Good morning, friends. We’re kicking off this morning with more news suggesting that 2025 may not be as dry a year for IPOs as 2024 — or 2023, 2022, 2021, 2020 for that matter — a new export push through higher education, and more.

BUT FIRST- You’ve got another paid day off coming up — if you work on Saturdays that is — with Prime Minister Moustafa Madbouly announcing yesterday that workers in the public and private sectors will get the day off on Saturday 25 January in observance of National Police Day and the commemoration of the 2011 revolution.

PSA-

WEATHER- Cairo is in store for a sunny day later today, with a high of 23°C and a low of 12°C, according to our favorite weather app.

It’s a few degrees cooler in a cloudy Alexandria today, with a high of 20°C and a low of 11°C.

But be careful on the roads this morning, with heavy fog forecast for today and tomorrow morning that could make your drive into work a little more treacherous than normal, the Egyptian Meteorological Authority said in a warning.

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WATCH THIS SPACE-

CI Capital is planning to expand into the KSA with a Riyadh office before the end of 1H 2025, managing director and head of regional markets, Fahd Al Tarzi, told EnterpriseAM. The more concrete target follows the financial services firm securing a service investment license from the kingdom’s Investment Ministry late last month.

What’s next? The firm is working on getting the necessary licenses from the Capital Market Authority ahead of its planned launch.

IN THE HOUSE-

The House wrapped up three days of debates yesterday, giving final approval to three draft laws and one foreign agreement. MPs will reconvene on Sunday 26 January.

Lawmakers gave the final sign-off to a government-drafted law that directs cash-based subsidies to citizens who fall below the poverty line and lack access to social ins. initiatives. The law stipulates forming the Takaful and Karama fund to distribute these payments.

MPs also approved a government-drafted bill to delay the tax on agricultural land by a year, effective 31 July 2024. The postponement aims to ease financial pressures on farmers and boost production.

The House also greenlit the Finance Ministry guaranteeing EgyptAlum’s financial commitments with Norwegian renewables firm Scatec under a power purchasing agreement between the two.

MPs signed off on a EUR 135 mn grant from the European Investment Bank to support the Environment Ministry’s Sustainable Green Industry project, which will support the greening of the country's industrial sector by implementing climate change and environmental sustainability measures.

Lawmakers passed 171 articles of the draft Criminal Procedures Law, including a provision allowing individuals on travel ban or watch lists to appeal the orders in a criminal court within 15 days of notification.

MARKET WATCH-

The EGX30 broke a five-day losing-streak on Tuesday following news of a potential ceasefire agreement in Gaza, with the country’s most main index raising 1.4% by the end of trading yesterday.

It was a similar story for exchanges in the Gulf, as building confidence in an approaching ceasefire agreement fueled investors sentiment. Saudi Arabia’s benchmark Tadawul was up 0.5%, Dubai’s index inched up 0.3%, while Abu Dhabi’s FTSE ADX climbed 0.4%. The biggest gainer among the Gulf markets was Qatar’s QSI, which also broke free from a three-session losing streak, rising 1.6% yesterday.

THE BIG STORY ABROAD-

As we inch closer to Trump once again taking office, US politics are dominating the international front pages.

Trump’s pick to run the Pentagon faces the Senate: Pete Hegseth — President-elect Donald Trump’s Secretary of Defense nominee — faced the Senate yesterday in a confirmation hearing that saw his lack of experience and controversial comments brought to light. Despite being grilled over his past actions, Hegseth appears to near Senate approval. (Reuters | CNBC | AP | FT)

The Los Angeles wildfires continued to make headlines, with strong winds expected to carry fire-sparking embers over the area, which has been enduring massive destructive fires over the past week. (AP | Reuters)

*** 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 what’s in store for Egypt’s electricity sector in 2025.

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