Good morning, wonderful people, and happy hump day to you all.

THE BIG STORY HERE AT HOME: President Abdel Fattah El Sisi has cruised to a third term. We have the rundown on the election results and a look at what we should be looking for next on the economic policy fronts.

THE BIG STORY ABROAD is one that has potentially big implications here at home. The global business press has zeroed in on a new US-led task force to protect vessels passing through the Red Sea. The move came following repeated Houthi attacks on ships passing through the waterway. (Reuters | Bloomberg | FT)

^^ Both stories are below in this morning’s news well.

WATCH THIS SPACE-

Home appliances are getting more expensive: Local appliance manufacturers are looking to hike prices after Al Ezz Dekheila Steel, the country’s sole maker of sheet metal, raised its own prices, Al Borsa reports. The company raised by EGP 2.5k this week the price of sheet metal, a component heavily used in the manufacture of ovens, refrigerators, and dishwashers, the newspaper reports.

HAPPENING TODAY-

The House is in session: MPs are reconvening today after a one-month break to discuss and vote on a draft law to establish a syndicate for graduates of tech colleges and schools. MPs will also meet tomorrow to discuss and vote on a number of bills and presidential decrees.

GERD talks 4.0: Representatives from Egypt, Ethiopia, and Sudan gathered in Addis Ababa yesterday to kick off the fourth round of talks over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD), according to a statement. This is the fourth round of negotiations since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed pledged in July to finalize an agreement within four months. The statement did not disclose how long this round of talks is expected to last.

** CORRECTION- We incorrectly reported that this latest round of GERD talks kicked off on Saturday and wrapped up yesterday, based on televised comments by Irrigation Minister Hani Suweilam.

HAPPENING THIS WEEK-

It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee will meet to set interest rates on Thursday. Our customary analyst poll sees the CBE holding rates steady for the third meeting in a row. Analysts participating in a Reuters poll shared the same outlook, with the median forecast being that the CBE will leave rates on hold, expecting the bank to wait until January before it hikes rates or devalues the currency — six of the 14 analysts surveyed have penciled in a 100-300 bps hike.

Refresher: The CBE has left rates unchanged during its past two meetings in November and September, last hiking rates at its August meeting. Rates have risen 1.1k bps since March 2022.

WAR WATCH-

#1- Gazans back in the north? Israeli Defense Minister Yoav Gallant said that Gazans would likely be allowed back into the north as Israel becomes “able to distinguish between different areas in Gaza,” he said during a joint presser with US Defense Secretary Lloyd Austin.

#2- UNSC postpones ceasefire vote: The UN Security Council has delayed a vote calling for a sustainable “cessation of hostilities in Gaza” to allow diplomats more time to meet US objections to the wording of the resolution. The US said that it would not agree to a resolution calling for the “cessation of hostilities,” but it might accept a call for a “suspension of hostilities.”

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look at the biggest green economy news from the year, with a rundown of all the big private and public green projects on the cards.

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