Good morning, all, and a very happy hump day. The news well this morning is giving us a lot to look forward to in the weeks to come — fresh privatization news, regulations from the FRA, and President Abdel Fattah El Sisi’s upcoming visit to Russia to attend the Brics summit.

WATCH THIS SPACE-

#1- Brace for “important” privatization news: The government will soon announce “important news” regarding the privatization of a number of banks and airports, Prime Minister Moustafa Madbouly said yesterday.

Remember: The government is looking to raise USD 2-2.5 bn through the privatization of state-owned companies in FY 2024-2025. The state’s EGP 2.8 bn exit from Tamweely last month is the first big privatization agreement to have gone through since the new targets were announced.

A number of banks have been earmarked for privatization, including Banque du Caire, whose IPO has been repeatedly delayed for years due to poor market conditions, Arab African International Bank (AAIB) — whose ownership is evenly split between the Central Bank of Egypt and the Kuwaiti sovereign wealth fund — and United Bank, which should make its EGX debut early next year. Then there’s Alexbank, which the state is looking to sell its remaining 20% stake in — last we heard, the government has resumed negotiations for the sale.

The privatization of airports has been on the agenda for some time: The Madbouly government unveiled plans to onboard private sector players to take over the management and operation of all the airports in the country last year. The move aims to improve services and increase revenues collected by state coffers.

#2- FRA to roll out regs for new capital requirement for ins. companies: The Financial Regulatory Authority (FRA) will within weeks issue regulations implementing the capital requirements for ins. companies put forth by the Unified Ins. Law, FRA boss Mohamed Farid said during the African Reins. Forum, Al Mal reports.

Remember: The law — ratified by President Abdel Fattah El Sisi in July — requires ins. companies to have a minimum issued and paid-up capital of EGP 250 mn or its equivalent in FX, up from EGP 60 mn.

#3- What do NBFIs want from the new financial solvency standards? The FRA has started taking in suggestions from NBFS players regarding the implementation of Basel III financial solvency standards, according to a statement. Sector players can send in their suggestions through an online form on the authority’s website. Companies have until the end of October to submit inquiries or suggestions.

PSA-

FROM THE DEPT. OF VERY GOOD NEWS- Canadians will once again be able to get visas on arrival starting in December: Egypt is waiving the requirement that Canadian citizens apply in advance for tourism visas starting 1 December, according to a statement from the Foreign Ministry. Canadians will also once again have the option to apply for an e-visa or to simply buy a visa on arrival at approved ports of entry including Cairo International Airport.

Remember: Since October of last year, Canadians traveling to Egypt have no longer been able to obtain a visa on arrival and have instead had to apply for one via an embassy or consulate abroad before traveling. Instead of the USD 35 arrival visa previously, Canadians had to dish out USD 150 for a prior-arrival visa, curbing tourism flows from the North American market.

This is particularly good news for the hundreds of thousands of Canadians of Egyptian descent living abroad — many of whom do not have Egyptian passports. Families will now be able to visit and catch important life events including weddings and funerals on short notice.

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 a little cooler in Alexandria, with a high of 29°C and a low of 21°C.

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HAPPENING THIS WEEK-

#1- GEM to launch partial trial operations tomorrow ahead of grand opening, Prime Minister Moustafa Madbouly said last week. The initial phase will see the museum’s main hall opened, with other sections to follow in a phased rollout ahead of a grand official inauguration.

#2- It’s interest rate decision time: The Central Bank of Egypt’s Monetary Policy Committee will meet this Thursday to decide on our interest rate trajectory. Analysts and economists we surveyed for ourEnterpriseAM poll see the MPC holding rates steady as the central bank works to prioritize controlling inflation over any monetary policy easing.

An expert opinion: “Our view remains that the CBE will hold the rate in the 17 October meeting,” Fitch Solutions' director of MENA country risk Ramona Moubarak told us, pointing to rising inflation and geopolitical risks. “There is a risk of a cut this year, closer to the end of the year, as base effects in February 2025 will push inflation below 20%,” she said.

HAPPENING NEXT WEEK-

#1- El Sisi is heading to Russia to attend the Brics summit, being held in Kazan from 22 to 24 October, Al Qahera News reports, citing Russian Ambassador to Cairo Georgiy Borisenk. During his time in Russia, President Abdel Fattah El Sisi is expected to meet his Russian counterpart Vladimir Putin to discuss key issues related to the Brics members and Egyptian-Russian relations.

#2- PHDC’24 kicks off next week: The second iteration of the Global Congress on Population,Health, and Human Development (PHDC’24) is set to run from 21-25 October at the St. Regis Convention Center in the new capital. The event will focus on human development as a cornerstone for sustainable growth, with themes including universal health coverage, sustainable livelihoods, and climate resilience. Top officials, NGOs, private sector representatives, and researchers from around the world will attend the five-day event to discuss solutions to key global challenges in population, health, and development.

CIRCLE YOUR CALENDAR-

Cairo is hosting the UN’s World Urban Forum from 4-8 November, which will focus on “localizing the sustainable development goals” under the theme It All Starts at Home: Local Actions for Sustainable Cities and Communities. It will tackle issues including unaffordable housing, living costs, climate change, and current conflicts. You can register on the event’s official website.

Who will be there? The forum is expected to draw around 20k participants, including 14k from 179 countries, Prime Minister Moustafa Madbouly said.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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NEVER WORKED IN A NEWSROOM BEFORE? We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

THE BIG STORY ABROAD-

It’s a busier-than-usual Tuesday in the international press, so let’s jump right in with no further preamble:

#1- Canada expelled five Indian diplomats (including New Delhi’s high commissioner to Ottawa), prompting India to PNG six Canadians just hours later as a diplomatic rift between the two deepend. Canada’s soon-to-depart charge d'affaires in New Delhi said “Canada has provided credible, irrefutable evidence of ties between agents of the government of India and a murder of a Canadian citizen on Canadian soil.” The story leads front pages on both sides of the Atlantic (New York Times | Financial Times | Reuters | BBC)

Further reading: How geopolitics caught up with Canada in the FT.

#2- The price of oil dipped nearly 3% overnight after a Washington Post report that Israel will not target Iran’s oil infrastructure in retaliation for Tehran’s 1 October missile strike. Benjamin Netanyahu is said to have told the White House Israel will attack only “military targets.”

MEANWHILE- Israel killed at least 21 people in an airstrike on northern Lebanon, BBC reports.

#3- Britain is prioritizing trade talks with GCC countries and India, the UK’s Business and Trade minister said yesterday. Talks between Britain and the GCC countries are set to resume next week, he said. Reynolds was in our part of the world last month to kickstart the talks.

#4- And the Nobel goes to… Three researchers who have focused on how colonial legacies impacted the relative prosperity of colonized countries shared the 2024 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. “Their research also indicates that more economically inclusive and politically democratic systems prove more conducive to technological innovation and long-run growth,” the FT noted. Check out the original announcement here.

OTHER NEWS worth knowing about on this busy morning:

  • Google has ordered up to seven so-called “small modular” nuclear reactors to fire up its data centers as part of its AI growth plan. It’s thought to be the first-ever order for small modulars placed by a corporation.
  • The latest in the US election: The Donald and Kamala Harris were in Pennsylvania overnight (it’s a key battleground state) and Harris has agreed to a sitdown with Fox News. There are 20 days left until Americans go to the polls.
  • Did Elon fake part of his March of the Droids? “Tesla used humans to remotely control some capabilities of its Optimus robot prototypes at a recent event designed to generate investor enthusiasm for forthcoming products,” Bloomberg writes.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’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 look at how Egypt can play a key role in the maritime industry’s decarbonization.

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