Good morning, friends. M&A and capital markets top our news well this morning — Orascom Construction and OCI Global announced plans to merge to create an infrastructure and investment platform and we have word that another player is mulling making its EGX debut.

PLUS- We take a look at our human development progress and we dive into what Egypt has been up to on the climate front as we inch closer to COP30.

PSA-

WEATHER- Cairo is in for another cool day, with a high of 33°C and a low of 22°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 30°C and a low of 23°C.

WATCH THIS SPACE-

#1- Indian impact investor Aavishkaar Capital is looking to expand its presence in Egypt, with plans to potentially open a Cairo office to manage its North Africa portfolio, Associate Director Darren Lobo told Hapi Journal.

Initially, the firm is looking to invest USD 16 mn in the next year and a half in three Egyptian projects, he told the outlet. Aavishkaar Capital is in talks with a medical equipment manufacturer and an agrifoods company about potential investments through its Global Supply Chain Support Fund. It is also in talks with the Micro, Small, and Medium Enterprises Development Agency to identify further investment targets.

#2- Introducing Valmore Holding — FKA Egypt Kuwait Holding. The company’s extraordinary general assembly approved the move earlier this week, according to a disclosure (pdf) to the EGX.

The move reflects the company’s more international outlook going forward, CEO Jon Rokk told us earlier this month. “The name Egypt Kuwait Holding served us very well for the company’s first nearly 30 years, but as we’re now in Saudi Arabia and soon in the UK, the geographical nature of the name doesn’t fit with the long-term vision of where we’re going. It’s as simple as that,” he explained.

#3- Gov’t eyes EIB funding for transmission upgrades: The Madbouly government is reportedly in advanced talks with the European Investment Bank for a EUR 600 mn loan to finance new power transmission lines and connect renewable energy plants to the national grid, a government source told Asharq Business.

#4- Overhauling Greater Cairo’s air quality monitoring network: Local Development and acting Environment Minister Manal Awad announced plans to upgrade and expand the Greater Cairo air-quality monitoring network under the World Bank-backed Air Pollution Management and Climate Change Project. The move will see 12 stations — including two new ones — outfitted with equipment to track short-lived climate pollutants and greenhouse gases such as carbon black, CO2, and methane.

HAPPENING TOMORROW-

#1- El Gouna hosts the launch of the 2025 Egyptian Entrepreneurial SectorDiagnostic Report tomorrow. Organized by Entlaq in partnership with El Gouna, the three-day summit will bring together government officials, investors, development partners, and startup founders to discuss the findings of the report on the country’s entrepreneurial community.

What to expect from the report? The report “maps macro indicators, legal frameworks, access to finance and markets, institutional enablement, and regional dynamics — delivering actionable, evidence-based recommendations benchmarked against peer markets such as Morocco, Kenya, and India.”

#2- The country’s largest real estate exhibition Cityscape Egypt kicks off tomorrow at the Egypt International Exhibition Center. The expo is expected to welcome 40k visitors over its four-day run and host more than 80 developers showcasing over 1k projects.

SUKUK WATCH-

Weekly sukuk roundup: The yield to maturity on our sovereign sukuk rose to 8.27% by last Friday, up from 6.30% the week before, according to the weekly report (pdf) on Egypt’s sovereign sukuk performance. The country’s sovereign sukuk prices fell to USD 101.12, down from USD 102.02 a week earlier.

DATA POINT-

The number of foreign workers in the government and public sector fell 20.9% y-o-y in 2024 to 774, according to state statistics agency Capmas. Europeans made up the largest share at 40.7%, followed by non-Arabs from Asia at 20.0%.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

THE BIG STORY ABROAD-

One story is on every single front page this morning: Nvidia will invest up to USD 100 bn in OpenAI in a potential transaction executives hailed as the “next leap forward” in artificial intelligence — the two sides announced the letter of intent last night. If the transaction proceeds as planned, it would mark the largest-ever investment in a private company. As part of the agreement, OpenAI will buy 10 GW-worth of Nvidia AI processors to power its AI infrastructure and train its next generation of models. Nvidia shares closed up 3.9% following the announcement. (Bloomberg | Reuters | The Guardian | BBC | CNBC | New York Times | Financial Times)

ALSO MAKING HEADLINES- Russian President Vladimir Putin said that Moscow could continue to adhere to the New START nuclear accord beyond its February 2026 expiry — but only if Washington reciprocates — offering what he called “voluntary, self-imposed restrictions.” The treaty caps each side at 1.55k deployed nuclear warheads and 700 delivery vehicles, and its approaching expiration date has raised fears of an arms race. (Reuters | New York Times | Washington Post | Bloomberg)

PLUS- Jimmy Kimmel Live will return to ABC tonight after nearly a week off the air, ending a suspension that sparked fierce debate over political pressure on broadcasters. Disney said it spent several days in talks with Kimmel before reversing course. (Axios | BBC | Associated Press | CNBC | New York Times | The Guardian | Reuters)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look at what Egypt is doing in the run up to COP30.

Tags: