Good afternoon, ladies and gentlemen. We told you this morning to expect another busy news day, and so far it appears that our crystal balls were quite accurate.

THE BIG STORIES TODAY

PMI rises, but we’re still in contraction territory: Activity in Egypt’s non-oil private sector improved at the fastly monthly pace in July, but remained in contraction territory, according to S&P Global’s purchasing managers’ index (pdf). Our PMI reading rose to 46.4 last month, up from 45.2 in June — which had been the worst reading in two years — as employment stabilized, inflation softened, and the rate of decline of output and new orders also decelerated.

Chimera Investments is getting c.56% of Beltone Financial, after the Abu Dhabi-based investment firm’s mandatory tender offer (MTO) for Beltone closed today. Orascom Financial Holding agreed last week to sell its entire 56% stake in the financial services firm, which automatically cleared Chimera’s takeover bid by surpassing the 51% threshold needed for the transaction to go through.

THE BIG STORY ABROAD

The global business press is still all about US House Speaker Nancy Pelosi’s trip to Taiwan this afternoon. Pelosi showered Taiwan with praise and vowed the US’ commitment to defending democracy in Taiwan, which pundits are concerned will lead China — which claims sovereignty over the self-ruled island — to retaliate. The story is emblazoned on the front pages of the Financial Times, Reuters, CNBC, and the Wall Street Journal.

THIS JUST IN- OPEC+ is raising oil output — but just barely: OPEC+ decided to add a “minuscule” 100k barrels per day to its oil production in September, the group decided at its meeting today, Bloomberg reports. The smaller-than-anticipated production hike comes after the West, including US President Joe Biden, has been pushing the Saudi Arabia-led group to ramp up its output to help cool down global oil prices, which have remained above USD 100 / bbl for months.

HAPPENING NOW-

The board of trustees overseeing preparations for the National Dialogue is currently meeting to discuss the economic agenda. Need a refresher on the national dialogue? We’ve got you covered.

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

• Cement production quotas are sticking around for another year: The Egyptian Competition Authority (ECA) has heeded cement companies’ calls to leave cement production curbs in place for another year — but will allow output to rise as demand picks up.
• NUCA wants to break its securitization record: The New Urban Communities Authority (NUCA) is seeking regulatory approval for a record-breaking EGP 20 bn securitized bond issuance.
• One of the world’s largest glass companies could be coming to Egypt: Mexican glass manufacturer Vitro plans to expand to Egypt and invest USD 400 mn to build two factories.

???? CIRCLE YOUR CALENDAR-

One step closer to gov’t EV charging station company: Qualifying bidders looking to manage and operate a soon-to-be-established state company for electric vehicle charging stations have until Wednesday 31 August to submit their offers, according to a Public Enterprise Ministry statement (pdf).

We’re on the lookout for a number of key macro figures this week and next:

• 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.

The Central Bank of Egypt will meet to discuss interest rates on Thursday, 18 August.

PSA- Startups have until Wednesday, 31 August to apply for the fall 2022 cycle of EGBank’s Mint Incubator. The incubator, backed by Cairo Angels offers a three-month program for startups with existing products. Startups can apply for the program here.

☀️ TOMORROW’S WEATHER- It’s going to be a scorcher: 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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WHO YOU ARE- Our Head of People is responsible for aligning HR practices with business objectives and works alongside some very smart people, including our C-level and leadership teams, to design and develop HR strategies and monitor their effectiveness. Candidates should have at least 10 years of experience in human resources, with extensive knowledge of key HR disciplines including performance and talent. We are looking for someone who isn’t afraid to challenge, innovate, experiment, and move at a fast pace — not to mention creating some very cool new things to drive people engagement and improve a high-performance culture.

INTERESTED IN APPLYING? To apply for the Head of People, drop us a line at jobs@enterprisemea.com and mention “Noha” in your subject line — she’s our outgoing Head of People and the first person who’s going to be reading your application. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

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