Good morning, all. We have a packed issue for you this morning as we dive into Saudi Crown Prince Mohammed Bin Salman’s time in Cairo and his meeting with President Abdel Fattah El Sisi and a whole lot of M&A news, most notably Arla Foods’ bid for Domty.

BUT FIRST- We’re looking for our first dedicated audience development professional. Someone who loves the challenge of helping us reach new readers in new markets — Saudi, the UAE, and lots more to come —using a range of digital channels and tools. You’re someone who thrives on working in a small, focused team. You’ve got proven digital skills (more likely than not on the performance marketing side). And you want to be part of what we immodestly think is the region’s most exciting media, advisory, and business intelligence company.

Interested? Tell Patrick and Moustafa why and send us your resume on newjobs@enterprise.news. We’d love to hear from you today. The position is based in Cairo, offers two days a week working anywhere you please, and offers a competitive package. (We’re also pretty nice people to work with, if we don’t say so ourselves.)

HAPPENING TODAY-

The Grand Egyptian Museum’s (GEM) trial operations of its main galleries begin today, offering visitors a preview of 12 curated exhibition halls, the museum said in a statement (pdf). The trial phase is part of the museum’s ongoing efforts to iron out any issues ahead of the museum’s much-anticipated opening.

EnterpriseAM dropped by the museum yesterday to get the downlow first hand. During the trial operations, GEM will welcome only 4k visitors a day, Assistant Tourism Minister for Archaeological Affairs at the GEM Al Tayeb Abbas told us. Following its official opening, the museum will play a prominent role in supporting the state reaching its ambitious tourism footfall targets, Abbas added.

The date of the full opening of the museum is still under wraps, with Abbas confirming to EnterpriseAM that the official opening date is yet to be decided.

HAPPENING TOMORROW-

To cut, or not to cut: The Central Bank of Egypt’s Monetary Policy Committee will meet tomorrow to decide on our interest rate trajectory. All of the analysts and economists we surveyed for our EnterpriseAM poll see the MPC holding rates steady as the central bank works to prioritize controlling inflation over any monetary policy easing.

Naeem Holding is also forecasting that the bank will keep rates as they are, as the CBE responds to several issues facing the Egyptian economy, Naeem’s VP of equity research, Hesham Hamdey, told EnterpriseAM. Hamdey points to sticky inflation, current investor wariness of Egyptian debt, and Israel’s war on its neighbors endangering Egypt-bound gas flows and ramping up the price of energy imports.

WATCH THIS SPACE-

#1- IFC finalizes airport management transfer plan: The International Finance Corporation (IFC) has submitted its technical study and proposed timeline to the government for handing over management of Egypt’s airports to the private sector, unnamed sources told Al Arabiya. The plan reportedly involves offering the management and operation of 20 of the country’s airports as part of the country’s privatization push.

We’ve been on the lookout for airport privatization news since Prime Minister Madbouly said earlier this week that some “important” privatization news regarding airports and banks would be announced soon. The Madbouly government first revealed plans inNovember 2023 to invite private sector players — including foreign companies — to take over the management of airports in the country.

#2- SCZone gets ready to launch large-scale green hydrogen projects: Five large-scale green hydrogen projects will kick off construction within a year on five plots of land currently being prepared by the Suez Canal Economic Zone, the SCZone’s executive director told Al Mal. The projects should be completed within four years, Saad added.

The zone’s first water desalination public-private partnership is also set to be launched, which will be used to help produce green hydrogen in the zone, Saad added.

DATA POINT-

#1- Egypt’s Zohr gas field produced an average of 2 bn cbf natural per day during the last fiscal year, PetroShorouk Chairman Khaled Mowafy said according to an Oil Ministry statement.

#2- Giza’s recently-inaugurated Bashteel station can accommodate up to 250k passengers a day, making the project four times the size of Ramses Station, project developer Hassan Allam Construction said in a statement (pdf).

#3- EGP 27 bn worth of PPPs coming this fiscal year: The government is eying six new public-private partnerships (PPPs) this fiscal year with investments exceeding EGP 27 bn, writes Asharq Business, citing Finance Minister Ahmed Kouchouk. The Madbouly government is currently looking into a number of projects, including electricity transformer stations, wastewater treatment plants, technical schools, warehouses, and wholesale markets.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 30°C and a low of 21°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 28°C and a low of 20°C.

CIRCLE YOUR CALENDAR-

#1- EFG Hermes will host its One on One Conference from 7 to 10 April 2025 in Dubai, the largest gathering of its kind in the MENA region. The conference connects hundreds of international company leaders with institutional investors and family offices.

#2- CEO Women Conference will kick off at the end of the month: The CEO WomenConference will take place on 30 October under the theme The Future of Healthcare in Egypt. The conference will highlight women's role in healthcare, the global focus on public health, and the role of AI in healthcare. The event — which will be held at the Four Seasons Hotel — will bring together over 950 attendees and 30 speakers.

The conference will also debut the Entrepreneur Zone, a platform that will allow female entrepreneurs to showcase their innovative projects, connect with investors, and build valuable partnerships.

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-

Nothing goes up and to the right forever. That’s the key takeaway on a very busy morning for global business news as market watchers join an increasingly loud debate about how much gas is left in the tank for the global equities market.

On the “we’re worried” side: Shars of the most important tech company you’ve never heard of slumped the most in 26 years after it booked not even 50% of the orders analysts expected. ASML Holding makes key equipment that chipmakers themselves use to make chips; the shortfall in orders has folks taking a deeper look at the chipmaking industry. Companies that sell chips with AI applications are doing really well — those that sell more workaday semiconductors for the auto, memory, and other industries? Not doing nearly as well.

Also on the worried side of the ledger: Luxury goods conglomerate LVMH saw sales slump in 3Q and says the outlook is “uncertain,” thanks in large part to a pullback in spending by Chinese consumers.

On the other side: US consumers look on track to spend about 3.5% more during the upcoming holiday season, a business group representing American retailers said. And Goldman Sachs has just reported a “monster jump” in 3Q earnings while Bank of America did a bit better than analysts had expected and Citi recorded 44% increase in fee income from investment banking activities.

The state of the debate (presented with no guidance…): Can the stock market keep goingup? Market watchers think so.

ALSO IN THE BUSINESS PAGES on this fine fall morning:

• In Saudi Arabia: A senior government appointee promised to limit Chinese access toUS-made chips and Aramco is reportedly shelving its plans for a Ras Al Khair chemicals and refining hub in favor of investing in Asia, EnterpriseAM Saudi notes.
• A tale of two bailouts: The founder of 23 and Me is riding to the rescue of her struggling startup while Boeing is trying to line up USD 35 bn from a combination of stock and bond offerings as well as bank loans to shore up its finances.

MEANWHILE- There are 19 days to go until the US election. About 2x more voters turnedout to cast early ballots yesterday in the key state of Georgia compared to during the 2020 cycle. Kamala Harris is on a media blitz. And Donald Trump is beating his protectionist drum.

IN POLITICS- Washington has warned Tel Aviv it has 30 days to allow more aid into Gaza or risk a cut to arms sales (Wall Street Journal | New York Time | Reuters).

And for our fellow iSheep: Apple has released an updated iPad Mini with a beefed up processor (the same as in last year’s Pro model) and the same big, ugly bezels as last year, too.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

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ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. EnterpriseAM — the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region — is looking for writers, reporters, and editors to help us build out new publications.

NEVER WORKED IN A NEWSROOM BEFORE? We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We dive into how mixing green hydrogen into the country’s existing natural gas pipelines could help with the country’s energy transition.