Good afternoon all you wonderful people, and happy Tuesday. Today we have a full lineup of news and views for you, including our fresh-off-the-press inflation reading for November, updates on United Bank’s EGX debut, and a deep dive into how our brains are coping with a constant onslaught of information in the digital age.

THE BIG STORIES TODAY

#1- Inflation decelerates for the first time since July: Annual headline urban inflation dropped a full percentage point to 25.5% in November, marking the first fall in inflation in three months and Egypt’s lowest inflation reading since December 2022, according to data from state statistics agency Capmas. Food and beverage inflation drove the decline, falling to 24.6% — its slowest pace in over two years. Non-food inflation also fell 0.1 percentage points to 26.0% last month, according to a Capital Economics’ note seen by EnterpriseAM, despite the previous months’ fuel and electricity price hikes.

#2- United Bank’s shares rise on EGX debut: United Bank’s shares rose 3.18% to EGP 14.29 per share at market’s close on their first day of trading, after rising as high as 10% in the early hours of trading, according to Bloomberg. The IPO saw the Central Bank of Egypt-owned bank offer a 30% stake — equivalent to 330 mn shares — at a share price of EGP 13.85 each, raising some EGP 4.57 bn.

#3- Raya Holding’s board preliminary approves offer for 42.9% stake in Raya Data Center: Raya Holding’s board of directors has voted to initially approve an offer from African infrastructure investment platform Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD 15 mn, according to an EGX statement (pdf), with the investment set to go toward financing the construction of a data center in Egypt. The board has also authorized the appointment of an independent financial advisor to evaluate Raya Data Center’s fair value.

#4- Egyptian banks begin Apple Pay trial run: Several Egyptian banks have begun to offer digital payment service Apple Pay today on a trial basis, with plans to expand to more banks in the coming weeks.

THE BIG STORY ABROAD

Israel launches airstrikes on military targets in Syria, denies advancing beyond buffer zone: Israeli forces continued to launch airstrikes on Syrian targets on Tuesday in attacks that they said aim to keep weapons from falling into hostile hands following the ouster of Syrian president Bashar Al Assad earlier this week. The strikes hit military installations and airbases across Syria, including near Damascus, and were described as the heaviest airstrikes since Assad’s departure. One Syrian source told Reuters that Israeli troops had advanced beyond the demilitarized zone and into the town of Quneitra near the Damascus airport — a claim that Israel has denied.

ALSO- Israeli prime minister Benjamin Netanyahu testified in Israeli court for the first time in his long-running corruption trial, which has seen the PM charged with bribery, fraud, and breach of trust. Netanyahu will testify in court three times a week during the trial, which comes as the Israeli leader faces an International Criminal Court arrest warrant for alleged war crimes.

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

  • Delta Ins. has two new suitors: Axa Egypt and Morocco’s Wafa Assurance have each registered their interest through non-binding offers to buy up to 100% of Egypt Kuwait Holding (EKH) subsidiary Delta Ins.’ shares through mandatory purchase offers.
  • Derivatives will begin trading on the EGX in 2Q 2025, with futures contracts expected to be among the incoming additions.
  • Auto sales nudged up in October: Auto sales in October inched up 1.1% m-o-m to record 9.6k vehicles, up from 9.5k in September.

☀️ TOMORROW’S WEATHER- We’re expecting slightly chillier mornings in the capital tomorrow with the mercury peaking at 22°C in the morning and dipping to 15°C in the evening, according to our favorite weather app.

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