Good afternoon friends, and HAPPY THURSDAY. The week has finally winded down but not without a heavy cycle of news updates.

THE BIG STORY TODAY

Egypt’s net foreign reserves creeped up again at the end of November to USD 35.2 bn from USD 35.1 bn at the end of October, according to data from the Central Bank of Egypt.

We’re on a roll. It’s the fifteenth uptick in a row, asthe Central Bank of Egypt (CBE) has managed to steadily recover a total of USD 2 bn of net foreign reserves over the past 15 months since September 2022. We had USD 41 bn in reserves on the eve of the Russian war in Ukraine, which triggered a foreign capital exodus from Egypt and saw us bleed some USD 8 bn in reserves.

Remember: The UAE recently renewed a USD 1 bn deposit that matured in July 2023 to be now due in July 2026, a CBE report showed last week. Almost USD 30 bn of the reserves is made up of short- and long-term central bank deposits made by Saudi Arabia, the UAE, Qatar, Kuwait and Libya.

THE BIG STORIES ABROAD

It’s a mixed bag of headlines in the international press this afternoon. The IDF’s continued assault on Khan Younis, where hundreds of thousands of Palestinians have gone to seek shelter, is threatening to compromise Israel’s relationship with the Biden administration that has called for a minimization of civilian deaths and increased humanitarian aid to enter Gaza, says the Wall Street Journal. This comes at a time when Biden’s support for Israel has weight down on his political popularity internationally, particularly in the Global South, reports CNBC. Meanwhile, the fourth Republican debate, which the Donald skipped, focused on attacking Nikki Haley as she sparred with Ron DeSantis to secure the second-place spot. Chris Christie attacked Trump for missing the showdown, and Vivek Ramaswamy spewed conspiracies and took personal jabs at the other candidates. (Washington Post | Associated Press)

ON THE BUSINESS SIDE- Saudi Arabia has had to shift its economic transformation plan with some unidentified projects being pushed past 2030, according to Bloomberg. The government will allow for a big deficit every year until 2026 to accelerate spending, confirmed Finance Minister Mohamed Al Jadaan. Further East, Moody’s Investor Service, has advised employees in China to work from home in the midst of their cut to the country’s sovereign credit rating. The move probably stems from concern over the possible reaction from the public, shares the Financial Times.

Meanwhile, Meta will start adding invisible watermarks to its images generated using its AI chatbot “Imagine with Meta” in the coming period, the Facebook parent said in a blog post. The move comes in an effort to increase transparency when it comes to AI-generated content.

At iSheep HQ: Apple will source batteries for the latest generation of iPhones from India, as a pivot away from manufacturing in China, the Financial Times wrote, citing two sources close to the company.

The move has been some years in the planning as the American tech giant has been trying to reduce its dependency on Chinese manufacturing amid mounting trade tension between the US and China.

COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.

WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.

INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Ahead of launch, Arab SWFs are vying for a slice in ACDIMA’s pharma ingredients producer: Arab sovereign funds are in talks with the Arab Company for Drug Industries and Medical Appliances (ACDIMA) to acquire a 20% share in a new subsidiary it is setting up for producing active pharma ingredients.
  • It was a less-than-eventful cabinet meeting: During their weekly meeting, ministers approved a series of decisions aimed at better regulating water resources, protecting coral reefs, and ramping up our green energy transition.
  • Guterres steps up pressure on world leaders to end Israel’s war on Gaza: UN Secretary-General Antonio Guterres has formally warned the Security Council that the humanitarian crisis in Gaza threatens international peace and security and invoked a rarely-used article in the UN charter to push the council to avert a full-blown catastrophe.

FOR TOMORROW-

The Cairo Art Fair is opening its doors on Friday 8 December at TAM Gallery at District 5. The exhibition will be showcasing over 130 artists in the largest collection of contemporary Egyptian art to date with 1.5k artworks.

The event will be open to the public from 12pm to 10pm.The artworks will stay on display until Wednesday 24 January. Find out more by clicking here.

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

?️ TOMORROW’S WEATHER- Expect the mercury to rise to a high of 21°C during the day and drop to a cooler 13°C in the evening, tells us our favorite weather app.

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