Good morning, folks. We have a packed issue for you this morning to close out the week, led by two big stories — after months in contraction, non-oil private sector activity is back in growth territory, plus the Madbouly government announced its long-awaited second package of tax facilities targeting compliant taxpayers.

Check your inbox at 10am for the final issue of EnterpriseAM Forum Playback, our special series covering the EnterpriseAM Egypt Forum 2025. This year's forum was packed with actionable intelligence on the future of Egypt’s business landscape. We’ll also drop a companion podcast in our EnterpriseAM Egypt feed so you can listen on the go.

In today’s issue: We’ll revisit our on-stage conversation on how Egypt’s private sector is planning through uncertainty, with HSBC Egypt CEO Todd Willcox, Algebra Ventures’ General Partner Leila Hassan, and Arkan Palm Director Ahmed Badreldin breaking down what 2026 really looks like for businesses, how companies are budgeting around it, and where the next up-cycle may begin. We also look at how shifts in costs, talent retention, and the return on long-term investors are shaping strategy for the years ahead.

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

** Stay tuned, as we’ll soon be announcing the details of our next EnterpriseAM forum.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 25°C and a low of 18°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 24°C and a low of 16°C.

WATCH THIS SPACE-

#1- Kuwait has renewed a USD 2 bn deposit with the Central Bank of Egypt that was set to mature in April 2025 for another year, according to the CBE’s latest external position report (pdf). This puts Kuwait’s total deposits with the central bank at USD 4 bn, the other half was set to mature in September, but it remains unclear if the GCC nation has renewed it.

ICYMI- Earlier this year, it was reported that Kuwait had plans to convert the deposits it holds in the central bank into direct investments across several sectors. We have also been on the lookout for the GCC nation to put into action a planned USD 3 bn investment package

#2- Following up on Volkswagen’s plan to make cars in Egypt: Representatives from global automobile manufacturing giant Volkswagen met with Industry Minister Kamel El Wazir to follow up on the company’s plans to manufacture its vehicles locally, according to a statement. The plan would kick off with contract manufacturing at the Egyptian German Automotive Company plant, followed by construction of a fully integrated automotive factory in East Port Said.

This isn’t the first we hear of this: Africa Managing Director Martina Biene told Bloomberg back in June that the company is “very interested in Egypt as a production hub.”

#3- Egypt’s first university city: The Madbouly government is planning to build Egypt’s first integrated university city in the Delta region, according to a statement. The project will include a national university, a technological university, foreign university branches, a university hospital, and research and innovation hubs.

POLICY-

The government will soon announce the first group of state-owned companies targeted for reform as part of its plan to maximize the value of public assets, Prime Minister Moustafa Madbouly said during his weekly presser. The move follows the establishment of a new unit to manage, evaluate, and restructure state-owned firms. Companies will fall into one of three categories — earmarked for a restructuring under the cabinet’s unit, transferred to the Sovereign Fund of Egypt, or slated for a full or partial state exit from ownership.

HAPPENING TODAY-

#1- Sparkie’s Town is here: Fintech giant Valu is hosting its first ever Christmas market — Sparkie’s Town — today in Palm Hills Sheikh Zayed’s Golf Central, it said in a Facebook post. The event will kick off at 7pm and feature festive decorations and complimentary food and drinks.

#2- It’s the last day of the Egypt Defence Expo (EDEX) at the Egypt International Exhibition Center. The event is expected to bring together over 40k visitors to check out the 450 exhibiting companies showcasing the latest land, sea, and air defense technologies.

Have you checked out EnterpriseAM MENA <> India? It's our newest briefing tracking one of the world's most dynamic trade, investment, and cultural corridors. Every Monday, Wednesday, and Friday, we'll track the transactions, trends, and market moves connecting these two dynamic regions. The flow of capital, talent, and trade between MENA and the Indian subcontinent is one of the most important economic stories in the world — and we’re telling as only we can.

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.

** 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-

It’s a pretty slow news day in the business press, with no one story dominating headlines. Among those getting ink:

#1- HSBC has appointed Brendan Nelson as chairman, making his interim role permanent seven months after launching a search to replace former chair Mark Tucker. The decision came just a day after CEO Georges Elhedery said Nelson was not seeking the position permanently. Nelson joined the bank’s board in September 2023 and has been serving as interim chair since October. He will continue to chair the Group Audit Committee until HSBC releases its 2025 results in February, after which a successor will be announced. (Reuters | Wall Street Journal | Financial Times)

#2- Meta has poached Apple’s head of user interface design Alan Dye to accelerate its push into AI-powered devices. Dye, who led Apple’s user interface design team since 2015 and played a key role in products like the Apple Watch, iPhone X, and Vision Pro headset, will join Meta as chief design officer. His departure adds to recent senior exits at Apple, including COO Jeff Williams and AI chief John Giannandrea. (Financial Times | Bloomberg | Reuters)

#3- Bond investors are sounding the alarm over the US Treasury appointing Kevin Hassett as the next Federal Reserve chair, fearing he could bow to political pressure from President Donald Trump to cut interest rates aggressively, Financial Times reports. The Treasury has sought market feedback on potential candidates, including Hassett, during November meetings. Hassett, a former Trump adviser and economist, has emerged as a frontrunner to replace Jay Powell when his term ends in May 2026.

Tags: