Good morning, friends, and welcome to the last week of October.

THE BIG STORY TODAY-

The Deloitte Innovation Hub has landed in Cairo: Global consultancy firm Deloitte has kicked the tires on its new innovation hub in Cairo yesterday, pledging a three-year USD 30 mn investment to find and train up young Egyptians in several fields, according to a statement (pdf). The inauguration was attended by ICT Minister Amr Talaat, ITIDA CEO Ahmed El Zaher, and a high-level delegation from the UK-based firm, including the head of the new hub, Hani Girgis.

What they said: “The Innovation Hub will enable us to foster and develop local talent, making an impact that matters to Egyptian people and society, as well as deliver exceptional value to our clients across different markets in Europe and the Middle East,” said Deloitte Innovation Hub head Hani Girgis.

THE BIG STORY ABROAD-

The world’s press is squarely — and anxiously — focussed on our corner of the world once again, with Israel’s strike on Iran yesterday and the risk of further regional escalation continuing to push aside business news in the world’s financial press. The Financial Times seems to be breathing a sigh of relief, describing the Iranian response to the attack as an attempt to “play down the impact of the strikes,” instead prioritizing a ceasefire in Gaza and Lebanon. The Netanyahu administration also maintained an unusual silence following the operation, restricting ministerial commentary and leaving military spokespersons to only comment on the strikes in the broadest of terms.

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

  • Changes to our loan program commitments may be in the cards: “We have been very open to adjust the Egyptian program,” International Monetary Fund boss Kristalina Georgieva said in a press briefing. Georgieva will head to Egypt early next month to discuss the issue further.
  • The Sovereign Fund of Egypt now has a new minister at the helm: Investment Minister Hassan El Khaitb will now be minister in charge of the Sovereign Fund of Egypt, according to a decision by Prime Minister Moustafa Madbouly that places the fund under the control of whoever is heading the Investment Ministry.
  • Green Climate Fund approves some USD 2.7 bn in funds for three programs in Egypt and other countries: The Green Climate Fund has approved funding proposals for three multi-country sustainable development programs, unlocking USD 2.7 bn for three programs across 14 countries — with Egypt set to be included in all three.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- We’re seeing the same cool stable weather tomorrow, with the mercury maintaining a high of 31°C and a low of 19°C in the capital, according to our favorite weather app.

Tags: