PM — Climate change is messing up French cheese production

Good afternoon, friends, and welcome to another relatively busy Sunday afternoon to disprove the conventional wisdom that Augusts are slow in the land of news.

THE BIG STORY TODAY

Orascom Financial Holding (OFH) plans to establish a c.USD 30 mn tech venture capital fund by the end of this year, CEO Nils Bachtler told Enterprise. “We are in the process of exploring regulations and setups, and we're expecting to have everything up and running by the end of this year.” Bachtler said.

Did Saudi Arabia’s sovereign wealth fund complete the purchase of United Bank? The Public Investment Fund (PIF) has reportedly completed its acquisition of the bank for an undisclosed amount after the due diligence wrapped up months sooner than expected, Al Shorouk reports, citing unnamed sources it says have knowledge of the matter. The acquisition was expected to be finalized by December.

THE BIG STORY ABROAD

The international press is broadly focused today on the death of the daughter of a far-right Russian ideologue in a car bombing. Alexander Dugin, whose daughter died in the suspected attack, is an ally of Russian President Vladimir Putin. The story is on the front pages of the Financial Times, the Wall Street Journal, and Reuters.

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

• Hassan Abdalla is the new acting governor of the Central Bank of Egypt: President Abdel Fattah El Sisi appointed Hassan Abdalla, the former vice-chairman and managing director of Arab African International Bank and current chairman of state-owned media giant United Media Services, as acting governor of the Central Bank of Egypt on Thursday, one day after Tarek Amer unexpectedly stepped down.
• The Central Bank of Egypt left interest rates on hold on Thursday, hours after Hassan Abdalla was appointed governor.
• A new logistics zone in Sokhna: The Suez Canal Economic Zone’s (SCZone) Main Development Company and DP World Sokhna have signed an agreement to build a USD 80 mn logistics zone at Sokhna Port

*** 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: As part of the government’s continuing consultations on its state ownership policy document, the textiles and garments industry had its turn earlier this month to share its thoughts on the privatization plans for the industry. We look at how industry players want the state to proceed with its ownership status in the sector.

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Get climate finance for your business from the UK government: As the clock ticks down to COP27, the Climate Finance Accelerator (CFA) is hosting a webinar tomorrow to introduce its plans to support low-carbon projects in Egypt. The CFA, backed by the UK government’s International Climate Finance (ICF), is a four-year technical assistance program designed to “develop a sustainable pipeline of bankable and investment-ready, low-carbon projects and identify suitable financing options.” The webinar is aimed at investors and developers involved in low-carbon projects in Egypt and will discuss climate finance, the CFA’s plans for Egypt, and the benefits of taking part in the program. The webinar takes place tomorrow (Monday, 22 August) starting at 11:30am CLT. Register here.

ALSO HAPPENING TOMORROW- The launch event for the global ClimaTech Run competition for tech entrepreneurs, hosted by USAID-backed Business Egypt, takes place at Le Lac Du Caire at 5pm CLT.

A delegation from the European Investment Bank delegation is visiting Egypt from 17-21 August to discuss the NWFE program with the International Cooperation Ministry, according to a ministry statement. Announced by International Cooperation Minister Rania Al Mashat last month, NWFE is the mechanism by which the ministry will promote its pipeline of low-carbon projects to investors. The EIB delegation is meeting with officials from the international cooperation, agriculture, irrigation and housing ministries during its visit to discuss the details of the program.

The second Egypt- and UN-led regional climate roundtable takes place in Bangkok this Thursday: The one-day event will see climate negotiators from the Asia-Pacific region discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November. This is the second of five regional roundtables being organized by Egypt and the UN. The first took place in Ethiopia last month.

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 mercury is set to rise slightly tomorrow to a high of 36°C, with a nighttime low of 27°C, our favorite weather app tells us.

Dried-up rivers are bad news for everything — including industries: Droughts hitting the US, Europe, and China are having a dire impact on factory operations, agricultural production, with mns in risk of blackout, the Financial Times reports. Record-low water levels at the US’ Colorado Basin — an important water resource for Nevada, Arizona, and California — and the Rhine, Europe’s second-largest river, are holding up supply chains as cargo ships are at risk of running aground when fully loaded. The crisis is also felt in Italy, where drought and record lows at the Po River, the longest in the country, is impacting the country’s agricultural production. In China, several companies, including Toyota and Foxconn, suspended factory operation for at least a week over growing hydropower shortages. China’s crucial Yangtze River, the longest in Asia, reached its lowest level on record this month.

Is the beloved cotton t-shirt climate change’s next victim? Heat waves and heavy rains have eaten into the global cotton supply, cutting yields by 28-30% for the world’s largest exporters, executives at commodities players say, according to Bloomberg. The US and Brazil, the world’s largest suppliers accounting for half the world’s cotton exports, have been hit by extreme temperatures and drought sending stockpiles to near historic lows. Price hikes for the commodity jumped by 30% in response, affecting the costs of all related products like clothing, diapers and paper and leaving producers who sold in advance, missing out on the surge in value.

Another victim? This historic French cheese: Severe heat waves across Europe have also interrupted the 2,000-year seasonal production run of Salers, a French cheese from the central region of Auvergne that has survived two world wars and the fall of the Roman empire, according to The Washington Post.

???? ON THE TUBE TONIGHT-
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Five siblings bond over a family tragedy in Bad Sisters. The new murder mystery on Apple TV+ is a whirlwind of dark humor and fierce love for family (watch trailer, runtime: 2:27). Bad Sisters is based on Flemish TV show Clan which aired in Belgium in 2012. The first episode starts with a dead body that we learn is Grace’s husband, John Paul. Through a series of flashbacks, we quickly see why John Paul's death shouldn’t really bother us. He is self-centered, cruel, and sneaky. After a particularly annoying incident, Grace’s four sisters — who despise John Paul — start drinking and fantasizing about his death. How did John Paul die? How did his death involve the sisters? And are they going to get away with it? The show lives up to its name by showing all the ways the sisters are “bad,” but you’ll be rooting for them all the way through. So far, just three episodes have been released, and a new one drops every Friday.

⚽ Matchday 3 of the English Premier League continues today, with Newcastle v Manchester City at 5:30pm. Leeds v Chelsea and West Ham v Brighton are currently on the field as a we dispatch after a 3pm kick-off.

In La Liga: The Spanish league’s Matchday 2 sees Real Sociedad playing against Barcelona at 10pm. The final EPL game of the night follows Athletic Club v Valencia at 5:30pm and Atlético Madrid v Villarreal at 7:30pm.

Most notable in Serie A: Atalanta clashes with AC Milan at 8:45pm.

Locally: Al Ahly goes head to head against Ismaily FC at 9pm at a decisive game that would maintain the Red Devil’s (63 points) chances to catch up with Zamalek, which tops the league with 75 points, only in case of a victory tonight. Al Ahly dropping points through a tie or defeat would leave the competition officially running between Zamalek and Pyramids (68 points). Just a reminder that there are only three match days left for the local league, with Al Ahly playing an extra game.

☕ DRINK THIS TONIGHT-

The pursuit for the perfect cup of java led to the creation of Brown Nose Coffee: When four caffeine addicts were on the lookout for their next fix, they decided to each make their own cup of coffee from scratch. Their newfound hobby of sourcing their own beans eventually turned into a passion project with one goal: To find the best beans they could get their hands on, roast them to perfection, then bring them to the world at Brown Nose Coffee. Today, they run a fully functional coffee roasting facility where they grade, roast, and brew cups of perfection. You can’t go wrong with any of their drinks, but in this August heat, we recommend you go for one of their iced drinks, such as the iced salted caramel latte and their Aerocano, which adds foam and texture to an iced Americano by infusing it with air. We also recommend a side of their signature “croffles” — a fantastic creation combining croissants and waffles. You can find Brown Nose at Waterway 5A, or you can pick it up at Dara’s Ice Cream branches in Zamalek, Maadi, or O1 Mall in New Cairo. If you’re in Sahel, you can find them at Hacienda White, Almaza Bay, or Marassi.

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A masterful musical beginning to your workweek at Cairo Jazz Club tonight at 9pm: Fathy Salama, the only artist in the Arab world to land both a Grammy and a BBC award, will take the stage tonight with his band Sharkiat. Also gracing the stage: Drummer and composer Tom Bancroft alongside his band In Common and Egyptian singer/songwriter Noha Fekry for a fusion of Scottish and Indian music, jazz, and electronica.

Zawya is screening In The Mood For Love tonight at 7pm, as part of Zawya’s Wong Kar Wai Retrospective that will see four restored films directed by Wong Kar Wai screened throughout August.

???? UNDER THE LAMPLIGHT-

Entrepreneur Seth Goldenberg looks at how curiosity is becoming an endangered species in Radical Curiosity. In this bold manifesto, Goldenberg argues that the best way to tackle the issues we confront as individuals, organizations, and as a society is to explore deep questions, rather than look for quick fixes. The book looks at how being “radically curious” can be used in life and work to help deal with uncertainty. The pillars of radical curiosity include learning by questioning, challenging widely held notions, rigorous envisioning, flourishing living systems, and optimistic futures. Together, they form a mindset that produces the best of humanities, sciences, and business, says Goldenberg. Overall, the book is an easy-to-read, and a thought-provoking guide to rethinking personal and professional ways.

EARNINGS WATCH-

Alexandria Mineral Oils Company (AMOC) reported a net income of EGP 1.22 bn in FY 2021-2022, up 144% y-o-y, according to the company’s financial statement (pdf). The company recorded EGP 18.44 bn in sales during the fiscal year, rising 81% y-o-y.

MARKET ROUNDUP-

The EGX30 rose 2.4% at today’s close on turnover of EGP 1.23 bn (34.8% above the 90-day average). Foreign investors were net sellers. The index is down 13.5% YTD.

In the green: Citadel Capital (+9.7%), Ibnsina Pharma (+7.7%) and CIB (+5.1%).

In the red: Egyptian Kuwaiti Holding (-1.1%) and E-Finance (-0.1%).