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Dishonesty

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WHAT WE’RE TRACKING TONIGHT

Egypt taps the international debt market with a USD 2 bn sovereign sukuk issuance

Good afternoon, wonderful people. The week has been off to a quiet start, but we don’t think that will hold — today’s light issue tackles heavy topics.

THE BIG STORY TODAY

Egypt returned to the international debt markets today with a USD 2 bn dual tranche sovereign sukuk issuance, comprising three-year and seven-year tenors, with the offering advisors inviting investors to subscribe, a senior government source told EnterpriseAM. The move marks the first international issuance of the fiscal year; composed of a USD 1.25 bn tranche for three years, with an initial yield price guidance of 8.625%, while the longer-term tranche is valued at USD 750 mn with an interest rate of 9.45%.

REMEMBER- The issuance stands as Egypt’s third-ever sovereign sukuk issuance, following June’s USD 1 bn sovereign sukuk issuance, which was fully subscribed to by Kuwait Finance House, and our maiden sukuk issuance back in 2023.

The issuance is twice as big as we were expecting, after a government source told us in August that Egypt may tap the international debt market with a new USD 1 bn sovereign sukuk tranche by September/October as a part of the country's USD 5 bn international sovereign sukuk program.

What’s next? The shariah-compliant bonds will be listed on the London Stock Exchange when issuance is closed, we were told.



THE BIG STORY ABROAD

Despite Trump’s optimism about plans to end the war in Gaza, Israeli tanks advanced deeper into Gaza City ahead of talks with Netanyahu. US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu are set to meet at the White House today to discuss what Trump claims could be a breakthrough plan to end the nearly three-year bombardment of Gaza. “We have a real chance for greatness in the Middle East,” Trump posted on Truth Social. “All are on board for something special, first time ever.”

Israeli tanks have positioned themselves a few hundred meters from Gaza City’s main Al Shifa Hospital — where doctors say hundreds of patients are still being treated — just hours before Trump and Netanyahu are set to meet. Health officials said that tanks have also surrounded the area near Al Helou Hospital, where 90 patients were being treated, including 12 babies in incubators. Medics said the hospital was shelled overnight.

The meeting follows a week in which Israel’s international isolation deepened, as Britain, France, and other European countries announced their recognition of a Palestinian state. Even longtime Israel champion Trump has voiced his impatience with the attacks — which enter their third year in October — saying he would “not allow” Israel to annex parts of the occupied West Bank, which many Palestinians hope will be part of a future state. (Reuters | Bloomberg | NYT | CNN)

☀️ TOMORROW’S WEATHER- The mercury is still climbing, with the capital seeing a high of 34°C tomorrow before cooling to 22°C at night, according to our favorite weather app.

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FOR YOUR COMMUTE

AI is making us less moral

? AI doesn’t just enable cheating — it actively makes dishonesty feel easier and more accessible. Research published in scientific journal Nature reveals a troubling psychological shift: when people delegate tasks to AI, they become dramatically more likely to engage in dishonest behavior. This isn’t about exploiting a technological loophole — it’s about how AI fundamentally changes our relationship with moral decision-making by creating psychological distance from unethical actions.

AI delegation amplifies dishonesty at an unprecedented scale. In controlled experiments, only 5% of participants who completed tasks themselves showed dishonest behavior. But when they delegated the same tasks to AI — even without explicitly instructing it to cheat, just nudging it toward a desired goal — dishonest behavior surged to 88%.

The act of delegation allowed people to set maximizing goals while maintaining plausible deniability about their intentions. Some of the participants gave the AI biased data, some provided specific rules about which numbers to report, while others instructed the AI on how much to prioritize given objectives over honesty. As one participant put it during a tax reporting exercise: “Just do what you think is the right thing… But if I could earn a bit more I would not be too sad.”

AI removes the psychological barriers that normally prevent cheating. While research shows that people typically avoid dishonest behavior because it damages their self-image, this psychological cost diminishes significantly when AI serves as an intermediary. Users can pursue unethical outcomes through indirect instructions — setting goals that nudge AI towards dishonesty without explicitly commanding it to lie. This creates what researchers call “moral disengagement,” where responsibility feels diffused between human and machine.

Current safeguards fail because they misunderstand the problem. The study tested existing AI guardrails and found them largely ineffective against cheating requests. Even when researchers used ethics statements from AI companies like OpenAI to deter dishonest behavior in ChatGPT, the impact was minimal. The most effective deterrent, according to Scientific American, required users to provide specific task-related prohibitions like, “You are not permitted to misreport income under any circumstances.” But expecting users to preemptively block every possible misuse isn’t practical — especially when those same users may be seeking ways to circumvent ethical constraints.

As AI becomes more integrated into decision-making across business, education, and personal finance, we’re likely to see this delegation-enabled dishonesty emerge in real-world contexts. The challenge for AI developers and policymakers isn’t just building better guardrails; it’s recognizing that the very convenience that makes AI valuable also creates new pathways for moral compromise. This requires understanding that the problem lies not just in the technology’s capabilities, but in how it changes human psychology around ethical decision-making.

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Ears to the Ground

Role models that share a taste for ambition

? Joining the roster of podcasts catering to people interested in entrepreneurship and success stories is Flavors of Ambition, created by BCG. With only four episodes under its belt since launching last April, the show has already featured some big names who have come on to share their stories, experiences, and thoughts on what’s next for the Middle East.

Success stories straight from the Arab world: Hosted by seasoned journalist Ramia Faraj, the show digs into what’s driving tech and entrepreneurial growth across the MIddle East and North Africa. Each episode brings in experts and trailblazers from different departments and industries — from logistics and supply chains to energy, commerce, and AI.

Business gets personal: The episodes don’t just talk business (though that’s important too). Things get more personal as each guest opens up about the life experiences that shaped their careers and sparked their entrepreneurial spirit. This personal approach turns what could be just another interview into something much more intimate.

Fadi Ghandour’s blueprint for innovation: Faraj’s discussion with Jordanian entrepreneur and investor Fadi Ghandour, co-founder and CEO of Aramex, takes listeners along his life journey — from his mother’s cooking to proven strategies for running a successful business at scale. This provides a comprehensive view of how he was able to build one of the region’s most important shipping and supply chain companies and put it on the world stage, making Aramex — now operating in 58 countries — the first Arab company to list on the Nasdaq.

Ghandour makes it clear that entrepreneurs need to stay connected to their communities, understanding local problems and working toward real solutions. He and Faraj are joined by Akram Awad, partner and managing director at BCG, who offers his own insights on building innovative, healthy entrepreneurial systems that can support ambitious dreamers no matter where they are.

Why this podcast deserves a spot on your must-listen list: It creates a space where up-and-coming entrepreneurs and change-makers — or anyone driven by their passion and ambition to innovate — can get solid advice, guidance, and real inspiration from experts and pioneers who have made it happen right here in the region.

WHERE TO FIND IT- You can listen to Flavors of Ambition on Apple Podcasts | Spotify | Anghami | Amazon Music

This publication is proudly sponsored by

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Sports

Derby 131 drowns out the rest

⚽ Cairo International Stadium will be lighting up to host the 131st Cairo Derby, an iconic clash between Al Ahly and Zamalek. The teams will be locking horns in the finale of the ninth round of the Egyptian Premier League tonight at 8pm.

The lowdown: The Red Devils are walking onto the pitch in eighth place with 12 points gathered across seven matches, while the White Knights sit atop the leaderboard with 17 points from eight matches.

ALSO- At 5pm, El Gouna will go head to head against Ceramica Cleopatra, while Ismaily faces National Bank at the same time.


In Old Blighty: The sixth round of the English Premier League will wrap up at Hill Dickinson Stadium, with Everton and West Ham shaking hands at 10pm.

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OUT AND ABOUT

Cairokee takeover at El Malahy Arena

MARK YOUR CALENDAR-

? Cairokee live? Unmissable. The superband is back for another unforgettable night at El Malahy Arena on Friday, 24 October. Sing your heart out to their culture-defining anthems and grab your tickets now on Ticketsmarché before they sell out.

HAPPENING THIS WEEK-

Gear up for a hilarious night with Cairo Comedy Club at CJC 610 on Tuesday, 30 September. The lineup features Abd El Rahman Magdy, Ahmed Emad, Islam Amin, and Khalid Elshoky. Grab your tickets now on Cairo Jazz Club’s website.

The Eazees International Women’s Theater Festival, honoring the late Samiha Ayoub and supporting all-women creative productions, is still running until Friday, 3 October. Experience a reinterpretation of the Trojan war with Helenas, showing on Tuesday, 30 September and Wednesday, 1 October. Get your tickets through Ticketsmarché.

There’s still time to experience this huge comedy moment: Mo Amer is taking the stage at the New Administrative Capital on Wednesday, 1 October, and you can still book a spot on Ticketsmarché.

Foodies, unite: Cairo Food Week is still happening until Thursday, 2 October. Prepare yourself for a culinary experience packed with tasting menus, masterclasses, and exhibitions. Tickets are going fast, with the most popular events already sold out. To grab what you can, head to Ticketsmarché.

HAPPENING LATER-

SheArts Festival returns to spotlight talented women, running from Thursday, 2 October to Sunday, 5 October. Expect an exciting lineup of musical performances and plays, along with a series of public workshops you won’t want to miss. Tickets for live shows are available on Ticketsmarché, and you can sign up for workshops through the festival’s Instagram before spots fill up.

In need of some comedy therapy? Join Mina Nader for an interactive show at Theatro Arkan on Friday, 3 October. Get ready for a night of laughter-packed stories. Tickets are selling out, so we’d suggest you move fast. Secure your spot now on Ticketsmarché.

Join Omar Khairat for an enchanting evening with A Night at thePalace on Tuesday, 7 October at Abdeen Palace. This is your chance to experience the acclaimed composer live and be part of a good cause — all proceeds from the event will be donated to Shefaa Al Orman Hospital. Tickets are available on Ticketsmarché.

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GO WITH THE FLOW

What the markets are doing on 29 September 2025

The EGX30 rose 0.6% at today’s close on turnover of EGP 4.9 bn (11.7% above the 90-day average). Local investors were the sole net buyers. The index is up 22.4% YTD.

In the green: Emaar Misr (+5.9%), Raya Holding (+3.6%), and Telecom Egypt (+3.1%).

In the red: E-finance (-1.0%), Orascom Construction (-0.7%), and Eastern Company (-0.5%).


? SEPTEMBER

29 September (Monday): The Butterfly and Red String at Eazees International Women’s Theater Festival.

30 September (Tuesday): Helenas at Eazees International Women’s Theater Festival.

30 September (Tuesday): Cairo Comedy Club at CJC 610.

OCTOBER

1 October (Wednesday): Helenas at Eazees International Women’s Theater Festival.

1 October (Wednesday): Mo Amer Comedy Night at the New Capital.

1-26 October (Wednesday-Sunday): Downtown Contemporary Arts Festival.

2-5 October (Thursday-Sunday): SheArts Festival.

3 October (Friday): Tamino at the Cairo International Convention Center.

3 October (Friday): Interactive Comedy Therapy with Mina Nader at Theatro Arkan.

5 October (Sunday): Medhat Saleh and Amal Maher at Abdeen Palace.

6 October (Monday): Armed forces day.

7 October (Tuesday): 2025 EnterpriseAM Egypt Forum.

7 October (Tuesday): A Night at the Palace with Omar Khairat at Abdeen Palace.

10 October (Friday): Anyma at The Great Pyramids.

15 October (Wednesday): Scorpions concert at New Capital.

15 October (Wednesday): Cairo Marathon early bird registration ends.

16-24 October (Thursday-Friday): Gouna Film Festival.

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

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

31 October (Friday): Daylight saving time ends.

NOVEMBER

11 November - 7 December (Tuesday - Sunday): Forever is Now at the Great Pyramids of Giza.

DECEMBER

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

JANUARY

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

FEBRUARY

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

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