THIS EVENING: Aldar has its eyes on more Egypt investments + The first grain shipment out of Ukraine since the war leaves port
It’s another one of those summer afternoons that’s not packed with news but not quite what we would call a slow news day, ladies and gentlemen, with enough happening on both the local and global fronts to keep us busy.
THE BIG STORY TODAY
Could Aldar be investing more in Egypt soon? The UAE’s Aldar Properties is eyeing investments in the UAE and Egypt, where it sees potential to invest another USD 1.5 bn over the next 6-12 months, CEO Talal Al Dhiyebi told BloombergTV (watch, runtime: 6:17). The company — which together with Abu Dhabi wealth fund ADQ acquired SODIC last year — currently has USD 1.5 bn to deploy, Al Dhiyebi said, without specifying how much it could invest in Egypt specifically.
THE BIG STORY ABROAD
Laskavo prosymo, Ukrainian grain: A ship carrying Ukrainian corn left from the port of Odesa earlier today for the first time since Russia’s invasion of the country in February, according to a statement by the Joint Coordination Centre (JCC), which was established as part of the UN and Turkey-brokered wheat pact signed last month between Moscow and Kyiv. The ship is expected to arrive at the inspection location in Turkey’s territorial waters tomorrow before taking its cargo to Lebanon’s Tripoli.
The story is leading coverage in the international press: The Financial Times | Bloomberg | The Washington Post | Reuters
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Could B Investments pre-empt Adnoc’s bid for TotalEnergies Egypt? Private equity outfit B Investments is “evaluating all options” after Adnoc Distribution agreed to buy 50% of TotalEnergies Egypt last week, B Investments IR head Omar El Labban told Enterprise.
- Delta Sugar has denied knowledge of a rumored acquisition bid by Abu Dhabi wealth fund ADQ, saying in a disclosure (pdf) to the EGX yesterday that it has not received any offers.
- Egypt wants to attract USD 10 bn of foreign direct investment during the current fiscal year, Planning Minister Hala El Said said.
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???? CIRCLE YOUR CALENDAR-
PMI out on Wednesday: We’ll get an idea of how the private sector fared in July when S&P Global releases its latest purchasing managers’ index (PMI) on Wednesday. The index fell to its lowest level in two years in June as surging inflation hit demand and output.
The National Dialogue board will talk about the economy this week: The board of trustees overseeing preparations for the National Dialogue will meet Wednesday to discuss the economic agenda.
LATER THIS MONTH-
- Foreign reserves figures for July will likely be released at the end of this week or the beginning of the next;
- Inflation data for July will land on Wednesday, 10 August.
- Interest rates: The Central Bank of Egypt will meet to discuss interest rates on 18 August.
PSA- Kids have another few days to apply to STEM schools for the coming school year: The Education Ministry will continue to accept applications to STEM schools via its website until Wednesday, 3 August, after receiving many requests from students who were not able to register in time, it announced in a statement yesterday.
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 40°C during the day tomorrow before falling to 24°C at night, our favorite weather app tells us.
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