Good afternoon, ladies and gentlemen. We begin today’s issue on a somber note after a fire broke out inside an Imbaba church, killing and injuring dozens of people.

THE BIG STORIES TODAY

#1- At least 41 people were killed and 14 injured earlier today in a fire inside the Abu Sefein church in Imbaba, according to a Coptic Church statement citing health officials. A total of 55 people were transported to the hospital, after 30 ambulances arrived at the scene after being alerted of the fire at 8:57am, the Health Ministry said in a statement. The electric fire broke out while around 5k people were attending mass, Reuters reports, citing security sources. The fire blocked an entrance to the church, triggering a stampede, they added.

#2- Ghazl El Mahalla retail subscription deadline extended: Ghazl El Mahalla FC has extended the deadline for the subscription to the retail portion of its IPO for two more weeks until Sunday, 28 August, according to an EGX news bulletin. The extension comes as the subscription was not fully covered amid weak investor interest.

ALSO- President Abdel Fattah El Sisi swore in the 13 new members of cabinet today, Ittihadiya said. The new ministers’ appointments were approved over the weekend by the House of Representatives in an emergency session.

THE BIG STORY ABROAD

Red-hot oil prices did good things for Aramco’s bottom line: Saudi Aramco reported record 1Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release today (pdf). Aramco’s net income soared 90% y-o-y in 2Q 2022 to USD 48.4 bn, while 1H 2022 net income came in at USD 87.9 bn, up 86% y-o-y. The bumper earnings come as oil prices have hovered mostly above USD 100 per barrel since March. The story is on the front pages of much of the international business press: Financial Times | Wall Street Journal | Bloomberg | CNBC.

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

• President Abdel Fattah El Sisi appointed 13 new ministers to cabinet over the weekend, with changes including the ministers of public enterprises, trade and industry, education, tourism, and health.
• The Central Bank of Egypt is likely to resume its tightening cycle and raise rates for the third time since March when it meets this Thursday in a bid to tamp down on inflation and support the EGP, according to our customary poll of economists and analysts.
• Cabinet approved measures announced by Prime Minister Moustafa Madbouly last week to limit the country’s use of electricity, raise natural gas exports, and increase inflows of foreign currency.

*** 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: Amid Egypt’s ambitious plan to boost our export activity and slash imports, 1H2022 government data shows our non-oil exports increased 20% y-o-y to USD 19.35 bn — which works out as a 12.3% q-o-q increase to USD 10.26 bn in 2Q2022, up from USD 9.14 bn in 1Q2022. Chemical and fertilizer exports have been performing particularly strongly, with building materials and food also making significant contributions to export revenues, the data from the General Organization for Export and Import Control (GOEIC) shows.

???? CIRCLE YOUR CALENDAR-

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.

The Madbouly government will on 1 September begin rolling out new measures designed to bolster the social safety net. Prime Minister Moustafa Madbouly met with ministers yesterday to lay out the timeline for implementing emergency social protection measures to support vulnerable citizens amid surging inflation, cabinet said in a statement.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 38°C tomorrow during the day before falling to 24°C at night, our favorite weather app tells us.