Good morning, friends — we’ve missed you. We hope you had a wonderful Eid Adha break and that your transition into work was smooth.
The good news is — we still have a bunch of national holidays to look forward to later this month:Islamic New Year falls on Tuesday, 18 July, while Revolution Day falls on Sunday, 23 July.
The big question: Will we get two three-day weekends — or one four-day break, running Thursday, 20 July-Sunday, 23 July?
So, you think you can dance? Experience has taught us that most people that answer yes to that question who haven’t trained (and some that have) generally tend to overestimate their abilities. Save yourself the embarrassment before the next dance off and check out one of these Cairo studios, courtesy of some of our dance enthusiast friends. If anything, it’s a great workout. Find out more in today’s Enterprise Guide.
☀️ THE WEATHER THIS WEEKEND- Escape to Sahel if you can: The mercury will be on the uptick in Cairo, with the mercury reaching 37°C today before dropping to a cooler 25°C in the evening. Saturday will be even hotter, with temperatures rising again to 38°C and dropping to a fairer 25°C at night, as per our go-to weather app.
Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.
LAST WEEK IN 3 MINS-
The week got off to a slow start but ended with a lot of big updateson the macro, legislative and energy fronts. It’s also the first week in as long as we can remember where the business news cycle wasn’t dominated by the privatization program.
ECONOMY-
Our non-oil private sector contracted at its slowest pace in two years on the back of softening inflationary pressures. “Output and new orders” were also reasons behind the slower decline, Joe Hayes, principal economist at S&P Global Market Intelligence, said.
Egypt’s financial situation is “precarious,”according to the Institute of International Finance (IIF). Analysts at the institute wrote that a lack of clarity over the future of Egypt’s USD 3 bn loan program with the IMF, coupled with high external debt levels, twin fiscal and current account deficits, a deteriorating net foreign asset position, and portfolio outflows, are all putting pressure on the country’s finances. The IIF added that adopting a flexible exchange rate will be key to resolving the imbalances and rebuilding reserves.
LEGISLATION WATCH-
Fresh measures to reel in FDI: The Madbouly government made a number of moves that help advance the 22 decisions introduced by the Supreme Investment Council (SIC) in its first meeting back in May in efforts to boost investment. These include:
- Approving a decision lifting current controls on foreign ownership of real estate, provided that foreigners pay for their purchases in hard currency and via bank transfer to a state-owned bank. Under current rules, foreigners are allowed to purchase a maximum of two properties.
- Approving two draft decisions allocating state owned land in New Cairo and Sixth of October to unnamed international real estate developers, to be paid for in USD.
- Foreign investors will also, for the first time, be allowed to register as importers with 10-year licenses, potentially making it easier for them to get goods and production inputs into the country without contracting with an Egyptian middleman.
More incentives + leveling the playing field:The House Economic Affairs Committee approved amendments to the Investment Law aimed at expanding incentives, while the Budget and Planning Committee approved a draft bill reinstating taxes on state entities. Cabinet signed off on the two bills before the Eid Al Adha break.
PRIVATIZATION WATCH-
Sidpec’s board greenlights Baker Tilly’s valuation ahead of a potential all-share merger with Egyptian Ethylene and Derivatives Company (Ethydco). Sidi Kerir Petrochemicals (Sidpec) already owns 20% of Ethydco — which is currently flagged for the government’s privatization program. Baker Tilly pegged Ethydco’s valuation at EGP 33.5 bn (around EGP 2,420.09 per share) and Sidpec’s at c.EGP 23.1 bn (around EGP 30.60 / share).
REMEMBER- Gulf investors have expressed interest in acquiring stakes in the merged entity, according to one local media report, while another said that Sidpec could IPO Ethydco in a 10% stake sale via the EGX.
DIPLOMACY-
Ankara and Cairo are friends again: Egypt and Turkey reappointed ambassadors for the firsttime in a decade, restoring diplomatic ties and marking a significant thawing of tensions. Amr Elhamamy has been selected to serve as our ambassador in Ankara, while Cairo will be welcoming Salih Mutlu Şen as its ambassador to our fair capital, the nations declared in a joint statement.
ENERGY-
Multinational oil giants Eni, Chevron, ExxonMobil, Shell and BP will spend some USD 1.8 bn into drilling 35 gas exploration wells in the Mediterranean and Nile Delta over the coming two years. This comes as a part of one of three tenders set up by the government for this year, with the objective of drilling 300 exploration wells with multinational partners by 2025.
In the renewable energy sector, Scatec inked a land allocation agreementwith the Electricity Ministry for a 5-GW wind farm in the Sohag governorate, marking the second COP27 MoU that is materializing, nine months after SCATEC agreed to the MoU with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority.
WHAT’S HAPPENING NEXT WEEK-

Inflation figures for June will drop: Capmas and the central bank will release June’s inflation figures on Monday, 10 July. Annual urban inflation rose to 32.7% y-o-y in May from 30.6% the month before. The May reading marked a return to the near record high inflation recorded in March before price hikes briefly cooled in April. Inflation is now once again at its highest since July 2017, when it hit an all-time high of nearly 33%.
Trading on Taqa Arabia shares on the EGX will begin on Sunday under the ticker TAQA.CA, according to an EGX news bulletin. The Qalaa Holdings subsidiary received the green light for trading to begin from the Financial Regulatory Authority, according to a separate statement (pdf) from the regulator. The exchange earlier this month gave the Qalaa Holdings subsidiary the greenlight to list its 1.352 bn shares on the bourse. Rather than going the conventional route of holding an initial public offering, the company will sell shares directly on the bourse.
FinMin will start to pay out export subsidies: The Finance Ministry will pay out the latest batch of export subsidies on 12-13 July, it said in a statement yesterday. The ministry was due to make the payments for companies that submitted applications in May on 5-6 July, but delayed them by a week after the start of the new fiscal year coincided with the Eid break.
Reminder: Subsides under this sixth phase of the program are being paid out in two tranches; a first tranche for companies that submitted applications in May, and a second for those that applied in June. The second round of payments will be made in August.
ICYMI- The government says it will quadruple export subsidies this fiscal year, with EGP 28 bn earmarked to the program in the hot-off-the-presses 2023-2024 budget. The larger allocation is aimed at helping the government reach its target to increase exports to USD 100 bn a year by the middle of the decade.
YOUR MOST CLICKED LINKS-
- The switch-up in CIB’s C-suite got a lot of attention, with many of you checking out the LinkedIn profiles of CIB’s new acting chief operating officer, Mohammad Omar Khan (LinkedIn), and his predecessor, Mohamed Sultan (LinkedIn).
- Private equity giant Actis’ report (pdf), which calls for a new taxonomy of global markets, including breaking up emerging markets into more defined categories, got a lot of clicks.
- A lot of you were keen to read Egypt’s June Purchasing Managers’ Index (PMI), judging by the number of clicks on the PMI’s releases page.
- Our flagship Enterprise Finance Forum also got a lot of interest.
- Looks like many of you have downloaded Meta’s new rival to Twitter, Threads, judging by the number of clicks the app store linkgot.
AROUND THE WORLD IN SEVEN DAYS-

Palestinian-Israeli clashes dominated front pages for most of the week: An Israeli raid onthe Jenin refugee camp in the West Bank on Tuesday — the most fierce in the past 20 years — claimed at least 12 Palestinian lives and injured more than 200 civilians. Israel has stated that the operation in the Jenin refugee camp aimed to neutralize a command center. Further violence ensued as a suspected car ramming took place later during the day on Tuesday spurred on by a Palestinian man from the West Bank in an act that Hamas described as “heroic”.
ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.
NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.
Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.
Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line!
CIRCLE YOUR CALENDAR-

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.
Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.
Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.
** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.
TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.
Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial or fill out this form and we’ll be in touch.
DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May.
WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.
IN THIS WEEK’S EPISODE- We looked at how Egyptian companies can identify and pitch foreign partners and how they can identify them. We asked how do companies figure out what they’re looking for — and whether that dovetails with what they want or need. We were joined on that panel by Hossam Abou Moussa, partner at PE firm Apis, Cheick-Oumar Sylla, director for North Africa and Horn of Africa at the International Finance Corporation, and Hassan Massoud, associate director and head of private equity (Southern Mediterranean) at the European Bank for Reconstruction and Development.
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HAPPENING TODAY-
Medhat Saleh willtake the stage at the Cairo Opera House tonight at 8:30pm with some of the Middle East’s most prolific musical composers as he performs renditions of their timeless pieces.
HAPPENING NEXT WEEK-
Amr Diab is coming to Sahel (again): When the light fades and the sun goes down, head to SOL Beach Bar at Marassi on Friday, 14 July to attend Amr Diab’s sunset party. The party will begin at 7pm. Tickets are available on TicketsMarche.
Mahmoud Saad will host movie star Karim AbdelAziz in a new installation of the SoldOutlive interviews series on Friday, 14 July at 8:30pm. The live interview will be held at Ewart Hall at AUC’s Tahrir campus. You can book your ticket from Tazkarti.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.


