Good afternoon dearest readers, and happy hump day. We can see the weekend in the distance (can you?) and are looking forward to the last weekend of the Sahel season.

THE BIG STORY TODAY

Eastern stake sale could close in 1H 2024: The government hopes to complete its sale of up to a 15.3% stake in EGX-listed tobacco maker Eastern Company during the first half of next year, Al Borsa reports, citing sources it says are in the know. However, Eastern Company said in an EGX filing (pdf) that it had not been informed of any updates since last Tuesday.

THE BIG STORY ABROAD

It’s another mixed bag today, with the international press not settling on one key news story. Among the headlines to skim this afternoon:

  • Putin not attending Prigozhin’s funeral has caught some interest, as Dmitry Peskov, Kremlin spokesman, shared that the Russian president is not likely to attend the former Wagner chief’s funeral after his plane crashed last week. (Reuters | CNBC)
  • Dispute over the EU’s EUR 86 bn budget plan could put Ukraine in a precarious situation: More time and reductions have been called for as struggling national budgets will be strained further with the requested EUR 86 bn in additional funding. The top-up aims to pad the EU budget and ensure four years of support to Ukraine. (Financial Times)
  • Saudi Arabia records the lowest foreign reserves figure. The move away from investments that build their central bank into more riskier ones resulted in the kingdom’s hard currency steadily declining from nearly USD 725 bn in 2014 to USD 407 bn this July. (Bloomberg)

HAPPENING NOW- Burhan in Egypt for his first trip abroad since Sudan conflict broke out: President Abdel Fattah El Sisi met with Sudan’s army chief General Abdel Fattah Al Burhan today in New Alamein, according to an Ittihadiya statement. This marks Al Burhan’s first trip out of Sudan since the start of the conflict in April with the Paramilitary Rapid Response Forces.

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

  • ADES pulls the trigger on its IPO: Cairo-born regional oil and gas services company ADES International has announced its intention to float on the Saudi Tadawul. The company is planning to offer a 30% stake (338.7 mn shares), which could raise more than USD 1 bn.
  • Non-banking financial services firm GlobalCorp has closed a EGP 2.54 bn issuance of securitized bonds, divided into three tranches rated AA+, AA, A by Middle East Rating & Investors Service (MERIS).
  • Pickalbatros sells + leases back Sharm hotel: Pickalbatros Hotels & Resorts Group has signed an agreement with Beltone Financial’s leasing subsidiary to sell and lease back one of its hotels.

CHECK OUT OUR AGENDA-

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.

This is our first two-day event,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.

Our full agenda will be out at month’s end . Among the topics we’ll be discussing:

  • Looking into the crystal ball: Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.
  • Surviving nuclear winter: We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it’s awfully difficult to price your local asset in USD terms.
  • The robots are coming: We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.
  • What do you do when nobody wants to be a banker — and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they’re building talent for tomorrow.
  • NBFIs are a bubble. Prove me wrong: We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We’ll dive into whether consumer finance is starting to mature as a segment — and ask which sector is next.
  • What does 2024 hold in store for fintech: We dive deep into which categories are getting traction, which segments will account for the lion’s share of future growth, what business they would start today if they could, and what we can expect of the sector in the year ahead.
  • What’s a bank, anyway? Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry.

** 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.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

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.

☀️ TOMORROW’S WEATHER- Watch the mercury rise to 41°C at its peak in the daytime and drop to 25°C in the evening, our favorite weather app tells us.

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