Good afternoon, ladies and gentlemen, and happy hump day. We are racing to reach the weekend for a respite after this full business week.

THE BIG STORY TODAY-

Egypt to pay USD 3.2 bn to clear IOC’s arrears before the end of FY 2024-25: The government is set to clear off some USD 3.2 bn worth of arrears to foreign oil and gas companies operating in the country during the current fiscal year, with the payments set to be carried out over three installments throughout the year, Asharq Business reported today, citing an unnamed government official. The first installment — valued at approximately USD 1.2 bn — is scheduled for October, with the remaining payments each estimated at USD 1 bn, the source said.

This could get oil and gas tenders back on track: The state-run Egyptian General Petroleum Corporation (EGPC) had been working on launching 10-12 international oil and gas exploration tenders, with priority given to areas in the Red Sea, South Valley, and southern Egypt, an oil industry source previously told Enterprise. However, delayed arrears to international firms have since forced the EGPC to push back the offerings after they were initially slated to be launched in succession.

THE BIG STORY ABROAD-

Not much has changed since our recap this AM — Trump is still making headlines. The attempted assassination just days ago didn’t deter Republican presidential nominee Donald Trump from attending the Republican National Convention, where he formally accepted his candidacy and named Ohio Senator JD Vance as his running mate. Once a vocal critic of Trump’s, the 39-year-old senator has been criticized by pundits as an opportunist due to the differences in their political beliefs, with his motives pointing to the 2028 presidential race. Vance’s appointment may harbor bad news for Kyiv, as the senator has strongly opposed additional aid to Ukraine, saying that the country and the EU have been overly reliant on American aid, and had previously encouraged them to cede territory to Russia. (Reuters | Bloomberg | CNBC | CNN)

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

  • More discussions with the IMF are underway: The IMF is in discussions with the new Madbouly cabinet over its policy and goals for the coming three years.
  • El Sisi ratifies Unified Ins. Law: President Abdel Fattah El Sisi has given the final approval for the Unified Ins. Law, which will draw up new, comprehensive rules for regulating the ins. industry and widen compulsory coverage.
  • MaxAB and Wasoko’s merger is fast approaching: Egyptian B2B e-commerce platform MaxAB and Kenya-based Wasoko are set to complete their merger within the next few weeks.

☀️ TOMORROW’S WEATHER- We’re seeing a high of 38°C and a low of 26°C in Cairo, according to our favorite weather app. Alexandria and Sahel are a bit cooler with a high of 33°C and a low of 24°C.

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