Good afternoon, ladies and gentlemen and happy almost-THURSDAY. We’re within arm’s reach of the start of a long weekend for much needed R&R.

** This is the last issue of EnterprisePM for the year. Along with our sister publications, we’re taking a publication break from tomorrow through Monday to recharge and gear up for 2024. All of our publications will be back in your inboxes at their usual times on Tuesday, 2 January 2024.

THE BIG STORIES TODAY

#1- Abu Dhabi Ports (ADP) has inked the final contract to develop and operate a container terminal at Safaga Port, according to a cabinet statement out this morning. Under the USD 200 mn, 30-year concession agreement, the Safaga II terminal is expected to kick off operations in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo, the Emirati port developer said when it signed the initial agreement in March.

#2- Chinese company signs MoU to develop 10 GW solar project in Egypt: Chinese company China Electric Power Equipment and Technology has signed an MoU with the Madbouly government today to begin studies to develop a 10 GW solar project in Egypt, according to a cabinet statement. The project is expected to reduce carbon emissions by 14 mn tons when completed, and will save some USD 1 bn of gas-powered energy costs per year.

THE BIG STORY ABROAD

Leading the conversation in the international press is Hapag-Lloyd’s decision to hold off on resuming Red Sea transit, sticking instead with the longer route around the Cape of Good Hope for now, Bloomberg reports. Hapag-Lloyd’s decision comes despite the launch of the US-led task force in the Red Sea, as the shipping company remains concerned about the risk of Houthi attacks on vessels in the waterway heading to Israeli ports.

But not all shipping companies are as wary: AP Moller-Maersk is one that is planning to resume shipments through the waterway and CMA CGM is working on bringing their number of shipments through the Suez Canal back up, while others are toying around with the idea of continuing operations overnight when there are less drone attacks.

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.

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

  • Gold prices went out of control: The price of 24 karat gold rose to a fresh record high at yesterday’s close, reaching EGP 3,771 per gram — a more than 5% increase in less than 48 hours. Gold prices have more than doubled over the past year as more Egyptians flock to precious metal as a safe haven.
  • NBFS: A quarter in review. The Financial Regulatory Authority (FRA) is out with its quarterly report (pdf)detailing the latest on non-banking financial services (NBFS). Sums taken out rose across the board — leasing, factoring, consumer finance, and MSMEs — except for mortgage financing, which suffered from the side effects of the central bank tightening monetary policy and raising interest rates.
  • Beltone x Kandil Glass: Beltone Financial subsidiary Beltone Leasing and Factoring has inked an EGP 250 mn sale and leaseback agreement with Kandil Glass for its real estate assets and production lines.

🌦️ TOMORROW’S WEATHER- Keep your umbrellas close. We’re in for a rainy couple of days paired with some sandy winds today and tomorrow, according to the Egyptian Meteorological Authority. Expect daytime highs ranging from 20-22°C from today through Monday.and lows of 14-16°C.

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