Good morning folks, and welcome to a new workweek. We have a busy day of local and international news for you to kick off your Sunday evening.

THE BIG STORY TODAY

Valu closes another securitized bond issuance: Homegrown fintech leader Valu announced that it has raised EGP 667.3 mn in a securitized bond issuance, according to a statement (pdf) from transaction manager EFG Hermes. Backed by a receivables portfolio, the issuance came in two tranches with tenors of six and 12 months with ratings of Prime 1 and Prime 2. The issuance is the second under a new EGP 16 bn securitization program that kicked off in August with a EGP 1.1 bn issuance, and brings the total value of securitized bonds issued in Egypt this year to EGP 28 bn, according to data tracked by EnterpriseAM.

THE BIG STORY ABROAD

Xi promises to work closely with Trump: Chinese president Xi Jinping pledged to work with Donald Trump’s incoming administration during a meeting with outgoing US president Joe Biden on the sidelines of the Asia Pacific Economic Cooperation summit in Lima, Peru, Reuters reports. Xi reaffirmed China’s commitment to a “stable, healthy, and sustainable" US-China relationship during the two leaders’ first face-to-face talks in seven months, while Biden emphasized the importance of continued communication between the two world powers. The talks, which come two months before Trump’s inauguration, also touched on Beijing’s military activities near Taiwan, Chinese support for Russia, escalating economic disputes, and nuclear weapons control.

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

  • The Sustainable Debt Coalition (SDC) had its moment on Thursday during the Finance Day of COP29 in Azerbaijani capital Baku, with Finance Minister Ahmed Kouchouk joining his peers in a discussion about finding innovative financial solutions to alleviate the burdens of unsustainable debt and the growing cost of climate mitigation and adaptation for developing countries.
  • IMF to wrap its fourth review of the country’s loan program this week: The International Monetary Fund mission that is in Cairo is set to complete the fourth review of Egypt’s USD 8 bn loan program this week.
  • The country’s oldest automaker is back in business: State-owned El Nasr Automotive has officially restarted operations after a 15-year hiatus, delivering its first batch of electric 49 passenger buses — manufactured in partnership with China’s Yutong — to Transport Ministry-affiliated companies.

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*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- Even though the weather is cooler, the sky is clear and the sun will be shining with highs of 24°C — dropping to a chilly low of 15°C in the evening, according to our favorite weather app.

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