THIS EVENING: Nclude closes second round of funding + Madbouly is in London for Queen Elizabeth II’s funeral
Good afternoon, wonderful people. We’re off to a medium-quiet start to the workweek here on the home front, while the rest of the world is still very much in weekend mode.
THE BIG STORY TODAY
Fintech fund Nclude capital reaches USD 105 mn with second round of funding: Nclude, the high profile fintech fund launched by Dubai-based VC Global Ventures has closed its second round of funding, bringing its total capital to USD 105 mn with participation from local and foreign investors, a source with knowledge of the matter confirmed to Enterprise, without disclosing who the investors are. The investors will be announced soon, our source told us.
THE BIG STORY ABROAD
There’s no single story driving the conversation in the international business press this afternoon. The Financial Times’ lead story remains unchanged from this morning’s survey of economists, which sees the Fed raising rates beyond 4% and holding them there into 2024. Reuters, the Wall Street Journal, and CNBC are all covering (albeit with varying degrees of prominence) a UK Defense Ministry briefing that expects Russia to ramp up its attacks on civilian targets in Ukraine.
Prime Minister Moustafa Madbouly is in London to attend Queen Elizabeth II’s funeral, joining world leaders and heads of states at Westminster Palace, according to a cabinet statement.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The Central Bank of Egypt is likely to raise interest rates when it meets on Thursday in a bid to tame inflation and support the local currency, according to our regular interest rate poll.
- B Investments has not yet decided on whether to preempt Adnoc’s bid to acquire TotalEnergies Egypt, saying it is “not in a position to respond” by a 15 September deadline, citing “unresolved legal issues related to the validity of the transfer notice” from current owner TotalEnergies Marketing Afrique.
- The government wants to attract private sector investment to state-owned Heliopolis Hospital under a wider plan to open up the healthcare sector to private-sector players.
*** 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: As part of the government’s continuing consultations on its state ownership policy document, the wood and furniture industry had its turn late last month to share its thoughts on the privatization plans for the industry. We look at how industry players want the state to proceed with its ownership status in the sector.
EFG Hermes One on One kicks off in Dubai, making it the first time since the start of covid-19 that the world’s premier frontier and emerging markets investor conference has taken place in person. The conference runs through the end of the week until Thursday.
🗓 CIRCLE YOUR CALENDAR-
HSBC is hosting an energy transition webinar series next Tuesday-Thursday, 27-29 September. The series will look at the “latest climate analysis in relation to the global energy market and transition to net zero” in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can register for the series here.
Intellectual property strategy coming this week: Egypt will launch its intellectual property strategy this Wednesday, Prime Minister Moustafa Madbouly said on Wednesday, according to a cabinet statement. World Intellectual Property Organization (WIPO) Director-General Daren Tang will make an appearance at a ceremony being put on to launch the program, the PM said.
Winter is coming: Shops will shift to winter hours on Friday, 30 September, Youm7 reports. Shops and malls will close one hour earlier at 10pm (11pm on Thursdays, Fridays and national holidays) while cafes and restaurants will shutter at midnight rather than 1am. The government first introduced seasonal retail opening hours in 2020.
☀️ TOMORROW’S WEATHER- Expect the weather to remain more or less on par with today, as our weather app tells us the high will be 32°C and the low will be 24°C.