Enterprise turns seven this week, ladies and gentlemen. We wouldn’t have gotten this far without you, dear reader.

THE BIG STORIES TODAY-

#1- Will five state companies offer stakes on the EGX in FY2021-2022? Finance Minister Mohamed Maait told CNBC Arabia that around five companies could be offering a portion of their shares for sale on the EGX before the end of the current fiscal year. We were already told to expect two or three companies to IPO before the end of 2021, with state-owned E-Finance saying it plans to offer 14.5% of its shares to the market in 4Q2021.

#2- Could Islamic Cairo host the region’s first comprehensive “innovation zone”? Rachid Mohmaed Rachid’s Bidayat will study the possibility of developing the historic Bab Al Azab area in the vicinity of the Cairo Citadel into an innovation zone that will support SMEs in the fields of architecture, furniture, jewelry, and other design, under the terms of an MoU signed with the Sovereign Fund of Egypt, Rachid told Bloomberg Alsharq. Bidayat invests in creative brands in the Mediterranean region and is a sub-fund of the Swiss-based Alsara Investment Group. It recently acquired an undisclosed stake in homegrown designer handbag brand Okhtein.

^^ We’ll have more on both these stories in tomorrow’s edition of Enterprise AM.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Alameda to double Egypt investments in the next 5 years: Healthcare provider Alameda plans to invest EGP 5 bn over the coming 3-5 years to expand its services in Egypt.
• Banque Misr to receive largest-ever syndicated loan: The bank is in the process of obtaining its largest-ever syndicated loan worth about USD 1 bn.
• E-invoicing rollout rolls on: Joint stock companies and investment companies in Cairo will have to register with the government’s electronic invoicing platform and begin issuing digital invoices by 15 December.

THE BIG STORY ABROAD-

The global economy is holding its breath as China’s property developer Evergrande shares drop to an 11-year low as a deadline for interest repayments on two of its notes looms this Thursday. The company’s shares dropped 10.2% to HKD 2.28 on top of an earlier 19% drop, Reuters, reports. Stocks in the US also fell, with indexes recording their worst day of trading in weeks, as investors increasingly expect Beijing to allow Evergrande to default, inflicting losses on shareholders, the Wall Street Journal reports.

The company is currently sitting on more than USD 300 bn in debt — with USD 7.4 bn in bonds due next year, making it quite possibly the world’s most indebted company. Spillover risks had China sovereign credit default swaps rise to a near one-year high, while the cost of insuring against European corporate bond defaults rose to a three-month high, Reuters reported.

As of dispatch time, the US market was also experiencing major declines, with futures recording their worst results in weeks. Futures for the S&P 500 dropped 1.4% and futures on the Dow Jones Industrial Average declined 1.6%.

ADQ’s Xmas party will certainly be a full house: Abu Dhabi’s sovereign wealth fund (ADQ) has been ratcheting up its hiring of investment bankers from Western banks over the past year, raising their staff to 120 from 20 last year, sources close to the matter tell Reuters. The influx of bankers bodes well for the fund’s transactions pipelines at home and abroad.

And we’re hoping that continues to include us: ADQ has thrown its heavy weight on a number of major transactions. Most recently, it joined Aldar in launching a mandatory tender offer for up to 90% of upmarket developer Sodic. ADQ’s food subsidiary Agthia recently finalized its acquisition of 75% of Atyab brand owner Ismailia Agricultural and Industrial Investments.

HAPPENING NOW- Thousands have been evacuated in Spain’s Canary Islands after a volcano eruption yesterday caused widespread damage, though no fatalities, Reuters reports. The volcano on the island of La Palma — which spewed out some 20 mn cbm of lava yesterday — had last erupted in 1971.

FOR TOMORROW-

Egypt will address the UN General Assembly tomorrow afternoon, according to a tentative schedule being carried by the National and WIO News, though there’s still no official word on whether President Abdel Fattah El Sisi will deliver the address, or make an appearance in New York. At least 83 world leaders are expected to attend in person, despite being encouraged by the UN to send in pre-recorded videos of their speeches instead.

Foreign Minister Sameh Shoukry is in New York for the UN General Assembly’s general debate, which kicks off today and finishes on 27 September.

It’s Fed day: The US Federal Reserve’s Open Market Committee will meet tomorrow and Wednesday to review interest rates, with emerging markets (including us) waiting with bated breath on whether the Fed will begin its tapering. Pressure has been building on the Fed to take a more hawkish stance to combat inflation by bringing its stimulus program to an end and start raising interest rates earlier than planned. But a slight slowdown in US consumer price inflation last month could give the Fed a breather and relieve pressure for a policy change.

???? CIRCLE YOUR CALENDAR-

EFG Hermes’ fourth Virtual Investor Conference continues today, running through to 21 September with the theme of “After Reflation — FEMs in 2022.”

IMF + EBRD webinar: Public Enterprises Minister Hisham Tawfik will speak during a webinar hosted by the IMF and the European Bank for Reconstruction and Development (EBRD) on Wednesday, 22 September at 3pm CLT. The gathering is running under title of “State-owned enterprises in the Middle East, North Africa and Central Asia,” with Tawfik set to speak on the role of the state in the economy alongside five other panelists including the IMF’s Middle East and Central Asia head Jihad Azour and the EBRD’s head of external relations Alan Rousso. Check out the agenda here.

The Cityscape real estate investment conference gets underway this week at the Egypt International Exhibition Center. The event runs from Wednesday, 22 September through Saturday.

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

☀️ TOMORROW’S WEATHER- The temperature is pretty much the same tomorrow, only slightly chillier at night. Expect highs of 39°C during the day and lows of 22°C in the evening.