Good morning, folks, and welcome to the start of the week. It’s a relatively slow start to the week, which is a welcome break after last week’s flurry of local business that just kept on coming.

PSA-

WEATHER- Expect a windy day in Cairo, while temperatures are set to start falling, with a high of 22°C, a low of 15°C, and a strong chance of light-medium rain this morning, according to our favorite weather app.

It’s also getting a whole cooler in Alexandria, with a high of 19°C, a low of 14°C, a chance of light rain, along with high winds in the Mediterranean potentially causing maritime disruption.

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WATCH THIS SPACE-

#1- The government is planning to slash customs clearance times to two days by 2025, Investment Minister Hassan El Khatib said at a presser on the ministry’s plan to improve the country’s investment and trade climate. The first phase of the plan will see custom clearance times reduced to four days, followed by the targeted two, which will help increase the country’s competitiveness in investors’ eyes and reduce logistical costs, according to El Khatib.

#2- “For EGP 100, you will get EGP 70 in credit, today, tomorrow, and the day after,” Cairo Chamber of Commerce’s mobile phone division Vice President Walid Ramadan told Amr Adib in response to earlier reports that the charges for recharging mobile phones and internets were to be increased (watch, runtime: 5:22). Ramadan explained that any potential price increase will be in the call or mobile data rates and not in the card price.

HAPPENING TODAY-

The International Finance Corporation’s (IFC) Africa head Sérgio Pimenta is landing down in Egypt today, with the official set to meet with senior government officials — including Prime Minister Moustafa Madbouly and Planning and International Development Minister Rania Al Mashat — to discuss the country’s state asset privatization program, the organization said in a note to the media.

Remember: The IFC was tasked with giving “technical assistance and advisory support” on the state’s privatization program in an agreement inked last year. The two have been assessing an additional 50 state-owned companies to include in the privatization program to determine which sectors would be more attractive and lucrative.

Pimenta will also be meeting with leaders in the private sector and sign climate finance, sustainable tourism, and MSME finance agreements, the statement said, without adding any further details.

HAPPENING TOMORROW-

#1- Time is running out for institutional investors to buy up a piece of United Bank, with the bank’s private placement on the EGX set to wrap up tomorrow. The placement is offering up 95% of the offered shares — equivalent to 313.5 mn shares — at EGP 15.60 a pop.

Retail investors will soon get their chance as well, after the remaining 5% of the offered up shares in the bank — totalling 16.5 mn shares — will be available to retail investors starting Wednesday and carrying on until 3 December.

The total offering could see the bank raise up to EGP 5.1 bn by floating 330 mn of its shares — equivalent to a 30% stake.

#2- Digital Nation 8 is set to kick off at the capital’s Egypt international Exhibitions Center tomorrow, with this year’s conference under the theme Towards a Digital Industrial Renaissance. The three-day Chamber of Information Technology and Telecommunication-organized event will gather leaders in tech from across the world. You can register for the event here.

IN THE SENATE-

The Senate is back in session after a two week break and will reconvene today and tomorrow to discuss a number of potential amendments to three different laws.

#1- The Senate will vote on a bill that aims to tighten restrictions on those aiming to join the importers registry, stipulating that those aiming to join the register should have a capital of at least EGP 500k, and for limited liability companies to have a paid up capital of at least EGP 2 mn. The stated purpose of the bill is to protect local industries and stabilize prices in the local market.

#2- The Senate will also vote on a bill that aims to rebuild and expand the national maritime fleet as a means of boosting Egypt’s commercial maritime capacity.

#3- There will also be a vote on a bill that would make it easier for vessels to acquire Egyptian nationality as part of efforts to promote the country as a hub for trade and logistics. Egyptian nationality will not be limited to individuals and official entities, but will also come through renting and leasing.

What next? Once approved, amendments to the three bills will be referred to the House for a final discussion and vote.

THE BIG STORY ABROAD-

As is often the case on Sundays, there’s no single story driving the conversation in the international press this morning, although news of US president-elect Donald Trump’s pick for Treasury Secretary, along with governments’ reactions to the International Criminal Court (ICC) issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu pushed business news a bit further down the front pages.

Donald Trump named Scott Bessent as his Treasury Secretary, following a “drama-filled” process with several prominent candidates, including businessman Howard Lutnick and financier Kevin Warsh, vying for the position. Bessent would succeed Janet Yellen in running the department that manages the country’s finances, tax agency, and the Internal Revenue Service. He is currently the CEO and chief investment officer of New York-based hedge fund Key Square Capital Management. Bloomberg | Financial Times | Reuters | CBS News | Wall Street Journal

MEANWHILE FROM COPLAND- COP29 wrapped with an agreement on a USD 300 bn per year global climate finance target following two weeks of high-stress negotiations. The agreement — which will earmark the funding to help developing nations cope with climate change — triples a previous climate finance target, although the USD 100 bn goal was met two years late. Developing nations, however, are criticizing the new target as insufficient. Reuters | Bloomberg

Where Netanyahu is and isn’t welcome: Ireland’s Prime Minister Simon Harris confirmed Netanyahu would be arrested if he entered the country. Canada, Belgium, and Spain pledged to enforce the warrants. Germany said its “Nazi history” makes it “hard to imagine” that it would comply with the warrants, while Hungary, Czech Republic, and Argentina also said they would not comply. France acknowledged the warrants, but stopped short of committing to enforcement, while the UK government stated it would uphold its legal obligations under international law, though it avoided commenting on specifics. Politico | CNN | Guardian | Times of Israel | BBC

SOUND SMART- Decisions of the ICC are binding for its member states and require members to comply with arrest warrants, rulings, and sentences, as per the Rome Statute. However, the enforcement of ICC decisions, especially arrest warrants or requests for the surrender of individuals, depends on the cooperation of member states. Jordan, Palestine, and Tunisia are the only Arab state members of the ICC.

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