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WHAT WE’RE TRACKING TONIGHT

Gov’t to roll out new package of stock market incentives next week

Good afternoon, friends, and welcome to the home stretch. While we may be approaching the weekend, the news cycle isn’t showing any signs of slowing down.

THE BIG STORY TODAY-

? Policymakers plan to roll out a package of stock market incentives next week to boost investment flows through the EGX, two senior government sources told EnterpriseAM. The measures will be coordinated with the FRA and the ministries of finance and investment.

The changes: The package will scrap capital gains taxes and replace them with a unified 0.125% stamp duty for all investors, and include incentives for unlisted shares. To encourage IPOs, profits from new listings will be tax-exempt, and amendments to the Investment Law will link exchange listings to GAFI’s investment incentives. The government expects the package to increase EGX listings, attract more investment, and ramp up overall market capitalization. Other measures include adding gold funds to the list of tax-exempt investments, simplifying regulations to attract companies to the main index, and stimulating off-floor markets.

IN CONTEXT- The government is ramping up its privatization drive, expanding its programto 50state-owned companies across 14 sectors, with a focus on ramping up private-sector participation through minority EGX listings rather than mainly strategic sales. Policymakers hope the renewed push will anchor Egypt’s State Ownership Policy and support progress in ongoing IMF program reviews, following mixed results in prior privatization efforts. Last week, Finance Minister Ahmed Kouchouk said the government is working to finalize a privatization transaction before the end of 2025. We have an idea what transaction he is talking about, with sources previously telling us the government plans to list the Gabal El Zeit wind farm on the EGX before year-end.

THE BIG STORY ABROAD-

? It’s another busy afternoon in the global press in what has thus far been a politically-charged week. Hours following a near-unanimous vote by the US House of Representatives to release the Jeffery Epstein files, the US Senate agreed to pass the bill, which is now pending US President Donald Trump’s signature. The overwhelming vote to release the Epstein files follows days of political controversy, which saw thousands of damning emails released tying Trump and other government officials to the convicted [redacted] offender.

ICYMI- Earlier this week, Trump took to Truth Social to call on Republicans to vote for the files’ release, claiming he has “nothing to hide.” The US president’s heel turn came as a surprise, as he had previously quelled any attempt at release. (Guardian | BBC | ABC | New York Times | Washington Post)

Not so quiet on the western front: Yesterday also saw Trump and Saudi Crown Prince Mohammed Bin Salman meet at the White House, where they signed agreements on defense, nuclear negotiations, AI, and more. In the Oval Office, Trump shut down ABC News Chief White House Correspondent Mary Bruce after she confronted him with the Epstein files, and Bin Salman with his alleged involvement in the murder of Washington Post columnist Jamal Khashoggi. “Your news is so fake and so wrong,” Trump told Bruce, “I think you’re a terrible reporter,” he added. Later, the US president said that ABC’s license should be “taken away.” (CNBC | Reuters | New York Times)

ELSEWHERE IN THE WORLD- Russian attacks on Ukraine left at least 19 dead and 66 wounded after overnight missile and drone attacks targeting energy and transport infrastructure struck a residential area in Ternopil in western Ukraine. The attack is reportedly one of the deadliest since February 2020. (Reuters | BBC | New York Times)

☀️ TOMORROW’S WEATHER- We’re in for a sunny day in Cairo tomorrow, with the mercury set to peak at 28°C before cooling down to 19°C, according to our favorite weather app.

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FOR YOUR COMMUTE

The start of your promotion means the end of your friendships at work

? Promotions will come hand-in-hand with new challenges, but an often overlooked one is what happens when you’re suddenly promoted from peer to boss. Establishing authority with people you used to work alongside as equals — maybe even friends — will inevitably cause some tension. It gets even trickier when you have to manage employees who have been there longer than you.

The stakes are high: Research reveals that 60% of new managers find themselves most challenged when managing former peers, and 76% of these transitions falter. Even more sobering: 60% of all new managers fail within the first 24 months of their new positions, often because 82% of them enter their new roles without any formal management and leadership training.

The consequences extend beyond individual careers. Poor management is the number one reason employees quit, and when promising leaders fail, organizations lose not just the investment in that person’s development, but also the institutional knowledge and team stability they were meant to preserve.

The transition: In an episode of Harvard Business Review’s Coaching Real Leaders podcast, executive coach Muriel Wilkins works with Thomas, a newly promoted leader who moved up quickly through his organization. Now managing supervisors — including former peers with more tenure — Thomas embodies the fundamental challenge of new leadership: balancing assertiveness with approachability without losing credibility or becoming the tense, unlikeable boss.

The communication challenge: Thomas’s difficulties centered on his higher-level shift supervisors, all of whom had longer tenure than him and used their experience to push back against his management style, creating resistance as he adjusted to his new role. When he attempted one-on-one meetings to address performance issues, one supervisor turned the tables, telling him: “I wouldn't be such a problem if you had more rapport with people like me.”

The mindset trap: Thomas’s initial response was defensive, interpreting the supervisor’s response as shirking accountability. But as Wilkins helped him unpack the interaction, a deeper truth emerged. Thomas had adopted a rigid managerial mindset: “I cannot let anybody subvert my authority.” He relied on distance and consistent, formal verbiage across all interactions, fearing that any perceived weakness would undermine his credibility. This approach stemmed from intense pressure — both external and self-imposed. Thrown into the role with minimal training and a tight deadline, Thomas felt he had to prove himself constantly.

The science of motivation: This is a common pattern among high performers promoted to management — they apply the formula that made them successful as individual contributors (in Thomas’s case, internal pressure and self-discipline), assuming it will work universally. But leadership research tells a different story, showing that transformational leaders who understand and respond to followers’ intrinsic motivation create more engaged, productive teams. For some of his team members — particularly those with more experience — respect came through relationship and rapport. Neither approach is wrong, and as research shows, managers’ orientations toward supporting subordinates’ self-determination versus controlling their behavior significantly correlate with subordinates’ perceptions, affects, and satisfaction.

Meeting people where they are: The solution isn’t choosing between being task- or relationship-oriented — it’s embracing both. Wilkins suggested Thomas think of his leadership style not as an on/off switch, but as a dimmer, with gradients between extremes. He could acknowledge pushback without agreeing with it. He could build rapport without becoming everyone’s friend. He could hold people accountable while still treating them as individuals with different needs and motivations. Leadership development experts recommend that new managers meet individually with each team member to explain how their new role will change the nature of their relationship, ensuring transparency about expectations and boundaries.

3

Under the Lamplight

A demanding masterpiece that rewards patience

? The Books of Jacob announces its ambitions before you even crack it open — its size and heft may be daunting, but just flipping to the first page will prove that it has something unique to offer. The pages of Olga Tukarczuk’s magnum opus are numbered backwards — starting at 962 and counting down to 1, a nod to the upside-down values you will soon see preached by the novel’s charismatic, troubling protagonist.

The novel centers on Jacob Frank, a real 18th-century Jewish leader whom one scholar called the most disturbing figure in the history of messianism. Frank claimed the end times had arrived and that conventional morality needed to be flipped on its head. He encouraged his followers to break religious taboos, bragged about defiling the Torah, and eventually led many of them to convert first to Islam, then to Christianity. His disciples worshipped him as a prophet, writing down his visions in a book called The Words of the Lord.

But calling this Jacob Frank’s story doesn’t quite capture what Tokarczuk is up to. Rather than following Frank’s life chronologically, she’s created a fragmented mosaic — short sections that jump between dozens of characters and perspectives, interpolated with letters, historical documents, maps, and images. The cast is enormous — disciples and noblewomen, priests and poets, doctors and bishops with gambling problems.

The novel’s unusual narrator is Yente, Jacob’s grandmother, who swallows a magical amulet and becomes trapped between life and death. From this cosmic vantage point, she observes not just the novel’s action but centuries of history. Tokarczuk describes her as a “fourth-person narrator” — someone who can transcend individual human perspective to see the divine unity in all things.

It sounds heady — and it is. But Tokarczuk, who was awarded the Nobel prize for literature in 2018, is deftly cosmic with the earthly. She has an eye for vivid, specific detail, blending the high and low, cosmic and mundane with Chaucerian skill. And translator Jennifer Croft captures all of it beautifully, from the stately philosophical passages to the bawdy comedy.

But this is an undeniably difficult read. The sheer number of pages is intimidating, and the number of characters makes it hard to keep track of who’s who. The theological debates are dense, the fragmented structure means you’re constantly reorienting yourself. Jacob himself appears only in glimpses — charismatic, but hard to truly know. And this is very much by design: Tokarczuk is trying to capture something vast — not just one man’s story, but the interconnected web of lives, beliefs, and histories that make up an entire world, writing about the smallest details and the biggest questions.

So is it worth it? It depends on what you’re looking for. This isn’t the place to start with Tokarczuk’s work if you’re unfamiliar — you may want to pick up murder mystery Drive Your Plow Over the Bones of the Dead or the philosophical Flights first. But The Books of Jacob offers something increasingly rare: a genuine literary event, a book that takes big risks and mostly pulls them off. It’s the kind of novel that will be debated and analyzed for decades, that demands patience, but rewards those willing to give it. You’ll be glad to have experienced it (and glad that it’s over).

WHERE TO FIND IT- Tokarczuk’s works are sold out at Diwan, but you can find The Books of Jacob as an eBook on Amazon.

This publication is proudly sponsored by

4

Sports

All you need to know about the 2026 World Cup qualifiers and playoffs

Our fellow football fans, the international break is finally over. Domestic leagues in Egypt and Europe return to action this weekend, but the qualifying results of the 2026 World Cup are still the talk of the town.

Multiple teams from Europe and North and Central America sealed their spots in the World Cup yesterday and earlier today, and global playoff participants are now confirmed. This brings the tally to 42 nations heading to the next World Cup, with 22 more competing for the six remaining spots: 16 teams in the European playoffs, and six in the global playoff.

Qualified teams from Africa: Egypt, Morocco, Tunisia, Algeria, Senegal, Ghana, Côte d’Ivoire, South Africa, and Cape Verde.

Qualified teams from Europe: Spain, France, England, Germany, the Netherlands, Portugal, Croatia, Belgium, Norway, Switzerland, Scotland, and Austria.

Qualified teams from South America: Argentina, Brazil, Uruguay, Paraguay, Ecuador, and Colombia.

Qualified teams from Asia: Saudi Arabia, Qatar, Jordan, Japan, South Korea, Iran, Australia, and Uzbekistan.

Qualified teams from North and Central America: Panama, Haiti, and Curcaçao.

The participating hosts: The US, Mexico, and Canada.


Four teams from the 16 competing nations in the European playoffs will qualify for the World Cup finals: Italy, Denmark, Turkey, Ukraine, Wales, Poland, Czech Republic, Slovakia, Albania, Ireland, Kosovo, Bosnia, Sweden, Romania, Northern Ireland, and North Macedonia.

The teams are split into four groups of four, and will be playing in a knockout format, with each group sending one team to the World Cup.


Two teams from the following six nations in the global playoffs will qualify for the World Cup finals:

  • From Africa: DR Congo
  • From Asia: Iraq
  • From South America: Bolivia
  • From CONCACAF: Jamaica and Suriname
  • From Oceania: New Caledonia

The top two teams in FIFA rankings — DR Congo and Iraq — will be skipping the first round of playoffs, and the other four will meet in the semifinals. The victors will face Congo and Iraq in two finals to determine which two nations reach the World Cup.

FIFA will conduct the draw for both the global and European playoffs tomorrow, Thursday, 20 November, at their headquarters in Switzerland.

5

OUT AND ABOUT

Marwan Moussa and Ahmed Saad take over Fustat Festival

MARK YOUR CALENDAR-

? Rap icon Marwan Moussa and hitmaker Ahmed Saad are bringing the energy to this year’s Fustat Winter Festival on Friday, 21 November. Don’t miss their electrifying live performances at Fustat Park. You can get your tickets on Tazkarti.

HAPPENING THIS WEEK-

Maadi’s Saad Studio is hosting a Posters for Palestine program with visual artist Maram Alrefaei. The online round for the design workshop is currently underway today and will continue on Tuesday, 25 November, and Wednesday, 26 November. This is your chance to show your creativity and your solidarity with the cause. Book your spot through a form posted in their Instagram bio.

Get jazzy: The Embassy of Belgium and the Embassy of Netherlands are hosting a special jazz concert tonight, starring renowned Belgian jazz pianist Jef Neve and Dutch trumpet master Teus Nobel. Taking place at AUC Tahrir’s Ewart Memorial Hall, expect a night of groovy numbers and unforgettable vibes. Entrance is at no charge.

Catch the theatrical performance of Daydreaming at Rawabet Art Space on Thursday, 20 November, Friday, 21 November, and Saturday, 22 November. The play blends illusion and reality as a man copes through fantasy to deal with his relationships. You can get your tickets on Ticketsmarché.

HAPPENING LATER-

Athletes and sports enthusiasts, huddle up. ELFIT Sports and Fitness Games is back for an electric night of competition and energy at New Capital Sports City on Friday, 21 November and Saturday, 22 November. The major fitness event brings together over 1.5k global competitors in 10 different competitions featuring a lineup of ELFiT Rowathon, Strongman, Calisthenics, and Parkour Chase Tag, among others. You can grab your tickets on Ticketsmarché.

Star singer Angham is lighting it up at the Pyramids on Monday, 1 December for an unforgettable night of her music. The vocal powerhouse is set to perform live at the Pyramids Panorama with an orchestra conducted by Maestro Hany Farahat. You can get your tickets now on Tazkarti.

In need of some enlightenment? Renowned author and speaker Dr. Khaled Ghattass is setting foot at Theatro Arkan for his talk, Between The Strange and The Prevailing on Friday, 5 December. Don’t miss this chance to delve into the science behind human behavior, society, decision-making, and relationships. Tickets are selling out fast — you can get yours now on Ticketsmarché.

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GO WITH THE FLOW

What the markets are doing on 19 November 2025

The EGX30 rose marginally at today’s close on turnover of EGP 5.4 bn (9.7% above the 90-day average). Local investors were the sole net buyers. The index is up 36.2% YTD.

In the green: Misr Cement (+6.1%), Beltone Holding (+3.9%), and E-finance (+2.3%).

In the red: EFG Holding (-2.6%), Juhayna (-2.0%), and Oriental Weavers (-2.0%).


?️ NOVEMBER

7-26 November (Friday-Wednesday): Posters for Palestine at Saad the Studio, Maadi.

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.

19 November (Wednesday): Jef Neve and Teus Nobel Jazz Concert at AUC Tahrir Square.

20-22 November (Thursday-Saturday): Mina Nader: Interactive Comedy Show at Hilton Cairo Grand Nile.

20-22 November (Thursday-Saturday): Daydreaming at Rawabet Art Space.

21 November (Friday): Marwan Moussa X Ahmed Saad live at Fustat Winter Festival.

21 November (Friday): Ramy Sabry at El Arena.

21-22 November (Friday-Saturday): ELFIT Sports and Fitness Games at New Capital Sports City.

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

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

22 November (Saturday): Anas Bukhash Interview with Mahmoud Saad at AUC Tahrir’s Ewart Hall.

22 November (Saturday): The Elite Comedy Show at Cairo International Stadium.

28 November (Friday): IL Monte Galala Adventure Festival by the TriFactory.

24-30 November (Monday-Sunday): Pyramids Echo Festival at the Pyramids Panorama Theater.

DECEMBER

1 December (Monday): Angham at the Pyramids.

5 December (Friday): Between the Strange and the Prevailing by Dr. Khaled Ghattass at Theatro Arkan.

5 December (Friday): Tul8te at El Malahy Arena.

7-15 December (Sunday-Monday): El Moristan at AUC Falaki Mainstage Theater.

12-13 December (Friday-Saturday): Pyramids Echo Festival encore at New Opera House.

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.

2026

JANUARY

7 January (Wednesday): Coptic Christmas Day.

25 January (Sunday): January 25th Revolution / National Police Day.

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

FEBRUARY

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

17 February (Tuesday): First day of Ramadan (TBD).

MARCH

20 March (Friday): Eid Al-Fitr (TBD).

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