Good morning, everyone. IPOs have become a bit of a rarity for us over in Egypt, so it’s not often that we get to kick off an issue with news that the EGX will soon be welcoming a new addition. We’ve got the latest on United Bank’s private placement set to kick off this morning and much more in the issue today. As with the last few issues, it’s another busy news day, so let’s jump right in.

PSA-

WEATHER- It’s another cool day in Cairo today, with a high of 25°C and a low of 17°C, according to our favorite weather app.

There’s a chance of thunder and rain up in Alexandria, with a high of 23°C and a low of 15°C.

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HAPPENING TOMORROW-

It’s nearly Interest rate decision time for the CBE: The Central Bank of Egypt’s Monetary Policy Committee will meet tomorrow to review interest rates. The committee has left rates unchanged for four consecutive meetings this year, since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after.

The polls are in: The MPC is expected to leave interest rates unchanged amid persisting inflationary pressures and continuing geopolitical tensions in the region, as unanimously forecasted in our interest rate poll of nine analysts and economists.

DATA POINT-

Gas production increased by 200 mn cubic feet per day and crude oil by 39k barrels per day between July and October, which Oil Minister Karim Badawi pointed to as proof that the ministry’s strategy to up production is achieving results, according to a ministry statement.

WATCH THIS SPACE-

IFC wants to collaborate on mining materials it thinks will aid local manufacturing: Mining is one of the key targets that International Financial Cooperation wants to work with the government on and is “exploring ways to leverage these natural resources to boost local manufacturing,” according to a statement from the Planning and International Cooperation Ministry. The financial institution’s global industry director for energy, metals and mining, and sustainable infrastructure advisory, Valerie Levkov, namechecked zinc, phosphate, gold, and fertilizers as sectors that the IFC is studying.

CIRCLE YOUR CALENDAR-

Latvian tech innovations under the spotlight: The Latvian Embassy is hosting a networking and seminar event inviting companies and professionals in the ICT sector to explore Excellence in Latvian Tech on Wednesday, 27 November at Downtown’s Consoleya. The event will see Latvian tech players showcase their latest tech innovations and bring together industry leaders for workshops and discussions on the 5G ecosystem, sustainable transport solutions, and ICT innovation. You can check out the agenda here (pdf) and register for the event here.

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

THE BIG STORY ABROAD-

After securing approval from US President Joe Biden earlier this week, Ukraine hit Russia with long-range US missiles, striking an ammunition storage facility without causing any casualties. Moscow views the move as an “escalation” from the West, particularly as Ukraine would be unable to launch the missiles without the US providing “direct operational support.” The attack comes on the 1,000th day of the war. (Bloomberg | Reuters | Wall Street Journal | Financial Times)

Meanwhile in Rio, the G20 issued a statement (pdf) with what’s being described as weak language, further throwing a wrench in stalled negotiations at COP29. The shortcoming is made all the more concerning as world leaders are in “disarray” before Donald Trump — who is expected to bring yet more chaos and uncertainty — enters office, Bloomberg says. The Financial Times also has the story.

AND- Tennis legend Rafael Nadal stepped off the court for the last time in his 23-year career to retire at age 38. The “king of clay” lost his last singles match 4-6, 4-6 against the Netherlands’ Botic Van De Zandschulp at the Davis Cup yesterday. (Sports Illustrated | New York Times | CNN | Vogue | Reuters)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at Oil Minister Karim Badawi’s roadmap to making Egypt a regional gas hub after sector setbacks.

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