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Good afternoon, friends, and a very happy Thursday. We’ve made it through another busy week together, and a three-day weekend awaits us. But before we jump into the long weekend, we’re taking the lid off the agenda for this year’s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.
Headlining the EnterpriseAM Finance Forum: We’ll be joined for the first time on stage by a senior government official, who’s joining us to outline a vision for where we’re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won’t want to miss our exclusive networking breakfast from 8am.
Among the topics on the agenda, which you can view here:
- Welcome to the hot seat — top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day.
- Looking from the outside in — what foreign investors and strategics think about Egypt right now.
- The only asset class in town — It’s real estate or nothing. We’ll get into the ins and outs of the industry, how it’s financing itself, which areas (and price points) are next, and more.
- Gazing into that crystal ball — The outlook for dealflow in 2025, from M&A and IPOs to securitization, FX and more.
- A once in a generation opportunity? — A deep dive into the promise and pitfalls of the emerging energy economy.
- Do we really love banking SMEs? — With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.
- The NBFI panel — The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities — and credit worries — in the B2B space?
Haven’t requested an invitation yet? Do it today — space is limited. Tap or click heretolet us know you’re interested.
** IMPORTANT NOTE — If you’ve already received your invitation on email, you *must* click through to confirm you’re attending.
THE BIG STORY TODAY
Spiro Spathis’ Mymco plans to set up a new factory at 10th of Ramadan City with an expected investment of EUR 7 mn. Construction of the Mymco brand’s new factory is slated for 4Q 2024, and is expected to begin operating by the end of 2025, Mymco’s Commercial Director Youssef Talaat told local media. The soft drink company is currently operating through a contract manufacturer, and aims to increase production to 400 mn bottles once the factory is up and running. The company is also planning to expand into the Gulf through franchises, using the region as an export base for neighboring countries.
Spiro Spathis has seen a huge surge in sales amid the boycott of US sodamakers, seeing a rise in sales to EGP 100 mn in 2023 and expects to close the year with EGP 1 bn of sales.
THE BIG STORY ABROAD
It’s a busy day in international news, with many stories sharing the spotlight. The European Central Bank’s September monetary policy meeting commenced earlier today, and is expected to culminate in a quarter-point rate cut, marking its second reduction in deposit rates this year. As of the time of publication, European stocks have held, trading at 1.1% higher with an optimistic outlook. The press conference announcing the decisions made is expected shortly.
(CNBC)
All eyes are on Kamala Harris following her debate against her Republican opponent Donald Trump. The final weeks of the race are closing in, with Democratic US presidential candidate Kamala Harris gaining more ground by the day. Despite the popularity that gained her endorsements from Republican officials who have lost faith in Trump, Harris has much to address among Democratic voters. People are looking for radical change after dissatisfaction with US President Joe Biden’s empty promises, and found no comfort in Harris’s nebulous policies and non-committal stances. (NYT)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Our new tax incentive package is out: The government yesterday announced its first batch of new amendments to the tax system, which aim to ease the burden on taxpayers and build greater trust in the tax system, from filing tax returns to resolving disputes and integrating the informal economy.
- Sultan Ventures makes a play for MENA with Acasia takeover: US-based and also US-focussed — at least until now — venture firm Sultan Ventures has fully acquired local venture capital firm Acasia Group, formerly Cairo Angels.
- Paymob secures USD 22 mn in funding: Local fintech startup Paymob has closed a USD 22 mn series B extension round, bringing its total series B funding to USD 72 mn.
☀️TOMORROW’S WEATHER- This week’s heatwave seems to be cooling down. We expect to see highs of 35°C in the capital tomorrow with a low of 23°C, according to our favorite weather app.
