Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
AI + Innovation (MENA) 
Logistics (MENA) 
Share Issue
Good afternoon, friends, and welcome to a fresh new workweek. The week is off to a calm start, and we’ve got a breezy issue to match. While the exceptional one-year CD rates are gone, what’s still out there is worth checking out. Today’s edition of The Enterprise Guide maps Egypt’s best savings options right now: CDs, time deposits, bonds, and fintech alternatives. We also have a podcast recommendation for anyone who wants sharp business thinking in 30 minutes or less. That and — as usual — more.
Without further ado, the news…
THE BIG STORY ABROAD-
🌐 No single story is stealing the global spotlight this afternoon, but a few developments are getting their share of ink, including key Red Sea waterway suspensions due to Houthi attacks in Yemen. Yemen has suspended operations at Mokha port on the Red Sea following a wave of attacks by Iran-backed Houthi forces that killed seven people and caused an estimated USD 16 mn in damages. The port’s director said the facility had been hit by more than 25 missiles in recent days.
The shutdown comes as shipping tensions are mounting across the region, with another vessel reportedly attacked while transiting the Strait of Hormuz after three ships came under attack there on Thursday and Friday. The latest incidents add to the growing pressure on critical maritime routes as Washington and Tehran continue to trade threats over control of the strategic waterway.
^^Read more on: CNN and Reuters.
MEANWHILE- The Russia-Ukraine war remains in full swing, as both countries traded attacks throughout the weekend and early this morning. Russian forces launched a missile attack on Kyiv early Sunday, sparking fires in at least two districts of the Ukrainian capital.
The strike came in retaliation for one of Ukraine’s largest drone offensives against Russia, with Moscow claiming more than 800 Ukrainian drones were shot down overnight and at least six people killed.
^^Read more on: CNN, BBC, Reuters, Associated Press, and The Guardian.
ALSO- Rescue crews are continuing to search through debris in eastern Indonesia after a magnitude 7.7 earthquake killed at least 51 people and injured more than 100. Around 5k people have been displaced following the quake, with more than 900 homes and hundreds of other buildings severely damaged. Over 340 aftershocks have been recorded so far.
^^Read more on: BBC, Reuters, Associated Press, and The Guardian.
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.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The Industrial Development Authority (IDA) opened its first tender under the new lease-to-own system for industrial land yesterday, offering 540 plots spanning more than 5.7 mn sqm across 20 industrial zones in 15 governorates. Investors have until 31 August to apply online through the Egypt Industrial Hub, with results promised 15 days later;
- Egypt’s financing needs remain a key vulnerability despite its improving macroeconomic position, according to the IMF’s newly released staff report for the seventh review of the country’s program with the Fund. The review cleared a USD 1.8 bn disbursement from the Fund earlier this month. The report outlined the country’s fiscal standing, noting that Egypt entered the current period of regional conflict with a stronger macroeconomic position compared to prior crises, but challenges remain;
- Egypt’s renewable energy buildout has new backing from the European Bank for Reconstruction and Development (EBRD), which aims to plug USD 192 mn into the 900 MW Shadwan wind farm owned by Norway’s Scatec. The EBRD’s senior debt financing will go toward the construction and operation of the facility based in Ras Shukeir on the Red Sea;
- Egypt and Libya are nearing an agreement on an 800-km oil pipeline connecting Tobruk with Alexandria. The proposed project is preliminarily estimated to cost over USD 1 bn, and would carry Libyan crude directly to Egyptian refineries on the Mediterranean coast. The two sides are discussing financing, implementation, throughput, and the pipeline’s final capacity to ensure it aligns with both Libya’s export capabilities and Egypt’s refining capacity.
☀️ TOMORROW’S WEATHER- Cairo’s cooling down tomorrow with a sunny, breezy high of 35°C and a low of 25°C. It’s nicer — albeit more humid — for our friends up north, with a high of just 30°C and a low of 23°C, according to our favorite weather app.
