Good afternoon, friends, and congratulations on making it to the end of the week, even if it was a short one. We wish you a very happy long weekend and Mawlid in advance.

**A QUICK PROGRAMMING NOTE- EnterprisePM is taking a publication holiday tomorrow in observance of the Prophet Muhammad’s birthday, and will be back in your inboxes on Sunday afternoon. Until then, enjoy the long weekend.

THE BIG STORY TODAY-

Non-oil private sector activity in Egypt contracted further in August, albeit modestly, with activity and new orders dropping for the sixth month in a row, according to S&P Global’s latest Purchasing Managers Index report (pdf).

REMEMBER- The all-important 50.0 mark is the threshold separating contraction from growth. Anything above 50 denotes expansion, while anything below indicates contraction.

The country’s headline figure recorded 49.2, marking a slightly accelerated contraction from July’s 49.5, but still above the survey’s historical average of 48.2.

Output and new orders declined for the sixth straight month, directly driven by subdued customer demand, which firms attributed to weak economic conditions and persistent concerns about inflation. Although the rate of decline was faster than in the previous month, it remained slower than their long-run averages. Despite this decline, the new export sub-index increased and suggests that the weaker EGP is benefiting the country’s export sector, Capital Economics’ James Swanston noted in a recent research note seen by EnterpriseAM.

In the fourth issue of our Destination Sahel series, we've brought you the latest updates on New Alamein City and taken a look at the best investments in Sahel today. We’ve also investigated the growing issue of beach erosion and its impact on our shores.

You can find Destination Sahel, Issue IV, in your inbox.

Missed the first three issues? Tap here to read the full series.

THE BIG STORY ABROAD-

Beijing’s military parade is getting the most ink across major global news outlets today amidst another quiet afternoon in the business press. Earlier, China flexed its military power with a 90-minute parade in Beijing, marking the 80th anniversary of the end of World War II. It wasn’t the fighter jets nor the marching troops that made global headlines — it was Chinese President Xi Jinping, Russian President Vladimir Putin, and North Korean leader Kim Jong Un standing side by side. Slovakia’s Prime Minister Robert Fico and Serbian President Aleksandar Vučić were the only western leaders in attendance, with most choosing not to attend.

“Today, mankind is faced with the choice of peace or war,” President Xi said. The military parade follows months of aggressive trade and policy wars waged by US President Donald Trump, with Xi adding that “The Chinese nation is the great nation that is never intimidated by any bullies.” (CNN | Reuters | Associated Press | BBC | Guardian)

MEANWHILE- Belgium joins a growing list of countries set to recognize the state of Palestine at this month’s United Nations General Assembly, as announced by the country’s Prime Minister Maxime Prevot yesterday. The move is a bid to exert pressure on Israel to end its attacks on Gaza. Countries that have made similar announcements include France, the UK, Canada and Australia. (New York Times | Guardian | Associated Press)

☀️ TOMORROW’S WEATHER- We’re in for a warm weekend, with temperatures in Cairo tomorrow reaching 35°C before cooling down to 22°C. Up north, we’re in for a high of 29°C and a low of 27°C, according to our favorite weather app.