Good afternoon, friends, and a very happy THURSDAY to us all. It’s another relatively calm end to the week — the perfect note on which to escape from the capital city.

THE BIG STORY TODAY

AP Moller-Maersk signs agreement for USD 500 mn East Port Said Port investment: Denmark’s AP Moller-Maersk, the world’s largest container line, signed today a contract to invest USD 500 mn in the Suez Canal Container Terminal (SCCT) in the East Port Said Port, according to a cabinet statement. AP Moller signed the agreement with the Suez Canal Economic Zone. Both entities are partners in SCCT. The investment will be earmarked for operating a new 1km container berth to raise the port’s capacity.

THE BIG STORY ABROAD

Average US gas prices have fallen to below USD 4 per gallon for the first time in months, according to the American Automobile Association. This is well down from their June peak of just over USD 5 — an unprecedented high that drove already-surging inflation — but still some USD 0.80 a gallon higher than they were a year ago, the Wall Street Journal notes. US crude oil prices — which largely determine the price of gas — closed last week at their lowest level since Russia’s invasion of Ukraine in February, partly off the back of mounting recession fears, we noted. Market fears of severe supply restrictions have also abated since then, Reuters tells us. Bloomberg, the New York Times and the Washington Post all have the story.

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

• The Saudi sovereign wealth fund acquired minority stakes in four EGX-listed companies for USD 1.3 bn yesterday, buying stakes in Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Alexandria Container and Cargo Handling, and e-Finance.
• Egypt has been a MENA M&A hotspot so far in 2022: Egypt recorded 65 M&A transactions worth USD 3.2 bn in the first six months of the year, making it the second-largest M&A destination in the region by value and dealcount.
• Inflation resumed its upward trend in July, reaching a fresh three-year high on the back of higher food and fuel prices

???? CIRCLE YOUR CALENDAR-

Ghazl El Mahalla IPO: The retail portion of Ghazl El Mahalla’s mini-IPO will wrap this coming 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. Look for our poll of economists on Sunday to see where they see interest rates landing next week.

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- Expect daytime highs of 39°C over the weekend and nighttime lows of 23-24°C, according to our favorite weather app.