PM — It’s official: We’re all getting one week off.

It’s two more working days until the weekend, ladies and gentlemen, and boy are we smiling at this next nugget…

Get your banking needs taken care of by Thursday: The private sector workers will be off on 9-14 July for Eid Al Adha, the Manpower Ministry announced in a statement. This follows an announcement (pdf) earlier in the day from the central bank that banks will be off during the same period. Banks will open for business on Sunday 17 July. Public sector workers were given off on 9-14 July yesterday.

And while we’re on banks, we’re welcoming a new EGP 10 polymer banknotes, which were released by the CBE today. Apart from the neat design, the new banknotes (which you can see above) are more durable, robust and resistant to damage from dirt and moisture. More importantly, the bills are cheaper to make, a statement (pdf) by the CBE read.

You can get your hands on the news notes through your local bank. The old paper banknotes, however, are still valid and available, the statement said.

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THE BIG STORY TODAY- Blast from the past: SODIC wants MNHD (again). Leading real estate developer SODIC has submitted a non-binding offer to acquire up to 100% of EGX-listed Madinet Nasr Housing and Development (MNHD) in a potential all-cash acquisition, the developer said in a disclosure to the EGX (pdf). SODIC offered to acquire the developer through a mandatory tender offer at a price range of EGP 3.2-3.4, a 32% premium on its share price at yesterday’s close. The mid-point of the range of EGP 3.30 values the company at EGP 6.18 bn.

The transaction has done wonders for their respective share prices: MNHD was the EGX30’s top performer today as its shares rose 8% to EGP 2.7 on the news. Meanwhile, SODIC’s shares rose 0.82% to EGP 11.10.

^^We’ll have more on this story and others in tomorrow’s EnterpriseAM.

HAPPENING NOW- President Abdelfattah El Sisi has ratified the FY2022-2023 budget, after the House of Representatives gave it the stamp of approval earlier this month, state news agency MENA reports. The FY2022-2023’s final spending plan is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala El Said presented to the House in May, despite MPs raising concerns about borrowing plans, social safety net allocations, and the government’s forecasted wheat and oil prices.

ALSO- Public consultations on the state’s privatization plans for the transportation sector began today. Every Sunday and Tuesday see workshops discussing the state ownership policy document and how privatization plans will affect specific industries. You can find more details on the schedule of the meetings here.

Meanwhile, the national dialogue kicked off today, with the 19-member board of trustees running the process convening its first meeting, according to Ahram Gate. Board members include lawmakers, journalists, and political and economic experts.

Need a refresher on the national dialogue? You can read our explainer here.

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THE BIG STORY ABROAD- Highland Park Independence Day Parade shooting suspect in custody: Law enforcement arrested a 22-year-old-man as a suspect in a deadly shooting on an Independence Day parade in the Chicago suburb of Highland Park that saw at least six killed and over 36 wounded, BBC reports. Police apprehended the suspect, Robert E. Crimo III, yesterday in nearby Lake Forest after a brief chase.

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

• Gov’t beats FY2021-2022 budget deficit target: The budget deficit narrowed to 6.1% of GDP in FY2021-2022 from 7.4% the year before, coming in significantly below the 6.7% target in the state budget.
• GASC in talks to purchase wheat directly from suppliers: GASC is looking to purchase wheat directly from commodity traders outside the normal tender process, and is inviting offers from trading houses for an undisclosed amount of wheat for shipment in September and October.
• Is climate change threatening our honey industry? Honey production is on the decline as changes in temperature — among other climate change woes — begin to affect honey bee activity.

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FOR TOMORROW-

The House goes on its summer recess tomorrow, with the legislature scrambling to get as many bills approved as possible today. The House gave a final approval to government-drafted amendments to the Consumer Finance Act aimed at providing greater fraud protections to consumers.

Anti-money Laundering Act given the nod: The House also gave final approval to government-drafted amendments to the 20-year old Anti-money Laundering Act. The changes would create an anti-money laundering unit at the central bank, handing it greater powers to investigate money laundering and terrorism financing. We’ll have more ont he day’s happenings in tomorrow’s EnterpriseAM.

???? CIRCLE YOUR CALENDAR-

The fuel pricing committee could meet this week to review fuel prices for the third quarter.

Other news triggers to keep an eye on this month:

• PMI: Data measuring activity in Egypt’s non-oil private sector will drop tomorrow, Wednesday, 6 July.
• Foreign reserves: Foreign reserves figures will be out sometime this week.
• Inflation: Inflation data for June will likely land as early as this week.

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

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 39°C during the day tomorrow before falling to 23C at night, our favorite weather app tells us.

The world's richest bn’aires lost USD 1.4 tn in the worst six-month drop ever. With global inflation-induced economic turmoil taking a toll on the valuations of major companies, the bn’aires that own them have seen their net worth plummet in 1H2022 — the worst half for the S&P 500 Index since 1970, according to data from Bloomberg.

The biggest losers: Elon Musk’s net worth plummeted nearly USD 62 bn, but he’s maintained his position at the top of the bn’aire’s list with a fortune of USD 208.5 bn. Jeff Bezos’ fortune took a USD 63 bn tumble, but remains the second wealthiest person in the world.

The worst of a bad bunch: Mark Zuckerberg lost more than half of his net worth, and dropped to the 17th spot on the wealth list with a USD 60 bn fortune.

Bn’aires are likely looking for bargains to help cushion the blow, according to the President of Papamarkou Wellner Asset Management. We’ve seen this happen in 1H2022, with Musk attempting to buy Twitter and Vladimir Potanin (Russia’s richest man) acquiring Societe Generale SA’s entire stake in Rosbank PJSC.

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Calories vs carbon: What would you give up if you knew the emissions it produces? With food production contributing around one third of global greenhouse gas, many consumers are now looking to shift towards more clean, sustainable eating habits, according to the Financial TImes. A majority of consumers in the UK, US, and Europe were supportive of potentially introducing carbon labels on food items, according to a survey by Carbon Trust.

Denmark could soon become one of the first countries to develop carbon labeling, earmarking USD 1.3 mn to come up with a suitable proposal by the end of the year. This means that we may soon start seeing emission information on the food we buy, next to the nutrition and calorie facts. Some companies have already started printing carbon labels on their products, such as Oat milk company Oatly and plant-based food group Quorn.

???? ON THE TUBE TONIGHT-
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Is Apple trolling Jeff Bezos in Loot? The new Apple TV+ comedy series centers around Molly (played by Maya Rudolph), a scorned wife embarking on a new chapter after her tech gazillionaire husband cheats on her (watch, runtime 2:27) The upside: Molly emerges from their divorce with USD 87 bn, giving us very Bezos-McKinzie divorce vibes. The first episode sets the extravagant scene by giving us a glimpse at the couple’s ridiculously lavish lifestyle, including a spare swimming pool for their dogs, a full-time crepe chef, and a guest appearance by Seal. It then gives way to more sentimental antics when Molly discovers she owns a charity, where she takes the helm and starts learning how to give back.

Loot is just self-aware enough to make Molly’s attempts to become a better b’naire funny rather than gross. And we’ve been here for everything Maya Rudolph since the good old days of Bridesmaids — plus this comes to us from two of the geniuses who made Parks and Recreation.

⚽ Gouna faces Al Ahly in the Egyptian League at 9 pm today, and Smouha will play against Kafr El-Sheikh at 6pm in the Cup’s round of 16.

????EAT THIS TONIGHT-

Two Spoons brings shareable comfort food to New Cairo: This casual diner in Cloud Nine Mall in New Cairo is offering warmth and comfort — not to mention a whole lot of carbs. Open from 8am-1am, the menu spans every meal of the day — but it’s the homemade bakeries and in particular the bagels that will reel you in. If you’re doing some morning shopping, be sure to try their signature smoked salmon benedict or the veggie omelet avocado tray. For a fresh and filling lunch, the classic combination of soup and salad always does the trick — we recommend the hearty potato soup and the fresh, colorful cobb salad. Or if you haven’t had your fill of carbs, try creating your own deli sandwich with your choice of house-baked bread, fillings, topping, and dressing… and top it all off with some Nutella pancakes. Not in the mood for food? The coffee’s pretty good, too.

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Warm up your vocal chords tonight at Room Garden City: Karaoke night is back at Room Art Space and Cafe from 8pm to 10pm, this Tuesday and every Tuesday.

If you’re not keen on singing yourself, catch the Nouran Band of heritage singers at a concert organized by the Bibliotheca Alexandrina at Bayt Al Sinnari cultural center in Sayeda Zainab. The band keeps the tradition of mawawil and muwashahat singing alive. Entry is without charge on a first-come, first-served basis, and the concert starts at 7pm.

In more of an Oud mood? Instrumentalist composer and Oud player Aly Eissa is creating his signature “versatile and twisted meditative atmospheres” at Rawabet Art Space in Downtown Cairo from 8pm tonight. He’ll be followed by Yunis, who will perform three of his music and dance creations that draw on spirituality and ritual. And then it’s your turn to dance. Tickets are EGP 150.

???? UNDER THE LAMPLIGHT-

Things are better than you think in Factfulness: We’re constantly bombarded with news of wars, terrorism, famine and overpopulation — so it’s no wonder a lot of us hold a gloomy perception of the world, says Factfulness author Hans Rosling. His book seeks to set the record straight with some surprisingly positive facts on economic development, education, public health, and population growth — and to do away with the notion of the “developing” world, which he says elides big differences in quality of life both within and across low-income countries. Rosling claims that some 80% of respondents on his quiz about how bad the state of the world is scored worse than chimps that randomly filled in the answers, because humans consistently underestimate progress.

Bill Gates is a fan: “Factfulness is one of the most educational books I’ve ever read,” he says in his review. Personal taste will dictate whether praise from Gates makes you want to read it more or less.

The EGX30 fell 0.33% at today’s close on turnover of EGP 953.9 mn (13.4% above the 90-day average). Local investors were net buyers. The index is down 27.6% YTD.

In the green: Medinet Nasr Housing (+8.0%), MM Group (+5.2%) and Orascom Construction (+5.1%).

In the red: Fawry (-7.8%), Ibnsina Pharma (-6.5%) and Cleopatra Hospitals (-5%).

OUR FOUNDER OF THE WEEK – Ahmed Wadi, founder and CEO of MoneyFellows (LinkedIn).

My name is Ahmed Wadi, and I’m the CEO and founder of MoneyFellows.

The idea of MoneyFellows came to me back in 2016, when I was in Germany and trying to save money and get access to credit. This wasn’t easy as I wasn’t born in Germany and I struggled to find ROSCAs (rotating savings and credit associations). This made me think: Why can't I modernize and digitize this very ancient and traditional money saving model that I’ve always seen back home — gameya — and give people all around the world the chance to partake in ROSCAs together.

ROSCAs have always been an alternative solution. More people are relying on gameyat and ROSCAs informally to reach their financial goals and needs versus those who actually do it formally through financial institutions. It’s a huge market, providing a very big opportunity. ROSCAs are more social, more culturally favorable, and more affordable to many.

The model has been there for hundreds of years and it hasn't died yet. It's still just as common years after the formation of the modern financial system. I think this is where the opportunity comes in, especially if we modernize it and ensure this model is done in a more efficient, more scalable, and more secure way.

We care about acquiring customers but we care more about retaining them. We do this through things like tracking their NPS, doing the right surveys and ensuring payout on time.

We want to ask less and grant more while ensuring that we’re also granting people the right limits. Using MoneyFellows is becoming significantly more seamless: the app now sets its new users’ credit limit based on the mobile they own and where they live. The app acquires this information either from questions the user answers or fetching the data directly from the user.

Building credibility takes a lot of time but I think we're doing a very good job. We need the right product, the right technology, and the right communication to ensure we're on track to lead different functions.

Offering a financial product that can handle sensitive user data means being cautious about cybersecurity. So we're ensuring we offer the right security and comply with the regulations, which comes with a lot of KPIs that we need to be cautious of and track contingencies.

MoneyFellows has so far raised a combined USD 11.5 mn and we’re days away from closing a series B round. Our biggest investors are Partech and Sawari Ventures. We’ve also received investments from 4DX, 500 Startups, P1 Ventures, Sango Capital and some angel investors.

We’re also about to launch four new products that we will announce very soon and we’re also looking at expanding into different countries, which will be our main focus over the next six months. We’re studying a few different countries in different regions, but mainly we’re looking into Asia, Africa and the GCC.

The local market is attractive, international investors just don’t see it. We need to attract more international investors, educate them and reassure them about Egypt. We’ve been through a lot of talks with international investors, including those that never looked into Egypt or invested in the country. The talks are usually centered around convincing them to invest in Egypt, not just MoneyFellows.

Naturally the founder's journey was lonely. I had to build my own support system, get the right advisors, and choose the right investors and chase.them for their support.

This is actually my third startup. I’ve done things in the proptech space, an online supermarket back in Germany, object tracking software and then MoneyFellows.

90% of what I do is usually revolving around the company, but to be honest, I'm enjoying it. If you really put a lot of effort and work hard towards achieving a certain goal and that goal is achieved, I think that's really what makes it all worth it.