Good afternoon, friends, and welcome to the start of a shorter-than-usual-workweek. It seems we’ve hit the usual summer lull, as the news cycle continues to take a breather.

**A QUICK NOTE- Our apologies. Some readers this morning mistakenly received our EnterpriseAM Egypt Arabic newsletter despite not being subscribed to that edition, due to an internal dispatch mistake. We regret this unscheduled interruption in your inbox and any confusion it may have caused.

THE BIG STORY TODAY-

Investors will be able to begin trading shares of real estate investment firm Bonyan on the EGX this Tuesday at the IPO price of EGP 4.96 apiece, according to a bourse bulletin — confirming what we reported last week.

Expanded trading band on debut: The stock will be allowed to move up or down by 40% on its first day of trading, twice the market’s standard limit, with no temporary circuit breaker in place. From the second session onward, Bonyan will trade under normal market conditions.

Bonyan priced its IPO at the lower end of its range, suggesting plenty of upside for buyers given the independent financial advisor said a fair value looks more like EGP 7.52.

The real estate investment firm has raised EGP 1.8 bn by offering a total of 363 mn shares, including 344.8 mn shares in a private placement to institutional investors and 18.1 mn shares in a public offering to retail investors.

THE BIG STORY ABROAD-

It’s another day with a mixed bag of headlines in the international press, with Syria being the common thread.

A fragile calm has settled over the southern Syrian city of Sweida after a week of intense fighting between Druze groups and Bedouin tribal fighters left more than 1k dead and drew condemnation from the US. A ceasefire between the Syrian government, Druze leaders, and Bedouin tribes appeared to be holding so far, with no new reports of violence despite ongoing communication disruptions. The US condemned the violence, calling on the Syrian government to prevent jihadist fighters from entering the area and halt the bloodshed. (CNN | Reuters | The Guardian)

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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We dive into the shifting dynamics of the automotive industry, where a recent influx of new local assembly plants — and, critically, consumer buy-in — means that car prices are cooling off.

☀️ TOMORROW’S WEATHER- It’s going to be another day where you’ll likely want to stay indoors, as temperatures in Cairo are set to peak at 37°C, before cooling down to 23°C. On the North Coast, expect a high of 29°C and a low of 26°C, according to our favorite weather app.

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