Happy hump day, friends. It’s shaping up to be a relatively brisk news day here at home as we start the slide towards the weekend.

THE BIG STORIES TODAY

#1- Egytrans announces details on NOSCO acquisition: Egytrans’ acquisition of 99.9% of National Transport and Overseas Services Company (NOSCO) via a share swap will see Egytrans shareholders holding a 70.17% stake in the combined company — Egytrans NOSCO — with the remaining 29.83% going to NOSCO shareholders, Egytrans said today (pdf). Egytrans Chairman Gamal Moharam will lead Egytrans NOSCO as chairman, while Abir Leheta and Mohamed Nadim will be co-CEOs of the new company. The transaction is expected to close in 4Q 2023, Egytrans said.

#2- Fawry Microfinance to offer SME financing: Fawry Microfinance, a subsidiary of the EGX-listed e-payments platform Fawry, has received preliminary approval from the Financial Regulatory Authority (FRA) to offer SME financing, it said in an EGX disclosure (pdf) today. Fawry Microfinance plans to launch its SME financing service later this year, which will allow it to reach new and underserved markets across the country.

THE BIG STORY ABROAD

China’s trade slump in July is leading the conversation in the international business press this afternoon. Exports tumbled 14.5% y-o-y, while imports dropped 12.4% y-o-y, according to data from Beijing’s General Administration of Customs. The drops are attributed to obstacles in international trade, the stagnating Chinese property sector, and declining domestic demand since covid-19 restrictions were lifted. Bloomberg | Financial Times | Wall Street Journal | Reuters | CNBC

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

  • Heliopark could have a new partner soon: Heliopolis Housing and Development (HHD) could this month wrap negotiations to partner with an anonymous Gulf investor for its Heliopark project.
  • Beltone one step closer to acquiring Cash: Beltone Financial has received the greenlight from the Financial Regulatory Authority (FRA) to proceed with its acquisition of Minya-based microfinance provider Cash.
  • OFH could go the digital banking route: Orascom Financial Holding (OFH) will look into the possibility of setting up a digital bank.

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.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

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Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair , CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

☀️ TOMORROW’S WEATHER- The mercury will rise to peak at a daytime high of 39°C and will drop to a nighttime low of 25°C, according to our favorite weather app.

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