Good morning, all. We got another packed issue for you this morning to wrap up one busy week.

BEFORE WE DIVE IN- We are heading into a three-day weekend. The private and public sectors, as well as banks and the EGX, are taking Sunday off in observance of Armed Forces Day.

That means EnterpriseAM Egypt won’t be landing in your inbox on Sunday, but we will be back in your inbox at our customary time on Monday.

WATCH THIS SPACE-

Could Maait succeed Mohieldin at the IMF? Former Finance Minister Mohamed Maait is the top candidate to replace Mahmoud Mohieldin as the IMF’s executive director representing Arab states and the Maldives, an informed source tells Enterprise. The expected appointment comes as Mohieldin’s second term in the position — which he has held since 2020 — comes to an end.

HAPPENING TODAY-

#1- Non-oil private sector to continue growing? S&P Global will publish Egypt’s PMI figures for September this morning at 6:15 CLT, measuring the country’s non-oil private sector activity. Last month’s non-oil private sector activity expanded for the first time in over three years.

#2- Cairo Sustainable Energy Week wraps up today: Under the theme Building a World that Sustains, the three-day event at the Nile Ritz-Carlton in Cairo is gathering ministers and private sector players from across the Arab world to discuss renewable energy, grid interconnection projects, sustainable development, and everything in between.

On the agenda for the conference’s last day are sessions on energy efficiency, women in the sector, AI, the importance of biodiversity, wind power in the region, and more. You can check out the full agenda on the event’s website.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 30°C and a low of 22°C, according to our favorite weather app.

It’s more or less the same in Alexandria, which will be seeing a high of 29°C and a low of 22°C.

And over the weekend, expect to see a high of 31°C and a low of 21°C in the capital.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

THE BIG STORY ABROAD-

It’s a mixed picture on the front pages of the foreign press today, with updates on Israel’s invasion of and attacks on Lebanon, speculation over Israel’s potential methods of retaliation for Iran’s attacks earlier this week, and OpenAI’s latest funding round grabbing headlines.

#1- Israel bombed central Beirut for the second time this week, killing at least six in an attack on a medical center in the heart of the city, Reuters reports. Israel missiles also continued to target southern suburbs of the city. Israel’s ground offensive in Lebanon has also killed eight Israeli soldiers in the first day after its launch, the Washington Post reports.

The US and other G7 partners are working on limiting Israel’s response to Iran’s attacks earlier this week and deterring it from attacking the latter’s nuclear facilities, which some officials have called for, the Financial Times reports. US President Joe Biden said he would not support such an attack, signaling plans to sit down with Israeli Prime Minister Benjamin Netanyahu to advise on Israel’s response, and to escalate sanctions on Iran, Bloomberg reports separately.

The escalation of attacks across the region has forced airlines to take longer paths over Egyptian and Saudi airspace to avoid shuttered airspace, Bloomberg said, citing flight tracking data on FlightRadar24.

#2- OpenAI’s secured USD 6.6 bn in fresh funding, giving the company a whopping valuation of USD 157 bn, with backing from Microsoft, Nvidia, and Josh Kushner’s VC firm Thrive Capital, which led the round, Bloomberg reports. Abu Dhabi tech investor MGX also participated in the funding round — we have more in the news well, below. Notably absent from the funding round is Apple, who was said to potentially invest in the firm earlier.

The funding will be used to “double down” on AI research and increase computing capacity, the statement said. The startup also reportedly asked its investors for exclusive arrangements to stop them from investing in other rival AI startups, the Financial Times reports, citing multiple sources.

Tags: