Good afternoon, ladies and gentlemen, and welcome to the start of another workweek. It’s slow moving so far on the home front, with regional updates broadly driving the news cycle.

**PSA- Some of our favorite homegrown businesses are doing their part to support the Palestinian cause: Osana in Maadi is donating 100% of its proceeds from all classes and treatments today to the Egyptian Red Crescent to send medical aid and food to Gaza. Meanwhile, BRGR is donating 100% of its proceeds from pancake sales across its branches from today through Wednesday to support Gaza.

THE BIG STORY TODAY

Pachin voluntary delisting kicks off tomorrow: Minority stakeholders will start selling their shares in Paint and Chemical Industries (Pachin) tomorrow in response to the latter’s bid to buy back its publicly-traded 24 mn shares for EGP 39.8 each, according to an EGX news bulletin. The deadline for responding to the offer is set for 2 November. This follows the new Emirati owners’ plan to go private with the company, which was greenlit by the board in September. National Paints Holding acquired more than 80% of the formerly state-owned company in a mandatory tender offer (MTO) in May.

THE BIG STORY ABROAD

Updates on the Israeli-Palestinian conflict continue to lead the conversation in the international press:

  • Israel warns Hezbollah that Lebanon could be dragged into the conflict as anti-tank missiles were reportedly fired from Lebanon yesterday. (Bloomberg)
  • The Israeli air force attacked Aleppo and Damascus airports in Syria, while attacks on US military bases in Syria and Iraq also increased. (Bloomberg | Associated Press)
  • Israel began attacking the West Bank as well, striking a mosque it alleges was used by militants. (Associated Press)
  • The UN said humanitarian aid making its way to Gaza isn’t enough, as 20 aid trucks made their way into the stricken Gaza on Friday through the Rafah border crossing. (Washington Post)

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

  • S&P Global Ratings has become the second rating agency this month to downgrade our sovereign credit rating,announcing on Friday that it had lowered its long-term rating to B- from B on the back of the FX shortage and rising uncertainties about debt sustainability.
  • Arab leaders condemn Israeli assault on Gaza, Western double standards: Arab leaders condemned Israel’s war against Gaza in the strongest terms yet at yesterday’s international summit in Cairo and accused Western countries of selectively applying international law to the conflict.
  • Egypt inks debt swap agreement with China: The International Cooperation Ministry inked a memorandum of understanding on a debt swap with the China International Development Cooperation Agency (CIDCA) at the Belt and Road Forum on Thursday.

enterprise

*** 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: We take a look at the expansion of industrial zones in the country.

🌤️ TOMORROW’S WEATHER- Expect a high of 31°C during the daytime and then cooling to 23°C in the evening, according to our favorite weather app.

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