Good morning, folks, and a happy Sunday to you all. The week is already off to a busy start with plenty of news of big-ticket local investments, climate finance initiatives, auto localization efforts, macro updates, and more making sure that that morning’s issue of EnterpriseAM is full to the brim.

We’ve still got a whole week ahead of us that also promises to be flush with important news, with the G20 Summit set to kick off tomorrow, the IMF to wrap its fourth review any day now, and the central bank meeting at the end of the week to decide our interest rate path ahead.

PSA-

WEATHER- It’s another November day in Cairo today, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s a few degrees cooler in Alexandria, with a high of 23°C, a low of 15°C, and a chance of light to moderate rain across the country’s Mediterranean coast.

** 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.

HAPPENING THIS WEEK-

#1- IMF to wrap its fourth review of the country’s loan program this week: The International Monetary Fund mission that is in Cairo is set to complete the fourth review of Egypt’s USD 8 bn loan program this week, Prime Minister Moustafa Madbouly said during his weekly presser. The review, if given the final thumbs up from the Fund, would enable Egypt to unlock USD 1.3 bn in funds — the largest tranche from the IMF to date.

#2- The G20 Summit in Brazil will kick off tomorrow: Egypt will be in attendance at this year’s G20 Leaders’ Summit in Rio de Janeiro set to formally begin tomorrow and wrap up the day after as a guest nation. Egyptian officials were in Brazil last week for the preparatory meetings preceding the summit and signaled their desire to highlight challenges facing emerging markets through monetary, financial, and trade reforms

#3- It’s the second and final day of Destination Africa being held at Cairo’s Royal Maxim Palace Kempinski. This year’s edition of the “annual international pan-African B2B sourcing event for the textile industries in Egypt” brings over 100 textile, garment, and home furnishings manufacturers from Egypt and Africa, the Investment Ministry said in a statement out yesterday. The exhibition, hosting 200 international buyers, is one of the keys to boosting exports and cementing Egypt’s role as a trade hub for Africa, Investment Minister Hassan Al Khatib said yesterday during the event’s inauguration.

#4- Africa’s top auto aftermarket and feeder industries exhibition is just about to launch in the capital: Cairo will host Autotech 2024, “the 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.

#5- It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee (MPC) will meet on Thursday to decide the country’s interest rate path ahead. The committee has left rates unchanged for four consecutive meetings this year, since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after.

WATCH THIS SPACE-

#1- Egypt is now a member of the Baku Initiative for Climate Finance, Investment, andTrade unveiled at COP29: Egypt has joined the initiative — which includes FDI, trade, and green freezones within the frame of climate finance — to further its climate finance efforts and push towards achieving the country’s Nationally Determined Contributions, Planning and International Cooperation Minister Rania Al Mashat said at COP29 that is currently being held in the Azerbaijani capital, according a statement from the ministry.

#2- South African investments incoming: Eight South African companies are set to enter the Egyptian market with USD 200 mn in investments, Commercial Representation Service head Yahya Al Wathiq Billah told Asharq Business without providing a timeline of when we can expect these investments to trickle in.

The comments followed joint talks in Cairo between the two countries, which saw Foreign Ministers Badr Abdelatty and his South African counterpart Ronald Lamola aligning on trade, African integration, water security, and pressing regional issues including the situations in Gaza, Sudan, and Libya, according to a Foreign Ministry statement. The talks, a follow-up to an earlier joint committee, focused on Egypt’s mediation efforts for a Gaza ceasefire and ongoing legal action at the International Court of Justice over Israeli violations.

AT THE HOUSE-

The House is back in session: MPs will reconvene today through Tuesday to pick up discussions on the amended criminal procedures draft law, review a new refugee draft law, and hear from ministers on housing and development plans.

Refugees are today’s topic of discussion: The House will today discuss a government-drafted law that aims to establish a legal framework for refugees’ status, rights and obligations. The bill proposes creating a permanent committee for refugee affairs to handle all refugee-related matters, including managing data and statistics.

And tomorrow, the House will explore urban development plans: MPs will hear from Housing Minister Sherif El Sherbiny on Monday as he lays out plans to tackle urban expansion, scale up fourth-generation cities, resolve building violations, and boost housing programs. On Tuesday, Local Development Minister Manal Awad will address reforms for local units and strategies to curb land violations.

DATA POINT-

The National Industrial Strategy aims to boost the industrial sector's contribution to the country’s GDP from to 20% by 2030 from 14% currently, raise the green economy's share to 5%, and double industrial sector employment from 3.5 mn to 7 mn, Deputy Prime Minister and Industry and Transport Minister Kamel El Wazir said during the prime minister’s weekly presser. It also focuses on enhancing workers' skills, supporting small factories and integrating them into the formal economy.

THE BIG STORY ABROAD-

The front pages of the international press are mixed this morning, although US President Joe Biden’s meeting with China’s Xi Jinping yesterday is getting ink. The two presidents — who met in Lima on the sidelines of the APEC Summit — discussed the path forward for their countries’ ties as Donald Trump returns to the Oval Office next year. China is ready to work with Trump to maintain “a stable, healthy, and sustainable” relationship with the US, even as Trump plans to impose 60% tariffs on US imports of Chinese goods. The two countries’ relationship is also at risk of becoming fraught as Trump puts together his cabinet, nominating several figures who are known to be hawkish on China. The meeting was covered by Reuters | Bloomberg | Associated Press | Financial Times | Wall Street Journal | New York Times

ALSO WORTH READING- Bloomberg’s Weekend Essay looks at what the introduction of generative AI means for the career ladder in many white collar professions. In many sectors, “entry-level grunt work” — which is both seen as part of the process and can teach employees basic yet critical skills — is now something within genAI’s abilities, raising questions about how the “basic logic” for career progression will change.

Tags: