Good morning, friends. We have for you a relatively busy Sunday — even as it seems that the holiday exodus is kicking off this week.

The auto market has a new lease on life — although it’s not the market we know as distributors are banking on 2026 being the year of range-extended electric vehicles for Egypt. Industry insiders we spoke to don’t think it’s a paradigm shift just yet, but there are big changes afoot in market dynamics.

MEANWHILE- As policymakers look to address mounting pressure on state finances, the Madbouly Cabinet gave the Finance Ministry the all-clear to begin talks to swap outstanding debt for investment. The ministry is separately doubling the threshold for transfer pricing compliance to EGP 30 mn in a move that is expected to reduce red tape for SMEs.

Watch this space

INDUSTRY: Egypt and Tanzania are looking at setting up reciprocal logistics zones in each of the two countries, according to a statement from the Industry Ministry. The potential project would bring a Tanzanian logistics zone in Egypt and vice versa, and would be modeled after a similar agreement with Rwanda, the statement says.

Sign of the times

It’s official: The London era for Egyptian family offices is ending. Mansour Group and Man Capital Chairman Mohamed Mansour is returning to Egypt, ending his residency in the UK after having called London home since at least 2016, Bloomberg reports. Where Man Capital relocates to, though, is still an open question.

Mansour’s departure comes despite his position in the country’s political and business establishment, having served as the Conservative Party’s senior treasurer and even receiving a knighthood.

Outside of the Gulf, London has for decades been the undisputed second home for Egyptian capital — that era died this week. The departure of the world’s third-richest Egyptian follows the departure of its first, Nassef Sawiris, who moved his NNS family office to Abu Dhabi in 2023, along with many other wealthy residents.

What’s at play: Tax rises and reforms on wealthy individuals from abroad, more fiscally conservative pundits allege.

Data point

A two-year high of 124 — that’s the number of oil and gas rigs in operation in October, according to Oil Ministry data compiled by MiddleEast Economic Survey. An uptick in drilling activity seems to show that the state’s push to pay down arrears and improve terms for energy players may be having the desired effect.

But, an uptick in drilling activity is yet to hit the pipeline, with both oil and gas output down in October from September, albeit marginally.

Happening Tomorrow

The Pharaohs are set to play against Zimbabwe in their opening match of the 2025 Africa Cup of Nations tomorrow in Morocco’s Stade Adrar in Agadir, marking the start of Egypt’s Group B campaign.

There’s more on the line now: This year’s champions will go home with a USD 10 mn prize, after the Confederation of African Football (CAF) upping the figure from last year’s USD 7 mn, according to a statement from the confederation.

THE BIG STORY ABROAD-

Oil markets are once again in watch-and-see mode after the US seized yet another oil tanker off the coast of Venezuela, Homeland Security Secretary Kristi Noem confirmed overnight. The Panamanian-flagged vessel is the second tanker near Venezuela that the US has gone after this month, with US President Donald Trump ordering a “total and complete blockade” of all sanctioned oil tankers going into and out of Venezuela. Read the complete take on Reuters.

PLUS- Did the price tags on tickets for the 2026 World Cup make your eyes water? FIFA and other sporting bodies are under pressure to capitalize on major sporting events — ostensibly to be able to reinvest in the sports they oversee — while facing pressure from fans to make the experiences more accessible. Go read the Financial Times’ Big Read on The “Outrageous” Cost of Sports Tickets.

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WEATHER- Cairo is in for a slightly windy day today, with the Egyptian Meteorological Authority forecasting intermittent winds across the capital, as well as low clouds expected to result in light drizzles. Expect a high today of 22°C and a low of 11°C.

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