Good morning, all. It’s a lighter news morning as we reach the final hump day of October.

WATCH THIS SPACE-

#1- Kouchouk strikes optimistic tone ahead of fourth IMF loan review: Speaking in a briefing yesterday, Finance Minister Ahmed Kouchouk said that while in Washington for the IMF and World Bank’s annual meetings he had expressed the government’s expectation that it would have “positive and constructive discussions” with the Fund during the fourth review of our loan program. The review — which if successfully passed will unlock USD 1.3 bn in funds — had been previously expected to commence after the IMF annual meetings wrapped up this past Saturday. We’re now waiting for IMF boss Kristalina Georgieva to land in Egypt “see for herself what is happening in the country” and possibly discuss program adjustments with government officials.

#2- United Bank’s IPO roadshow next month? CI Capital — the firm managing United Bank’s initial public offering — is planning to conduct a roadshow for the 30% stake of the lender going public next month, Al Borsa reports, citing unnamed sources. The promotional tour for the offering will cover several countries in the Gulf — including Saudi Arabia, the UAE, and Kuwait — to attract investors for the bank's private placement, which is set to account for around 25% of the bank’s total share capital, with the remaining 5% allocated to the public offering.

#3- Sole proprietorships could be allowed to go public soon: The EGX is considering allowing sole proprietorships to be listed and traded on the bourse without having to become joint-stock companies — a change that would require an amendment to the Capital Market Act, Al Borsa quotes EGX boss Ahmed El Sheikh as saying.

#4- There might be a new Emirati industrial zone coming to the new capital, with the Administrative Capital for Urban Developments (ACUD) set to ink an MoU with an unnamed company from the UAE for a 500-feddan project in the coming days, ACUD Chairman Khaled Abbas told CNBC Arabia.

A Turkish zone may also be in the cards: ACUD is also in negotiations with a Turkish company over a similar project, Abbas told Al Borsa.

And that’s not all: The company will offer more industrial land mid-2025 seeing as demand for land plots exceeded the 2k feddans initially offered, Abbas said.

Where does the company’s many times delayed IPO stand? “We are close to selecting a financial advisor to revaluate the company,” Abbas said, adding that based on the revaluation the company will decide between floating either the parent company or one of its subsidiaries.

ACUD’s current valuation? The company had a valuation of EGP 280 bn before the float and it is yet to be evaluated post float, he told Al Arabiya, adding that its current valuation could be around EGP 900 bn.

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DATA POINT-

Pharma sales saw a 50% y-o-y increase in 3Q 2024, to reach some EGP 60 bn, Al Arabiya reports, citing unnamed sources from the Federation of Egyptian Industries’ pharma division, who pointed to the increase in prices after pharma players were given the greenlight to hike prices by an average of 25%.

HAPPENING TOMORROW-

#1- CEO Women Conference will kick off tomorrow in the capital: The CEO WomenConference will take place tomorrow under the theme The Future of Healthcare in Egypt. The conference will highlight women's role in healthcare, the global focus on public health, and the role of AI in healthcare. The event — which will be held at the Four Seasons Hotel — will also debut the Entrepreneur Zone, a platform that will allow female entrepreneurs to showcase their innovative projects, connect with investors, and build valuable partnerships.

#2- Attention, real estate players: The Decision Makers Conference will kick off tomorrow, bringing together 500 attendees and over 30 speakers to discuss the country’s real estate sector. The conference will host sessions on urban development strategies, attracting foreign investment, and the current challenges and promises of Egypt's real estate industry with input from leading public and private sector players.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 27°C and a low of 18°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 25°C and a low of 19°C.

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CIRCLE YOUR CALENDAR-

#1- We just got some more details on the UN’s World Urban Forum, set to take place in Cairo from 4-8 November: The forum — expected to draw around 20k participants from 185 nations — will focus on “localizing the sustainable development goals” under the theme It All Starts at Home: Local Actions for Sustainable Cities and Communities.

What to expect: The forum will include 31 sessions, 27 of which will see Egyptian officials participate, according to a statement. The sessions on Egypt will focus on national project financing and future investment opportunities, while the forum’s exhibition will provide government agencies and real estate developers space to inform visitors about ongoing and upcoming projects.

Registration for the event is available on the forum’s website.

#2- Africa’s top auto aftermarket and feeder industries exhibition is coming to town: The capital will host Autotech 2024, “he premier hub that brings together the biggest industry professionals in the automotive aftermarket and feeding industries,” on 17-19 November and welcome over 9k attendees and over 300 exhibiting companies. The event is also being billed as a chance to network with others in the sector, hold B2B meetings, and see leading figures in the industry speak. Check out the conference’s agenda and find the link to register on the event’s official website.

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

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press today, as the situation in Gaza looks increasingly dire and the US elections race continues to heat up.

Israel has moved to ban UNRWA from the country, effectively barring humanitarian aid from the largest aid provider to Gaza and the Palestinians. Several countries — including Germany, the UK, and Belgium — condemned the move. (The Guardian | CNN | Reuters | AP)

Uncertainty over the prospects of a ceasefire continues: Israeli Prime Minister Benjamin Netanyahu said he is open to a short truce in Gaza if they could agree on a small hostage swap agreement, though he also denied having received a proposal from Egypt, saying if he had, he would have accepted it on the spot. Egyptian President Abdel Fattah El Sisi had said a day earlier that he had proposed a two-day ceasefire to exchange hostages, ahead of a 10-day stretch of negotiations for a permanent ceasefire. (Bloomberg | Reuters)

Meanwhile, Netanyahu is pledging to strike more peace agreements with Arab countries in the “day after” the war, Reuters reports.

The situation on the ground: Palestine’s emergency services have warned of 100k Palestinians trapped in Jabalia without food or medical supplies, while in Lebanon, at least 60 were killed in the eastern Bekaa valley yesterday.

The Donald is appealing to religious voters in swing state Georgia as early votes kick off, while Kamala Harris doubled down on her criticism of Trump following a rally of his that saw speakers make racist remarks against Puerto Rico. (Reuters)

IN BUSINESS NEWS- Rivalry between Big Tech heats up: Microsoft is accusing Google of backing a lobbying group designed to undermine its position with competition authorities and that it runs shadow campaigns against Microsoft, while the coalition — the Open Cloud Coalition — claimed it was focused on openness in cloud services, and Google claimed Microsoft is engaging in anti-competitive practices. (Financial Times)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’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 take a look at Egypt’s progress toward achieving the UN’s sustainable development goals — with a particular focus on those that relate to sustainability and the environment.

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