Good morning, everyone. After a particularly busy start to the week, we have a brisk issue for you this morning.

WATCH THIS SPACE-

#1- Could we finally see Giza Spinning & Weaving make its long-awaited EGX debut? Giza Spinning & Weaving plans to list 25-40% of its shares on the EGX before the end of the year, Al Borsa reports, citing sources it says have knowledge of the matter. The company is set to file a listing request with the bourse before the end of the month. The company has reportedly tapped Beltone Holding as its financial advisor and transaction manager and Matouk Bassiouny & Hennawy as legal counsel.

Gulf money on the cards? Beltone Holding will reportedly hold roadshows in the Gulf and other foreign markets to promote the offering after it hits the EGX.

It’s been a long time coming: The company had initially planned to float as much as 40% of its shares on the EGX in an IPO in November 2018 before plans got pushed back to 3Q 2019 and 2020 due to poor market conditions, then again to 2022 in the wake of covid-induced market turmoil.

#2- Shutting down industrial factories now requires El Wazir’s approval: President Abdel Fattah El Sisi issued a directive forbidding the closure of any industrial facility without the greenlight from Transport and Industry Minister Kamel El Wazir, according to a ministry statement.

#3- FRA extends SIC’s MTO deadline for CIRA: The Financial Regulatory Authority (FRA) granted Social Impact Capital (SIC) a 60-day extension on its mandatory tender offer (MTO) for up to 100% of CIRA Education, according to a statement (pdf) from the authority. The MTO period — which expired yesterday — is getting a 60-working-day extension as of Sunday, 11 August.

Remember: The Saudi Egyptian Investment Company — a wholly-owned subsidiary of the Public Investment Fund — said in May that it will buy into SIC, the vehicle through which the founding El Kalla family holds a controlling stake in EGX-listed CIRA Education. SIC used the cash injection to launch a mandatory tender offer to buy CIRA shares at a price of EGP 14 each to up its stake in the company to 75-100%.

#4- Africa’s first carbon market is ready for liftoff: The FRA has wrapped up all the necessary requirements and procedures to register carbon emissions-reducing projects and kick start Africa’s first regulated carbon market, allowing companies to issue and trade voluntary carbon certificates in Egypt and Africa, according to a FRA statement (pdf).

Remember:The FRA rolled out the requirements for carbon trading last month in preparation for the market’s launch. We took a deep dive into what we can expect for the market in the coming period in a Going Green published earlier this month.

EGX WATCH-

EGX rallies following global market meltdown: The benchmark EGX30 index climbed 2.7% yesterday to close at 29.5k, recouping losses incurred last week amid the recent global market meltdown. Market cap hit EGP 1.4 tn at yesterday’s close, according to market data.

ICYMI: The EGX30 dropped a total of 5.2% early last week while the EGP fell to its lowest level against the greenback in nearly six months on the back of rising geopolitical risk across the region and a global equity sell-off triggered by fears of a US recession.

FACT CHECK-

Elsewedy Electric is not leaving the EGX anytime soon: Elsewedy Electric denied rumors that the company has plans to delist its shares from the bourse, the company said in an EGX disclosure (pdf).

Remember:Last month, Abu Dhabi-based Electra Investment Holding acquired 20% of Elsewedy Electric in a USD 449.1 mn transaction.

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in our country and the wider region. Among the questions we’ll be asking:

• What’s Egypt’s role in the regional industry?
• What are foreign investors looking for right now?
• Is real estate the only asset class in Egypt?
• What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image above.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 32°C and a low of 24°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how the industrial sector is coping with rising production costs. Check out the story here.

HAPPENING TODAY-

The CBE is holding its first EUR-denominated t-bill auction since November: The Central Bank of Egypt is looking to raise some EUR 600 mn from auctioning off one-year, EUR-denominated treasury bills, according to the CBE website. The submission deadline for the auction is today at 11am.

So, why now? The central bank is likely looking to raise EUR funds to pay off maturing debt, EGBank board member Mohamed Abdel Aal previously told Enterprise. “FX can help bridge any existing and expected cash gap,” he added.

CIRCLE YOUR CALENDAR-

#1- 500 Global's Seed Bootcamp returns to Egypt: The 500 Global Seed Bootcamp is accepting applications for early-stage startups to join its 2024 edition in Cairo from 28 September to 2 October. Applications are being reviewed on a first-come, first-served basis, and the window to apply closes Thursday, 15 August.

About the bootcamp: The 5-day program is offered in partnership with ITIDA and brings together global mentors across various areas of expertise, offering hands-on workshops and one-on-one mentoring sessions to help pre-seed and seed-stage startups gain deeper insights and develop effective action plans. For more information, check out the organization’s webinar featuring alumni of the program.

#2- Cairo and Tokyo to cozy up this month: Egypt and Japan plan to organize a high-level policy dialogue at the end of August to discuss development and cooperation, according to a statement by the Planning and Economic Development Ministry.

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

THE BIG STORY ABROAD-

The international business press is having another slow morning without one unifying story taking the lead. A few of the stories getting top billing this morning:

From the campaign trail: Kamala Harris is more trusted among American voters to handle the country’s economy than Donald Trump, coming in one percentage point above the former US president in a recent survey, the Financial Times reports. Although Harris’ edge over Trump is narrow, the current vice president polled seven percentage points higher than US President Joe Biden’s performance in US voter sentiment.

Israel is doubling down on its defenses and shoring up resources such as alternative fuel supplies as it expects a retaliatory attack from Iran could be imminent. Iran has vowed to respond to Israel for the assassination of Hamas political leader Ismail Haniyeh in Tehran last month. Meanwhile, Israel is also ordering more displaced Palestinians in Khan Younis to evacuate the area, which it declared a “dangerous combat zone.” (Bloomberg | Reuters)

OLYMPICS-

The 2024 Paris Olympics closing ceremony wrapped overnight at Stade de France, marking the end of the summer games after two and a half weeks of action. The end of the Games earned plenty of attention (New York Times | BBC | The Guardian)

The ceremony featured performances by French band Phoenix, an iconic jump of Tom Cruise from the roof of the stadium, H.E.R., Red Hot Chilli Peppers, Billie Eilish, Snoop Dogg, and Dr Dre.

While Team USA tied with China for gold medals, USA topped the charts for overall medal count as they gear up to host the next 2028 summer games in Los Angeles. The US team is going home with a total of 125 medals, leaving one behind after gymnast Jordan Chiles was stripped of her bronze medal from last week’s floor final after the International Olympic Committee (IOC) ruled against her in a score dispute.

Not leaving the city of love just yet: As the Olympics wind down, the Paralympics are gearing up to kick off. Taking place in Paris as well, the Paralympics will start on Wednesday, 28 August and continue for 11 days.

New games, new boss: Thomas Bach’s 12-year stint as IOC president is coming to an end, as per IOC governance rules limiting each person’s term to 12 years, AP reports.

The medal table:

• USA (40 gold,125 overall)
• China (40 gold, 91 overall)
• Japan (20 gold, 45 overall)
• Australia (18 gold, 53 overall)
• France (16 gold, 64 overall)

THE EGYPT ANGLE- Egypt’s largest-ever Olympic delegation, a 164-strong team competing in 22 sports, delivered some outstanding feats and a few flops at the 2024 Games.

The highs: The Summer Games saw team Egypt clinch a total of three medals after Ahmed El Gendy took home gold in modern pentathlon, weightlifter Sara Samir snagged silver in the women's 81kg, and fencer Mohamed El Sayed picked up bronze in the men's épée individual.

And the lows: Our handball team lost 29-28 to Spain at the quarterfinals, while the football team lost 6-0 to Morocco in the bronze medal match after reaching the semifinals for the first time since 1964.

ALSO- We’re taking a shot at hosting the 2036 or 2040 Olympics: Egypt will bid to host the 2036 and 2040 Summer Olympics as its improved infrastructure and sports facilities strengthen its chances, Reuters quotes Head of the Association of National Olympic Committees of Africa Association (ANOCA) Mustapha Berraf as saying at the Paris Games closing ceremony yesterday. A successful bid would be the first for Africa, which has never hosted the Games. Egypt last made an unsuccessful bid for the 2008 Olympics.

It’s been a long time coming: Cairo expressed its interest in hosting the 2036 Summer Olympics at the Egypt International Olympic City in the new capital back in 2022. The venue will house a 93.9k-seat national stadium alongside 21 other sports facilities.

** Dive deeper: We took a look at how the Madbouly government is looking to the private sector to develop our sports infrastructure ahead of our planned Olympics bid in a Hardhat last year.

Till next time: The International Olympic Committee has chosen five cities to stage the upcoming Games. These include Italy’s Milan and Cortina d'Ampezzo for the 2026 Winter Games, Los Angeles for the 2028 Summer Games, and Australia's Brisbane for the 2032 Summer Olympics.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at what lower expected public school enrollment means for Egypt’s education spending.