Emirates NBD takes HSBC’s retail book + Egypt’s seventh IMF review clears

☀️ Good morning, friends, and happy weekend.

Elsewhere in today’s issue:

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS

HSBC is exiting retail banking in Egypt after 44 years in the market but has no intention of pulling back from corporate and institutional banking

A fresh USD 1.8 bn IMF tranche landed on Monday signed off on the seventh review

AND- Egypt’s non-oil private sector saw its strongest business confidence since mid-2022 in July

The Electricity Ministry hiked household electricity tariffs by an average of 12%, though the lowest consumption bracket will remain unchanged.

The Oil Ministry is targeting 160 oil and gas wells this fiscal year combined cost of about USD 95 mn

AND- Egypt is accelerating a USD 128 mn, six-pipeline infrastructure package spanning 317 km to transport crude oil and petroleum products

The Finance Ministry deployed field committees to sweep chalets, villas, and other properties across North Coast resorts

After a full quarter of net selling and a red June turned net buyers

The government launched a new lease-to-own system for industrial land

AND- The government will auction eight billet-production licenses this August, with a combined annual capacity of 2.8 mn tons.

ALSO- Manufacturers running behind schedule on projects with active building permits will get up to 18 additional months

The Egypt Forum is back

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.

Request your invitation here.

🌍 AROUND THE WORLD IN SEVEN DAYS

This week’s headlines were dominated by a US-Iran diplomatic fog

The Iran stand-off grew more confusing by the day. Iran’s foreign ministry denied unknown projectile

By Wednesday Hormuz agreement announced an agreement with Oman

IN EUROPE- 60k North Africans crossing the border

MEANWHILE- Ukrainian drone debris fell onto a crowded beach

IN THE BUSINESS PRESS- AstraZeneca is in talks

SpaceX posted its first earnings as a public company. became eligible for trading

AND- finalized a move to Turkish club Trabzonspor

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.

☀️ THE WEATHER THIS WEEKEND

Temperatures are staying consistent this weekend

🎤 HAPPENING THIS WEEKEND

Missed her? We all did. night TicketsMarché

Jordanian singer Aziz Maraka is bringing his hits live to The Smokery Beach in Bianchi on the North Coast tonight. performance here

🎤 HAPPENING NEXT WEEKEND

Number 1 is heading to Sahel. concert TicketsMarché

It’s a star-studded Friday on the North Coast as masked sensation Tul8te heads to Sahel on 14 August as part of his ongoing world tour. perform Tellr

Looking to give your kids an extra challenge this summer? obstacle course

The world-famous endurance event features exciting obstacles, teamwork, and a whole lot of mud-filled beach fun. website