Interest rates held steady for the fourth consecutive time

☀️ Good morning, friends, and congratulations on making it to the weekend.

Elsewhere in today’s issue:

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) moved to leave interest rates unchanged for the fourth consecutive time this year CBE statement speeding up to 14.9% in July

AND- The country’s economy is proving more resilient than expected in the face of the US-Iran conflict, prompting the CBE to slightly raise its growth forecasts and lower its near-term inflation projections.

Hassan Abdalla will lead the CBE for a fifth consecutive one-year mandate.

Four names are graduating to the EGX30, while four drop out under the exchange’s newly overhauled index methodology.

AND- The Financial Regulatory Authority (FRA) issued a new rulebook for short selling

The Industrial Development Authority (IDA) opened its first tender under the new lease-to-own system for industrial land on Saturday

AND- The government is raising prices for plots allocated to investors while expanding payment and tenure options

Egypt’s renewable energy buildout has new backing from the European Bank for Reconstruction and Development (EBRD)

AND- The government is looking into adding at least two reactors to El Dabaa nuclear power plant, with expansion potentially reaching four additional units.

The European Bank for Reconstruction and Development and the International Finance Corporation are reportedly circling a combined 10% stake

E-finance says it bought an 8% stake in wealth management platform Wilzy for around EGP 100 mn (c. USD 2 mn).

Decoding AI with Tarek Assaad:

On this episode of Making It, Tarek Assaad, Managing Partner at Algebra Ventures

This is an episode for both the novice and the pro, about what we should make of the recent technological breakthroughs, and what we’re yet to find out.

Listen to the episode on: Apple Podcasts Spotify Anghami YouTube

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🌍 AROUND THE WORLD IN SEVEN DAYS

This week’s headlines were dominated by the formal collapse of the US-Iran truce

The 60-day US-Iran memorandum of understanding expired Monday with nothing to show for it. only five cargo ships transited on Saturday and none on Sunday ruled out any extension

Iran declared a “fully offensive” military posture and issued a fresh list of demands working on a “shipping map” pulled the plug entirely

ELSEWHERE IN THE REGION- Mokha port on the Red Sea senior Hezbollah commander Abu Hassan Alaa

MEANWHILE- launched missiles on Kyiv early Sunday

AND- 7.7-magnitude earthquake in eastern Indonesia

IN THE BUSINESS PRESS- hit a record USD 40 tn Sovereign borrowing costs are surging globally acquire AI model marketplace OpenRouter for over USD 7 bn debuted on the Shanghai exchange

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.

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☀️ THE WEATHER THIS WEEKEND

The warm weather continues this weekend, with sunny highs of 36°C in Cairo today and tomorrow

🎤 HAPPENING THIS WEEKEND

Up for another summer comedy play? Leila Assal TicketsMarché

Feel like heading to Alexandria? perform website

Revive Heritage Week by Revive Heritage & Arts returns this year from Saturday, 22 August to Wednesday, 26 August theme this link