Good morning, y’all. There’s just 21 days left until the end of the year, but it seems like we’re still a way off from the end-of-year slowdown in local business news by the look of the issue today.

WATCH THIS SPACE-

#1- Derivates will begin trading on the EGX in 2Q 2025, Financial Regulatory Authority Deputy Chairman Islam Azzam told Asharq Business. Azzam highlighted futures contracts for indices as being among the incoming additions.

But what are derivatives exactly? Derivates are financial contracts that are tied to the value of an underlying asset — think stocks, bonds, commodities, or an index. Futures are a popular form of derivative where traders agree to buy or sell an asset on a fixed date in the future. Futures contracts let investors hedge against volatile price movements and bet on where the market will go — but they are also an inherently risky tool that can maximize returns and also losses.

#2- The FRA is also considering offering financial leasing loans for industrial lands from the Industrial Development Authority (IDA) for the first time, Azzam told Asharq Business, adding that the authority is about to address the IDA to discuss the matter with them. The move comes as the government looks to increase liquidity in the sector so it can grow and help both reduce the country’s import bill and up exports.

Remember: The Industry Ministry late last month launched a new 15.2 mn sqm phase of industrial land offerings, which come as the government seeks to localize manufacturing, reduce import dependency, and stimulate industrial growth.

#3- The government committee tasked with reforming state economic authorities has completed studies on 40 of the 59 authorities, according to a cabinet statement. Among those whose studies have been completed, 29 will be retained as is, 7 will be converted into general authorities, 3 will be merged with other authorities, and 1 will be dissolved.

What’s next? Review of the remaining 19 authorities will be completed soon, with a final report to be submitted to the cabinet, according to the statement. The second phase of the project will dive deeper into the practical restructuring of each authority, with the ultimate aim of increasing operational efficiency and contributing to higher GDP.

#4- Is a third floating storage regasification unit on the horizon? Egypt has reportedly chartered a third floating storage regasification unit to process LNG imports to dock at Ain Sokhna by June 2025, according to an unnamed government official cited by Asharq Business. The report did not provide any names or further details.

Remember: A second regasification unit will dock in Egypt starting 2H 2025 under an agreement to lease a unit between US-based New Fortress Energy and Egyptian Natural Gas Holding Company that was inked earlier this month. Unconfirmed reports identify the vessel as the Energos Eskimo, which is currently docked in Aqaba Port and shared between Egypt and Jordan under a prior agreement.

#5- Saudi Egyptian Industrial Investments plans to acquire 20-30% stakes in ready-made garments, glass, and cookware companies in 2025, CEO Ahmed Atta told Asharq Business.

It looks like the news confirms that the company is reviving its bid for El Nasr Glass and Crystal Company, albeit looking for a smaller share than the 51-70% originally targeted.

#6- The Finance Ministry is mulling letting industrial projects pay customs taxes in installments in a bid to increase liquidity in the sector and support its growth, Al Borsa reports, citing unnamed government sources.

PSA-

WEATHER- It’s set to be sunny in Cairo today, with a high of 23°C and a low of 14°C, according to our favorite weather app.

It’s a bit cooler and cloudier in Alexandria, with a high of 22°C and a low of 12°C.

There’s also a good chance there will be heavy fog in the two cities, so be careful on the roads.

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HAPPENING TODAY-

#1- United Bank’s shares will debut on the EGX today under the ticker UBEE.CA, following the close of its heavily oversubscribed retail and private offerings that put the company’s share price at EGP 13.85, according to a bulletin (pdf) on the EGX.

The stock will trade with expanded price limits of ±40% on its first day, with no temporary suspensions, and a 30-day stabilization period beginning today until 8 January 2025, during which shares from the public offering can be sold back at the IPO price.

Its entrance onto the bourse will mark the second IPO of the year, after Act Financial offered a 32% stake on EGX in July and became the first company to conduct a full IPO in the Egyptian bourse since 2022.

#2- November’s inflation figures out: Capmas and the CBE are expected to publish November’s inflation data later today, with analysts watching closely for any shifts in food prices and the impact of recent monetary policy decisions. Data for October saw inflation rise 0.1 percentage points to 26.5%, extending its upward trajectory for a third consecutive month.

FX WATCH-

The EGP fell to its lowest level against the USD since the liberalization of the exchange rate, with the USD exchanging hands for around EGP 50.45 and state-owned and private banks. The drop follows steady declines in the EGP’s value against a strengthening greenback, which is up by 2.7% since election day on the Bloomberg Spot USD Index.

Naguib Sawiris doesn’t seem worried though, telling Alarbiya Business that the EGP’s fair value sits somewhere between EGP 50-60. What would justify concern is if the EGP reached 60 or 70 against the greenback, Sawiris added.

CIRCLE YOUR CALENDAR-

The second phase of the National Artificial Intelligence Strategy is pencilled in for the start of next year, the CIT Ministry said in a statement. Although we’re yet to hear what the second phase will entail, the government’s first phase in 2019 focused on four main pillars: using AI to enhance government processes and service delivery; deploying AI in strategic sectors in order to reach local development goals; harnessing AI to create jobs and build human capacity; and working with other countries to encourage technology transfer and cooperation

The Holcim Foundation is calling on Egypt’s designers to enter the 2025 Holcim Awards for sustainable design, offering a USD 1 mn prize pool, the foundation said in a press release (pdf). Interested participants have until 11 February to enter, with the winners to be announced in Venice during the Biennale of Architecture on 20 November 2025.

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-

The digital front pages of the global press — business papers included — are once again led by our part of the world, with on-the-ground developments in Syria after the fall of Bashar Al Assad’s regime taking centre stage.

Causing concern in regional capitals and at the UN is news that Israel launched over one hundred airstrikes on “military targets” in the country and further encroached into Syrian territory in the Golan Heights in actions that it claims are “limited and protected measures.” The UN condemned the moves as violations of the 1974 Disengagement Agreement between the two countries. (Reuters | Financial Times | Guardian)

The opening of Syria’s notorious Sednaya Prison is also featured heavily in the int’l press, with haunting scenes of people looking for loved ones in the complex notorious for torture and the disappearance of thousands. (Wall Street Journal | Bloomberg | Guardian)

In stark contrast, scenes of opulence and excess have emerged from the abandoned mansions of Assad, with videos showing civilians sifting through racks of designer clothes and luxury goods left behind by the family and exploring garages filled with supercars. (Guardian)

WHILE IN THE STATES- The manhunt for the killer of UnitedHealthcare executive Brian Thompson has led to the arrest of 26-year-old Pennsylvania, who was found with a “ghost gun,” fake ID, and a handwritten manifesto critical of corporate America. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

OVER IN THE TRADE WAR- Beijing HAS launched an antitrust probe into chipmaker giant Nvidia over alleged violations tied to its USD 7 bn Mellanox Technologies acquisition. The move comes days after Washington tightened export controls on advanced semiconductors to China. (Wall Street Journal)

AND IN BUSINESS NEWS- ByteDance and TikTok are racing against the clock to prevent a US ban as they seek an emergency Supreme Court review to delay a law requiring Tiktok’s divestment by 19 January. The companies warn the ban could disrupt services for over 170 mn American users and cripple businesses reliant on the platform. (Reuters)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We sat down with SEKEM CEO Helmy Abouleish to discuss the firm’s desert reclamation project in the Bahariya Oasis and the future of sustainable agriculture in Egypt.