Back to the complete issue
Monday, 30 August 2021

TONIGHT: CBE backs AIB acquisition + Dubai could be the MENA crypto capital. Also, watch Hacks tonight and eat at Kazoku

Good afternoon, ladies and gentlemen, and we hope you’re trying to milk as much of the August slowdown as we are, as the news flow looks increasingly like it’s September.

THE BIG STORIES TODAY which we’ll cover in greater detail in EnterpriseAM:

#1 CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank, EFG said in an EGX filing (pdf) today. The two institutions will acquire the shares via a EGP 3.8 bn capital increase, giving EFG a 51% stake and the SFE 25%.

#2 Vaccine City, coming November 2021: Vacsera’s new facility for producing covid vaccines is set to open at the end of November, Prime Minister Mostafa Madbouly said during a visit to the factory today. The plant, based in Sixth of October, will produce 3 mn doses every day, or 1 bn doses annually.

#3 The Russians are in Sokhna: The Suez Canal Economic Zone will begin work on the new and improved Russian Industrial Zone by the beginning of next year, SCZone head Yehia Zaki said (pdf) today during a meeting with a delegation of Russian companies interested in setting up shop in Egypt.

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

  • Hey big spndr: Swvl is planning to follow up its Nasdaq IPO with USD 250-300 mn in fresh investment over the next three years to expand its global footprint.
  • Better Call Youssef: An Egyptian businessman is threatening to file an international arbitration case against the Ethiopian government for alleged damages incurred as a result of the current conflict in Tigray.
  • The earnings recovery is real: Cleopatra Hospitals and Orascom Construction saw a strong rebound in earnings during the second quarter after a tough 2Q2020 due to the covid lockdown.


Hurricane Ida and Afghanistan still have the front pages to themselves this afternoon. Rockets are being fired at US troops in Kabul ahead of tomorrow’s evacuation deadline (AP | Reuters), while over in Louisiana, 1 mn people have been left without power as Hurricane Ida reached the Gulf Coast (NYT | Washington Post).


OPEC+ is meeting on Wednesday, and oil producers are widely expected to proceed with plans to undo oil production cuts as oil prices recover, according to a Bloomberg survey.

Egypt hosts Digi Sign Africa this week: The three-day advertising and digital printing exhibition gets underway at the Cairo International Convention Centre on Wednesday, 1 September.

Cypriot prez visiting this week: President Nicos Anastasiades arrives in Cairo on Saturday, 4 September for a joint Egypt-Cyprus summit.

South Korea’s Defense Minister will be in town this week. The two-day visit by Suh Wook is the first of its kind to Egypt by a Korean defense minister. Suh’s meetings will include a sit-down with President Abdel Fattah El Sisi before the Korean minister moves on to Oman, the Korea Times reports. The expectation is that Suh’s visit will help lay the groundwork for a visit to Egypt by Korea’s president in early 2022.

And the key news triggers as we enter September:

  • PMI: August’s PMI figures for Egypt, KSA and the UAE will land on Sunday, 5 September.
  • Foreign reserves: The central bank will release foreign reserves figures for August sometime next week.
  • Inflation: Inflation data for August will drop either next week.
  • Interest rates: The Central Bank of Egypt will meet to review interest rates on Thursday, 16 September.

☀️ TOMORROW’S WEATHER- It’s another hot day in the capital, with day-time highs of 39°C and lows of 24°C during the night, according to our favorite weather app. Meanwhile, the mercury in Sahel will reach 31°C during the day and 23°C at night.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.