Good morning, friends. We have another brisk issue for you this morning as we inch closer to closing out November and kicking off the last month of 2025. We lead today’s issue with investment news, with sources telling us that the Madbouly government could soon award the redevelopment of the former National Democratic Party headquarters to a Qatari-Egyptian consortium.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 25°C and a low of 16°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 23°C and a low of 15°C.

SUKUK WATCH-

Weekly sukuk roundup: The yield to maturity on our February 2026 sovereign sukuk rose to 6.76% last Friday, up from 6.35% the week before, according to the Egyptian Financial Company for Sovereign Taskeek’s weekly report (pdf). Egyptian sovereign sukuk prices slipped to USD 101.03 compared to USD 101.22 a week earlier.

CIRCLE YOUR CALENDAR-

British carrier Jet2.com will begin operating direct flights to Egypt starting February 2027, according to a cabinet statement. The airline will operate 14 weekly flights from several British cities to Sharm El Sheikh and Hurghada.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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If you’re investing, trading, or scouting for your next big move in MENA or India, subscribe to EnterpriseAM MENA <> India by tapping here to get the strategic intelligence you need.

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THE BIG STORY ABROAD-

US markets started the week in a sea of green, buoyed by increased odds of a December rate cut that took investors’ minds off AI bubble fears. The Nasdaq rose 2.69% — its best day since May — on strong Alphabet and Nvidia gains, while the Dow was up 0.44% yesterday and the S&P 500 inched up 1.55%. (Reuters | CNBC)

Not everyone is bullish: The “Big Short” investor Michael Burry used the first post in his newly launched paid-subscription newsletter Cassandra Unchained to warn AI’s inflated valuations could be leading to a dot-com-like bubble down the road. Burry has reportedly placed a USD 1.1 bn wager against AI’s poster children Nvidia and Palantir.

What he said: “The five public horsemen of today’s AI boom — Microsoft, Google, Meta, Amazon and Oracle — are joined by several adolescent startups in promising nearly USD 3 tn in spending on AI infrastructure over the next 3 years. […] And once again there is a Cisco at the center of it all, with the picks and shovels for all and the expansive vision to go with it. Its name is Nvidia.” (Reuters | CNBC | Bloomberg)

AND- US President Donald Trump kicked off the process of labeling several Muslim Brotherhood branches — including those in Egypt, Lebanon, and Jordan — as foreign terrorist organizations and specially designated global terrorists, according to a new White House executive order issued Monday. The order says it “sets in motion a process by which certain chapters … shall be considered for designation” under US counterterrorism laws, citing what it describes as a “transnational network” whose activities “threaten the security of American civilians.” (Reuters | Bloomberg | France 24)

ALSO- US domestic politics are taking center stage: Headlines are dominated by a federal judge‘s dismissal of indictments against former FBI director James Comey and New York Attorney General Letitia James, the latest judicial rebuke for the Trump administration’s attempts to resort to the criminal justice system to target opponents. (CNN | Washington Post | NY Times | Associated Press)

ALSO WORTH READING THIS MORNING-

  • Another escalation against Venezuela saw the US formally designate President Nicolás Maduro and close allies as members of a foreign terrorist organization. (Reuters)
  • CNN unpacks why the crypto market is crashing.

*** 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 look at what COP30’s climate finance outcomes mean for Egypt.

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