Good morning, folks. We’re only two days into the workweek, but important local business news and updates — not to mention dramatic events on the world stage — are coming in quick. We’ve got another full issue for you today, so let’s jump right in.

PSA-

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

The sun won’t be out in Alexandria though, with an overcast day forecasted with a high of 22°C and a low of 11°C.

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HAPPENING TOMORROW-

#1- United Bank’s shares will debut on the EGX tomorrow under the ticker UBEE.CA, following the close of its heavily oversubscribed retail and private offerings that put the company’s share price at EGP 13.85.

Its entrance onto the bourse will mark the second IPO of the year, after Act Financial offered a 32% stake on EGX in July and became the first company to conduct a full IPO in the Egyptian bourse since 2022.

#2- Will inflation rise for the fourth month in a row? Capmas and the CBE are expected to publish November’s inflation data early tomorrow, with analysts watching closely for any shifts in food prices and the impact of recent monetary policy decisions. Data for October saw inflation rise 0.1 percentage points to 26.5%, extending its upward trajectory for a third consecutive month.

FROM THE DEBT MARKETS-

The average yield on three-month EGP-denominated t-bills rose to 31.419% in Sunday’s auction by the Central Bank of Egypt, up 0.219 percentage points since the same bills last went to auction, according to data from the bank. The bank sold EGP 52.8 bn worth of the bills, above its target of EGP 35.0 bn. However, the bank only sold EGP 4.4 bn of its EGP 30.0 bn target for its nine-month bills, with an average yield of 28.671% — up 0.121 percentage points.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the future of Egypt’s food industry and its goals for the rest of the decade. Check out the story here.

CORRECTION- We made a typo in yesterday’s issue of EnterpriseAM Egypt by accidentally saying the central bank sold USD-denominated bills on Thursday — the auction was for EGP-denominated bills. The story has been amended on our website.

THE BIG STORY ABROAD-

The collapse of Bashar Al Assad’s regime reverberates across global headlines this morning, ending over five decades of autocratic rule in Syria by members of the Assad family after a rapid opposition offensive captured several key cities, including the capital Damascus yesterday. Assad and his family have fled to Moscow, where they have been granted asylum, as per Russian state media. As celebrations erupt across Syria and the diaspora across the world, the country faces the daunting task of navigating a deeply fractured political and social landscape to rebuild from the ruins of its long civil war. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Washington Post | Guardian)

The power vacuum left by Assad’s departure has thrust Hayat Tahrir Al Sham and its leader Abu Mohammed Al Golani into the spotlight, with numerous outlets out with pieces trying to decipher the man and his motives. The group — once an al-Qaeda affiliate — and its leader now seek to portray themselves as a stabilizing force, issuing reassurances to Syria’s minorities and pledging to preserve state institutions after transition, but questions remain as to how much the group has changed and what role it will play in a post-Assad Syria. (Bloomberg | Reuters)

While over in the states, Trump threatened to jail some of his political opponents in his first post-election TV interview, telling NBC that Liz Cheney and others on the House committee looking into the 6 January attack on the Capitol “should go to jail.”

Fed Chair Jay Powell, however, seems off to be off the hook — for now at least — with Trump saying that Powell will not be pushed out before his term ends in May 2026. (Financial Times | New York Times | Washington Post)

And in business news, Omnicom and Interpublic are currently in merger talks to form the world’s largest advertising group in a USD 30 bn merger. (Financial Times)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We looked at the possibility that SATs may be returning to Egypt in 2025, alongside new regulations to prevent exam manipulation.

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