Good morning, wonderful people, and happy almost-THURSDAY. The news cycle is still revving back into gear after the long Eid holiday. With the weekend almost upon us and Sahel season in full swing, we’re expecting things to remain relatively calm at least through the end of the week. (Famous last words, no?)

THE BIG STORY here at home: The diplomatic map just got redrawn after Egypt and Turkey officially agreed to restore diplomatic ties and reinstate ambassadors, ending a decade-long rift. Everything you need to know about the budding Cairo-Ankara friendship is in our Diplomacy section.

AND- This morning brings news of USD 1.8 bn worth of fresh investment by major energy firms in our gas exploration sector. We have the details in our Energy section.

PSA- The next phase of the e-receipt rollout is upon us: The Tax Authority will start the fourth phase of its rollout of the new e-receipt system on Saturday, 15 July, the authority said in a statement (pdf) yesterday. Newly onboarded businesses will be required to start issuing e-receipts for all business-to-consumer (B2C) transactions from this date.

How do you know the retailer is playing ball? Registered companies will need to print a QR code on every e-receipt, the authority said.

Who’s included?The list has almost 1.7k companies, a source with knowledge of the matter told Enterprise yesterday on condition of anonymity, without giving further details. Companies can find out whether they are on the list using their tax registration number here.

Refresher: E-receipts will work alongside the ministry’s e-invoicing system to allow authorities to monitor all transactions in the country. E-receipts will record all B2C sales, enabling the Tax Authority to detect tax evasion and bring more businesses into the formal economy. Read this for more on how the system works.

HAPPENING TODAY-

It’s PMI day: We’ll find out how Egypt’s non-oil private sector fared in June a few minutes after we hit ‘send’ on this morning’s issue when S&P Global publishes the latest purchasing managers’ index. Tap or click here at 6:15am to read the missive for yourself. The 2.5-year contraction in business activity eased to its slowest pace since February 2022 in May as inflationary pressures that accompanied the series of currency devaluations showed signs of waning. PMIs for Saudi and the UAE are also due out this morning at the same time.

IN THE HOUSE-

The Economic Affairs Committee will discuss amendments to the Investment Law aimed at boosting foreign inflows, while the Budget and Planning Committee will look into a draft bill reinstating taxes on state entities in a bid to level the playing field with private firms. Cabinet approved the two bills before the Eid El Adha break.

Key data points to keep an eye on over the coming month:

• Foreign reserves: The Central Bank of Egypt should publish foreign reserves figures for last month before the end of this week.
• Inflation: Capmas and the central bank will release June’s inflation figures on Monday, 10 July.
• EGX: Taqa Arabia shares are expected to start trading on the EGX this month, making the company the first to debut on the bourse in 2023.
• Interest rates: The central bank will hold its next policy meeting on Thursday, 3 August.

WATCH THIS SPACE-

Drumming up business for the EGX The Egyptian Exchange is in talks with a number of companies in sectors including energy and tourism regarding potential listings, EGX boss Ramy El Dokany told Al Arabiya (watch, runtime: 4:11). “We are looking at sectors that react positively to the current economic conditions … companies with USD resources or those who export,” he said.

We have debuts pending: Qalaa Holdings’ energy distribution company Taqa Arabia is expected to make its debut on the exchange this month via a direct offering in what would be the EGX’s first share sale of the year. The Suez Canal Authority’s (SCA) Canal Company for Mooring and Lights and the Port Said Container and Cargo Handling Company are each expected to sell a 20% stake in IPOs on the EGX.

THE BIG STORY ABROAD- Tech is again topping the front pages, with several stories out of the sector grabbing headlines this morning:

• Meta’s new rival to Twitter, Threads, is set to launch for iOS users tomorrow. Its rollout coincides with backlash against Twitter CEO Elon Musk’s decision to limit the number of posts Twitter users can view. (Reuters | Wall Street Journal | The Guardian)

• The US and China are escalating the tech war: China will restrict exports of key chip-making materials due to national security concerns, while the Biden administration is considering limiting Chinese companies' access to US cloud-computing services. (Reuters | WSJ)

• A US federal judge has blocked the Biden administration from pushing social media companies to moderate their content. The Trump-appointed judge said officials’ attempts to discuss content moderation with social media firms may have violated the First Amendment. (Reuters | Washington Post | WSJ)

MORNING MUST READ-

Bored of “emerging markets”? Try “Structurally Challenged”: Private equity giant Actis is out with a report (pdf) that calls for a new taxonomy of global markets. Their system would separate countries that have long been bundled together under the “emerging markets” banner — which the report’s authors say is a prime example of “common and lazy investment and media shorthand” that has masked the differences between developing countries to the detriment of investment. Under the system they propose, Egypt would be classed not as an EM but as “Structurally Challenged.” Other categories include “Global Influencers” (the US, China, and Japan) and “Big Middles” (Brazil, India, Mexico). The FThas a summary.

It’s getting hotter everywhere: Global temperatures will likely “surge” in the coming weeks and months after the El Niño climate pattern developed in the tropical Pacific for the first time in seven years, the World Meteorological Organization (WMO) said yesterday. “The onset of El Niño will greatly increase the likelihood of breaking temperature records and triggering more extreme heat in many parts of the world and in the ocean,” said WMO Secretary-General Petteri Taalas.

El Niño vs La Niña: El Niño and La Niña are opposite phases of a global climate pattern that periodically warms and cools the sea surface temperatures in the central and eastern tropical Pacific.

CIRCLE YOUR CALENDAR-

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.

Day one is our Banking Forum, where we’ll dive deep into topics of interest to commercial and investment bankers, from an outlook on the 12 months to come in M&A, IPO, and debt capital markets to the national, regional, and global trends that are (re)shaping our industry.

Day two is all about Fintech and Non-Banking Financial Services. We’ll take a deep dive into everything from the magic of client acquisition to the prospects of consolidation and the coming of challenger banks.

** 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.

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? Please click here.

STAY TUNED for more detail about our agenda.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself: The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May.

IN THIS WEEK’S EPISODE- We looked at how Egyptian companies can identify and pitch foreign partners and how they can identify them. We asked how do companies figure out what they’re looking for — and whether that dovetails with what they want or need. We were joined on that panel by Hossam Abou Moussa, partner at PE firm Apis, Cheick-Oumar Sylla, director for North Africa and Horn of Africa at the International Finance Corporation, and Hassan Massoud, associate director and head of private equity (Southern Mediterranean) at the European Bank for Reconstruction and Development.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

• The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
• Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
• How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
• How to develop sources that will give you the key insights needed to tell a complete story;
• How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “reporter development program” in your subject line.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at plans to expand the country’s logistics zone network.