Good morning, friends, and a warm welcome to the weekend. It was one busy week for politics, economic, business, and even sports news with the Paris Olympics jostling for attention.
LAST WEEK IN 3 MINS-
ECONOMY-
#1- Third IMF review complete: The IMF Executive Board has completed the third review of our USD 8 bn loan program, enabling the Madbouly government to receive the USD 820 mn third tranche, the multilateral lender said on Tuesday. The tranche arrived yesterday, Prime Minister Moustafa Madbouly said in a statement.
#2- Egypt’s non-oil trade deficit narrowed by 16% y-o-y to USD 15.9 bn in the first half of 2024, down from USD 18.9 bn during the same period last year, driven by a 9.8% rise in exports and a 3.3% dip in imports.
IPO WATCH-
Act Financial shares rose 29.7% on their first day oftrading on Wednesday to close at EGP 3.76 — up from their initial price of EGP 2.90 — pushing the company’s market cap to some EGP 3.3 bn, according to market data.
Remember: Act Financial last week completed the first IPO Egypt has seen in a year, offeringsome 32% of the company — 360 mn shares — to investors. The retail tranche of the IPO was 54.8x covered, while the institutional tranche was 20.2x oversubscribed, the highest oversubscription for private offerings on the EGX in six years. All in all, the combined offering was 26x oversubscribed, the company said (pdf).
What’s next? Act Financial plans to use the EGP 1 bn raised from its IPO to invest into three EGX-listed companies this year, Managing Partner Mostafa Abdel Aziz told Enterprise earlier this month. The company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX.
M&A WATCH-
MNT-Halan enters the Turkish market: Fintech leader MNT-Halan has fully acquired Turkish commercial finance company Tam Finans from Actera Group. The company did not disclose the terms of the transaction, which will see MNT-Halan take over Tam Finans’ USD 300 mn loan book.
MANUFACTURING
El Araby to partner with Sharp on fridge and freezer manufacturing: El Araby Group and Japan’s Sharp will set up a USD 50 mn factory in the Quweisna zone for the manufacture of refrigerators and deep freezers under a newly-inked partnership agreement that will see the two companies set up a JV in which El Araby will have an 80% stake and Sharp 20%.
AROUND THE WORLD IN SEVEN DAYS-

The ripple effect of Israel’s continued assault on Gaza were front and center of the int’l press this week, most notably with the announcement that Ismail Haniyeh, Hamas’ top political leader, had been assassinated in Tehran while attending the swearing-in ceremony of Iran’s new president.
Tensions on the Israel-Lebanon border were also in the headlines after a Saturday strike on the Israeli-occupied Golan Heights killed 12 children, spurring fears of escalation into broader regional war. Israel attributed the strike to Hezbollah and retaliated by bombing a southern suburb of Beirut on Tuesday, claiming it had killed a senior Hezbollah advisor. Three Lebanese civilians died in the Israeli attack, including two children.
While on the US elections front, US vice president and Democratic Party candidate Kamala Harris drew level with Republican nominee Donald Trump in a number of recent polls. Harris is set to announce her running mate as early as next Monday before a multi-state battleground tour later next week.
Harris’ crypto industry charm offensive also turned heads: Harris’ campaign advisors have contacted a number of crypto firms to attempt to “reset” relations between the party and the crypto sector at large, as the Harris campaign looks to mend relations with the industry following its criticism of the Biden administration. But the sector already has a favorite candidate, with Trump enjoying significant support from the crypto industry, appearing as the keynote speaker at the BTC 2024 gathering, where he promised to fire the head of the US Securities and Exchange Commission if he returns to the White House.
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☀️ THE WEATHER THIS WEEKEND- Yet another hot weekend with highs of 38°C and lows of 27°C today followed by highs of 37°C and lows of 26°C tomorrow in Cairo. It’s a bit cooler in Sahel with highs of 32°C and lows of 24°C during the weekend.
HAPPENING THIS WEEKEND-
The interactive comedy show where the audience gets a moment to shine. Attend AinGamal Vol.22 with Omar El Gamal to witness the comedian’s quick wit and clever remarks. The show will take place tomorrow starting at 8pm at Theatro Arkan. Get your tickets here.
Sukun is taking wellness to new heights with their Cosmic Festival at Solare, Ras El Hikma today. The festival has an itinerary of good-for-the-soul activities like yoga, sound healing, breathwork, art, dance, and more — you can even bring the kids for some seaside fun too. Get your invite here.
You can still catch Ahmed Helmy on stage in Memo. If you missed the Egyptian comedy icon’s first few shows of his original play, he will be performing once again tonight (tickets) at the Grand Nile Tower.
A night of good music. Book tickets for Cords Festival: Ruby & Aziz Maraka at One Eleven in New Alamein. The festival will take place tonight starting at 10pm, where musical staple Aziz Maraka and the iconic Ruby, will perform.
For the love of poetry. Don’t miss the Live Podcast evening with poet Mostafa Ibrahim and host Zahra Ramy at Rawabet Art Space in Downtown, tonight at 9pm. Book your spot here.
Ma Yatloboho Al Mostame3oon in Sahel: Esseily and Ahmed Saad will perform at Cairo Jazz Club Sea Shore in Ras Al-Hikma, tonight, followed by Disco Misr and DJ Anis. The event will begin at 9pm. Grab tickets here.
Superstar Mohamed Ramadan will perform a concert at Porto Golf in the North Coast tonight at 10pm. Grab tickets here before they sell out.
Ramy Gamal will also be gracing the North Coast for the festival tonight at 10pm. Grab your tickets here.
HAPPENING NEXT WEEKEND-
Amr Diab will be taking the New Alamein Festival stage on Friday, 9 August at 10pm. Get your tickets here.
Karim Abdelaziz and Nelly Karim will be performing in the play El Sindbad at the New Alamein Festival from Thursday, 8 August till Saturday, 10 August. Get your tickets here.
TV host Sherif Madkour and Lebanese actress and singer Diana Haddad will be having a live broadcasting of the show “4 Sherif Street” at the New Alamein Festival on Saturday, 10 August. The show will start at 10pm, get your tickets here.



