Good afternoon folks, and happy Thursday. Buckle in for some news and views as we careen headfirst into the weekend.

THE BIG STORY TODAY

#1- The EGP fell to its lowest level ever earlier today, recording EGP 50 against the greenback after losing EGP 0.3, Al Arabiya reports. The highest rate was seen at Abu Dhabi Islamic Bank, selling at EGP 50.05, while the Central Bank of Egypt reported an average rate of EGP 49.91.

#2- The CBE greenlights receiving remittances via Instapay: The CBE has given the green light to a number of banks to start accepting Egypt-bound remittances from abroad through the central bank’s payment platform Instapay, the bank said in a statement (pdf) today without naming the banks in question.

#3- eSIMs have arrived in Egypt: The National Telecom Regulatory Authority (NTRA) today announced that eSIM service has officially kicked off at four mobile service operators in a statement (pdf). The new tech — which is set to replace physical SIM cards — will allow users to switch between mobile operators without replacing their SIM card, and will add another layer of protection against SIM theft or misuse, according to the statement.

THE BIG STORY ABROAD

It’s a mixed bag in the int’l press this afternoon, with the world’s front pages largely dominated by the ongoing political crisis in France. President Emmanuel Macron has been meeting with allies ahead of his expected appointment of a new caretaker government, following the unseating of Prime Minister Michel Barnier after a coalition of parties on France’s left and far-right toppled his government yesterday. Macron faces a difficult choice as he navigates the demands of the parliament’s blocs, as further political deadlock could lead to a vote of no confidence in him and early presidential elections before the end of his term in 2027. (Financial Times | Reuters)

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

  • It looks like IPOs could become an increasingly important part of the government’s privatization push, with Prime Minister Mostafa Madbouly telling reporters that a plan to offer three to four companies affiliated with the military on the bourse.
  • Scatec’s Obelisk Solar was granted a golden license for a USD 600 mn solar project over a 16.3 sq km area in Nagaa Hammadi.
  • El Wazir goes to Italy: Transport and Industry Minister Kamel El Wazir has been inItaly this week to view the country’s high speed rail network and discuss transport and industrial investments and cooperation with a number of public and private sector representatives from Italy and elsewhere.

☀️ TOMORROW’S WEATHER- We’re expecting a cloudy day in the capital tomorrow, with the mercury peaking at 24°C in the morning and dipping to 14°C in the evening, according to our favorite weather app.

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