Good afternoon, friends, and congratulations on making it to the weekend. The news cycle is taking a breather, and we’ve got a brisk issue for you to end the workweek.

📌 REMEMBER– We’re in for a shorter-than-usual workweek next week. Employees in the public sector and the banking sector are set to receive a paid holiday on Thursday, 4 September in observance of Prophet Muhammad’s birthday, according to separate statements by the cabinet and the Central Bank of Egypt. We’re still on the lookout for a similar announcement for the private sector.

THE BIG STORY TODAY-

CIRA Education’s bid to raise its stake in Cairo Educational Services (CAED) to 90% secured Financial Regulatory Authority (FRA) approval, clearing the way for a mandatory tender offer (MTO) to buy up to 20.6% of the company, or 2.47 mn shares, at EGP 32.7 a share, according to a bourse bulletin. This would value the transaction at EGP 80.8 mn according to our math. The regulator said CIRA has two days to publish the MTO. We reported earlier that CIRA plans to keep CAED listed on the exchange if the MTO goes through.

ADVISORS- Our friends at EFG Hermes are acting as broker, while Matouk Bassiouny & Henawy is providing counsel on the transaction.

ALSO- Raya Holding submitted a draft MTO to increase its interest in Raya Customer Experience (Raya CX) to 90% from 60.8%, according to a bourse disclosure (pdf) by the regulator. The offer is pitched at EGP 7.5 per share, top of the initial range, valuing RCX at EGP 1.54 bn. The FRA noted the filing is still under review. If approved, the move would give Raya Holding near-total ownership of the outsourcing company, which could open the door to a delisting further down the line.

In the fourth issue of our Destination Sahel series, we’re bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.

Missed the first three issues? Tap here to read the full series.

THE BIG STORY ABROAD-

It’s a relatively quiet afternoon in the business press, with Microsoft under the spotlight. Two Microsoft employees were fired after breaking into its President Brad Smith’s office for a sit-in protest over the tech giant’s ties to Israel amid escalating attacks on Gaza. The two employees fired were among seven who participated in the sit-in — five of whom were former employees.

“These incidents are inconsistent with the expectations we maintain for our employees,” a spokesperson for Microsoft said. The news follows Microsoft reportedly enlisting the aid of the FBI to track down internal protesting, following a rise in executive-targeted activism. Earlier this month, The Guardian reported that Israel used Microsoft’s Azure cloud platform to store phone calls made by Palestinians in a mass surveillance campaign. (CNBC | Reuters | Verge)

☀️ TOMORROW’S WEATHER- We’re in for a cool weekend, with the mercury set to peak at just 34°C, before cooling down to 23°C. It’s a similar story up north, with temperatures reaching a high of 28°C and a low of 24°C, according to our favorite weather app.

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