Good afternoon, folks, and welcome to the second day of an already pretty busy week for local business, finance, and economy news.

THE BIG STORY TODAY

Another Chinese auto factory is in the works: China’s state-owned BAIC Group has inked an agreement with local agent Alkan Auto to establish an EV factory with the start of production penciled in for the end of 2025, according to a statement from the Industry Ministry. The factory will launch an annual capacity of 20k vehicles and ramp up production to 50k units by the end of its fifth year.

Remember: The Madbouly government has been working to localize the auto industry, introducing the Egyptian Automotive Industry Development Program (AIDP) in 2022, which will offer incentives to auto players with the aim of localizing the industry and its feeder industries, with the aim of enhancing the country’s existing assembly and manufacturing capabilities — and of encouraging new investment to the sector.

THE BIG STORY ABROAD

The US presidential election is once again dominating the day’s news, with a strikingly racist and inflammatory rally at New York’s Madison Square Garden for the Republican hopeful catching the attention and concern of much of the commentariat. With just over seven days to go until the election, Trump is doubling down on increasingly authoritarian and right-wing talking points — pledging to conduct the “largest deportation program in American history” and appearing alongside a comic that described Puerto Rico as a “floating island of garbage” in his appearance at the event.

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

  • Egypt to float three potential adjustments the IMF could make to our loan agreement: Government officials told EnterpriseAM that Egypt will present three scenarios to the IMF when the fund boss Kristalina Georgieva visits the country next week, including: extending the timeline for implementing reforms, having a year to carry out a stimulus package and pause energy price hikes, or securing additional IMF funding.
  • United Bank is going public before year end: Central Bank of Egypt-owned United Bank will be going ahead with plans to float 330 mn of its shares — equivalent to a 30% stake — on the EGX before the end of the year.
  • The Deloitte Innovation Hub has landed in Cairo: Global consulting firm Deloitte has kicked the tires on its new innovation hub in Cairo yesterday, pledging a three-year USD 30 mn investment to employ 5k of the country’s “top-tier talent” in several service export sectors.

☀️ TOMORROW’S WEATHER- The weather is slowly cooling down this week, with a high of 29°C and a low of 19°C in the capital tomorrow, according to our favorite weather app.

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