Good morning, all. We have a brisk issue for you this morning to kick off the last week of October.

PSA-

#1- We’re turning the clocks back on Thursday night: We will all be getting one extra hour in bed this Friday as daylight savings time comes to an end. Our time zone will be back to GMT+2 from GMT+3 as the sun continues to rise later and later each morning.

#2- EgyptAir has canceled Iraq-bound flights following Israeli strikes on Iran, informing customers that flights will remain on hold until “the situation stabilizes.” A flight to Jordan was also canceled yesterday following the early morning attacks.

WEATHER- It’s another cool day in Cairo, with a high of 29°C and a low of 18°C, according to our favorite weather app.

It’s not as cold in Alexandria, with a high of 27°C and a low of 20°C.

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

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HAPPENING TODAY-

Attention, city slickers: Cairo Urban Week kicks off today and will run until next Sunday to highlight the “city’s rich cultural diversity and unique heritage” ahead of the World Urban Forum that will begin just after in the capital. You can find the full agenda and the link to register on the event’s official website.

HAPPENING TOMORROW-

The Doing Business with Finland seminar is nearly upon us, with Finnish and Egyptian companies set to meet tomorrow at the Finnish Embassy-backed event to discuss potential healthcare, education, ICT, and food supply partnerships. The registration window for Finnish companies to register to attend has closed, but local companies can still register through the link shared by the National Initiative for Developing Egyptian Industry (Ebda).

CIRCLE YOUR CALENDAR-

#1- The Cairo Woodshow is back: The Cairo International Wood and Wood MachineryShow is taking place from 28-30 November at Nasr City’s Cairo International Convention and Exhibition Centre, the organizers said in a press release (pdf). The event will bring together some 11k attendees and 184 exhibitors from leading manufacturers, suppliers and buyers from 75 countries. Register for the event via the link shared on its official website.

Two other events will be held in parallel: The International Glass Show showcasing the latest developments in the glass sector and the Cairo Furniture Accessories and Components Show focusing on furniture technologies, accessories, and innovative brands in the field will also be taking place

#2- Climate Investments Funds mission is coming to Egypt: Climate change and developing nation-focussed fund body Climate Investment Funds (CIF) will send a mission to Egypt in November to evaluate the progress of joint initiatives and look into further green industrial collaboration. CIF will be on the lookout for projects to fund with a focus on climate financing and emissions reduction.

#3- More details on plans to up investment in oil and gas, mining are coming our way: The government will be releasing a new policy on increasing investment in oil and gas, petrochemicals, refining, and minerals in November, Oil Minister Karim Badawi said on Wednesday. He added that the government is also preparing a new strategy to develop Egypt’s mining sector, which it plans to unveil at the Mining World Conference 2024, set to be held in London in December. Badawi noted that the ministry is seeking to attract investment through providing attractive potential investments, working closely with investors, and maintaining a supportive legislative framework for investment.

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

POLL WATCH-

A Reuters poll of 13 economists forecasts GDP growth hitting 4.0% for the current fiscal year, a 1.6 percentage point jump from the 2.4% recorded for the previous fiscal year. The economists polled pointed to a steady recovery from austerity measures directed by the IMF as one of the reasons behind the uptick.

This is more optimistic than some, and less pessimistic than others: The poll is in line with the Madbouly government, who also sees the economy growing at a 4.0% clip this current fiscal year. This is just below the IMF’s forecast of 4.1%, but a fair bit above the World Bank’s forecast of 3.5%.

We’re on an upward trajectory: The poll also sees GDP accelerating further to 4.7% in the next fiscal year, and to 5.3% in the fiscal year after that.

But inflation is projected to be much stickier than the central bank is aiming for: Headline inflation is seen falling to 20.4% for the fiscal year and 11.4% for the fiscal year after, a fair bit above the central bank’s average inflation target of 7% (±2%) by 4Q 2024 and 5% (±2%) in 4Q 2026.

The EGP is also forecasted to gradually weaken, hitting 50.4 against the greenback by the end of the fiscal year and 52.0 by the end of the fiscal year after.

ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. EnterpriseAM — the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region — is looking for writers, reporters, and editors to help us build out new publications.

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.

PLUS- We’re also looking for our first dedicated audience development professional. Someone who loves the challenge of helping us reach new readers in new markets — Saudi, the UAE, and lots more to come —using a range of digital channels and tools. You’re someone who thrives on working in a small, focused team. You’ve got proven digital skills (more likely than not on the performance marketing side). And you want to be part of what we immodestly think is the region’s most exciting media, advisory, and business intelligence company.

Interested? Tell Patrick and Moustafa why and send us your resume on newjobs@enterprise.news. We’d love to hear from you today. The position is based in Cairo, offers two days a week working anywhere you please, and offers a competitive package. (We’re also pretty nice people to work with, if we don’t say so ourselves.)

THE BIG STORY ABROAD-

Israel strikes military targets inside Iran: Israel fighter jets struck western Iran and around Tehran over the weekend, killing four soldiers and causing what Iranian officials termed “limited damage” to military targets as the country sought to play down the magnitude of the strike. The strikes follow Iran’s 1 October ballistic missile attack on Israel.

The strike’s targets included missile factories, border radar systems, and solid fuel mixing facilities critical for ballistic missile production, among others. The strikes notably did not target Iran’s oil infrastructure or nuclear facilities — two areas that would be likely to trigger a strong Iranian response.

War of words: Iran struck a conciliatory tone in its statements following the strikes, emphasizing the overriding importance of securing a ceasefire in Gaza and Lebanon even as it condemned the raid and affirmed its right to defend itself. As Iran’s domestic media downplayed the attack, the Israeli government remained largely silent, with Prime Minister Benjamin Netanyahu banning his ministers from giving interviews in the hours after the strike. (Financial Times | Associated Press | Reuters)

On the other side of the globe, Donald Trump is once again making headlines following his interview with podcast host and MMA commentator Joe Rogan, which saw the former US president struggle to stay on-topic and remain cogent throughout the three-hour conversation. Trump repeated much the same rhetoric he has used throughout his campaign — including suggesting that the US is battling an “enemy from within” and reiterating the false claim that he was the winner of the 2020 US presidential election.

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