Good morning, all. After a few quiet days, the news flow has picked up with the latest on the long-anticipated second package of tax facilities — currently under community review — and Finance Minister Ahmed Kouchouk voicing his optimism about our upcoming reviews with the IMF.

And more good news: Prime Minister Moustafa Madbouly hinted that we could finally see fuel prices stabilize with the upcoming hike likely to be the last.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap the image to register your interest to attend and here to visit the website and keep up to date on the agenda and speaker lineup. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities.

PSA-

A blacklist for factories stealing electricity will soon be put together, after the Electricity Ministry proposal got the green light from the Ministerial Group for Industrial Development, according to an Industry Ministry statement. After the list is put together, “strict measures” will be taken to deter the practice of electricity theft, according to the statement. The timeline for compiling the list and the consequences for the listed factories are yet to be released to the public.

WEATHER- It's another sunny day in Cairo, with a high of 33°C and a low of 22°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 30°C and a low of 22°C.

WATCH THIS SPACE-

#1- Could October’s fuel price hike be the last? Prime Minister Moustafa Madbouly confirmed that the government has a clear reform plan for fuel prices and signaled that the next scheduled increase, likely in October, could be the last major hike if global prices remain stable, he said yesterday. Diesel, he added, will stay subsidized even after the hike.

You heard it here first: EnterpriseAM earlier this month reported that the government could move ahead with its second fuel price hike of the year as soon as October, in line with its plan to phase out fuel subsidies by year-end.

#2- Egypt is mulling plans to set up six logistics centers for local products in several countries across Africa, Investment Minister Hassan El Khatib said during a meeting held on the sidelines of the Ministerial Retreat of the Council of Ministers Responsible for Trade. The plans also include positioning Morocco as a key hub for Egypt’s exports to Africa — leveraging its accessibility to North and West African markets, El Khatib said, without disclosing further details.

#3- Russian investment news incoming? A Russian delegation of 15 companies headed by Deputy Prime Minister Alexey Overchuk is meeting with the Federation of Egyptian Industries to talk about investing and working in the Egyptian market, Asharq Business reports, citing four unnamed federation sources. The planned Russian industrial zone will also be on the agenda.

The meeting will wrap up with the signing of several MoUs in strategic sectors, according to the outlet.

We have an idea what one of the MoUs might entail: Russian infrastructure giant Natsproektstroy is eyeing Egypt for a slate of transport and logistics projects, agreeing to provisionally sign an MoU with Egyptian National Railways and the National Authority for Tunnels during this week’s visit, Russian new agency Interfax reports. The company is also considering setting up shop in the planned industrial zone to produce rail signaling control systems and other components to export.

HAPPENING TODAY-

It’s day one of the Cairo Regional Forum on Financing Renewables, GreenHydrogen, andGreen Ammonia at Nile University. The two-day event, hosted by the International Green Hydrogen Center of Excellence in Cairo, brings together policymakers, renewables players, financial institutions, and others to discuss renewable energy investment and collaboration in the region.

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THE BIG STORY ABROAD-

A high-stakes courtroom twist is dominating international headlines this morning, after a New York judge dismissed two terrorism charges against Luigi Mangione — the man accused of killing UnitedHealthcare CEO Brian Thompson — while allowing other counts including second-degree murder to proceed. The high-profile case, which has attracted national and international attention since Thompson was shot outside a midtown Manhattan hotel in December, now heads toward trial with Mangione still facing a potential life sentence in state court and the death penalty on federal charges. (Financial Times | BBC | The Guardian | CNN | New York Times | Reuters)

AND IN MARKET NEWS- Wall Street edged lower yesterday as investors hit pause ahead of an expected 25 bps rate cut from the Fed later today — the S&P 500 fell 0.1%, the Dow Jones 0.3%, and the tech-heavy Nasdaq 0.1%. The muted session came even after data showed that August retail sales rose higher than expected. Fed Chair Jerome Powell’s remarks later today will be closely watched for any shift in tone as the central bank tries to balance sticky inflation with a deteriorating labor market. (Reuters | Wall Street Journal | CNBC)

ALSO WORTH NOTING THIS MORNING- EU competitiveness czar Mario Draghi delivered a sharp warning on Tuesday that Europe is “in a harder place” than a year ago, with its growth model “fading” and “vulnerabilities mounting” because of inaction by Brussels and national governments, writes the Financial Times. Draghi — who issued 383 recommendations last year to boost the bloc’s economic standing — said only a fraction had been enacted and blasted EU inertia as “complacency.”

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’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 dive into what needs to be done to unlock Egypt’s real estate export potential.

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