Good afternoon, friends. We come to you with one of the slowest Sunday afternoons in recent history, although we expect the pace to pick up significantly as the week rolls on.

THE BIG STORY TODAY

Ghazl El Mahalla IPO still fails to reel in retail investor interest: The subscription period for the retail component of Ghazl El Mahalla’s micro-IPO closed today, with the football club receiving bids for around 18% of the shares allocated to the public, according to an EGX bulletin. The club has allocated 98 mn shares to the retail component of the IPO and is selling them for EGP 1.02 apiece. As of market close today, Ghazl El Mahalla received bids for 17.6 mn shares.

THE BIG STORY ABROAD

We have another thoroughly mixed bag in the international business press this afternoon. The Financial Times is leading its front page with a plan from EU ministers to bar Russian tourists from entering the Schengen area, while Reuters and CNBC’s big story is currently an airstrike from Russian forces on workshops in Ukraine’s Zaporizhzhya region, near a nuclear plant.

HAPPENING NOW-

The Madbouly government is currently holding consultations with representatives from the wood industry on its privatization strategy. The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings here.

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

• You can now deposit + withdraw more from your bank account: The Central Bank of Egypt has raised the daily limit that individuals and businesses can withdraw in-branch from their bank accounts and scrapped limits on cash deposits at both bank branches and at ATMs.
• The EGX has a new boss: Rami El Dokany has been named head of the EGX for a one-year term by Prime Minister Moustafa Madbouly, succeeding Mohamed Farid, who was appointed acting chairman of the Financial Regulatory Authority earlier this month.
• Now is the time to invest in the EGX, says Tellimer: EGX-listed stocks are trading at a 50% disc. to their recent five-year average, creating a good buy for investors, said Hasnain Malik, head of equity research at Tellimer.

CLARIFICATION: Hisham Ezz Al Arab’s remarks regarding the expectation that CBE Governor Hassan Abdalla might “go faster” on allowing the EGP to float against the greenback were made hours prior to his being named advisor to the governor. Hisham was not speaking in his capacity as an advisor. The story has been updated on our website.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: A little over two weeks after Ahmed Samir was tapped as the new trade and industry minister, manufacturers and industry players appear to be optimistic that bringing in fresh blood will help spur action on long-stalled issues. Our industry sources suggest that many of their longstanding issues remain top of mind, while others have gained new urgency in recent months.

???? CIRCLE YOUR CALENDAR-

Egypt is hosting the African Ministers of Local Development Committee, which begins tomorrow and runs through Wednesday. Delegates from 55 African countries will discuss topics such as public service, local government, urban development, and decentralization. Representatives from the World Food Programme, the United Cities and Local Governments of Africa, and the United Nations Economic Commission for Africa, will also be in attendance, according to a Local Development Ministry statement.

☀️ TOMORROW’S WEATHER- The temperature in Cairo will hit 40°C tomorrow during the day before falling to 25°C in the evening, our favorite weather app tells us.

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