Good morning, all. We have another busy issue for you this morning as we dive into the IMF’s latest regional economic outlook, which sees local growth accelerating beyond previous predictions as inflows pick up. We also have the latest on yet another proposed tax facility to boost manufacturing and the government launching a fresh mortgage financing initiative.

We don’t expect the news flow to slow down with the first EU-Egypt summit kicking off in just a few hours.

The EnterpriseAM Egypt Forum is over. The insights are just getting started.

This year’s forum was packed with actionable intelligence on the future of Egyptian business. To make sure you don’t miss a thing, we’re launching the EnterpriseAM Forum Playback.

Every Thursday, you’ll receive a special newsletter breaking down one key session — from the future of work to getting capital markets off life support. We’ll also drop a companion podcast in our EnterpriseAM Egypt podcast feed so you can listen on the go.

Want more? We’re soft launching our YouTube channel where we’ve dropped video highlights.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 33°C and a low of 19°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 32°C and a low of 19°C.

WATCH THIS SPACE-

#1- Progress on the Japanese Industrial Zone? Japan’s Toyota Tsusho could take on the development of the Japanese Industrial Zone under the industrial developer system, which allows private companies to develop land for industrial use and take care of its management, operations, and marketing. This came during a meeting between company representatives and Suez Canal Economic Zone (SCZone) head Walid Gamal El Din during his promotional tour in Tokyo.

REMEMBER- Prime Minister Moustafa Madbouly earlier this year invited Japanese companies to establish a dedicated Japanese industrial zone in the SCZone.

ALSO- During Gamal El Din’s time in Tokyo, he met with representatives from Japanese food services provider Zensho Holding, where the two sides discussed launching joint food processing, packaging, and storage projects.

#2- The government is planning to shorten the approval process for tourism projects from two years to one month, aiming to boost investment and streamline administrative procedures, according to an Investment Ministry statement.

HAPPENING TODAY-

#1- President Abdel Fattah El Sisi is in Brussels for the first-ever EU-EgyptSummit, according to an Ittihadiya statement. El Sisi will be joined by European Council President António Costa and European Commission President Ursula von der Leyen to discuss strengthening political and economic ties under the EU-Egypt Strategic and Comprehensive Partnership and build on Egypt’s role as a key stabilizing force in the region, according to an European Council statement.

El Sisi is also set to hold a series of meetings on the sidelines of the visit, including with King Philippe of Belgium and several senior EU officials and European leaders, according to a separate Ittihadiya statement.

Egyptian and European leaders in the public and private sectors will take part in a day of discussions under the theme Implementing the EU-Egypt Strategic and Comprehensive Partnership: Accelerating Strategic Investment, Industrial Transformation and Innovation. Foreign Minister Badr Abdelatty and Investment Minister Hassan El Khatib will be among those taking to the stage, according to the draft agenda (pdf).

REMEMBER-Last year, the EU pledged a EUR 7.4 bn package of loans, grants, and investments through to 2027 and inked a joint strategic and comprehensive partnership with Egypt. The package included a EUR 1.8 bn investment protection mechanism, EUR 5 bn in concessional loans to provide macro-financial assistance, and EUR 600 mn in grants.

#2- It’s the last day of the Arab-African Investment & International Cooperationsummit. The four-day event, organized by the Arab Women Investors Union in Cairo, focused on sustainable development, international partnerships, and capital pathways for this year’s edition.

#3- Want to pursue a career in sustainability? Then you should attend this year’s Green Talent Forum — a virtual event for fresh talent looking to explore sustainable career paths. The forum will dive into sustainable supply chains, green energy, decarbonization, CSR, climate finance, and sustainable agriculture, with a group of regional and international experts leading the conversation. You can find the link to register for the event on the Localized website — but hurry up, the forum kicks off in just a few hours, at 12:45pm.

DIPLOMACY-

Head of the General Intelligence Service Hassan Rashad met with Israeli Prime Minister Benjamin Netanyahu in Jerusalem yesterday to discuss moving forward with US President Donald Trump’s peace plan, Egyptian-Israeli relations and “strengthening the peace between the two countries,” according to a statement from the Israeli side.

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

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THE BIG STORY ABROAD-

It’s a busy morning in the international business press, while a Russia-Ukraine ceasefire looks further from reach after Russia rejected US President Donald Trump’s ceasefire proposal, and a planned Russia-US summit in Budapest was shelved. (New York Times | Reuters)

The biggest business headlines:

#1- Gold broke its record rally after seeing its steepest drop in years, as investors began to buy the dip in a rare pullback this year against the backdrop of a strengthening USD and easing trade tensions between China and the US. Spot gold fell 6% to USD 4.1k, after the precious metal climbed 28% YTD, with analysts now questioning whether this could mark the end of the metal’s brilliant run and the start of a correction cycle. (Financial Times | Reuters)

#2- OpenAI launched its own competitor to Google’s search engine, Atlas, built around ChatGPT, sending shares of Google’s parent Alphabet down 1.8% yesterday and intensifying competition between the two tech giants. (Reuters | Bloomberg | Financial Times | Guardian)

#3- Netflix’s shares also took a hit, falling more than 5% after missing its third-quarter earnings target due to a hefty tax expense in Brazil. (Reuters | CNBC | FT | Wall Street Journal)

#4- In M&A news, Warner Bros rejected a c. USD 60 bn bid from Paramount Skydance, though it is open to selling its assets, with interested parties including Netflix and Comcast. (WSJ | Reuters | FT)

*** 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 take a deep dive into what’s driving — and also holding back — the recovery of the country’s real estate market.

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