Good afternoon, wonderful people, and a very happy almost-THURSDAY to us all. It’s a relatively calm day on the news front here in Omm El Donia as we push through to the weekend.

The private sector will be off on Saturday in observance of the 23 July Revolution, according to a Manpower Ministry statement. This follows an announcement frp, Cabinet yesterday on Saturday being a national holiday for both the public and private sector. The announcements mean that the government will not be pushing the holiday to a weekday, as has been usually the case since 2020 with most mid-week holidays.

THE BIG STORY TODAY

We’ll know the fate of Chimera’s bid for Beltone within two weeks: Beltone Financial has until Wednesday, 3 August to come to a decision on Chimera Investments’ bid to acquire up to 90% of its shares, according to an EGX announcement (pdf) today. This comes a day after the Financial Regulatory Authority greenlit Chimera’s offer, which will trigger an MTO.

THE BIG STORY ABROAD

It’s a whole lot of Russia and energy in the international business press this afternoon: Russian President Vladimir Putin said Moscow would stick to its commitments on natural gas deliveries to Europe yet warned that Russian supplies sent through the biggest pipeline to Europe, Nord Stream, could dwindle further, the Wall Street Journal reported him as saying. Despite the reassurance, Putin said that deliveries might be slashed by around 20% by next week if a pipeline turbine undergoing maintenance in Canada isn’t returned soon. Gazprom had already slashed gas exports through the pipeline to 40% capacity last month, blaming sanctions imposed by Canada on the failure to return a turbine Siemens Energy was repairing there.

The EU already has a contingency plan in mind: The EU Commission is suggesting that member states (voluntarily) slash their gas use by 15% over the coming months to accommodate for a Russian natural gas cutoff, AP reports. The Commision could move to impose mandatory cuts when there is a substantial risk of a severe gas shortage or exceptionally high demand.

Also getting lots of play abroad: UK inflation jumped to a new 40-year high of 9.4% in June, with the accelerating pace driven by rising global food and energy prices, data by the UK Office for National Statistics showed. New inflation figures are expected to give room for a rare 50 bps interest rate hike by the Bank of England next month, according to Reuters.

HAPPENING NOW-

Egypt-Serbia Business Council gets down to business: Ramping up investments and trade relations between Egypt and Serbia were the top agenda priorities President Abdel Fattah El Sisi touched on during the inaugural meeting of the Egypt-Serbia Business Council, according to an Ittihadiya statement. The two countries are also finalizing a double taxation treaty, Serbian President Aleksandar Vucic said.

El Sisi and Vucic also discussed the ongoing war in Ukraine and its impact on food and energy security, according to a separate Ittihadiya statement.

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

• Upmarket real estate developer SODIC has said it will not revise its offer price for up to 100% of Madinet Nasr Housing and Development (MNHD) without getting the green light to conduct due diligence on the company.
• Chimera is one step closer to acquiring Beltone: Chimera Investments’ bid to acquire up to 90% of Beltone Financial is poised to go through after getting the Financial Regulatory Authority’s (FRA) stamp of approval.
• Bye, Alexandria: Cairo-born mass transport app Swvl has suspended all its routes within the city of Alexandria as part of ongoing efforts to cut costs.

???? CIRCLE YOUR CALENDAR-

The national dialogue board is set to meet again before the end of the month, marking its third meeting since the board convened earlier in July, dialogue general coordinator Diaa Rashwan said at a presser last night. The board refrained from setting a specific date for its upcoming meeting in efforts to give its members time to discuss the issues brought up. The third meeting will see the board decide on heads and members of the three political subcommittees it agreed on during yesterday’s meeting.

IDG to host cultural festival with sustainable waste in focus at Alamein: Our friends at Industrial Development Group (IDG) are hosting a cultural festival at their eco-sustainable industrial park, e2 Alamein, on the North Coast, according to a statement (pdf). The “Locale” festival, which IDG is hosting in partnership with Art d’Egypte, will showcase nine art installations made with recycled materials to raise “awareness around waste management and encouraging waste prevention, reuse, and recycling behavior.” The event launches this Thursday, 21 July and runs through the summer.

Calling tech startups: Universities of Canada in Egypt-based incubator DMZ Cairo has opened applications for its second eight-month incubation program for tech startups, which begins in November, according to a statement (pdf). The incubator — which is backed by the Academy of Scientific Research and Technology and the National Technological Incubators Program — is accepting applications for the cycle until 29 September.

Further afield, leaders from across Africa are scheduled to convene in Washington for the US-Africa Leaders Summit from 13-15 December. The summit will bring together leaders to discuss pressing matters including food security and climate change, according to a White House statement.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 39°C tomorrow before the mercury falls to a more manageable 22°C at night, our favorite weather app tells us.