Good morning folks, and happy Tuesday. Buckle in for your daily shot of news and views — with a Gladiator retrospective thrown in just for fun.

THE BIG STORY TODAY-

You can start snapping up shares of United Bank tomorrow: United Bank will kick off its planned offering of 330 mn shares — a 30% stake — on the EGX tomorrow, with the bank offering shares for up to EGP 15.6 a pop, according to a bourse statement (pdf). The first tranche will see 313.5 mn shares — 95% of those on offer — made available for private placement beginning tomorrow and running until 25 November. The remaining 16.5 mn shares slated for the public offering will be up for grabs between 27 November and 3 December.

PLUS- Fitch Ratings upgrades four local banks’ credit ratings: Credit ratings agency Fitch has upgraded the credit ratings of the four Egyptian banks within its purview, including the National Bank of Egypt, Banque Misr, CIB, and Banque du Caire. The upgrades come on the heels of Egypt’s recent sovereign credit rating upgrade and reflect “the strong correlation of the banks’ creditworthiness with that of the Egyptian sovereign, given the banks’ significant sovereign exposure,” according to Fitch.

THE BIG STORY ABROAD-

The international press is all over the shop this afternoon, with aid pledges to the developing world at the G20, rumblings of potential ceasefire negotiations in Lebanon, and a seemingly endless stream of new Trump administration appointees gracing international headlines.

Over in Russia, Putin is upping the nuclear ante amid rising tensions with the US: Russian President Vladimir Putin has lowered the bar for launching nuclear strikes after reports surfaced of US-approved Ukrainian missile attacks into Russian territory, Reuters reports. The Kremlin’s updated nuclear doctrine would allow nuclear retaliation against conventional threats to Russia’s or Belarus’s sovereignty, marking a stark shift from Russia’s previous policy announced in 2020, which reserved the use of nuclear weapons for responses to nuclear attacks or conventional attacks that threatened the existence of a state.

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

  • Modon Holding taps Hassan Allam Holding for Ras El Hekma construction projects: Hassan Allam Holding inked an MoU with Abu Dhabi wealth fund ADQ portfolio company and Ras El Hekma project master developer Modon Holding to cooperate on projects in the “infrastructure, energy, and water and wastewater treatment, and special building” sectors.
  • CBE to stay the course, analysts tell EnterpriseAM: The Central Bank of Egypt is expected to leave interest rates unchanged when it meets on Thursday, amid persistent inflationary pressures driven by rising fuel prices as well as continuing geopolitical tensions in the region.
  • Another EGX debut is in the works: Local real estate developer Al Ahly Sabbour is looking to list some 20-25% of its shares on the EGX, with the company expecting to tap an advisor in early 2025.

☀️ TOMORROW’S WEATHER- Another day, another degree increase in our temperatures. We’ll be seeing a high of 26°C and a chilly low of 16°C, according to our favorite weather app.

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