Good morning, friends, and happy Friday. Autumn is almost here but the fall chill hasn’t arrived yet. Regardless, we wish you a fantastic weekend filled with family and friends.

LAST WEEK IN 3 MINS-

INVESTMENT-

#1- Saudi Arabia is investing big in Egypt: Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi’s Public Investment Fund to pump USD 5 bn in investments into Egypt as part of the “first phase” of a larger program of investment. Prime Minister Moustafa Madbouly clarified yesterday that the new investment will not be funded through the kingdom’s deposits at the Central Bank of Egypt.

That’s not all: Madbouly’s government is also in talks with major private-sector companies in Saudi to invest USD 10-15 bn in Egypt in different sectors, including renewable energy and seawater desalination, the PM said in a press conference yesterday.

Madbouly was in Riyadh on Sunday alongside Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries.

#2- Egypt prepares Ras Banas for Ras El Hekma-esque investment plan: The Madbouly government is in the process of drafting an investment plan to offer the Red Sea’s Ras Banas to private sector players in a transaction similar to ADQ’s Ras El Hekma USD 35 bn agreement.

ENERGY-

#1- No return to power cuts: Although many of us have been expecting power outages to return this week, the Prime Minister said yesterday that his government has secured enough fuel to feed the power plants, confirming that "the electricity will not be cut off again... and there will be no more load shedding."

#2- More LNG shipments secured: The government has bought 20 cargoes of LNG for someUSD 907 mn to cover domestic needs between October and December. The Egyptian General Petroleum Corporation (EGPC) awarded the tender under a six-month deferred payment plan.

#3- Gas cylinders just got more expensive: The government has hiked the pricesof butanegas cylinders as part of efforts to rationalize subsidies for fuel. The price of 12.5 kg household cylinders has gone up 50% to EGP 150, while the price of 25 kg cylinders for commercial use has increased 33.3% to EGP 200.

#4- Gov’t mulls hiking gas prices for factories: The government has been conducting studies about increasing the price of natural gas supplies for the country’s industrial sector since July. A government source we spoke to told us that we can expect natural gas prices to see a 6-8% increase.

WHAT’S HAPPENING NEXT WEEK-

We’re now only four days away from this year’s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.

Headlining the EnterpriseAM Finance Forum this year is Investment Minister Hassan El Khatib, 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?

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

AROUND THE WORLD IN SEVEN DAYS-

#1- Israeli terror attacks in Lebanon on Tuesday and Wednesday claimed 37 lives and left 2,931 injured, as Hezbollah continues to reel from what has been described as the most significant penetration of the armed group’s communication networks since the beginning of the war on Gaza. It is still not fully clear how Israel conducted the attack, but a senior Lebanese security source and another source told Reuters that Israel’s Mossad spy agency was able to plant explosives inside pagers and walkie-talkies imported by Hezbollah months before the attack. The episode has further heightened fears of an escalation on the Lebanese-Israeli border with Hezbollah secretary-general Hassan Nasrallah threatening in a televised speech yesterday to target Israeli military sites and settlements.

#2- Republican presidential candidate Donald Trump was targeted in what appeared to be another assassination attempt on Sunday while golfing at his golf course in West Palm Beach, Florida. Trump was deemed safe after US Secret Service agents attached to the former president spotted a rifle barrel in a bush and engaged the gunman in fire, before arresting a suspect later, who was identified as 58-year-old Ryan Routh.

Trump’s would-be assassins missed, but Harris’ attacks on his economic record seem to have hit on target, with US voters trusting the Democrat candidate to steward the US economy over her Republican challender a thin margin of 2 percentage points according to the latest FT-Michigan Ross poll, up 1 percentage point from last month. Harris holds an even higher advantage among those that turned into last week’s US presidential debate, with 48% saying that they trusted Harris more to manage the economy compared to Trump’s 42%.

#3- The Fed’s decision to cut interest rates for the first time in four years has been also topping the headlines in the international business press. US Federal Reserve chair Jay Powell announced late on Wednesday that the Fed had voted to lower interest rates by half a percentage point in its first rate cut since 2020, bringing the benchmark federal funds rate to between 4.75% and 5%. In its statement on the decision, the Fed noted that the decision reflects “greater confidence that inflation is moving sustainably toward 2%.”

☀️ THE WEATHER THIS WEEKEND- We are still looking forward to the fall weather as we witness yet another hot weekend in Cairo. The capital will be seeing a high of 40°C and a low of 24°C today, and a cooler high of 33°C and a low of 24°C on Saturday.

HAPPENING THIS WEEKEND-

It’s Cairo Vintage Souq’s birthday and they’re back with more old finds for you to thrift. Bring your thrifting skills to Cinema Radio in Downtown Cairo from 2pm till 10pm tomorrow to get the best retro and vintage finds. For more information go to their Instagram page.

CJC 610 is rewinding the tapes and hosting a 90s Flashback nighttonight at 9pm. To reserve, shoot them a message on their Facebook page.

Pay tribute to the legendary Sayed Darwish. Celebrate his timeless music and lasting influence on Egyptian culture at the Arabic Music Institute tonight. Get your ticket here.

Get in touch with your inner child and go to Darb 15’s Game Night tomorrow. From board games to video games, there's something for everyone to help you unwind. Pre-booking is required through their instagram or their WhatsApp number on their page.

HAPPENING NEXT WEEKEND-

Celebrate the mawlid by attending El Leila El Kebira’s musical performance, inspired by the poetry of Salah Jahin and the music of Sayed Mekkawy, at the Rawabet Art Space in Downtown Cairo over three days: September 26, 27, and 28. Shows begin at 8pm, get your tickets here.

The Ice Warrior Challenge makes a thrilling return to Ski Egypt, featuring over 20 challenging obstacles at freezing temperatures, this is the ultimate endurance test for athletes. The event will take place on Saturday, 28 September starting at 9am. Book your spot here.

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