Good afternoon, all. It’s another cold day here in the capital as we inch closer to the end of the fall season and prepare to welcome one chilly winter.

THE BIG STORY TODAY-

Remittances from Egyptians working abroad more than doubled y-o-y in September to hit USD 2.7 bn, according to a central bank statement (pdf). This brings total remittances during the first nine months of the year to USD 20.8 bn, up from the USD 14.6 bn recorded during the same period last year. Remittances surged 84.4% y-o-y to USD 8.3 bn during 1Q of the FY 2024-25.

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 a mixed afternoon for the international business pages: Reuters remains fixed on the outcome of COP29, while the Financial Times is reporting on UniCredit’s EUR 10 bn offer for Banco BPM in a move that could “consolidate Europe’s fragmented banking industry.” Bloomberg brings us coverage of the impact of US president-elect Donald Trump’s pick for Treasury Secretary on markets — the USD saw its biggest decline in weeks and stocks and treasuries rose.

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

  • The International Finance Corporation’s (IFC) Africa head Sérgio Pimenta’s trip to the country is making the headlines, with the private-sector focused World Bank Group member helping launch the country’s first ever sustainability bond issuance, providing green financing for Orascom Development in El Gouna, and an on-lending package to CIB to fund local SMEs.
  • That new iPhone you’ve been saving up for might just be about to get a whole more expensive: Unregistered imported mobile phones could be subject to customs and tax fees totaling 37.5% — including a 5% development fee tax — as part of incoming government regulations to support the country’s mobile phone manufacturing localization efforts.
  • Egypt’s first SPAC makes its EGX debut: Impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME) made its EGX debut yesterday.

☀️ TOMORROW’S WEATHER- The cooler and windier days are set to continue, with tomorrow’s mercury reaching a high of 20°C and a chilly low of 13°C in the capital, according to our favorite weather app.

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