Beyond the balance sheet

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WHAT WE’RE TRACKING TONIGHT

Egypt postpones local sukuk issuance

Good afternoon, folks. The news cycle has been calm so far this week — we’re hoping it holds steady, but with many international diplomatic activities set for the week, we’re worried it’s the calm before the storm.

THE BIG STORY TODAY-

? The Madbouly government postponed its first ever local sukuk issuance to next Monday, with settlement scheduled on the following day, after originally being pencilled in for this week, a senior government official told EnterpriseAM. The move marks the third time the sharia-compliant issuance has been postponed.

What is behind the delay? Officials in charge of arranging the issuance need more time to align and connect Central Bank of Egypt, Finance Ministry, and other involved entities’ technical systems so they can carry on with weekly issuances following its maiden issuance next week.

The forthcoming issuance is part of a wider sukuk program valued at EGP 50 bn — double the initial target planned for the fiscal year, as a government official told us last week. The first EGP 3 bn three-year tranche of the program will be a Ijara issuance — a leasing-based security — linked to assets owned by the Finance Ministry in the Red Sea Ras Shukeir area, our source from today told us.

Several banks are interested in subscribing to the first-of-its-kind issuance in the local market, according to our source. The Finance Ministry had been holding meetings with representatives from 15 banks in an attempt to further raise the program to EGP 200 bn by next June, our sources from last week told us.

THE BIG STORY ABROAD-

? It’s a relatively calm afternoon in the global press, with two stories getting top billing:

Argentinian President Javier Milei secures victory: Argentina’s right-wing president led his party to a decisive victory in Sunday's midterm elections, much to US President Donald Trump’s pleasure. Milei’s victory follows a campaign in which Trump announced a USD 40 bn bailout package for the country were Milei to remain in office. Earlier this month, the US president threatened to cut aid to the country in the event of Milei’s loss. (BBC | Guardian | Washington Post | Politico | Associated Press | New York Times)

MEANWHILE- US President Donald Trump lands in Tokyo: Trump’s visit to Japan comes as part of a week-long diplomatic trip throughout Asia during which the US president aims to secure a number of trade agreements, primarily with China, as both countries seek to reach a truce on tariffs. Trump was received with a “royal welcome,” meeting with Emperor Naruhito at the Imperial Palace in Tokyo shortly after arriving from Malaysia, where he laid the groundwork for several trade agreements. (CNN | NBC | New York Times | Reuters)

The US President is also set to meet with Japan’s newly-elected conservative Prime Minister Sanae Takaichi tomorrow, in what major media outlets are calling “her first and biggest test yet” as she endeavours to win over Trump and strengthen the relationship between the two countries. (Guardian | CNN | New York Times)

☀️ TOMORROW’S WEATHER- It’s going to be another warm day in the capital tomorrow, with the mercury set to peak at 31°C before cooling down to 20°C, according to our favorite weather app.

The widening scope of the CFO

? The role of the chief financial officer has undergone a dramatic transformation in recent years, evolving from traditional financial stewardship to strategic partnership at the highest level of organizational leadership. What was once primarily a numbers-focused position has expanded into a multifaceted role that touches nearly every aspect of business operations.

“From stewards of compliance and guardians of quarterly earnings, to architects of enterprise strategy.” According to a global survey of nearly 600 CFOs by Egon Zehnder, a remarkable 82% report that their role has significantly grown over the past five years. This expansion isn’t just about taking on more work — it represents a fundamental shift in how organizations view the finance function. Forbes notes that this shift was particularly evident during the pandemic, when finance leaders moved beyond cost-cutting to reimagine finance operations through automation and digital transformation.

The big bang: In the past two years alone, 55% of CFOs have taken on environmental, social, and governance (ESG) responsibilities, while 44% have added mergers and acquisitions and corporate development duties to their portfolios. Additional responsibilities now frequently include corporate strategy, co-leadership of the enterprise with the CEO, risk management, and cybersecurity.

Research from RGP’s CFO Perspectives survey shows that 74% of CFOs now wield enterprise-wide influence, and 93% say they play a significant role in shaping business strategy. Even in 2013, “the CFO's role is very much that of being the CEO's right hand,” Andrew Halford, then CFO of Vodafone was cited as saying. The Association for Financial Professionals emphasizes the magnitude of this shift on 2025 corporate strategy, noting that CFOs are now active business partners alongside the CEO, working closely with executives to drive large-scale and high-impact organizational initiatives. They’re expected not just to curtail overspending and safeguard funds, but to drive strategic planning, business development, digital transformation, and innovation.

The driver? Technology adoption has become central to the modern CFO’s mandate. PwC research found that 58% of CFOs say they’re spending more time on technology investment and implementation compared to a year ago, with 44% saying that increasing the use of technology to reduce costs is very important to fund in the next 12 months. Looking ahead, CFOs believe that AI and machine learning will have the greatest impact on the future performance of the finance function. As one PwC report notes, savvy finance leaders harness the power of data, predictive analytics, and financial intelligence to identify risks, simulate scenarios, and devise mitigation strategies that safeguard financial health and enhance financial resilience.

The broader scope of the CFO role has implications for career progression. Research cited by Fortune from Crist Kolder Associates (CKA) shows an uptick in the percentage of former CFOs who have taken on CEO roles at Fortune 500 and S&P 500 companies. CKA’s co-managing partner notes that CFOs have a unique vantage point — because their work spans all segments of the company, they know how to communicate with boards, and bring a risk-averse mindset that’s increasingly valuable. While the Egon Zehnder survey found that 60% of CFOs aspire to become CEOs, almost half cite networking and visibility as the biggest barrier to achieving this goal, followed by customer and market knowledge and operational expertise.

When asked about the competencies that will matter most over the next five years, CFOs ranked driving change, shaping strategy, and developing talent as the top priorities. Notably, female CFOs were particularly adamant about driving change, with 57% naming this as the key competency, compared to 40% of male CFOs. For their successors, CFOs believe external credibility and investor relations, co-leadership of the enterprise with the CEO, and driving enterprise transformation will be the most important attributes and skills.

For organizations seeking to maximize the value of their finance function, the message is clear: Companies that recognize and support this transformation — providing the resources, technology, and organizational structure for CFOs to operate as true strategic partners — will be better positioned to navigate an increasingly complex and uncertain business environment.

Mind your tone…

? Your voice deserves attention — here’s why. In Basmit Sout, listeners get a crash course on all things voice and tone — how to care for it, develop it, and harness the different vocal qualities that various professions require. More importantly, you’ll discover what role your voice actually plays in daily life, from shaping your communication skills to potentially landing you that next job. Hosted by vocologist and voice manual therapist Marie Reine Ayoub and singer-vocal coach Christina Kairouz, this Hakawati-produced podcast offers a fresh perspective that immediately draws you in.

Who knew there was so much to our voices? Ayoub and Kairouz cover a wide range of speech-related topics, answering questions we didn’t even know we had. One episode breaks down the science behind what distinguishes a man’s voice from a woman’s. Another tackles an age-old question: can singing be taught, or is it simply a natural talent? The hosts also bring in experts and specialists to add depth and credibility to the conversation.

Sadness can actually change how you sound. There’s a real reason people can tell when you’re upset, and why we don’t sound like ourselves when we’re grieving — sometimes barely able to speak during moments of profound loss. In a particularly thoughtful episode about grief and speech, the hosts examine how sorrow affects the body, especially the voice, which might come out quiet or broken. Ayoub and Kairouz also explore the cultural dimensions of grief, discussing traditional expectations around mourning and the vocal expressions that come with it.

Despite the intriguing premise, the podcast’s brevity limits the experience somewhat. Episodes are short — the longest barely hitting the half-hour mark. This makes it challenging to explore certain topics in real depth, and some discussions feel a bit surface-level as a result. That said, Basmit Sout still offers an accessible and engaging listen, and you’ll come away with some fascinating facts about human anatomy for your next trivia night.

A quiet day on the pitches

⚽ It’s a calm day on the pitches, with only one international stadium and two local stadiums flipping the lights on.

Atlético Madrid will be traveling to face Real Betis in the final match of La Liga’s tenth round, which will kick off relatively late at 11pm Cairo time.

On the homefront: Smouha and El Gouna will be locking horns for the 12th round of the Nile League at 5pm, while Al Ittihad and Wadi Degla duke it out at 8pm.

Amr Selim brings classical music to Theatro Arkan

MARK YOUR CALENDAR-

? This is for lovers of classical music: Amr Selim is coming to Theatro Arkan for an evening of his most magical compositions on Saturday, 15 November. Don’t miss out on the chance to experience the maestro’s brilliance live. Tickets are available on Ticketsmarché.

HAPPENING THIS WEEK-

CJC 610’s Komedy Koshk is back to brighten up your week with quality humor and infectious energy. Catch Ahmed Magdy, Mohamed Farghaly, the Zalabya Musical duo, and Paula Rizk this Tuesday, 28 October. You can get your tickets on CJC’s website.

Rock out to a Red Hot Chili Peppers tribute night with Funkazine live at Room Art Space on Tuesday, 28 October. The event is brought to you by Castle of Rock. Tickets are available on EasyKash.

Get ready for your favorite summit: Sync Summit is back for its fourth year, taking place at O West for three consecutive days on Thursday, 30 October, Friday, 31 October, and Saturday, 1 November. This year’s theme Creative Range brings impactful talks, workshops, curated portfolio reviews, and hands-on labs, with leading voices from all creative industries. Don’t miss out on the chance to learn and grow as a creative — get your tickets on Ticketsmarché.

HAPPENING LATER-

Get funky for spooky season: Disco Misr is bringing their signature disco-funk energy for Halloween this Friday, 31 October at CJC 610 . Put on your funkiest costume and join in on the fun. You can grab your tickets on CJC’s website.

Alt-scene pioneers Wust El Balad are headlining this year’s Cairo Jazz Festival. Catch them live at AUC Tahrir Square on Friday, 31 October and jam out to their most nostalgic hits. You can get your tickets on Ticketsmarché.

Cairokee live? Unmissable. The superband is back for another unforgettable night at El Malahy Arena on Friday, 31 October. Sing your heart out to their culture-defining anthems and grab your tickets now on Ticketsmarché before they sell out.

What the markets are doing on 27 October 2025

The EGX30 rose 0.2% at today’s close on turnover of EGP 5.9 bn (27.9% above the 90-day average). International investors were the sole net sellers. The index is up 28.3% YTD.

In the green: Raya Holding (+4.2%), Orascom Development (+2.9%), and Beltone Holding (+2.6%).

In the red: Egypt Aluminum (-5.9%), Misr Cement (-2.1%), and Arabian Cement (-1.9%).

THE ENTERPRISEPM ENTERTAINMENT CALENDAR

?️ OCTOBER

12 October - 16 November (Sunday- Sunday): Cairo International Art District (CIAD) in Downtown Cairo.

28 October (Tuesday): Komedy Koshk at CJC 610.

28 October (Tuesday): Red Hot Chili Powders tribute night at Room Art Space.

30 October - 7 November (Thursday-Friday): Cairo International Jazz Festival.

30-31 October (Thursday-Friday): Sync Summit at O West.

31 October (Friday): Daylight saving time ends.

31 October (Friday): Wust El Balad at AUC Tahrir Square.

31 October (Friday): Cairokee at El Malahy Arena.

31 October (Friday): Disco Misr X Halloween at CJC 610.

NOVEMBER

1 November (Saturday): Sync Summit at O West.

4 November (Tuesday): Leffi Beena Ya Dunya stand-up show at CJC 610.

7 November (Friday): Homage to Ziad Rahbani at AUC Tahrir Square.

11 November - 6 December (Tuesday - Saturday): Forever is Now at the Great Pyramids of Giza.

14-24 November (Friday-Monday): Art Decoratifs Exhibition by Art D’Egypté at the Egyptian Museum in Tahrir.

15 November (Saturday): Amr Selim at Theatro Arkan.

15 November (Saturday): The TriFactory’s El Gouna Half Marathon, El Gouna.

15 November (Saturday): Carerha Summit at Majarrah, Sheikh Zayed.

21-22 November (Friday-Saturday): Traverse Summit at Hydeout, Hyde Park.

21-29 November (Friday-Saturday): Cairo Design Week.

DECEMBER

13 December (Saturday): Marakez Pyramids Half Marathon by The TriFactory.

19 December (Friday): DJ Tiësto at the Giza Plateau.

20 December (Saturday): Ibrahim Maalouf at Concert Hall, New Capital.

December: Al Rawi Awards submissions open.

JANUARY

30 January (Friday): Cairo Marathon normal registration ends.

FEBRUARY

6 February (Friday): Cairo Marathon at Heliopolis, Merryland Park.

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