Houthis claim drone strike on Aramco refinery in Saudi Arabia

Good afternoon, friends, and welcome to the start of a fresh, new workweek. If you manage a team and have ever sat through a company retreat that produced nothing but a group photo and a shared playlist, today’s edition of The Enterprise Guide is for you. We’ve also got a podcast recommendation for anyone following US politics from a distance — the kind that goes one layer deeper than the headlines.

Up first, the news…

THE BIG STORY ABROAD-

🌐 It’s a busy start to the week on the global newsfront — here’s the rundown: Yemen’s Iran-backed Houthis claimed a drone strike on an Aramco refinery in the southwestern Saudi city of Jazan earlier today, with Saudi Arabia’s Energy Ministry confirming a fire at the facilities. No casualties were recorded. The Houthis said the attack was retaliation for Saudi drone incursions into Yemen’s Hajjah and Saada provinces. In a separate strike, the Iran-backed group also targeted the Mocha port on the Red Sea, one of the main commercial points under Yemen’s internationally recognized government.

^^Read more on: AP News, CNN, Reuters, and NPR.

The latest developments surrounding the US-Iran standoff also continue to dominate the news. Tehran laid out concession demands for the US, including Washington ending its naval blockade and sanctions, withdrawing regional troops, paying war reparations, and unfreezing Iranian assets, stating that the strait would remain closed until the US “corrects its behavior.”

^^Read more on: CNBC, CNN, and The Guardian.

IN THE BUSINESS PRESS- European stock-exchange-traded funds saw positive net flows for the first time in July since the US-Iran war broke out in February, with companies expected to deliver 22% y-o-y earnings growth in 2Q, marking their strongest growth since the post-Covid rebound in 2022. This comes as investors turn their attention back to European equities amid volatile global tech stocks, as earnings season delivers strong results and oil prices retreat.

^^Read more on: The Financial Times.

IN OTHER NEWS- FIFA President Gianni Infantino is facing scrutiny over an alleged report that a woman received a six-figure severance payment following an affair with him while he was general secretary of the Union of European Football Associations (UEFA). UEFA confirmed the payout, while Infantino strongly denied the allegation. FIFA has pushed back against the claims, describing them as part of a “concerted and ongoing effort” to “undermine” the organization and its president.

^^Read more on: BBC and CNN.

AND- Look what you made her do. Pop icon and b’naire Taylor Swift has axed her songs from official White House posts on social media. Swift joins a number of global stars — including Ariana Grande and Sabrina Carpenter — in removing their songs from Trump’s campaigns.

^^Read more on: Reuters and ABC.

The EnterpriseAM Egypt Forum is back — and we’re devoting the full day to the singular set of questions on everyone’s mind: What does AI actually mean for your company, your people, your economy, your own job — and your kids’ future?

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.

Request your invitation here.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The government has locked in its industrial land pricing and allocation roadmap through June 2027, extending a policy framework that ties state asset facilitation to operational timelines. The new governorate-specific tariff schedule applies to all industrial contracts signed between 1 July 2026 and 30 June 2027, though the government has yet to publish the price schedule;
• The Financial Regulatory Authority loosened the foreign-currency financing rules it introduced last year, widening the scope of transactions that leasing and SME-finance companies can fund in foreign currency. Under the new rules, this mechanism can be utilized if the proceeds are channeled directly to funding imports, purchasing assets, or settling existing foreign-currency obligations linked to the client’s business;
• Foreign investors have net sold Egyptian equities in five of the first six months of 2026, and local institutions have absorbed nearly every part of it, keeping the EGX30 green in four of those six months. Over 1H, foreign and regional investors combined offloaded roughly EGP 19.7 bn in EGX-listed stocks, with local institutions and individuals posting net purchases of EGP 19.7 bn;
• The government is preparing to launch a USD-denominated investment fund for Egyptians abroad next year, looking to channel record-breaking remittance inflows into a wider menu of investable assets. The fund was announced during the seventh Egyptians Abroad Conference, where the government rolled out a wider package of financial, digital, consular, healthcare, and payment services for the diaspora.

Destination Sahel Issue III drops this week, and we’re diving into how the North Coast is adapting to a changing market.

Developers are recalibrating as buyer behavior shifts, luxury retail is carving out a bigger piece of Sahel’s economy, and the wellness and sports scene has become a summer destination on its own.

In this issue, we get into what’s actually changing on the ground, from how developers are adjusting their pitch to where to shop and how to stay active this season.

Coming straight to your inbox on Wednesday, 12 August.

☀️ TOMORROW’S WEATHER- Heads up folks, Cairo’s turning the heat up once more this week, with tomorrow’s high set at a scorching 39°C, and a low of 27°C. Meanwhile up north, it’s much nicer with a high of 32°C, and a low of 23°C, according to our favorite weather app.