Good afternoon, friends, and happy Thursday. We wish you a warm weekend filled with family and friends.

THE BIG STORY TODAY

Egyptian-Chinese venture in the works for a USD 360 mn tire plant: An unnamed Chinese company plans to set up a tire plant in Egypt with initial investments of USD 360 mn, Asharq Business reports, citing what it says are two informed sources. The project is set to be established in partnership with the Arab organization for Industrialization (AOI), which will own 48% of the joint venture and will provide the land for the factory, while the Chinese company will own the remaining share and will be responsible for securing the financing. The plant is expected to start operations by the end of 2025, with an annual capacity of 6 mn tires in its first phase and 12 mn tires eventually.

THE BIG STORY ABROAD

A free-reign second term awaits the US President-elect Donald Trump, political analysts argue. Many have been calling this year’s elections a repeat of 2016, but experts are anticipating that it was just a taste of the limits of Trump’s power. The past eight years has seen the formation of a conservative-leaning judiciary seemingly primed to accept Trump as the 47th US president, with the few congressional Republicans that criticized him being replaced by those who view him favorably.

While Democrats still have a chance to clinch control of the House, allowing them to block legislative moves by his administration, the ongoing elections seem to be favoring a Republican majority, currently with 206 seats compared to the Democrats’ 191. The parties need 218 seats for a majority advantage. The Senate is also predicted to be Republican-heavy, with the party expected to secure between 52 and 57 seats out of the available 100. (Reuters | AP)

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

  • The revamped privatization program is around the corner: Investment Minister Hassan El Khatib will unveil the revamped privatization program before the end of the month.
  • Fuel subsidies soared in 1Q FY 2024-25: The Madbouly government spent EGP 28.5 bn on fuel subsidies in 1Q of the current fiscal year, marking a 232% increase from the EGP 8.6 bn spent during the same period last year.
  • CBE resumes USD access for car importers: The Central Bank of Egypt has instructed banks to begin processing car importers’ requests for USD-denominated letters of credit, ending a six-month halt.

☀️ TOMORROW’S WEATHER- The mercury will be dropping a degree below the sudden rise in temperatures, and we’ll be seeing a high of 28°C and a low of 18°C in the capital tomorrow, according to our favorite weather app.

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