Good morning, friends, and happy Friday.

Seeking the thrill of a big change? Why not do the unthinkable and trade in your iPhone for something new? Hear us out. With climbing price tags and an incomprehensibly large sea of specs, the iPhone isn’t the only cutting edge competitor anymore. In this week’s guide, you’ll find options that may suit your lifestyle better.

LAST WEEK IN 3 MINS-

ECONOMY-

Egypt asks IMF for more time to implement reforms: Prime Minister Moustafa Madbouly confirmed that the government has asked the International Monetary Fund for an extension on the timeline for the implementation of economic reforms that were agreed upon as part of our loan program, pointing to the direct impact that the war on Gaza and the subsequent decline in Suez Canal revenues has had on state revenues as justification for the review. Earlier this week President Abdel Fattah El Sisi made headlines after stating that Egypt might reevaluate its agreement with the IMF in light of economic pressures the nation is enduring as the country carries out reforms as part of the loan agreement.

The IMF is open to adjusting the timeline for reforms related to Egypt’s loan program, the fund managing director Kristalina Georgieva said yesterday, while noting that any delay will make the cost of reforms higher and that “Egypt is better served by doing reforms sooner rather than later.”

M&A WATCH-

Raya gives preliminary greenlight to Helios Investment Partners’ acquisition bid: Africa-focussed PE outfit Helios Investment Partners’ offer to acquire 49% of Raya Foods for USD 40 mn has been approved and initially accepted by parent company Raya Holding’s board, we learnt at the beginning of the week.

We also found out that half of Helios’ acquisition bid for Raya Foods will go towards building a new factory: Raya Food’s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners’ USD 40 mn bid for 49% of the subsidiary towards building a second factory partly dedicated to freeze-dried fruits and vegetables. The new factory will most likely be set up next to its existing factory in Sadat City, according to Khalil — and its use of freeze-drying produce will play an important role in helping the company boost exports.

IPO WATCH-

A fresh face on the EGX: The EGX’s listing committee approved the temporary listing of United Bank, the EGX said in an announcement. Shares will be listed on the bourse today, after which its shares will not be allowed to be traded and the company will have six months to meet listing requirements and obtain regulatory approvals ahead of its planned IPO before the end of 1Q 2025 The Central Bank of Egypt-owned bank will list 1.1 bn shares with a nominal value of EGP 5 per share — bringing its total issued capital to EGP 5.5 bn.

MANUFACTURING-

Our localization efforts are in full swing: The Madbouly government will work to localize the manufacture of 12 products selected by the ministries of housing and industry. The products include electric motors, generators, valves, pumps, water filtration devices, electric tools, solar cells, electrical control and power distribution panels, and elevators.

AROUND THE WORLD IN SEVEN DAYS-

Hopes at the start of the week that Israel would begin to scale down its bloody offensives were short lived, with the Israeli army intensifying its campaigns in both Lebanon and Gaza. As has sadly become a trademark of the Israeli ethnic-cleansing campaign, it continued to target civilian infrastructure with schools and hospitals targeted in Gaza. Another worrying sign that Israel’s war on Lebanon may become just as ruthless and indiscriminate as its assault on Gaza was Israeli claims that there are Hezbollah bunkers underneath one of Beirut’s main hospitals — a depressingly familiar narrative that has been used in Gaza as a pretext to attack hospitals.

The US presidential election — now just over ten days away —also got plenty of ink throughout the week, with the global press focusing in on the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election. While the odds of a Harris victory seem to be in her favor, some hedge funds and investors are positioning themselves for a potential Trump victory, with stocks tied to his policies already seeing gains.

Harris has been breaking records on the fundraising front, as the president hopeful raised over USD 1 bn in the three-month period ending at the end of September surpassing the USD 894 mn Donald Trump has gathered since January 2023.

☀️ THE WEATHER THIS WEEKEND- This weekend will be maintaining the month’s slowly cooling weather. The capital will be seeing highs of 30°C today and tomorrow, with a low of 19°C on both days, according to our favorite weather app.

HAPPENING THIS WEEKEND-

For the love of tapestry. Today in History is Amsterdam-based Egyptian artist Dina Danish’s first exhibition in Egypt in nearly a decade. Composed of a collection of appliqué tapestries that resemble medieval banners, the exhibition is still open at the Gypsum Gallery till Saturday, 30 October.

The fourth edition of Forever is Now is here. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition is live and will continue till Saturday, 16 November.

Run for a cause. CairoRunners are hosting the Run4Her on Friday, 25 October at ZED park to support breast cancer patients. The run will start at 8am. Pre- registration is required.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open till Monday, 18 November in Garden City.

Calling all plant parents. The autumn edition of the International Flower Expo began on Thursday, 10 October at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue until Sunday, 10 November.

HAPPENING NEXT WEEKEND-

Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the Gouna Film Festival 2024 starting on Sunday, 27 October, to Saturday, 2 November. You can find the screening schedule on Zawya’s official Instagram account.

Glowing puppets swimming across a stage. The Book of Neptune is a great family event to attend. Ledpuppets will transform the Rawabet Art Space stage into an underwater wonderland with glowing puppets dancing around and acting out stories. Tickets are available on Ticketsmarche for Friday, 1 November and Saturday, 2 November.

Did somebody say cheese? The third edition of Egypt Cheese Festival will begin on Thursday, 31 October at Al Horreya Garden. This is the only dairy and cheese festival in Egypt and the Middle East so prepare to witness all the different sorts of this delicious delicacy. The festival will last till Sunday, November 3.

Tags: