Good morning, ladies and gentlemen. With only eight days left until we welcome the new year, it looks like we have hit the end-of-year news slowdown in local business news.

PSA-

WEATHER- It’s another cold day in Cairo, with a high of 20°C and a low of 12°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 21°C and a low of 12°C. The EgyptianMeteorological Authority is warning of disturbances to maritime navigation in Alexandria, Matrouh, and Beheira with high winds and waves expected through Wednesday.

Egyptians living abroad can now purchase up to two premium housing units using FX through a new government initiative, according to a Foreign Ministry statement. The government is currently preparing the launch of an online platform to book units, with allocation on a first-come, first-served basis. Applicants must have a foreign bank account that has been active for at least six months.

A smarter way to file complaints: The Consumer Protection Agency has launched a mobile app that allows users to submit complaints, track reports, and access a host of digital services, according to a statement. The app is part of a border push to digitize services and enhance consumer rights.

You can download the app from Google Play or the Apple Store. If you can’t be bothered to download the app, you can submit complaints through the link on the CPA’s website.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how Egypt’s industrial sector fared in 2024. Check out the full story here.

WATCH THIS SPACE-

#1- International investors are going all-in on Egypt’s bonds: Foreign and Arab investors are looking to shift EGP bns from short-term t-bills into Egypt’s three-year t-bonds, capitalizing on a sharp rise in yields, five unnamed bankers told Asharq Business. The average yield on three-year t-bonds has risen to 26.24% in the secondary market — up from 24.21% in the last official auction — amid expectations of an interest rate cut during the first half of 2025.

REMEMBER- Analysts expect the Central Bank of Egypt to kick off its rate-cutting cycle in the first quarter of 2025, with most expecting rates to stay unchanged when the Monetary Policy Committee meets on Thursday.

#2- Egypt, Russia look to improve mechanisms for purchasing wheat in 2025: The Mostakbal Misr Agency for Sustainable Development — the new agency in charge of importing commodities — will meet with representatives from the Russian Union of Grain Exporters at the beginning of next year to discuss future cooperation, union head Eduard Zernin told Asharq Business. The agency is currently holding talks with major Russian wheat exporters, who are in the process of preparing proposals to improve practices for completing tenders and submitting future bids — a move that could help reduce the transaction costs of paying for grains, according to Zernin.

IN THE SENATE-

The Senate gave preliminary approval for the draft Medical Liability and Patient Protection bill, which aims to regulate medical liability and enhance patient protection and establish the Supreme Committee for Medical Liability and Patient Protection.

The details: If passed, the bill will introduce prison sentences and fines for health service providers who commit medical errors — prison sentences can go up to seven years, while the fines can go up to EGP 500k depending on the severity of the situation. The bill also seeks to safeguard medical service providers, introducing prison sentences of up to one year and fines of up to EGP 50k for individuals who insult, threaten or assault healthcare providers.

Doctors aren’t on board: The Medical Syndicate is hosting an urgent general assembly on 3 January to express its complete rejection of the draft bill in its current form, which it says “threatens the entire healthcare system.” The penalties that would be imposed on doctors if the bill were to pass would push doctors to practice defensive medicine and avoid high-risk procedures that are often necessary, Masrawy reports.

DATA POINT-

Increases in your mobile billscould boost tax revenue to the tune of EGP 6 bn, AlBorsa reports, citing unnamed government sources.

CIRCLE YOUR CALENDAR-

Gov’t is kicking off an initiative to shift vehicles to run on natural gas with the new year, according to a cabinet statement. The initiative, launched by the finance and oil ministries, aims to convert some 1.5 mn vehicles to run on natural gas as part of government’s efforts to reduce emissions — the move will reduce diesel consumption by 50% and CO2 emissions by 1.5 mn tons annually.

How it will work: Users wanting to take part in the initiative will be able to register through the unified online platform that will go live in January.

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-

It appears that the Christmas news slowdown has come early this year, with things pretty quiet in the western press this morning.

President-elect Donald Trump is once again making headlines this time for threatening to reassert US control over the Panama Canal, demanding Panama reduce the canal fees. During a speech late last night, Trump vowed he “would not let the canal fall in the wrong hands.”

Panamanian President Jose Raul Mulino rejected the comments, defending Panama’s sovereignty and the fairness of the rates. The canal has been under Panamanian control since 1999 after the US gave up control, with international law providing no basis for the US to reclaim its control over the canal. (Reuters | Wall Street Journal | AP | BBC)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at the latest efforts from the government to boost private sector participation in the education sector.

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