Good afternoon friends, and welcome to this dusty beginning of week. We are really pulling teeth with our news cycle today as we make a start to this workweek.

PSA- The rising winds picking up the dust will hinder visibility and could make way for rain later during the evening, according to our friends at the Egyptian Meteorological Authority.

THE BIG STORY TODAY

The Environment Ministry has kicked off a training program for informal garbage collectors in seven governorates, according to a ministry statement. The first phase of the program is being rolled out in Dakahlia, Qalyubia, Kafr El Sheikh, Gharbia, Menoufia, Giza, and Cairo, the statement says.

THE BIG STORY ABROAD

The tumult at OpenAI after Sam Altman’s ouster as CEO has left little room for any other story in the international business press this afternoon. Investors, including Microsoft (the startup’s biggest backer with USD 10 bn in investments) and prominent venture capital firms, are reeling: A lack of notice on the matter, fears the resulting uncertainty has set them off and now they’re working to get rid of the company’s board and reinstate Altman — a move that could be concluded as early as today. Other investors are committed to supporting Altman in whatever he does, whether its a return to OpenAI or the start of a new venture (Bloomberg | Financial Times | CNBC).

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

  • It’s a wrap on the Eastern stake sale: Our friends at EFG Hermes concluded advisory (pdf) to Global Investment Holding on its purchase of a 30% stake in state-owned tobacco manufacturer Eastern Company for USD 625 mn, which is now the single-largest transaction since it rebooted its privatization strategy earlier this year.
  • Larger IMF program for Egypt under consideration, says Georgieva: The IMF is “seriously considering” increasing Egypt’s USD 3 bn loan program as the conflict in Gaza poses difficulties for the country.
  • More Egyptian-made BMWs? Global Auto Group (GAG), the agent and importer for BMW and Mini in Egypt, has signed a binding framework agreement with the Madbouly government to assemble cars locally.

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 spoke with EgyptSat Auto Chairman Mohamed Elghamry for the lowdown on his company’s experience with the Madbouly government’s golden license.

⛅TOMORROW’S WEATHER- We are looking for a more overcast day as the mercury reaches a high of 22°C during the daytime and cools to 15°C during the evening, according to our favorite weather app.

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