{"id":605778,"date":"2023-09-05T00:00:00","date_gmt":"2023-09-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/this-evening-non-oil-private-sector-activity-holds-steady-at-its-highest-point-in-two-years\/"},"modified":"2023-09-05T00:00:00","modified_gmt":"2023-09-05T00:00:00","slug":"this-evening-non-oil-private-sector-activity-holds-steady-at-its-highest-point-in-two-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/this-evening-non-oil-private-sector-activity-holds-steady-at-its-highest-point-in-two-years\/","title":{"rendered":"THIS EVENING: Non-oil private sector activity holds steady at its highest point in two years"},"content":{"rendered":"

Happy hump day, ladies and gentlemen. <\/strong> The midweek news cycle is comfortably balanced, with enough to keep us interested \u2014 without quite opening the floodgates. <\/p>\n

THE BIG STORY TODAY <\/strong><\/p>\n

PMI holds steady in August: <\/strong> Activity in Egypt\u2019s non-oil private sector remained at a two-year high in August, showing a \u201cmild\u201d level of contraction, according to S&P Global\u2019s purchasing managers\u2019 index (pdf)<\/a>. The country\u2019s PMI remained unchanged at 49.2 last month, keeping us \u201cclose to the 50.0 neutral threshold,\u201d suggesting that business activity is stabilizing \u201cafter a prolonged period of contraction.\u201d<\/p>\n

THE BIG STORY ABROAD <\/strong><\/p>\n

China\u2019s Country Garden just managing to avoid default is leading the conversation <\/strong> in the international business press. The company managed a USD 22.5 mn payout in coupons to international bondholders as they were about to pass their 30-day grace period. This comes as Country Garden was the last company left standing after several Chinese developers defaulted on their debt and undermined the ailing housing and financial markets. (Reuters<\/a> | Bloomberg<\/a> | Wall Street Journal<\/a> | Financial Times<\/a>)<\/p>\n

HAPPENING TODAY- <\/strong><\/p>\n

It\u2019s day two of the Africa Climate Summit: <\/strong>Climate leaders from across the continent are in the Kenyan capital for day two of the three-day Africa Climate Summit<\/a>, which includes an Egyptian delegation headed by Prime Minister Moustafa Madbouly<\/a> and Environment Minister Yasmine Fouad.<\/p>\n

What you missed so far: <\/strong>\u201cThis meeting presents a great opportunity to discuss climate financing issues and Egypt\u2019s vision regarding it, which focuses on looking into the climate financing tools currently available and the shift towards concessional financing,\u201dMadbouly said during a speech<\/a> earlier today. The PM also took part in a panel titled \u201cNew Global Climate Finance Architecture\u201d and another under the title \u201cScaling up adaptation,\u201d according to the summit\u2019s agenda<\/a>, while Fouad joined her counterparts in a panel under the title \u201cAdaptation across the continent.\u201d<\/p>\n

Phase nine of the Beit El Watan initiative in progress: <\/strong>The Housing Ministry has opened the door for Egyptians living abroad to reserve some 2.53k plots of land up for grabs under the ninth phase of the Beit El Watan initiative, Housing Minister Assem El Gazzar said in a statement<\/a> yesterday. The plots offered are distributed among 14 new cities including New Cairo, Sheikh Zayed, Tenth of Ramadan, and New Aswan. The reservation door closes in three weeks. <\/p>\n

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** CATCH UP QUICK <\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n