Good afternoon all you wonderful people, and welcome to the weekend. We have a packed issue for today, with all the latest on the outlook for the EGP, Spotify Wrapped’s much-maligned 2024 showing, and AI reliance’s impact on human communication and connection.
THE BIG STORY TODAY
#1- The EGP fell to EGP 50.90 against the greenback at some banks during trading today, down from 50.58 at markets’ close yesterday. This new low comes after six weeks of steady declines in the value of the EGP, as authorities move toward allowing for more exchange rate flexibility.
Maturing short-term treasuries are driving the decline, says Goldman: Goldman Sachs economist for MENA Farouk Soussa told Bloomberg that the EGP’s drop is largely a result of a “huge spike” in the redemption of short-term T-bills, which comes as investors opt to maximize their year-end profits rather than roll over their positions.
Don’t get too discouraged by our slowly eroding purchasing power, though: Soussa is penciling in a rebound for the EGP in the new year, with the economist predicting that Central Bank of Egypt rate cuts in 1Q 2025 will lead to further treasury issuances — particularly of long-term T-bonds — that will offer investors a solid opportunity to re-enter the market, thus bolstering the EGP.
#2- PHD ups its stake in Taaleem to 32.61%: Palm Hills Development (PHD) has purchased an additional 22.1 mn shares — equivalent to a 3.02% stake — of higher education outfit Taalem for an average price of EGP 10.5 a pop in an EGP 231.56 mn transaction, according to a company disclosure (pdf). This brings PHD’s stake in Taaleem to 32.61%, after the property development giant’s board greenlighted the purchase of Chairman Yasseen Mansour’s 29.6% stake back in October.
THE BIG STORY ABROAD
As a new government begins to take shape in post-Assad Syria, some are citing concerns about the inclusivity of the country’s de facto political leadership. Reuters cites four members of the opposition and three diplomats as expressing concerns about a lack of inclusivity in leading rebel faction Hayat Tahrir Al Sham’s (HTS) policy and administrative decisions so far, with sources citing the installation of senior HTS administrators from Idlib in key positions in Damascus and a lack of HTS consultation with other Syrian entities.
Over in South Korea, the head of President Yoon Suk Yeol’s own party has joined calls for the embattled president’s resignation or impeachment after opposition parties submitted a second bill calling for Yoon’s impeachment late last night. Saturday’s vote will be the opposition’s second impeachment attempt in two weeks, with the previous effort stymied by a boycott by Yoon’s fellow party members.
And in business news, Mark Zuckerberg’s Meta has reportedly donated USD 1 mn to US president-elect Donald Trump’s inauguration fund — the first such donation by Zuckerberg to a president-elect and a sign that the Facebook owner is looking to mend fences with the incoming US president. (Financial Times | Wall Street Journal)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- It looks like ramping up privatization efforts is going to be one of the state’s New Year’s resolutions, with Prime Minister Mostafa Madbouly announcing in his weekly presser that the government is planning to offer up stakes in ten state-owned companies in 2025.
- There’s a new kid on the EGX block, with energy solutions firm Korra Energi temporarily set to list 2.3 bn shares at EGP 00.20 each today after the bourse’s listing committee approved the move.
- Hilton is amping up its presence in Egypt, with the global hospitality brand working on tripling its presence in Egypt’s market by opening 25 new hotels across the country.
☀️ TOMORROW’S WEATHER- We’re expecting chillier weather in the capital tomorrow as we inch closer to winter, with our favorite weather app telling us to anticipate highs of 23°C and lows of 13°C at night.





