Good morning, all, and welcome to an usually busy news day. Squeezed into today’s packed issue is good news for those banging the localization drum as yet another Chinese automaker eyes starting local production, offshore energy acquisitions, big-ticket investments, and more. Space is at a premium in today’s issue, so let’s jump right in.

PSA-

WEATHER- Fall weather continues in Cairo today, with a high of 25°C and a low of 18°C, according to our favorite weather app.

It’s much the same in Alexandria, with a high of 25°C and a low of 16°C.

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HAPPENING TODAY-

Madbouly is in Azerbaijan for COP29: Prime Minister Mostafa Madbouly and Environment Minister Yasmine Fouad landed in Azerbaijan last night to represent President Abdel Fattah El Sisi at the high-level segment of COP29, which runs today and tomorrow, according to a cabinet statement.

DEBT WATCH-

The CBE sold USD 1.6 bn worth of t-bills: The Central Bank of Egypt has accepted bids worth USD 1.6 bn in USD-denominated, one-year t-bills yesterday, with an average yield of 4.5%, according to its website. The auction marks the first USD-denominated t-bill auction for the current fiscal year.

ICYMI: The decision to hit the bond market comes just one day after the country repaid some USD 1.3 bn in USD-denominated bonds for a tranche of bonds issued back in 2016.

DATA POINT-

Remittances from Egyptians working abroad increased 65.6% y-o-y in August to hit USD 2.6 bn, according to data from the Central Bank of Egypt. This brings total remittances through the first eight months of the year to USD 18.1 bn, a 36.4% y-o-y increase from the USD 13.3 bn recorded in the same period last year.

Remember: Egyptians abroad have started sending more of their remittances through official channels after the float of the EGP put an end to the parallel market that had pushed remittance flows through unofficial channels. Remittances are an important source of FX for the country and the state is working to increase flows by 10% each year to reach USD 53 bn by 2030.

THE BIG STORY ABROAD-

It’s another morning where the international news cycle is broadly led by US president-elect Donald Trump as he starts working on the cabinet that will kick off his second stint at the White House.

Among the highlights: Trump tapped Florida Rep. Mike Waltz, who is a war veteran, to be his national security adviser and take on a portfolio that includes Russia’s war with Ukraine, Israel attacking multiple countries at the same time in a multi-front military campaign, and rising military buildup in China, among others, the Wall Street Journal reports. The president-elect also picked New York Congresswoman Elise Stefanik as the US’ ambassador to the UN and immigration hardliner Tom Homan as “border czar” to oversee border crossings and deportations, according to the WSJ. Meanwhile, Susie Wiles will be chief of staff, Reuters and the New York Times report. The Associated Press and Reuters also have rundowns of who’s been selected and the other candidates Trump is currently considering.

GAZA UPDATE- Israel killed another 37 Palestinians in Gaza in the past 24 hours, including seven near Khan Younis and 20 people in Nuseirat, “including some in a tent encampment,” Reuters reports.

Meanwhile, US-mediated talks for an Israeli ceasefire in Lebanon are “making progress,” despite Qatar recently saying that separate talks for a ceasefire in Palestine have stalled. Israeli Foreign Minister Gideon Saar has pointed to Russia as a potential part of enforcing the ceasefire in Lebanon by mitigating the flow of weapons to Hezbollah through Syria. Reuters, Bloomberg, and the Guardian have the story.

*** 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 look at how far Egypt’s efforts to reduce oil sector emissions have come.

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