Welcome back, ladies and gentlemen, to a slow summer news day. And if you’ve been cursing the lack of a three-day weekend like us, we got some more bad news in store.

We probably won’t get a three-day weekend for the Islamic New Year: Saturday will be a national holiday in observance of the Islamic New Year, according to a statement by the Madbouly cabinet today. It seems unlikely that the government will push up the Islamic New Year observance day holiday to include a weekday, but we haven’t given up hope for an Islamic New Year’s miracle.

Calling all Marvel fans: Before we move on to the headlines we need to note that the trailer for Black Panther 2 is out and gives a fitting tribute to the late Chadwick Boseman. The trailer for the sequel to 2018’s Black Panther dropped today (watch, runtime: 02:11) with the film due to be released in the US in November. With subtle allusions to late star Chadwick Boseman, who played the original Black Panther T’Challa before his death in 2020, we defy Marvel fans to watch the trailer without a tear in their eyes.

THE BIG STORY TODAY-

Pioneers Properties for Urban Development has closed a EGP 425 mn securitized bond issuance, the second in a wider EGP 3 bn bond program, according to a press release (pdf) from EFG Hermes, who advised on the issuance. The four-tranche issuance is backed by a receivables portfolio of some EGP 613.5 mn.

THE BIG STORY ABROAD-

Ukraine pledges to resume preparations to export wheat despite Russia’s missile attack: The country’s infrastructure minister, Alexander Kubrakov, said yesterday that Ukraine’s preparations to resume grain exports from its ports would continue, hours after it accused Russia of firing missiles at Ukrainian port city Odessa in breach of a landmark accord it had just signed with Ukraine, Turkey and the UN to resume grain exports through the Black Sea.

What happened: Russia confirmed that it had hit a Ukrainian military boat in Odessa with missiles, drawing condemnation from the UN, the EU, the US, and other countries, Reuters reported. The missiles did not hit the port’s grain storage area, public broadcaster Suspilne quotes Ukraine’s military spokesperson as saying.

HAPPENING NOW-

US Special Envoy for the Horn of Africa Mike Hammer is in Egypt, on the first leg of a trip that will also see him visit the UAE and Ethiopia, from 24 July – 1 August, according to a statement released yesterday by the US Embassy.

Top of the agenda? GERD: Hammer will offer US support aiming at a “diplomatic resolution” to issues related to the Grand Ethiopian Renaissance Dam (GERD), the statement says. While in Addis Ababa, he will also consult with the African Union, which has been leading GERD negotiations, it adds. His visit comes as Ethiopia is halfway through the third GERD filling, while negotiations have been stalled since last summer.

^^We’ll have more on these stories and others in tomorrow’s EnterpriseAM.

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

• Pachin turns down Saybad acquisition offer: The board of state-owned, EGX-listed paint maker Paint and Chemicals Industries (Pachin) has rejected Saybad Industrial Investment’s acquisition bid, saying that it undervalues the company.
• Engineering and contracting company FEMCO is looking at potentially IPOing on the EGX within the next two years to finance its expansion plans, which include a foray into real estate development.
• Diplo is topping the news cycle this week: Russian Foreign Minister Sergey Lavrov is in town to meet several Egyptian officials in Cairo, while Egypt, the UAE and Jordan are discussing their new industrial partnership.

*** 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: Want to open a factory in Egypt? Not sure where to begin? Having little clarity on what it is you should be doing procedurally to get that under way? Well, you’re in luck: After years of a slow and unclear process for industrial licensing (and plenty of complaints from industry players), the Trade Ministry and Industrial Development Authority (IDA) now have clear and streamlined procedures. We break those procedures down for you below.

FOR TOMORROW-

OFH board to give its say on Chimera’s bid to acquire Beltone: Orascom Financial Holding (OFH)’s board of directors will meet tomorrow to decide on Abu Dhabi-based investment firm Chimera Investments’ bid to acquire up to 90% of Beltone Financial, CEO Nils Bachtler confirmed to Enterprise. “The BoD will meet tomorrow to discuss the offer approved by the Financial Regulatory Authority (FRA),” Bachtler said, without providing further details. OFH owns around 58% of Beltone Financial.

Background: Chimera Investments submitted a bid to acquire the shares for EGP 1.485 apiece in June, an offer that values the company at around EGP 690 mn. The offer was approved by the FRA last week.

???? CIRCLE YOUR CALENDAR-

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 the weather to be the same tomorrow as it is today in the capital city. Our favorite weather app suggests we’re looking at a daytime high of 37°C and a nighttime low of 23°C.