Good morning, all. In a refreshingly slim issue of EnterpriseAM this morning, we’ve got news that a local currency sovereign sukuk is in the works, news of yet another Chinese auto factory, United Bank’s retail tranche kicking off, and much, much more.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.

PSA-

WEATHER- Cool weather continues in Cairo today, with a high of 20°C and a low of 15°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 20°C, a low of 15°C, and spots of rain throughout the day.

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HAPPENING TODAY-

#1- Retail investors will have the chance to buy up a piece of United Bank in the offering’s retail placement set to begin later today and run until 3 December. Retail investors will be able to pick up 5% of the offered up shares — totalling 16.5 mn shares — in the bank.

The bank’s private placement that wrapped earlier this week was 6x oversubscribed, AlMal reported. The placement offered up 95% of the offered shares — equivalent to 313.5 mn shares.

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

#2- It’s day two of Egypt Energy, which wraps up tomorrow. The event — promoted as North Africa’s largest energy gathering — will bring together local and international energy companies from the entire energy value chain from energy storage to transmission and renewable along with government officials from at home and the region. In addition to the 10k attendees and 180 exhibitors, 70 speakers are also booked to take part in the show’s conference.

Day one of the conference saw SCZone head Walid Gamal El Din deliver a keynote address, wherein he emphasized the SCZone's commitment to continue advancing the localization of green energy production by strengthening partnerships with all those involved in its production, according to an SCZone statement.

#3- It’s the third and final day of the Federation of Egyptian Industries-organized International Manufacturing Convention and Exhibition at Cairo’s Al Manara International Conference Center.

Day two of the event saw President Abdel Fattah El Sisi meet with the heads of a number of major international companies taking part in the event, with the president discussing Egypt’s “keenness to exert all efforts to stimulate the industrial sector, with the aim of localizing the industry,” according to an Ittihadiya statement. El Sisi also mentioned specific key sectors the state has earmarked for localization, including “providing water desalination and recycling requirements, to support relevant national projects.”

DATA POINT-

Egypt is looking to raise the industrial sector’s contribution to the country’s total GDP to 20-30% from its current 14%, Prime Minister Moustafa Madbouly said. He also highlighted the government’s plan to up the local component ratio in the industrial sector to 70-80%, up from no more than 40-50% at the moment.

DEBT WATCH-

The CBE sold EGP 443 mn worth of 3-year, fixed-rate, EGP-denominated treasury bonds — out of total EGP 10.5 bn in submitted bids — in Monday’s auction as investors demanded higher yields, according to data from the Central Bank of Egypt. The 29 bids on offer carried yields ranging from 24.1% to 32.0%, with the four accepted bids carrying a weighted average yield of 24.1%.

CIRCLE YOUR CALENDAR-

This year’s Food Africa Expo is set to take place between 3-5 December, with the event set to take place at the Egypt International Exhibition Center. The three-day event will bring together wholesalers, distributors, and retailers in food and beverage industries from countries across the world. You can register on the event’s website.

Premium Healthcare’s extraordinary general assembly to vote on acquisitions next month: Premium Healthcare’s — formerly City Lab — extraordinary general assembly will meet on Thursday, 19 December to discuss and vote on a number of previously announced acquisitions, according to an EGX disclosure (pdf). The ten acquisitions have a combined price tag of EGP 1.7 bn.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

CORRECTION #1- We mistakenly referred to Souhoola as CI Capital’s consumer finance firm in yesterday’s issue of EnterpriseAM Egypt — the firm operates under Banque Misr. The story has been amended on our website.

CORRECTION #2- In yesterday’s issue of EnterpriseAM Egypt, we mistakenly reported that Concrete Fashion Group got the greenlight from the Financial Regulatory Authority to convert all its shares in subsidiaries Swiss Garments and Cristall for Making Shirts into indirect ownership. The move is still pending the necessary approvals from the FRA and other relevant entities. The story has been amended on our website.

THE BIG STORY ABROAD-

Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.

Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.

Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times

*** 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 the latest in fraudulent activities as broken down in Visa’s new payment threats report.

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