Good morning, folks. As we near the end of the first week of December, it looks like we might be in for a busy few weeks in terms of local business, finance, and economy news until the end of the year. In today’s packed issue of EnterpriseAM, we’ve got important IPO updates, a health check for the country’s private sector, an auction first for the country, renewables financing, and more — so, let’s get started.

PSA-

WEATHER- It’s another cool and overcast day in Cairo today, with a high of 22°C and a low of 14°C, according to our favorite weather app.

Intermittent showers are forecast for Alexandria, with a high of 23°C and a low of 11°C.

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WATCH THIS SPACE-

Government to kick off the new year with a port privatization push? The government is planning on offering up stakes in its majority-owned Port Said Container and Cargo Handling Company (PSCCHC) and Damietta Container and Cargo Handling Company (DCHC) on the EGX during the first quarter of 2025, informed sources told AlMal. PSCCHC’s offering is expected by February, with DCHC’s slated to kick off by March or April at the latest, the sources note.

The sources expect the government to offer 20-25% stakes in each company, with the IPO’s private placement focused on attracting major companies like the UAE’s AD Ports and DP World.

HAPPENING TODAY-

Deloitte’s Egypt Tax Conference 2024 begins today in Cairo, bringing together tax professionals, policymakers, and industry leaders to explore Egypt’s evolving tax landscape. The one-day event will tackle topics including AI-driven tax solutions, bilateral tax treaties, and new government incentives designed to attract investment and fuel growth.

It’s day two of Food Africa 2024, Africa’s largest food and beverage trade exhibition, at the Egypt International Exhibitions Center in New Cairo. The three-day event brings together 900 wholesalers, distributors, and retailers in food and beverage industries from 32 countries across the world.

THE BIG STORY ABROAD-

The global press started the week speculating about the possible fall of the government in Syria, then France, and now South Korea, with President Yoon Suk Yeol’s unexpected imposition of martial law quickly rescinded after a parliamentary vote — including dissent from his own conservative People Power Party — and outrage across the political spectrum. The move, criticized as an authoritarian overreach, has sent ripples through financial markets, with investor confidence shaken and the KRW initially weakening against the greenback before climbing back after the end of martial law. (Financial Times | Wall Street Journal | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

The expected collapse of French Prime Minister Michel Barnier’s government is also continuing to rank high on the digital front pages, as the country’s lawmakers get ready for a no-confidence vote later today. As in South Korea, the political uncertainty has rattled financial markets, with bond investors punishing France’s sovereign debt. President Macron appears to be making use of the plentiful sand during his trip to Riyadh to put his head in, telling reporters that he’s confident the government can survive the vote. (Financial Times | Bloomberg | Reuters | Guardian)

While over in trade war news, China has banned exports to the US of key minerals and metals — including gallium, germanium, and antimony — all used in semiconductors and military equipment, marking a sharp escalation in the ongoing US-China tech war. (Financial Times | Reuters | Associated Press | New York Times)

And in market news, some are wondering if the AI hype could soon be over, with Vanguard’s Joe Davis warning that investors have overestimated the near-term potential of artificial intelligence, raising the likelihood of a market correction. (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 take a look at the cybersecurity threats facing Egypt and the region as a whole — as well as what can be done to address our digital fragilities.

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