Morning all: We have a brisk issue for you this morning, with not a lot happening on the local business front as we inch towards the end of 2023.

HAPPENING TODAY-

#1- It’s day two of presidential elections:Voters nationwide are casting their ballots for one of four presidential hopefuls: incumbent President Abdel Fattah El Sisi, Al Wafd Party’s Abdel Sanad Yamama, the Egyptian Social Democratic Party’s Farid Zahran, and the Republican People Party’s Hazem Omar.

On the ground: There was a strong turnout at yesterday’s opening of the polls, National Elections Authority Executive Director Ahmed Bendari told the press.

Want to get out and vote? Find your nearest polling station by entering your national ID number on the National Elections Authority website. You can also text your national ID numberto 5151 or call the same number to find your polling station and receive your voting number. Voting is open from 9am through 9pm, today and tomorrow.

What’s next? Results of the vote are scheduled to be announced on 18 December. A runoff, if necessary, will take place in early January 2024.

#2- It’s the next-to-last (regularly scheduled) day of COP28 in Dubai — but there are signs the gathering may need to go into overtime to hammer out a final agreement.

What gives? Two things. First: Saudi Arabia and other hydrocarbon producers are digging in their heels, refusing to accept text that speaks to a phase-out of oil and gas. On the other side of the ring, International Energy Agency (IEA) chief Fatih Birol is demanding delegates reach a consensus on an “orderly and just decline in fossil fuels in line with our international climate goals” before the summit wraps up,” he told the Financial Times.

Second: And some developing countries think text on funding for climate adaptation is “weak.” The UN Environment Program has already identified an adaptation funding gap of around USD 387 bn.

Need more on COP? Enterprise Climate has the rundown.

#3- Trade run to KSA: The Engineering Export Council of Egypt is almost half-way through a weeklong trade mission to Saudi Arabia, the largest importer for our engineering sector. The delegation is gunning for more orders and investments from the kingdom for pumps, car parts, boilers, and everything in between. The visit wraps up on Friday.

HAPPENING THIS WEEK-

#1- A new round of GERD talks: Egypt, Ethiopia, and Sudan are set to resume talks over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) on 16-18 December in Addis Ababa. This will be the fourth round of talks since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed agreed to re-enter negotiations in July and reach an agreement within four months.

#2- It’s interest-rate week in (many) western economies: The US Federal Reserve, European Central Bank and the Bank of England will hold their final policy meetings of the year this week amid growing pressure to pivot to rate cuts next year, Bloomberg notes. None are expected to move rates higher this week with inflation steadily easing and attention shifting to slowing economic growth. Fed boss Jay Powell, in particular, is under pressure to clarify whether the Fed is going to start slashing borrowing costs next year. (Financial Times | Wall Street Journal)

Closer to home: The Central Bank of Egypt will hold its final policy meeting of the year next Thursday, 21 December.

#3- Napkins on:Food Africa Expokicks off tomorrowat the Egypt International Exhibition Center. The three-day trade show aims to connect wholesalers, distributors, and retailers in food and beverage industries across Africa and the Middle East.

THE BIG STORIES ABROAD-

No one story is dominating the news this morning:

  • Israel’s war on Gaza continues to make the front pages, with US media covering Israel’s assault on Khan Younis, Washington’s response to Houthi attacks in the Red Sea, and the latest on the antisemitism outcry in US universities. (Reuters | New York Times | Washington Post)
  • Biden’s foreign policy is hurting his election chances: Almost half of American voters believe that Biden is spending too much on Ukraine aid, and his support for Israel is alienating at least a third of democratic voters. (Financial Times | Bloomberg)
  • The Donald won’t testify again in New York fraud trial: Former US President Donald Trump said that he won’t testify in a New York courtroom this week, where he was expected to make the case that his company didn’t misrepresent the value of its properties to receive favorable financing. (Associated Press | Reuters)

SIGN OF THE TIMES-

The world’s 25 richest families have gotten USD 1.5 tn richer over the last year — equivalent to a 43% annual increase — according to Bloomberg’s yearly ranking of family fortunes. The Nahyans of Abu Dhabi, despite being new entrants to Bloomberg’s ranking, topped the list with a whopping USD 305 bn fortune — USD 45 bn more than the second-placed Walton family.

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.

DATA POINT-

290 bn cubic feet per day: The amount of gas Egypt expects to import from Israel this year. That’s 38% higher than 2022 volumes. (Asharq Business)

ICYMI-

Missed this week’s Inside Industry? We have our Manufacturer of the Month column, whereinwe profile an industrial player with a manufacturing base here in Egypt. Manufacturer of the month is dedicated to looking at locally bred or international players to examine the success and challenges that came with being a manufacturer in Egypt, as well as their paths forward. Today, we speak to plastic product manufacturer El Khanagry Plastics. Read it here.

COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.

WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.

INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a deep dive into what Egypt’s corporate L&D looks like amid economic headwinds and the growing importance of tech.

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