Happy hump day, wonderful people. We have a slightly slower news afternoon to bring you today — a welcome breather after the marathon sprint we’ve been keeping up with over the past couple of weeks.

THE BIG STORY TODAY

EFG Hermes’ consumer finance subsidiary valU has acquired 100% of digital financial services platform PayNas, according to an emailed statement (pdf). The acquisition “opens wide doors for valU’s BNPL solutions by tapping into Paynas’s roster of MSME clients and employees, integrating them into valU’s client base, while augmenting Paynas’s offering with a comprehensive range of financing products,” the statement says. The value of the transaction was not disclosed.

^^We’ll have more details on this story in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD

It also appears to be a slower day abroad, as no single story dominates headlines in the international business press. Among the headlines worth noting: Citi expects inflation in the UK to breach 18% in January on the back of rising energy prices (CNBC | Financial Times); disruption to a pipeline carrying oil from Kazakhstan to Europe via Russia could spell further energy shortages for Europe (Reuters); and GCC countries are doubling down on tech stock investments by buying the dip amid market volatility (Bloomberg).

HAPPENING NOW(ish)-

The launch event for the global ClimaTech Run competition for tech entrepreneurs, hosted by USAID-backed Business Egypt, takes place today at Le Lac du Caire at 5pm CLT. The competition is also backed by the Environment Ministry and the International Cooperation Ministry.

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

• Saudi Arabia’s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including Egypt Aluminum’s capital increase, Egyptian Media Production City, and United Bank.
• Moody’s speculates on the fate of the EGP: Egyptian policymakers will likely choose to maintain a close watch on the EGP and allow it to ease gradually against the greenback to avoid exacerbating inflationary pressures, Moody’s said in a report.
• Pachin’s biggest shareholder to hire advisors for fair value study: Chemical Industries Holding Company (CIHC) will appoint an independent financial advisor to value Paint and Chemical Industries’ (Pachin) amid a bidding war for the EGX-listed paint company.

FOR TOMORROW-

A delegation of Turkish businessmen and manufacturers is scheduled to visit Cairo tomorrow to talk investment and cooperation, Al Mal reports. The delegation includes investors in sectors including agricultural equipment, automotive components, textiles and garments, food and beverage, consumer goods, and building materials.

???? CIRCLE YOUR CALENDAR-

The Union of Arab Banks is organizing a forum on money laundering and terrorism financing in Sharm El Sheikh from 1-3 September. Participating institutions include the Central Bank of Egypt and the Federation of Egyptian Banks, among others.

☀️ TOMORROW’S WEATHER- We’re in for a hot day tomorrow, as temperatures in Cairo will hit 41°C during the day before falling to 27°C at night, our favorite weather app tells us.