Good morning, friends, and happy Thursday to you all. We have another busy issue for you this morning as we wrap up one very eventful week, between Egypt’s fourth IMF loan review kicking off, promises of an imminent announcement of a revamped privatization program, and Trump’s reelection.

WATCH THIS SPACE-

Gov’t set to expand PPP offerings with 11 new projects: The government is planning to launch 11 new tenders for investments under the public-private partnership (PPP) model, with targeted investment costs totaling EGP 62 bn, a government source told EnterpriseAM. The offerings come as the government seeks to expand private sector involvement in projects prioritized in the government’s investment plan, the source added.

Five projects have already gotten the greenlight: The PPP Supreme Committee has approved five projects with investments totaling EGP 35.4 bn, with tenders set to be launched soon. These projects include electricity distribution networks, a wastewater treatment plant, a wholesale markets project, and the second phase of the PPP education program.

The rest are pending approval: The six remaining projects are awaiting committee approval. These include projects for water recycling and industrial wastewater treatment.

Adding to our existing slate of PPPs: The source noted that ten contracts with a total of EGP 20 bn in investment costs have been signed this year under the mechanism, including a project to develop strategic goods warehouses, the Tenth of Ramadan dry port, and a solid waste recycling project.

Remember: The government is targeting USD 3.2 bn worth of infrastructure PPPs by year-end.

CAPITAL MARKETS-

Egypt’s first SPAC submits request to list: Impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME), has officially submitted a request to list its shares on the EGX, the bourse said yesterday. The SPAC plans to list 1 mn shares with a nominal value of EGP 10 per share — bringing its total issued capital to EGP 10 mn. The SPAC is in the process of finalizing its paperwork ahead of presenting it to the EGX’s listing committee.

Remember: CPME became Egypt’s first SPAC, after receiving the greenlight from the Financial Regulatory Authority (FRA) in late September. CPME will reportedly target fintech firms and NBFS players, with plans to acquire three firms upon receiving the license, according to unconfirmed reports out in July when Catalyst Partners applied for the SPAC license.

IN THE HOUSE-

Madbouly to meet with heads of House committees: Prime Minister Moustafa Madbouly is set to meet today with the heads of the House's 25 committees to discuss the fourth review of our IMF loan program currently underway, upcoming parliamentary elections, and efforts to address the ongoing drug shortage.

FROM YESTERDAY- The House’s Transport Committee approved a government-drafted amendments to the Maritime Trade Law that aim to boost Egypt's commercial maritime capacity by rebuilding and expanding the national fleet. The amendments will enable Egypt’s fleet to handle 25% of Egypt’s foreign trade and generate greater FX revenues.

DEBT-

CBE to issue USD 1.6 bn in USD-denominated t-bills next week: The Central Bank of Egypt plans to auction USD 1.6 bn in USD-denominated t-bills next week, unnamed sources told Al Arabiya.

Remember: The last time the CBE issued USD-denominated t-bills was in June when it raised just over USD 500 mn with an average yield of 5.149%.

FACT CHECK-

No official offers for Ezz Steel shares: Steel giant Ezz Steel denied receiving any official offers or ongoing negotiations for the purchase of its free-floating shares on the EGX, the company said in a disclosure (pdf) to the EGX. The company confirmed that while it received inquiries from investment banks, portfolio managers, and fund managers, no formal offers were made.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 27°C and a low of 19°C, according to our favorite weather app.

It’s a little colder in Alexandria, with a high of 26°C and a low of 17°C.

And over the weekend, expect to see a high of 27°C and a low of 18°C in the capital.

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THE BIG STORY ABROAD-

With Trump elected for another term, it’s a very politics-heavy morning in the international press. After the US presidential election results were called earlier than initially expected yesterday, Kamala Harris conceded the race to Donald Trump The current vice president’s concession is getting ink in the New York Times, Politico, CNBC, and the Wall Street Journal, among many others. The race to form the 47th US president’s cabinet is now on, with Trump vetting candidates to form his administration. The Financial Times and Politico have more.

The details: Trump secured 295 electoral votes as of this morning, way above the 270 needed to declare a winner, while Harris received some 226 votes. He is also leading the popular vote, with 71.9 mn votes, while Harris is hot on his heels with 67 mn votes.

The Republicans have also taken over the US Senate after securing majority, meanwhile the race for the House is still underway with the Republicans in the lead.

What does a second Trump administration look like? Critically, the Republican Party looks set to secure the two chambers of the Congress in addition to landing the White House, the Wall Street Journal notes. Meanwhile, the Financial Times looks at what Trump’s foreign policy will look like, as Reuters notes that the next few years is looking uncertain for some countries like Ukraine — which is unlikely to receive much support from Washington once Joe Biden’s current term in office comes to a close. The Wall Street Journal, Bloomberg, and the New York Times also get into what the second Trump presidency will likely mean for the economy and the US Federal Reserve.

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