Good afternoon, friends, and welcome to the almost-weekend. The news cycle is winding down ahead of the long weekend, and so are we.

THE BIG STORY TODAY-

Gov’t nears its first-ever local sovereign sukuk issuance: The government is close to issuing its first EGP-denominated sukuk before the year’s end, as part of a program with a total target value of EGP 25 bn for FY 2025-2026, a senior government official told EnterpriseAM today. About 90% of the maiden issuance procedures have already been completed, our source added.

The Finance Ministry has finalized a new timeline for the anticipated issuance through short- and medium-term tranches, the source noted. Meanwhile, the ministry is currently meeting with the participating banks eligible for subscription to develop a plan for the first tranche, which may be limited in size to measure investors’ appetite.

REFRESHER- We were previously told that the first two tranches of the EGP-denominated sukuk could be valued at EGP 3-4 bn, and that they will be offered before the end of this year.

Required steps in progress: A pricing framework is currently being developed for the local sukuk, the source noted. At the same time, officials are also identifying the assets that will be used as collateral for these sukuk, the source said, adding that the ownership of these assets will not be transferred.

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

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THE BIG STORY ABROAD-

It’s another quiet afternoon in the business press, with US gold prices skyrocketing and Nestle CEO Laurent Freixe’s ousting still getting plenty of ink. Among the stories getting top billing in the global press this afternoon:

Another natural disaster follows Afghanistan’s magnitude 6.0 earthquake — the death toll of which has risen to 1.1k, Reuters reports — with a landslide in western Sudan killing at least 370 people. The Sudan Liberation Movement, which is in control of the affected Marra Mountains area, claims that the death toll has surpassed 1k. The landslide was triggered by days of heavy rain, and left the village of Tarasin flattened with only one survivor found. The natural disaster is among the deadliest in Sudan’s recent history. (CNN | Guardian | BBC | Associated Press)

OVER IN BEIJING- Chinese President Xi Jinping met with Russian President Vladimir Putin in Beijing. The meeting was initially held at the Chinese capital’s Great Hall of the People and later continued at Xi’s personal residence. North Korean leader Kim Jong Un also made his way to the neighboring country to join what major global media outlets are calling a “show of solidarity with countries shunned by the West.” The three leaders are set to be present at China’s massive military parade tomorrow. (Reuters | New York Times | BBC | Associated Press)

ICYMI- Earlier this week, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping also met on the sidelines of the Shanghai Cooperation Organisation summit. The two leaders affirmed their countries’ deepening trust and cooperation, following years of political disputes, hot on the heels of Trump’s steep punitive tariffs on India.

☀️ TOMORROW’S WEATHER- We’re in for a warm day in Cairo, with temperatures peaking at 35°C before cooling down to 22°C. Still up north? We’re expecting a high of 29°C and a low of 26°C, according to our favorite weather app.