THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding

Rejoice, friends: It’s finally the weekend. We’re wrapping up this week with a stacked issue to keep you entertained as you wind down.

FRET NOT- Suez Canal traffic returns to normal after a stranded ship was successfully refloated: Three tugboats refloated a large vessel that had been stranded for several hours in the Suez Canal earlier today according to a Suez Canal Authority statement. The incident began at around 5:30am CLT and the vessel was refloated three and a half hours later, with traffic fully restored by 11am, Reutersreports. The ship was identified as Xin Hai Tong 23, a 190m bulk carrier sailing under the Hong Kong flag, by shipping agent Leth Agencies.

THE BIG STORIES TODAY

#1- Our first quartz production facility is up and running: President Abdel Fattah El Sisi inaugurated today a quartz industrial complex in Ain Sokhna, Ittihadiya said. The complex is the first of its kind in Egypt, the Middle East, and Africa.

#2- EFG Hermes Holding is now EFG Holding: EFG Hermes Holding has rebranded to EFG Holding, after the company’s shareholders signed off on the change during yesterday’s annual general meeting, according to a statement (pdf). The rebranding is a reflection of the group’s growth and expansion with “three distinct verticals: EFG Hermes the investment bank, EFG Finance the non-bank financial institutions (NBFI) platform, and aiBANK the commercial bank.” EFG Holding will not change its management structure or day-to-day operations on the back of the rebrand, the statement notes.

THE BIG STORY ABROAD

Tech stocks are having a field day: Silicon Valley chipmaker Nvidia’s shares soared 25% to hit an all-time high in pre-market trading after the company forecasted USD 11 bn in sales in the second quarter of its fiscal year. The rally in Nvidia’s shares positions the company to become the first chipmaker to hit a valuation of USD 1 tn, and has also spurred a rise in Dutch firm ASML Holding and Taiwan’s TSMC. The story is leading the conversation in the international business press this afternoon: CNBC | Reuters | Wall Street Journal | Financial Times.

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

• The 2021 tax hikes are back: A raft of tax, duty and development fee hikes that have been on the legislative agenda for 18 months were given the OK by the House Planning and Budgeting Committee yesterday after the government amended some of the changes.
• A Chinese consortium has offered to establish a USD 300 mn ironworks project in the Suez Canal Economic Zone.
• Ministers approved relaxing rules on freezones under government efforts to attract more private-sector investment. Amendments to the executive regulations of the 2017 Investment Act would allow the cabinet to exempt companies from having to comply with most of the rules currently in place for setting up freezones.
  

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We’re running a four-month training program for fresh grads and career switchers and will hire every successful grad of the program.

Apply directly to jobs@enterprisemea.com and mention “advisory development program” in your subject line.

⛅ TOMORROW’S WEATHER- Another warm, albeit cloudy, day is expected tomorrow with a high of 35°C and low of 28°C with a 15% chance of rain, according to our favorite weather app. It’s less likely to rain on Saturday, as temperatures will jump to 37°C but the sky will remain overcast until Sunday morning.