Good morning, folks. This shorter-than-usual workweed has nearly come to an end, but in these short four days we’ve had more news — both local and global — than we often get in an entire month.

Leading the issue today is news that the government is working to finalize its fifth review with the IMF before the start of the new fiscal year, Delta Fertilizers’ phased rehabilitation plan, and Ascom’s bid to take over Raya Holding’s 90% stake in Ostool. We’ve also got reports that Egypt’s been given the greenlight to pay off its Dabaa debts in RUB, incoming intangible asset regulations, and more.

** A QUICK PROGRAMMING NOTE- EnterpriseAM Egypt will be joining the rest of you in taking off tomorrow in observance of Islamic New Year. But rest assured, we’ll be back in your inboxes bright and early on Sunday with the most important business updates from over the long weekend.

PSA-

WEATHER- The mercury is rising in Cairo today, with a high of 37°C, a low of 23°C, and partly cloudy skies, according to our favorite weather app.

But it’s a fair bit cooler in Alexandria, with a high of 30°C, a low of 21°C, and partly cloudy skies.

And over the long weekend, expect to see temperatures steadily rising to 37°C by Saturday in the capital and to 31°C for our friends on the Mediterranean.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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WATCH THIS SPACE-

#1- The Financial Regulatory Authority is planning to issue regulations for evaluating intangible assets, which include patents, trademarks, and technical innovations, Al Borsa reports, citing sources it says are familiar with the matter.

SMART POLICY- Regulations for evaluating intangible assets like patents and trademarks are vital, especially when you’re working towards building a healthy, knowledge-based economy. They ensure transparent and accurate financial reporting and fair valuations for companies, aiding strategic decisions and investor trust. These regulations boost investor confidence and facilitate financing for innovative businesses, especially startups, by providing clear, reliable valuation standards for non-physical assets.

#2- Qalaa Holdings has decided to shelve plans to take its printing subsidiary National Printing Company public due to the heightened geopolitical risk in the wake of the Israel-Iran conflict, Qalaa Managing Director Hisham El Khazindar told Al Arabiya. “No one knows when the current situation will improve enough to revisit the offering,” he said. National Printing, which is 48% owned by Qalaa and 53% by Grandview, was reportedly eyeing a 2H trading debut.

This has been in the works for some time, with the Qalaa subsidiary first announcing plans to go public back in 2023.

EGP WATCH-

The EGP rebounded against the USD yesterday following Trump’s announcement of a ceasefire between Israel and Iran, with the EGP dipping below the EGP 50 mark against the greenback during trading for the first time since the escalations between the two countries began 12 days prior. The USD was sold for around EGP 50.10-50.12 and bought for EGP 49.98-50.00 at state and private banks by the end of trading as the EGP strengthened by around EGP 0.63-0.64 from the day before.

The rebound came on the back of strong USD-dominated inflows — which were driven by the renewed appetite of foreign investors in our debt instruments — in tandem with a slowdown in investor outflows, a source in the banking sector told EnterpriseAM. This strong appetite is expected to continue, the source added.

THE BIG STORY ABROAD-

The war hawks are circling once again with the headlines this morning dominated by a Pentagon report claiming that the US strikes only pushed Iran’s nuclear program back by a few months. The report from the Pentagon’s intelligence arm Defense Intelligence Agency found that Iran’s nuclear centrifuges could soon be restarted and that the country’s stockpiles of highly enriched uranium were moved out of the sites before the US moved to strike, seeming to contradict Trump’s claims that the sites had been “completely and fully obliterated.”

Trump doubled down on his earlier comments in response to the report, by trading war with Iran for war with CNN and the New York Times, who he accused of trying to “demean one of the most successful military strikes in history.” (Reuters | Bloomberg | Wall Street Journal | Washington Post | New York Times | Associated Press | CNN)

But while the world’s attention was turned to Iran, Israel continued its almost daily massacres of those seeking aid in Gaza, killing at least 40 yesterday, bringing the number of those killed in similar attacks to 500 in just the past two weeks. (Reuters | Guardian)

*** 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 how Egypt’s construction sector is shifting.

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