Good morning, everyone. It’s the last day of the workweek (and last workday of September) for all of us here in Egypt, and a three-day break couldn’t have come soon enough. We hope you’re looking forward to unwinding as much as we are.

THE BIG STORY THIS MORNING is word that the IMF is happy with the Madbouly government’s progress on privatization (though it’s eager we don’t take our foot off the accelerator) — and that there is a world in which we could unlock two tranches of USD from the lender ahead of a full float of the EGP late this year or early next. That would give Hassan Abdalla and the team at the central bank more liquidity with which to fight a potential overshoot when they go for a float.

^^ We have the full rundown on the story, reported by Mirette Magdy for Bloomberg, in this morning’s news well, below.

WATCH THIS SPACE- We could have power 24/7 next month: That’s according to Al Borsa, which reports that the Electricity Ministry could bring an end to the rolling blackouts in the middle of October as temperatures dip. The news outlet cites anonymous sources at the ministry as saying that the government will bring an end to the load reductions which have been in place since mid-July.

Remember: The ministry was forced into a program of rolling daily blackouts across most of the country in July as a prolonged heatwave combined with lower fuel supplies to put pressure on the electricity grid. Previous pledges to restore full power service (ranging from the end of July to the middle of September) have failed to transpire, with the country still suffering daily blackouts of at least an hour.

PSA #1- The country will be off tomorrow in observance of Prophet Mohammed’s birthday, which falls today. The cabinet, the Central Bank of Egypt, and the EGX have confirmed that private and public sectors, the banking sector, and stock exchange will be taking tomorrow off.

That means us, too: EnterpriseAM and EnterprisePM are off tomorrow and will be back in your inboxes at our customary times on Sunday, 1 October. Our regional publications (Enterprise Climate and Enterprise Logistics) will still publish tomorrow, as will Enterprise Weekend.

Next week may also see us gifted a three-day weekend in observance of Armed Forces Day, which falls on Friday. The government typically declares a replacement day for national holidays that fall on Fridays.

PSA #2- Enjoy your commute today, friend: It’s only going to get gnarlier out there after the long weekend, new bridges and highways and tunnels or not. The new academic year kicks off for Egypt’s universities and government schools on Saturday. Most private and international schools have been back for 1-6 weeks. With the back-to-school rush jumping into high gear, be sure to leave for work a little earlier next week to beat the traffic.

PSA #2- Summer retail hours are out. Winter hours are in. Shops and malls will close an hour earlier at 10pm on Saturday through Wednesday (11pm on Thursdays, Fridays, and national holidays) starting 28 September as winter trading hours come into effect. Cafes and restaurants will close at midnight. The government first introduced seasonal retail opening hours in 2020.

HAPPENING TODAY-

Deadline day for those interested in the fifth phase of the IDA's investment map: The Industrial Development Authority (IDA) earlier this year started offering 790 new industrial land plots and 152 potential investments under the fifth phase of its investment map. The new offerings come as the ministry is attempting to reduce the country’s import bill by localizing industries.

ENERGY WATCH-

Maait confirms new hedging contracts: Egypt has bought new hedging contracts to protect itself from rising oil prices, Finance Minister Mohamed Maait said in a chat with reporters on the sidelines of the AIIB meeting in Sharm El Sheikh, confirming a report by Asharq Business earlier this month. The derivatives will remain in place until the end of the current fiscal year in June, he said, without providing further information. Asharq’s source said the contracts lock in crude purchases at around USD 75-80 per barrel, below the USD 85 price assumed in the FY 2023-2024 budget.

Egypt’s oil needs: The country will need to import around 150 mn barrels of oil, the minister said. This is higher than the 100 mn figure recently reported in the press.

Why this is important: Oil prices have surged to their highest levels since November in recent days, fuelled by Saudi Arabia’s and Russia’s supply cuts and rising demand in Asia. The price of Brent has risen almost 30% over the past three months, closing at USD 92.51 yesterday, squeezing the finances of oil importers such as Egypt.

^^ We have additional coverage of AIIB’s Sharm meeting in this morning’s Hard Hat, below.

THE BIG STORIES ABROAD-

There are two stories dominating the global front pages this morning:

#1- Amazon hit with major antitrust lawsuit: The US government took aim at Amazon’s alleged anticompetitive practices yesterday, with the Federal Trade Commission (FTC) and 17 states filing a lawsuit, accusing the e-commerce giant of abusing its dominance to overcharge its clients and hurt its competitors. (Everyone from Associated Press and Reuters to Bloomberg. the Financial Times and CNBC has this one)

#2- US gov’t shutdown looms: The US government is on a course to shut down on Sunday, 1 October shutdown, as lawmakers struggle to agree on even a short-term funding extension. (Wall Street Journal | New York Times | Washington Post | CNBC)

Moody’s is taking a dim view of the recurring gridlock on Capitol Hill: The rating agency warned that a government shutdown could force it to follow Fitch and downgrade the country’s credit rating. (Financial Times)

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