The House reconvenes for preliminary vote on Criminal Procedures Law and draft refugee law

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What We're Tracking Today

IMF to wrap fourth review this week

Good morning, folks, and a happy Sunday to you all. The week is already off to a busy start with plenty of news of big-ticket local investments, climate finance initiatives, auto localization efforts, macro updates, and more making sure that that morning’s issue of EnterpriseAM is full to the brim.

We’ve still got a whole week ahead of us that also promises to be flush with important news, with the G20 Summit set to kick off tomorrow, the IMF to wrap its fourth review any day now, and the central bank meeting at the end of the week to decide our interest rate path ahead.

PSA-

WEATHER- It’s another November day in Cairo today, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s a few degrees cooler in Alexandria, with a high of 23°C, a low of 15°C, and a chance of light to moderate rain across the country’s Mediterranean coast.

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

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HAPPENING THIS WEEK-

#1- IMF to wrap its fourth review of the country’s loan program this week: The International Monetary Fund mission that is in Cairo is set to complete the fourth review of Egypt’s USD 8 bn loan program this week, Prime Minister Moustafa Madbouly said during his weekly presser. The review, if given the final thumbs up from the Fund, would enable Egypt to unlock USD 1.3 bn in funds — the largest tranche from the IMF to date.

#2- The G20 Summit in Brazil will kick off tomorrow: Egypt will be in attendance at this year’s G20 Leaders’ Summit in Rio de Janeiro set to formally begin tomorrow and wrap up the day after as a guest nation. Egyptian officials were in Brazil last week for the preparatory meetings preceding the summit and signaled their desire to highlight challenges facing emerging markets through monetary, financial, and trade reforms

#3- It’s the second and final day of Destination Africa being held at Cairo’s Royal Maxim Palace Kempinski. This year’s edition of the “annual international pan-African B2B sourcing event for the textile industries in Egypt” brings over 100 textile, garment, and home furnishings manufacturers from Egypt and Africa, the Investment Ministry said in a statement out yesterday. The exhibition, hosting 200 international buyers, is one of the keys to boosting exports and cementing Egypt’s role as a trade hub for Africa, Investment Minister Hassan Al Khatib said yesterday during the event’s inauguration.

#4- Africa’s top auto aftermarket and feeder industries exhibition is just about to launch in the capital: Cairo will host Autotech 2024, “the premier hub that brings together the biggest industry professionals in the automotive aftermarket and feeding industries,” on 17-19 November and welcome over 9k attendees and over 300 exhibiting companies. The event is also being billed as a chance to network with others in the sector, hold B2B meetings, and see leading figures in the industry speak. Check out the conference’s agenda and find the link to register on the event’s official website.

#5- It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee (MPC) will meet on Thursday to decide the country’s interest rate path ahead. The committee has left rates unchanged for four consecutive meetings this year, since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after.

WATCH THIS SPACE-

#1- Egypt is now a member of the Baku Initiative for Climate Finance, Investment, andTrade unveiled at COP29: Egypt has joined the initiative — which includes FDI, trade, and green freezones within the frame of climate finance — to further its climate finance efforts and push towards achieving the country’s Nationally Determined Contributions, Planning and International Cooperation Minister Rania Al Mashat said at COP29 that is currently being held in the Azerbaijani capital, according a statement from the ministry.

#2- South African investments incoming: Eight South African companies are set to enter the Egyptian market with USD 200 mn in investments, Commercial Representation Service head Yahya Al Wathiq Billah told Asharq Business without providing a timeline of when we can expect these investments to trickle in.

The comments followed joint talks in Cairo between the two countries, which saw Foreign Ministers Badr Abdelatty and his South African counterpart Ronald Lamola aligning on trade, African integration, water security, and pressing regional issues including the situations in Gaza, Sudan, and Libya, according to a Foreign Ministry statement. The talks, a follow-up to an earlier joint committee, focused on Egypt’s mediation efforts for a Gaza ceasefire and ongoing legal action at the International Court of Justice over Israeli violations.

AT THE HOUSE-

The House is back in session: MPs will reconvene today through Tuesday to pick up discussions on the amended criminal procedures draft law, review a new refugee draft law, and hear from ministers on housing and development plans.

Refugees are today’s topic of discussion: The House will today discuss a government-drafted law that aims to establish a legal framework for refugees’ status, rights and obligations. The bill proposes creating a permanent committee for refugee affairs to handle all refugee-related matters, including managing data and statistics.

And tomorrow, the House will explore urban development plans: MPs will hear from Housing Minister Sherif El Sherbiny on Monday as he lays out plans to tackle urban expansion, scale up fourth-generation cities, resolve building violations, and boost housing programs. On Tuesday, Local Development Minister Manal Awad will address reforms for local units and strategies to curb land violations.

DATA POINT-

The National Industrial Strategy aims to boost the industrial sector's contribution to the country’s GDP from to 20% by 2030 from 14% currently, raise the green economy's share to 5%, and double industrial sector employment from 3.5 mn to 7 mn, Deputy Prime Minister and Industry and Transport Minister Kamel El Wazir said during the prime minister’s weekly presser. It also focuses on enhancing workers' skills, supporting small factories and integrating them into the formal economy.

THE BIG STORY ABROAD-

The front pages of the international press are mixed this morning, although US President Joe Biden’s meeting with China’s Xi Jinping yesterday is getting ink. The two presidents — who met in Lima on the sidelines of the APEC Summit — discussed the path forward for their countries’ ties as Donald Trump returns to the Oval Office next year. China is ready to work with Trump to maintain “a stable, healthy, and sustainable” relationship with the US, even as Trump plans to impose 60% tariffs on US imports of Chinese goods. The two countries’ relationship is also at risk of becoming fraught as Trump puts together his cabinet, nominating several figures who are known to be hawkish on China. The meeting was covered by Reuters | Bloomberg | Associated Press | Financial Times | Wall Street Journal | New York Times

ALSO WORTH READING- Bloomberg’s Weekend Essay looks at what the introduction of generative AI means for the career ladder in many white collar professions. In many sectors, “entry-level grunt work” — which is both seen as part of the process and can teach employees basic yet critical skills — is now something within genAI’s abilities, raising questions about how the “basic logic” for career progression will change.

What is the Sustainable Debt Coalition doing to bridge the climate finance gap?

Sustainable Debt Coalition in focus at COP29 Finance Day: The Sustainable Debt Coalition (SDC) had its moment on Thursday during the Finance Day of COP29 in Azerbaijani capital Baku during a ministerial event. Finance Minister Ahmed Kouchouk joined his peers in a discussion all about finding innovative financial solutions to alleviate the burdens of unsustainable debt and the growing cost of climate mitigation and adaptation for developing countries.

Remember: Egypt launched the SDC Initiative at COP27 in 2022 to bring together debtor and creditor countries, ratings agencies, development finance institutions (DFIs), and multilateral development banks (MDBs). The goal was to improve access to affordable green finance, lower the cost of green debt, and promote new green investments in developing countries.

As things stand: Since its launch two years ago, 16 nations have joined the coalition — including Angola, Jordan, Lebanon, Morocco, Nigeria, South Africa, Sudan, and Pakistan.

Climate and debt crises are intertwined: Developing nations face significant challenges as high debt servicing obligations restrict their ability to allocate resources toward long-term climate resilience, according to Kouchouk. This limits progress toward both the Sustainable Development Goals (SDGs) and the Paris Agreement targets — an issue the SDC aims to address by creating fiscal space for green initiatives and sustainable development.

Bridging the climate finance gap: The coalition emphasized the need to scale up financing to meet the growing demands of climate action in developing countries. “Burdened by debt obligations and climate risks, developing countries often prioritize immediate needs, leaving minimal resources for investments in long-term resilience or social infrastructure, and leaving little room to allocate resources toward climate finance,” Kouchouk said.

Innovative financing mechanisms are the way forward: To address these challenges, the coalition is exploring sustainable finance instruments such as sustainability-linked bonds and debt-for-climate swaps. These mechanisms aim to create the fiscal space necessary for nations to fund green and sustainable initiatives. Kouchouk stressed the urgency of these efforts, stating, “without greater support and more concessional financing options, developing countries will struggle to achieve their climate goals while addressing pressing socio-economic needs.”

Other solutions on the table: The SDC is exploring pushing for innovative solutions to tackle climate finance and debt challenges, like debt-for development and debt-for nature swaps and blended finance. The coalition is also advocating for the Sustainable Budgeting Approach to align national budgets with sustainable development, prioritizing grant financing over debt.

No time to waste: “We are meeting at a crucial moment as we need to act decisively to prevent the climate crisis from becoming a debt crisis. Together, through commitment and cooperation, we can ensure that no country is left behind with regards to meeting sustainable development goals and ensuring climate resilience,” Kouchouk said.

Taqa Arabia-Voltalia consortium and the UAE’s Alcazar could set up 5.2 GW worth of Egyptian renewables projects

Another 5.2 GW worth of renewables are in the works: The Madbouly government on Thursday inked two MoUs with local and international energy players that could see them develop projects producing some 5.2 GW of renewable energy under a build-own-operate (BOO) system, according to a cabinet statement.

Taqa Arabia and Voltalia inked an MoU to repower the Zafarana wind farm with the EETC and NREA, according to a joint statement. The consortium of Taqa Arabia and France’s Voltalia will repower the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power under the proposed plan. The consortium will carry out technical and environmental studies — covering wind speed, solar radiation, and bird migration — before construction, with studies set to wrap up by December 2025.

We heard that something like this was in the works: We heard that the government inked an agreement with investors to transform the Zafarana wind farm into a hybrid wind and solar power hub back in October at the same time it was announced the government was postponing the sale of the state asset.

A first for Egypt: The green power facility will be the first of its kind in Egypt to merge both solar and wind power, the statement said.

The project should help attract investors — and a higher price tag — when the sale is back on: The Zafarana wind farms have been on the privatization shortlist since our privatization program was relaunched in February 2023 and was reportedly the subject of ongoing negotiations last month before the sale was pushed back.

Emirati Alcazar Energy intends to set up a 2 GW onshore wind farm under its MoU inked with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA). The project will generate enough clean electricity to power over 1.3 mn households and reduce up to 4.7 mn tons of CO2 emissions annually, according to a company press release. The project is expected to engage up to 12.5k construction workers and create 1.2k permanent jobs.

Refresher: The government wants to see 3-4 GW-worth of renewable energy projects go live and start feeding the national grid by next summer to fill the energy supply gap. This push is part of a broader plan to secure the country's energy needs amid declining natural gas production and expanding electricity interconnection projects to enable exports to surrounding countries. Egypt plans to source 42% of its energy from renewables by 2030 — a target that it recommitted to during the ongoing COP29 climate conference in Azerbaijan.

El Nasr Automotive back in gear after 15-year assembly pause

The country’s oldest automaker is back in business: State-owned El Nasr Automotive has officially restarted operations after a 15-year hiatus, delivering its first batch of electric 49-passanger buses in partnership with China’s Yutong to Transport Ministry-affiliated companies, according to a cabinet statement. We first heard that El Nasr was linking up with a then-unnamed Chinese company to produce buses back in March from a government source.

El Nasr already wants to up unit volume and the ratio of local components: The automaker’s factory currently has an annual production capacity of 300 buses, which the company hopes to increase 1.5k by 2027. El Nasr is also planning to increase the ratio of local components that go into the vehicles from 50% to 60-70% by an unspecified time point. Exports to other Arab countries are also in the works.

Electric microbuses could also roll off El Nasr assembly lines soon: During the event announcing the resumption of operations, El Nasr inked a contract with Singapore-Taiwanese firm Tron Energy and UAE-based Your Transit to launch a USD 10 mn joint stock company to produce electric microbuses. The new JV is aiming to kick off production in the middle of next year and rollout 300 microbuses and 600 batteries in 2026, before doubling production the year after.

The company’s passenger vehicle factory will also soon be up and running: Development of the company’s passenger vehicle factory should wrap up in December, with trial production penciled in for the middle of next year. The factory has a targeted annual capacity of 20k vehicles and will begin operations using no less than 45% local components.

Buses, microbuses, and passenger vehicles may just be the start: The company also aims to also assemble light transport vehicles, golf carts, and electric tuk tuks, El Nasr Chairman Khaled Shedid said, pointing to the company’s currently inactive factories that could be brought back into operation.

El Nasr has been on our radar for the last few years: The company was brought back to life in 2017 after having been liquidated in 2009. Since then, work has been underway to modernize the company’s production facilities and the automaker has regularly popped up in the news for being in negotiations with various international automakers about setting up a project — including Indian conglomerate Hinduja Group and China’s Dongfeng.

Remember: The Madbouly government has been working to localize the auto industry, introducing the Egyptian Automotive Industry Development Program in 2022, which will offer incentives to auto players with the aim of localizing the industry and its feeder industries in efforts to enhance the country’s existing assembly and manufacturing capabilities — and encouraging new investment to the sector.

Egypt’s unemployment inches up during 3Q 2024 to 6.7%

Unemployment inches up in 3Q: Egypt’s unemployment rate rose to 6.7% of the total workforce in the third quarter of 2024, up 0.2 percentage points from the previous quarter, according to data released by state statistics agency Capmas. Unemployment was down 0.4 percentage points from the same period last year.

Labor force expansion drove the increase: Egypt’s labor force reached 32.2 mn in 3Q 2024, up 2.5% from 2Q, with an additional 694k employed workers and an additional 101k unemployed.

Unemployment among women continues to climb: The jobless rate for women rose by 0.9 percentage points q-o-q to 18.2% in 3Q 2024 and increased by a full percentage point from the previous year. For males, the unemployment rate was unchanged from the previous quarter at 4.2%, and down 0.6 percentage points y-o-y.

More young people out of work: The rate of unemployment among 15-29 year-olds accounted for 65.7% of all jobless people in 3Q 2024, up from 64.2% during the previous quarter. Capmas doesn’t provide an official rate of youth unemployment.

REMEMBER- The headline rate doesn’t tell the whole story: The unemployment rate doesn’t count people of working age who are not looking for work or who are unable to work. The labor force participation rate — which counts everyone aged 15-64 either in work or actively looking for work — came in at 44.4%, up from 43.4% during the previous quarter and down from 44.6% in 3Q 2023.

Madbouly cabinet approves draft law regulating biosecurity facilities, government body debt ceiling, and working days for banks in ports

The Madbouly cabinet approved new legislation and key measures during its weeklymeeting on Thursday, including biosecurity regulations, new working days for banks in ports, and a cap on public debt.

#1- Biosecurity regulations get the green light: The Madbouly government approved a draft law regulating the activities of biosecurity and biosafety facilities operating at levels three and four within Egypt. The law mandates that unlicensed facilities regularize their status within one year of the executive regulations’ issuance, with a possible extension granted by the prime minister upon cabinet approval.

The details: The law sets stringent licensing, safety, and staffing requirements, while introducing penalties for violations. It also establishes a National Center for Biosecurity and Biosafety under the Prime Minister’s authority to tackle biological threats, oversee research, and align with national security priorities. As the country’s go-to authority on biosafety, the center will report annually to the president on its progress and strategy.

#2- Setting an annual debt ceiling for government entities: Cabinet also approved amendments to the Unified Budget Act, setting an annual debt ceiling for the government and all 59 of its economic bodies. The move includes establishing dedicated financial management units within the Finance Ministry and accounting units across all entities to ensure compliance.

#3- Bank branches at ports to work seven days a week: The cabinet also approved a new mechanism to ensure all entities responsible for customs clearance work seven days a week, including bank branches at ports. The move aims to speed up the release of goods and reduce clutter at ports.

Elsewedy Electric, Fawry, Telecom Egypt, Rameda, and MM Group report 3Q earnings

‘Tis the season for 3Q earnings, with more of the country’s biggest companies out with their latest financials over the weekend.

ELSEWEDY ELECTRIC’S NET INCOME ALMOST DOUBLES-

Elsewedy Electric saw its net income after minority interest rise 92.2% y-o-y in 3Q 2024 to reach EGP 4.8 bn, the company said in its latest earnings release (pdf ). Revenues rose 58.8% y-o-y to reach EGP 62.2 bn during the quarter “driven by higher prices, which contributed to strong revenue growth in the company's largest segment, wires and cables.”

Driving the growth: The company’s wires and cables segment was once again its main driver of revenues, growing 73.7% y-o-y to EGP 37.7 bn during the quarter, which it attributed to higher prices and an increase in volumes sold. Its turnkey segment was the second biggest revenue contributor, growing 37.7% y-o-y to EGP 18.1 bn during 3Q 2024.

On a 9M basis: During the first nine months of the year, Elsewedy Electric’s net income after minority interest rose 64.2% y-o-y to EGP 13.3 bn. The company’s revenues came in at EGP 164.8 bn during the same period, up 51.5% y-o-y.

Looking ahead: “We remain dedicated to improving operational efficiencies, optimizing cost structures, and expanding our influence in key high-growth markets,” CEO Ahmed El Sewedy said.

FAWRY’S NET INCOME MORE THAN DOUBLES-

Fawry reports 134.8% growth in net income in 3Q: EGX-listed fintech giant Fawry saw its bottom line grow by 134.8% y-o-y to EGP 477.7 mn in 3Q 2024, according to the company’s latest earnings release (pdf). The company’s revenues grew 77% y-o-y to just over EGP 1.5 bn over the quarter, “driven by the expansion and diversification of the company’s business offerings, which alongside effective cost control measures resulted in robust profitability.”

On a 9M basis, the company’s net income rose by 127.4% to just over EGP 1.1 bn, while its bottomline grew by 65.9% y-o-y to EGP 3.8 bn over the period.

Driving the growth: Fawry’s banking services segment was once again the main contributor to its overall revenues, with the segment’s earnings jumping 101.1% y-o-y to EGP 662 mn during 3Q 2024. It was followed by the alternative digital payments segment, which saw its revenues grow by 37.9% y-o-y to just under EGP 482 mn. The company’s financial services segment came in third, growing by 159.5% y-o-y to EGP 277.2 mn, while revenues from supply chain solutions grew by 42.5% to EGP 93.3 mn.

Moving forward: “Looking ahead, we remain focused on building a multi-sided platform that facilitates seamless interactions across our network. Through ongoing innovation and service expansion, we are addressing the diverse needs of our customer base and furthering financial inclusion by reaching Egypt's unbanked and underserved communities,” CEO Ashraf Sabry said.

RAMEDA’S NET INCOME CLIMBS 54%-

Local pharma player Rameda saw its net income climb 54.5% y-o-y to hit EGP 120.4 mn in 3Q 2024, this came despite a 52.5% increase in financing costs, according to the company’s earnings release (pdf ). Rameda’s revenues rose 39.9% y-o-y to reach EGP 763.2 mn during the quarter.

In 9M 2024, Rameda recorded EGP 244 mn in net income, up 23.9% y-o-y, while revenues saw a 28.5% y-o-y increase to reach EGP 1.8 bn in the same period.

Thanks to an increase in prices and sales volumes: “Solid revenue growth from private sales was driven by price increase approvals that ranged from 40%-50% for products that contributed more than 90% of the group's top line,” the release said.

But it didn’t come without challenges: “In the first nine months of the year, we faced significant challenges from inflation and currency devaluation; however, we have now shielded these concerns, and we now expect to fully reap the rewards of the year’s price adjustments during the coming quarters,” CFO Mahmoud Fayek said.

MM GROUP SEES A 61% JUMP IN INCOME-

MM Group for Industry and International Trade saw a 61.1% y-o-y increase in net income in 3Q 2024 to hit EGP 289 mn, according to the company’s latest earnings release (pdf ). Revenues grew by 54.6% y-o-y to reach EGP 4.5 bn during the third quarter of the year.

On a 9M basis: The group recorded EGP 782 mn in net income during the first nine months of the year, a 65% y-o-y increase. Its revenues jumped 34.9% y-o-y during the period to record EGP 10.8 bn.

The breakdown: MM Group’s consumer electronics line accounted for 80.9% of all revenues for the nine-month period — revenues from consumer electronics saw a 45.8% y-o-y to record 8.7 bn for 9M 2024. The automotive line accounted for some 17.3% of all revenues for the period and the telecom and tractors lines represented 1.6% and 0.2% of total revenues, respectively.

TELECOM EGYPT SEES A DROP IN INCOME, RISE IN REVENUES-

Telecom Egypt recorded a 13.3% y-o-y dip in income during 3Q 2024 to record EGP 2.1 bn due to higher financing costs, according to the company’s latest earnings release (pdf ). Revenues, meanwhile, saw a 48.1% y-o-y rise to reach EGP 20.5 bn during the quarter thanks to a 46% y-o-y increase in retail revenues and a 51% y-o-y increase in wholesale revenues.

The bigger picture: The company’s net income came in at EGP 8.6 bn for the first nine months of 2024, down 5.6% y-o-y. This came despite a 39.3% y-o-y jump in revenues to record EGP 58.4 bn. “Higher net financing costs caused by the devaluation of the EGP and the higher interest rates during the period pressured the bottom line,” CEO Mohamed Nasr said.

El Nasr Automotive restarting production put the country's efforts to localize the auto industry in the limelight

The return of state-owned El Nasr Automotive was the main focus on many of the talk shows last night, as news that the firm has officially restarted operations after a 15-year hiatus caught the attention of the nation’s hosts.

Some hosts looked back on how the country’s first automaker helped shape the country’s industrial sector, with Ala Mas’ouleety’s Ahmed Moussa detailing how the company went from a regional leader in the auto industry in the twentieth century to being liquidated in the early 2000s. Moussa went on to describe the state’s efforts to revive the company starting in 2017, which saw a steady process of upgrading the company’s production facilities and preparing partnerships to relaunch production (watch, runtime: 5:10).

The state-owned company can play an important role in the nation’s economy once again, says Moussa, telling the audience that “the start (of national localization efforts) comes from El Nasr Automotive.”

Relaunching is a positive step, but there are big challenges to come, Amr Adib said on El Hekaya. Adib pointed to two main challenges after resuming operations — maintaining continuous production without any interruptions and upping the ratio of local components in the production of the vehicles’ parts. (watch, runtime: 4:31).

Morocco has already laid out a blueprint for us to follow, Adib argued. El Nasr has the potential to produce large volumes of vehicles and should look to the Moroccan auto industry — which brings in more revenue than the Suez Canal — for guidance, he continued.

** We have more on El Nasr Automotive’s resumption of operations in the news well, above.

Vodafone International Services, Raya CX, and others given greenlight to open new call centers. PLUS: GlaxoSmithKline, NHS + EHA, MSMEDA + Tanmiya Capital Ventures

OUTSOURCING-

Gov’t greenlights seven firms to launch new call centers: The National Telecom Regulatory Authority (NTRA) has issued licenses for seven firms to establish and operate call centers using voice over internet protocol — known in the industry as VoIP — and other tools, according to a CIT Ministry statement. The companies include Vodafone International Services, Raya CX, Telecom Egypt’s Xceed, Concentrix, Capgemini Egypt, Genpact Egypt, and TTEC. The move comes as part of a larger effort to make Egypt into a global outsourcing hub, the statement reads.

Remember: The government wants to see digital outsourcing services bring USD 9 bn into the economy annually as of 2026. Egypt’s digital exports brought in USD 6.2 bn in 2023, up 26.5% y-o-y from 2022. The figure includes outsourcing exports — think call centers and human resource centers — which accounted for over half of the digital exports in 2023, standing at USD 3.7 bn, up 54% y-o-y.

LOGISTICS-

Ocean Express to ink final contract for Borg El Arab dry port next month: Egyptian company Ocean Express Shipping is expected to sign a final contract to develop the dry port and adjacent logistics zone in December, Al Borsa reports, citing unnamed sources. The company is currently studying how to finance the project with the Transport Ministry and are considering a number of different means of financing the project, having already entered negotiations with local banks in recent months.

Remember: Ocean Express Shipping signed an MoU with the General Authority for Land and Dry Ports for the project back in August of 2023. The project is set to take place over two phases; The first phase — previously estimated to be valued at EGP 780 mn — is set to be completed in one year, with the second phase set to take another year to complete. Al Borsa’s sources put the total project value at EGP 1 bn.

HEALTHCARE-

#1- Egypt and the UK to establish an oncology center in Egypt: The Egypt Healthcare Authority and the UK’s National Health Service will establish an oncology center at Ismailia Medical Complex in collaboration with one of Europe's leading cancer centers, The Christie, according to a statement from the authority. Medical staff at the Ismailia facility will be trained by 14 British experts in advanced diagnostic and treatment techniques and Egyptian doctors will receive training at NHS institutions in the UK. The center will expand to Upper Egypt at a later stage.

#2- Pharma giant GlaxoSmithKline could set up the region’s first multiomics research center in Egypt, according to a Health Ministry statement that detailed a meeting between Health Minister Khaled Abdel Ghaffar and a delegation from the company. The center would utilize advanced techniques to improve cancer treatment outcomes.

STARTUPS-

MSMEDA contributes USD 2.5 mn in Tanmiya’s TCV II Fund: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is contributing USD 2.5 mn to the Tanmiya Capital Ventures’ TCV II Fund to support SMEs by providing innovative financing methods for companies operating in various sectors, with an eye on the industrial and productive sector, according to an agency statement.

Gold sees worst weekly drop in over three years amid post-US election market reset

As good as gold? The safe haven asset has seen prices face their worst drop in more than three years following the election of Donald Trump in the US election on 5 November. Traders were quick to react to what a Trump victory could mean for the asset class, with gold pieces falling 2.7% on the day that the Republican contender for the White House declared victory. Throughout the whole month, gold prices are now down 6.6% to USD 2,570.10 per ounce.

The prospect of high interest rates for longer is helping drive the fall, with the US Federal Reserve signaling that its rate cut cycle may play out slower than initially forecasted — a problem for gold as a non-interest paying asset. Traders are also pricing in an uptick of inflation on the back of Trump’s proposed tariffs, draconian migration policies, and tax cuts, which could potentially persuade the Fed to hold back on rate cuts for even longer.

A stronger USD is likewise partly to blame, as a stronger greenback racks up the price of the precious metal for many international buyers as the metal is usually priced in USD.

The move towards Trump trades is also contributing to the sell-off, as investors flock to the likes of BTC and Tesla shares, “attracting money from typical safe havens like gold,” the Financial Times quotes MKS Pamp’s Nicky Shiels as saying.

Despite the recent dip, the metal is still up 29.2% over the last 12-month period — a decent notch above all of the world’s main indexes.

And some think that the gold rally still has a lot of gas left in the tank, including Shiels, who think that the recent fall in value “is not a reversal of the bullish trend, gold simply rose too quickly, and now it is reverting to a less bullish trajectory.” StoneX’s Rhona O’Connell even expects the asset to soon recover and pass the USD 3k at some point next year.

EGX30	31,462	+0.1% (YTD: +26.4%)
USD (CBE)	Buy 49.31	Sell 49.45
USD (CIB)	Buy 49.30	Sell 49.40
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,791	-1.2% (YTD: -1.5%)
ADX	9,443	+0.5% (YTD: -1.4%)
DFM	4,740	+0.2% (YTD: +16.8%)
S&P 500	5,871	-1.3% (YTD: +23.1%)
FTSE 100	8,064	-0.1% (YTD: +4.3%)
Euro Stoxx 50	4,795	-0.8% (YTD: +6.1%)
Brent crude	USD 71.04	-2.01%
Natural gas (Nymex)	USD 2.82	+1.4%
Gold	USD 2,570	-0.1%
BTC	USD 90,881.60	-0.4% (YTD: +115.1%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 3.4 bn (19.9% above the 90-day average). Local investors were the sole net buyers. The index is up 26.5% YTD.

In the green: B Investments Holding (+2.4%), Ezz Steel (+2.0%) and Alexandria Containers and Cargo Handling (+2.0%).

In the red: Telecom Egypt (-2.9%), Faisal Islamic Bank -EGP (-2.6%) and Egypt Kuwaiti Holding (-1.9%).

Gaza and bilateral relations in the spotlight on the sidelines of the Sir Bani Yas Forum in the UAE

Foreign Minister Badr Abdelatty met with foreign representatives on the sidelines of the Sir Bani Yas Forum in the UAE, according to statements here, here, here, and here. Abdelatty’s meeting with Bahrani FM Abdullatif bin Rashid Al Zayani, Latvian FM Babija Bereza, Serbian FM Marko Djuric and Pakistan’s deputy FM Ishaq Dar focused on enhancing bilateral and trade relations between the countries and their respective regions.

Abdelatty’s talks with Ishaq Dar particularly focused on boosting economic cooperation, with a focus on trade, investment and tourism, and covered issues of global financial reform, UN Security Council reform, and revitalizing multilateralism.

A common concern: The meetings all touched on the need for an immediate ceasefire and delivery of humanitarian aid to Gaza, as well as mitigating escalation tensions in Lebanon and the region.

The Egyptian FM also met with EU Special Representative for Horn of Africa Annette Weber to discuss growing instability in Sudan, and reassuring Egypt’s focus on deescalation, according to a statement.

CALENDAR

2024

NOVEMBER

17 November (Sunday): The House of Representatives reconvenes.

17-19 November (Sunday-Tuesday): Autotech Exhibition for Automotive Aftermarket & Feeder Industries, Cairo, Egypt.

21 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25-27 November (Monday-Wednesday): Annual Digital Nation Conference, Cairo, Egypt.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

28-30 November (Thursday-Wednesday): Cairo International Wood and Wood Machinery Show, Cairo, Egypt

29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste.

30 November (Saturday): Deadline to apply for renewable energy projects under the peer-to-peer (P2P) system.

DECEMBER

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK.

26 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

2H 2024: Gov’t to launch the Cairo Ring Road BRT buses.

3Q 2024: Egyptian-Armenian Joint Committee.

First week of November: Egypt-Turkey high-level trade consultation mechanism.

November 2024: Egypt to host the World Urban Forum (WUF12).

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City.

2025

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai, UAE.

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2Q 2025: Safaga Terminal 2 to start operations.

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors.

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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