Good morning, friends. We start off this morning with whispers from state privatization program — and readers will want to pay close attention to the Madbouly government’s legislative priorities, which include not just incentives for green hydrogen, but also a reboot of the controversial labor act.

^^ We have the rundown on all of this and more here in What We’re Tracking Today and in the news well, below.

FROM THE RUMOR MILL-

#1- ADQ might have an EgyptAlum acquisition in its sights: Abu Dhabi’s wealth fund ADQ is reportedly mulling over acquiring up to a 30% stake in EGX-listed Egypt Aluminum (EgyptAlum) from the Holding Company for Metallurgical Industries, writes Al Mal, citing sources it says have knowledge of the matter. Metallurgical Industries is EgyptAlum’s largest shareholder with a 89.8% stake and has been trying to sell off shares in many of its companies and launch IPOs to raise money for the state’s privatization program.

ADQ might have competition: Although ADQ has not made an official offer, according to a bourse disclosure (pdf) by EgyptAlum, other Gulf entities and specifically Qatar are interested in grabbing a part of the company, the local outlet quotes its source as saying.

#2- Is a strategic stake sale in Heliopolis Housing back on the table? The government is considering selling a stake in Heliopolis Housing and Development and has hired NI Capital to offer a valuation ahead of a potential sale, Al Borsa reported yesterday, citing sources it said were close to the matter. Local and Gulf investors have lodged interest in the company, which the government reportedly considers one of the easiest state-owned firms to exit.

Remember: HHD tried to bring a strategic investor on board in 2020 but failed to find a buyer.

WATCH THIS SPACE- AD Ports looks set to take over management of Safaga Port: The final contracts for the 30-year concession agreement handing Abu Dhabi Ports the reins on the construction, management, and operation of the multipurpose Red Sea Safaga Port will be signed “within weeks,” Saif Al Mazrouei, the group’s ports chief, told Al Arabiya yesterday.

Background: Under the initial agreement signed in March, the Emirati port developer will invest up to USD 200 mn to establish the terminal, which is expected to be operational in 2Q 2025.

PSA-Your Uber commute is now going to cost you a little more: Ride-hailing service app Uber has raised its prices by 10% in Cairo and Alexandria on the back of fuel price hikes on Friday, Al Mal reports, citing messages sent to the company’s drivers informing them of the change.

Nobody likes price hikes, but Uber drivers shouldn’t have to foot the bill alone: Like the rest of us, drivers working for ride hailing apps are now spending 14% more on gasoline to fill up their tank after Friday’s hike and those that use compressed natural gas are facing a 22% uptick in their fuel bill. Ride-sharing app Careem also raised prices by 10% for the same reason on the day of the fuel price hike, according to Al Mal.

HAPPENING TODAY-

#1- Maait in Turkey Finance Minister Mohamed Maait is in Istanbul today to attend the Turkish-Arab Economic Forum.

#2- TransMEA 2023 wraps up at the Egypt International Exhibition Center: The four-day transport, logistics and infrastructure conference brings together thousands of industry leaders, experts and policymakers to discuss developments in the sector. We’ve got full coverage of yesterday’s events in this morning’s news well below.

HAPPENING TOMORROW-

#1- Inflation figures are out: Capmas and the Central Bank of Egypt will publish inflation data for October on Thursday, 9 November.

#2- The National Elections Authority will announce the final list of presidential candidates on Thursday, 9 November. The current list includes:

  • President Abdel Fattah El Sisi
  • Hazem Omar (Republican People’s Party)
  • Abdel Sanad Yamama (Al Wafd)
  • Farid Zahran (Egyptian Social Democratic Party)

Remember: The nation goes to the polls on 10-12 December. Egyptian expats will vote 10 days earlier on 1-3 December.

#3- It’s Egypts turn to host the Intra-African Trade Fair: Businesspeople and policy makers from across the continent are touching down in Cairo for the Intra-African Trade Fair that is kicking off at the Egypt International Exhibition Center complex tomorrow and will run until Wednesday.

HAPPENING NEXT WEEK-

#1- The Arab League is getting together on Saturday for an emergency meeting in Riyadh called for by Palestinian President Mahmoud Abbas. The league’s main goal at the moment is to establish a ceasefire in Gaza, Palestinian presidential advisor Mahmoud Al Habbash previously told AWP.

#2- Followed a day after by the Organization of Islamic Cooperation on Sunday for an extraordinary Islamic in the Saudi capital to “discuss the brutal Israeli aggression against the Palestinian people.” it said in a statement.

THE BIG STORY ABROAD remains Israel’s war on Gaza: We have the latest in this morning’s news well, below. (Associated Press | Reuters | Bloomberg | Financial Times | New York Times | Washington Post | Wall Street Journal | BBC)

Saudi Arabia is still open to normalizing ties with the Israelis: That’s according to Investment Minister Khalid Al Falih, who said at a Bloomberg event in Singapore this morning that the issue “remains on the table” despite the war.

But: An agreement will be “contingent on a pathway to a peaceful resolution of the Palestinian question,” he said.

IT’S A BIG MORNING IN US POLITICS as Democrats take home clear wins in Kentucky and Ohio — two closely watched Republican-leaning states — just as Joe Biden gets ready to kick is 2024 election campaign into high gear. The Dems are also on the verge of holding the Senate in Virginia in what pundits suggest would be a further blow to Republicans. You can follow the blow-by-blow with live blogs at the Washington Post or the New York Times or check out wall-to-wall coverage on the homepages of Axios and Politico.

WATCH THIS SPACE- China is reportedly angling for a military base in Omanand Washington is really not happy, Bloomberg reports.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

MARKET WATCH-

Oil prices dip to three-month lows: Crude prices fell more than4% yesterday, with Brent crude prices dipping to just USD 81.61 a barrel, marking its lowest price since July.

The why: The oil market was responding to the release of weak trade data from China and renewed doubts about whether the Federal Reserve has finished raising interest rates, according to Bloomberg.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: Breaking down the agreements signed at TransMEA 2023

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