border to “get them to vote,” and argued that “Israel will not exist two years from now” if Harris gets elected president. Meanwhile, Harris presented Trump as a threat to US democracy, citing the events of January 6.

It was a big week for the EU’s crackdown on Big Tech, with both Google and Apple losingtheir battles with the EU’s Court of Justice. Apple lost a decade-long battle over its tax setup in Ireland after the court ruled it must pay EUR 13 bn in back taxes, with the tech giant confirming that it will incur a USD 10 bn one-time tax charge by the end of its fourth fiscal quarter on 28 September 2024. The EU court also upheld a EUR 2.4 bn antitrust fine for Google parent Alphabet in a case that has been ongoing for seven years — one that aimed to crack down on Google’s use of its search engine to rank its own product listings higher.

☀️ THE WEATHER THIS WEEKEND- We are still looking forward to the fall weather, as we witness a hot long weekend in Cairo with a high of 35°C and a low of 23°C today, a high of 34°C and a low of 25°C on Saturday, and a high of 35°C and low of 24° on Sunday.

HAPPENING THIS WEEKEND-

Is running a marathon still on your bucket list? The TriFactory is teaming up with SODIC to bring you the SODIC Charity Run tomorrow through the landscapes of SODIC West. Register here to get in on the fun, picking between 3k, 5k, and 10k runs.

Ask and you shall receive: Kick off the long weekend with a fun night featuring Hisham Abbas as part of the Ma Yatloboho Al Mostame3oon night at CJC 610. The party starts today at 10pm. To reserve a spot, message their Facebook page.

The Cairo Flea Market is back at the Aquarium Grotto Garden on Saturday, 14 September. The market, featuring local products, antiques, and collectibles, will be held for one day only from 11am to 7pm.

Listen to people’s stories and tell your own at this interactive comedy show.Ain Gamal will take to the stage at the 6th edition MedFest EG. Enjoy the unique blend of comedy tomorrow at Ewart Hall in AUC Tahrir Square. Grab your tickets here.

Idreesi is back with another powerful performance. He’s once again about to perform the electro-pop and synth-pop sounds that have defined his career while fusing Arabic melodies and poetry. Book tickets for tonight’s show here before it sells out.

Mark your calendars for the 100 Years of Singing Concert with Ali El Haggar: The singer’s performance will honor the late Baligh Hamdi. The show will take place at Cairo Opera House’s mail hall tomorrow at 8:30pm. Secure your seat here.

Discover Cairo’s cinematic life in the Cosmo Cinema Tour organized by Cairottes in collaboration with Medfest Egypt. The tour includes visits to famous cinematic landmarks, from film locations to cinemas, as well as screenings of short films at Zawya as part of the festival’s program. The tour takes place tomorrow from 3pm to 10pm. Click here to register.

Bashar Tagrob is a stand-up comedy and storytelling show, featuring Mohamed Sabry, Akram Emad, Mohamed Khattab, and Ola Gamal. The show will be held tomorrow at 8pm at Room Art Space in Garden City. Reserve your spot here.

On the other side of town at Room Art Space enjoy the Comedy Hustle night with Mahmoud El-Naggar, Saif El-Gamal, Omar Kant, Ezzat Essam, Hamza Bahaa, and Ahmed Salem on Sunday at 8pm. Reserve your spot here.

HAPPENING NEXT WEEKEND-

For the love of medieval art. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition will open at the Gypsum Gallery next Tuesday, 17 September from 7-9pm and will continue till Saturday, 30 October.

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