Good morning, friends. It’s another busy day for local business news, full of big-ticket investments, auto industry localization, and even government repudiations. We’ve just about squeezed everything into today’s issue, so let’s get started straight away.

FACT CHECK-

Government calls out reports that it asked the IMF to increase its next disbursement as false: “There is no truth” to media reports yesterday claiming that Egypt has requested the International Monetary Fund increase its next loan disbursement to the country, Egyptian representative to the IMF and Central Bank of Egypt Governor Hassan Abdallah said in a statement seen by EnterpriseAM.

ICYMI: Local media picked up a report yesterday citing anonymous government sources claiming that Egypt has reportedly asked the Fund to increase its next disbursement under its USD 8 bn loan program to USD 2 bn — USD 700 mn more than the originally agreed upon USD 1.3 bn.The tranche in question is set to be disbursed once the IMF completes its ongoing fourth review and is already set to be the largest Egypt has received from the program to date.

PSA-

WEATHER- Autumn weather continues in Cairo today, with a high of 26°C and a low of 17°C, according to our favorite weather app.

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

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

#1- Gov't rolls out 15% interest rate loans for manufacturers: The government has approved offering manufacturers loans at a subsidized 15% interest rate to purchase equipment and production materials, according to an Industry Ministry statement. The Industrial Development Authority is working with the Federation of Egyptian Industries to prioritize which sectors will receive the loans first, according to Industry Minister Kamel El Wazir.

#2- Local healthtechs on course for a fresh round of Emirati investments? Abu Dhabi’s AI-focussed healthtech M42 — a joint venture Abu Dhabi sovereign wealth fund Mubadala and Abu Dhabi AI firm G42 — is in talks with Egyptian firms — along with those in Indonesia, Malaysia, and India — as part of its strategy to expand its AI-powered healthcare solutions, CEO Hasan Jasem Al Nowais told Bloomberg.

COP WATCH-

Egypt can only hit its climate targets if it receives more financial support, Madbouly says: Prime Minister Moustafa Madbouly said at the ongoing COP29 conference in Azerbaijan that Egypt will only be able to achieve its target of 42% renewables by 2030 and other climate targets if it does not start receiving “the support required to implement” them, according to a cabinet statement. As with other developing countries, Nationally Determined Contributions will not go beyond “ink on paper” if more funding does not materialize, Madbouly continued.

We’ve got a long way to go: Renewable energy made up some 11.5% during the past fiscal year and is forecast to make up some 13.8% during the current fiscal year. And the government sees renewables making up 18.6% of Egypt’s total energy mix by the fiscal year 2026-2027.

HAPPENING NEXT WEEK-

Egyptian officials are already in Rio for the G20 Summit set to kick off next week: The country’s presidential representative to the G20 and Brics, Ragy El Etreby, and other senior officials are in Brazil for preparatory meetings preceding the G20 Summit scheduled for 18-19 November, according to a Foreign Ministry statement. The delegation highlighted the need to adopt measures that would alleviate challenges facing emerging markets through monetary, financial, and trade reforms.

CIRCLE YOUR CALENDAR-

1- Atlas shareholders now have until 26 November to respond to Amoun’s MTO: The Financial Regulatory Authority has extended Amoun for Real Estate and Tourism Development’s mandatory tender offer (MTO) for 65.59% of Atlas For Investment and Food Industries by ten working days, giving Atlas shareholders until 26 November to decide, according to an EGX disclosure (pdf).

Remember: Amoun has offered to purchase around 427.2 mn of Atlas’ shares for EGP 0.78 a piece, putting the transaction’s value at EGP 333.22 mn by our math. Amoun will need to acquire a minimum 51% stake of the target company for the offer to go through.

#2- Egypt-Azerbaijan joint committee to meet in 1Q 2025: Egypt and Azerbaijan are set to convene a joint committee aimed at strengthening bilateral cooperation on trade and investment in 1Q 2025, according to a cabinet readout of a meeting between Prime Minister Moustafa Madbouly and his Azerbaijani counterpart Ali Asadov on the sidelines of the COP29 climate summit. Madbouly also reportedly suggested that the two sides hold a business forum on the committee’s sidelines to discuss investments in priority areas like energy, transport, and the pharmaceutical industry.

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 another morning of the international press keeping track of the cabinet positions US president-elect Donald Trump is filling in before his term begins in January. The rundown:

AND- Elon Musk and Roivant Sciences founder Vivek Ramaswamy are leading what Trump is calling the Department of Government Efficiency. Musk’s appointment comes after the Tesla CEO endorsed Trump’s presidency bid and ran a lottery pool for voters to encourage turnout. (Reuters | Bloomberg | Wall Street Journal | CNBC)

KEEPING TABS- Politico is keeping a running tab on the positions filled so far in Trump’s cabinet, while the Financial Times notes that the incoming president looked to loyalists to fill key positions, including Hegseth and Ratcliffe.

CLOSER TO HOME- The CEO of Saudi Arabia’s Neom megaproject, Nadhmi Al Nasr, left his role after six years in the position. Al Nasr — whose departure is being described as “abrupt” — is being replaced temporarily by the Public Investment Fund’s head of local real estate, Aiman Al Mudaifer. The leadership change will “ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the Neom board said in a statement. The story is also getting ink from Bloomberg and the Wall Street Journal.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at what Egypt is doing to make its ports smarter in efforts to transform its logistics landscape.

Tags: