Good morning, folks. We’ve got another packed issue for you today, full of FDI, renewables, M&A, real estate, and tax news. But before we get started you ought to know that we’re exactly a week away from this year’s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.

Headlining the EnterpriseAM Finance Forum: We’ll be joined for the first time on stage by a senior government official, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.

Among the topics on the agenda, which you can view here:

  • Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
  • Looking from the outside in — what foreign investors and strategics think about Egypt right now.
  • The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
  • Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
  • A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
  • Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
  • The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?

Haven’t requested an invitation yet? Do it today — space is limited. Tap or click heretolet us know you’re interested.

** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.

PSA-

WEATHER- It’s much the same in Cairo today, with a high of 33°C and a low of 25°C, according to our favorite weather app.

It’s almost just as warm in Alexandria, with a high of 32°C and a low of 23°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.

WATCH THIS SPACE-

#1- Gov’t reconsiders Beni Suef power plant sale: The Madbouly government is reconsidering its decision to sell the Siemens-built Beni Suef power plant, unnamed government sources told Al Arabiya.

The why: Negotiations with potential investors reportedly stalled after the state suggested that the buyer be responsible for securing the necessary gas supplies to power the plant. The German lenders involved in financing the plant are yet to approve the acquisition plans.

Remember: The government has been looking to sell a c. 70% stake in the 4.8-GW combined-cycle power plant for around USD 2 bn. The plant has been officially slated for privatization sinceFebruary2023 and private equity outfit Actis and Malaysian power company Edra were reportedly vying to pick up the stake.

#2- ACWA Power is looking to invest USD 1.5 bn in new project: Saudi energy player ACWA Power is considering investing USD 1.5 bn in a new project in Egypt, the company’s vice chairman, Raad Al Saady, said during a meeting with Investment Minister Hassan El Khatib, according to a ministry readout. No further details were disclosed about what type of project the company — which is currently developing a number of large-scale renewables projects, including a green hydrogen megaproject in the Suez Canal Economic Zone — would be undertaking.

#3- Private players to help fund state-owned fertilizer producers’ projects? The Madbouly government has plans to onboard private players to help state-owned fertilizer producers — Egyptian Chemical Industries (Kima), Delta Fertilizers, and El Nasr for Fertilizers & Chemical Industries (Semadco) — fund their projects by 1Q 2025, Al Borsa reports, citing sources it says have knowledge of the matter. In exchange for providing FX to fill financing gaps, the private sector companies will receive a share of the projects under development.

HAPPENING TODAY-

#1- US Secretary of State Antony Blinken is in Cairo today to co-chair the US-Egypt Strategic Dialogue — set to run from 17-19 September — alongside Foreign Minister Badr Abdelatty, according to a US State Department press statement. Blinken is also set to meet with state officials to discuss ongoing negotiations for a ceasefire in Gaza.

#2- Pitching Egypt to French investors: One day after the Egypt-UK Investment andOpportunities Forum took place in London, hosted by our friends at HSBC, together with UK Export Finance and Egyptian-British Chamber of Commerce, Deputy CEO & Head of Global Banking Egypt at HSBC Helmy Ghazi is in France “to update French corporates of the improving economic situation and discuss potential investment opportunities in Egypt.”

What went down during the forum in London? The conference showcased investment opportunities in Egypt across different sectors — including renewable energy, water, automotive, food processing, IT, and AI — to potential investors from the UK. It also helped connect institutions of both countries, bringing together government representatives, business leaders, and senior executives.

DATA POINT-

Egypt’s wheat imports increased 30% y-o-y in 1H 2024 to USD 2.3 bn, according to data from state statistics agency Capmas. During the same period, the nation’s total imports increased 2.7% to USD 41.8 bn.

CIRCLE YOUR CALENDAR-

#1– ITIDA’s DevOpsDaysCairo 2024 conference is set to take place on 25 September at the Nile Ritz-Carlton. The conference is set to delve into the latest trends and innovations in DevOps featuring a lineup of “world-class speakers from renowned organizations.” Check out the full list of speakers and register to attend here.

#2- Dive into all things EVs in the inaugural edition of the EVs Electricity Egypt Expo and Conference. The conference will showcase the latest innovations in EV technology and will bring together local and global industry leaders and 300 exhibitors, according to a press release (pdf). The Egypt International Exhibition Centre will host the event from 10-12 October. You can register to attend here or showcase your EV product by booking a booth here.

#3- Calling all local proptech startups: The region’s first proptech acceleration program, PROPTEX is hosting the Egypt PropTech Challenge 2024, “Egypt’s first proptech competition, designed to showcase innovative solutions in the real estate sector,” according to a press release (pdf). Startups have until 20 September to apply and the winning startups will be announced on 25 September following a demo day.

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-

Away from the wall-to-wall coverage trying to figure out who the man accused of trying to assassinate Trump is and what drove him, the business papers and corners of the int’l press are gearing up for the US Federal Reserve’s two-day policy meeting, set to begin today.

Naturally, all eyes are on Wall Street in the run up to the Fed’s decision, with the S&P 500 closing essentially flat yesterday while the Nasdaq fell slightly. The S&P’s tech index saw the steepest declines among the S&P’s 11 major sectors yesterday, with some commentators chalking up the drop to investors’ desire to generate quick returns selling high-value tech stocks ahead of the Fed’s rate-cut decision.

Analysts remain torn between the arguments for a 25 bps cut and a more aggressive 50 bps cut amid persistent inflation and a cooling job market. Market expectations tilted toward a larger cut over the weekend, buoyed by signals from former Fed officials — meaning the central bank has the opportunity to take bold action without spooking investors.

WHILE IN BIG ENERGY NEWS- BP is now taking offers for its USD 2 bn bp Wind Energy, its onshore wind business in the US, as the energy giant seeks to offload underperforming assets and focus on its upcoming solar project Lightsource bp.

AND OVER IN AVIATION NEWS- Over 30k Boeing workers are on strike for the first time since 2008 after rejecting the terms of the company’s proposed contract, in a move that could cost the company over USD 100 mn in daily revenue, Reuters reports. A prolonged strike may also mean a credit rating downgrade, the “big three” credit ratings agencies have warned, making accessing financing even more expensive for the already indebted airplane manufacturer.

PLUS- Amazon has informed its staff that all employees will be expected to work from the office five days a week beginning next year — one of the starkest reversals of pandemic-era remote work policies seen in the corporate world thus far. In an internal memo, CEO Andy Jassy justified the move by saying that “We’ve observed that it’s easier for our teammates to learn, model, practice, and strengthen our culture” in a work environment more similar to the one that existed pre-Covid.

*** 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 dive into the list of startups that graduated this year’s Climate Finance Accelerator.

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