Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share Issue
Good afternoon, ladies and gentlemen. We’re starting off a new week (and a new month, to boot) with a relatively calm news cycle here in Omm El Donia.
THE BIG STORY TODAY
Healthtech startup Sehatech has closed a USD 850k pre-seed funding round, the company’s CEO Mohamed Elshabrawy told Enterprise. The funding was provided by VC firm A15 and Beltone Venture Capital, Sehatech said in a press release (pdf). Sehatech plans to use the money to finance its proprietary technology which aims to automate and streamline medical approvals, claim processing and billing between ins. companies and healthcare service providers.
THE BIG STORY ABROAD
It’s a mixed bag in the international business news today:
- PIF’s move on steel manufacturers has been developing as the fund intends to secure Saudi Iron & Steel Company from Sabic. In turn, Sabic’s steel unit, Hadeed, will take over AlRajhi Steel Industries Co. in return for stock. The acquisition is anticipated to close before 1Q 2024. (Bloomberg)
- Economic downturn in Asia has a domino effect: Korea, Japan, and Taiwan have all reported losses as Beijing has been suffering from an economic slump on the back of a struggling real estate sector, weakening currency, and deflation. (Financial Times)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- US weighs in on Aphrodite gas field dispute: Washington is backing US oil and gas giant Chevron’s plans to develop Cyprus’ massive Aphrodite natural gas field — which include building a pipeline linking the field to Egypt — after Cyprus turned down the plans last week.
- PSA- Foreign nationals are going to need FX to get residence permits: Foreign nationals applying for a residence permit after arriving in Egypt will soon be required to transfer the required fees from hard currency into EGP through a local bank or exchange office.
- Egypt’s net foreign liabilities narrowed by USD 800 mn in July, driven by a slight easing in FX liquidity in the banking sector, according to central bank figures out last week. The country’s net foreign asset position improved to negative USD 26.3 bn from negative USD 27.1 bn in June.
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.
*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: We have our Manufacturer of the Month column, wherein we profile an industrial player with a manufacturing base here in Egypt. Manufacturer of the month is dedicated to looking at locally bred or international players to examine the success and challenges that came with being a manufacturer in Egypt, as well as their paths forward. Today, we speak to Oriental Weavers, one of the world’s largest producers of carpet, rugs and related raw materials producers.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
☀️ TOMORROW’S WEATHER- A brief reprieve before an incoming heat wave: The mercury will peak at 36°C in the daytime and drop to a cooler 25°C in the evening, our favorite weather app tells us.
