Happy hump day, friends. It’s still another rather quiet news day here on the home front, but our drought is being punctuated by a pickup in M&A activity.

THE BIG STORY TODAY

Another GCC sovereign fund wants a piece of Mopco: Saudi Arabia’s sovereign wealth fund is about to acquire a state-owned stake in local fertilizer firm Mopco through the EGX, a source at the bourse confirmed to Enterprise. The transaction would make the Public Investment Fund (PIF) the second sovereign Gulf shareholder in Mopco, after Abu Dhabi wealth fund ADQ bought a 20% stake in the state-owned company for USD 266.6 mn as part of its USD 1.8 bn grand entry to the EGX in April.

THE BIG STORY ABROAD

Mar-a-Lago raid still leading the conversation: The international press is still leading their front pages this afternoon with the FBI’s raid of former US President Donald Trump’s Florida home: The Financial Times | Reuters | The Wall Street Journal.

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

• Emirati fertilizer company CFC Group will establish a USD 400 mn industrial complex in Qena under the new joint industrial partnership between Egypt, the UAE, Jordan and Bahrain.
• The newly-established Arab Alloys Company is investing EGP 1 bn to build a ferroalloys industrial complex in the Suez Canal Economic Zone.
• The International Finance Corporation has offloaded its entire 14% stake in National Printing Company in an EGP 175.9 mn transaction.

FOR TOMORROW-

Inflation data for July is set to drop tomorrow. Inflation had unexpectedly slowed for the first time in seven months in June as food prices declined for a second month in a row, but analysts expect it to accelerate again in 3Q2022.

???? CIRCLE YOUR CALENDAR-

Ghazl El Mahalla IPO: The retail portion of Ghazl El Mahalla’s mini-IPO will wrap next Sunday, 14 August.

MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.

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

National Dialogue: The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 39°C tomorrow during the day before falling to 25°C at night, our favorite weather app tells us.

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