Iran’s new security chief warns Gulf states and threatens Hormuz oil flow

Good afternoon, folks, and welcome to the start of a fresh, new, and shorter-than-usual workweek. Have you been putting off a difficult conversation at work? Today’s edition of The Enterprise Guide covers all the tough talk — how to ask for a raise, address poor performance, and set boundaries — whether you’re the leader or on the other side of the table. We also have a podcast recommendation for the commute home and the latest on the pitch.

First up, the news…

THE BIG STORY ABROAD-

🌐 The week is off to a slow start, with no fresh major stories making the digital front pages this afternoon. Instead, the weekend’s global headlines and the ensuing updates remain dominant for the most part.

ICYMI- The US-Iran situation remains at a standstill, with Iranian Foreign Ministry spokesperson Esmaeil Baghaei condemning the planned US economic sanctions. Moreover, Iran’s new security chief Mohsen Rezaei said that if Tehran’s Gulf neighbors joined in on the US’ economic squeeze efforts, they would be “considered an enemy,” with their “interests” targeted. Rezaei also vowed to halt oil flow through the Strait of Hormuz, prompting some oil companies to develop new tactics to pass through undetected.

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

AND- Trade tensions between the US and Canada are also making headlines. Talks between the two sides collapsed over the weekend, with Washington imposing 50% tariffs on USD 20 bn’s worth of Canadian goods. Canadian Prime Minister Mark Carney called the tariffs a “miscalculation” and vowed to match them, USD for USD, starting 8 September — an eye for an eye.

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

Destination Sahel Issue IV, the final issue in the series, drops this week, and we’re exploring how the North Coast could be more than a summer story.

Living in Sahel year-round is moving from a seasonal idea to a serious question; an industrial push is reshaping the Coast’s economic base, and Egyptian homebuyers are weighing Sahel against Dubai, London, and other Mediterranean markets for where to put their money.

In this issue, we get into what it would take for Sahel to work beyond the summer, how industry fits into the Coast’s next chapter, and the numbers behind the Sahel-vs-everywhere debate.

Coming straight to your inbox on Wednesday, 26 August.

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

• S&P Dow Jones Indices has decided not to downgrade Egypt, confirming the country will keep its Emerging Markets status. The announcement, dated 20 August, closed out a review that started in June, when S&P proposed downgrading Egypt to Frontier Market status, a lower tier with less global investment money tracking it;
• The Central Bank of Egypt’s Monetary Policy Committee held interest rates steady for the fourth consecutive meeting on Thursday, keeping the overnight deposit rate at 19.0%, the overnight lending rate at 20.0%, and the main operation and discount rates at 19.5%. The decision extends the pause that followed February’s 100-bps cut, with policymakers opting to keep the brakes on while they wait for inflation to resume a durable downtrend;
• The government has broken ground on the USD 658 mn Abu Tartour phosphoric acid complex in New Valley governorate, moving the long-delayed project from contractor selection to construction. The ministry describes the project as the country’s first industrial complex to produce phosphoric acid from local phosphate ore;
• Saudi Gold Refinery has applied directly under its own name for exploration licenses in the 260 blocks the Petroleum and Mineral Resources Ministry opened for bidding in the Eastern Desert. The company plans to self-finance exploration and aims to secure the mining license and start gold production before 2030, targeting over five blocks near Al Baramiya, south of Marsa Alam, where geological surveys show high gold concentrations.

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.

☀️ TOMORROW’S WEATHER- Tomorrow is yet another hot summer day in the capital, with highs reaching 37°C and a low of 25°C. Up north, it’s less heat, more humidity, as highs go up to 32°C tomorrow, with a low of 24°C, according to our favorite weather app.