Good morning folks, and happy Friday. We hope you enjoy the autumnal weather as we settle into the weekend.

LAST WEEK IN 3 MINS-

PRIVATIZATION-

United Bank IPO could raise up to EGP 5.1 bn: Central Bank of Egypt-owned United Bank has set an indicative price range of EGP 12.70-15.60 per share for its upcoming IPO on the EGX, potentially raising between EGP 4.2-5.1 bn. This values the bank at up to EGP 17.2 bn. The final offer price will be determined through the bookbuilding process.

AND- 95% of the shares offered in the IPO (313.5 mn shares) will be allocated to institutional investors, while 5% (16.5 mn shares) will be allocated to retail investors.

ECONOMY-

Inflation continues inching up: Annual headline urban inflation rose 0.1 percentage point to 26.5% in October, extending its upward trajectory for a third consecutive month. The increase follows a modest 0.2 percentage point rise in September to 26.4%.

Inflation is yet to feel the pinch from rising fuel and education costs: While the mid-October fuel price hike of up to 17% and rising education costs were expected to weigh heavily on October’s inflation reading, their impact has largely been deferred. Education-related expenses will be reflected in February’s 2025 data — coinciding with second semester school fees — while the fuel basket adjustments do not appear to reflect the recent mid-October fuel price hikes.

LEGISLATION-

The “old rent” law could soon be revamped: The Supreme Constitutional Court ruled onSaturday the fixed rent for residential properties stipulated in the so-called “old rent” law as unconstitutional and called on lawmakers to amend the first two articles of the law before the legislative season comes to a close. The court argued that the fixed annual rent cap set at 7% of the land and building’s value at the time of licensing showed the law’s failure to take into account inflation is unfair and denies landlords rights afforded to them under the constitution.

The parliament’s housing committee had already prepared a preliminary report on the “old rent” laws, and it is scheduled to be presented at the upcoming general sessions, the House of Representatives said.

ENERGY-

#1- Another 5.2 GW worth of renewables are in the works: UAE’s Alcazar Energy and a consortium of Taqa Arabia and France’s Voltalia could establish a total of 5.2 GW worth of renewable energy projects in the country after inking two separate build-own-operate MoUs with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) on Thursday, according to a cabinet statement. Under the terms of the agreements, Alcazar Energy will initiate studies for a 2 GW wind power project, while the Taqa Arabia-Voltalia consortium will conduct studies for a hybrid project that produces 1.1 GW of wind energy and 2.1 GW of solar energy. The news comes as the government works to raise the share of renewables in its energy mix to 42% by 2030.

#2- Oil Ministry kicks off USD 530 mn sustainable aviation fuel project: The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD 530 mn to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. The project aims to produce 120k tons of sustainable aviation fuel (SAF) and reduce carbon emissions by 400k tons a year, after production kicks off within the next few years.

#3- Qatar Energy acquires a 23% stake in North El Dabaa Block from Chevron: Qatar Energy inked an agreement with US oil and gas giant Chevron to acquire a 23% operational stake in the Mediterranean’s North El Dabaa Block. Chevron — the operator of the concession — will retain a 40% share, while oil and gas developer Woodside and the Egyptian state-owned Tharwa Petroleum hold 27% and 10% stakes, respectively. The company did not disclose the value of the transaction.

The company is already gearing up for new exploration works: “We look forward to the drilling of the first exploration well on this block,” the company’s CEO and Qatari Energy Minister Saad Sherida Al Kaabi said.

WHAT’S HAPPENING NEXT WEEK-

#1- Africa’s top auto aftermarket and feeder industries exhibition is coming to town: 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.

#2- It’s interest rate week: The Central Bank’s Monetary Policy Committee will meet on Thursday to review rates. The bank left interest rates unchanged during its last meeting in October, citing upside risks to the nation’s inflationary trajectory and stable economic growth.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

AROUND THE WORLD IN SEVEN DAYS-

The international news cycle was broadly led by US president-elect Donald Trump, who made several key appointments for his cabinet ahead of his second stint at the White House in January. The rundown:

• Kristi Noem — Homeland Security;
• Pete Hegseth — Department of Defense;
• John Ratcliffe — CIA;
• Mike Waltz — National Security Advisor;
• Susie Wiles — Chief of Staff;
• Elise Stefanik — US ambassador to the UN.

AND- Elon Musk and Roivant Sciences founder Vivek Ramaswamy are leading what Trump is calling the Department of Government Efficiency. Musk’s appointment comes after the Tesla CEO endorsed Trump’s presidency bid and ran a lottery pool for voters to encourage turnout.

Meanwhile, talks for an Israeli ceasefire in Lebanon are “making progress,” despite Qatar recently saying that separate talks for a ceasefire in Palestine have stalled. Israeli Foreign Minister Gideon Saar has pointed to Russia as a potential part of enforcing the ceasefire in Lebanon by mitigating the flow of weapons to Hezbollah through Syria.

The BTC rallied to a record high of USD 93k on Thursday, with the crypto industry seeing Trump’s election — including him securing all seven swing states — as a positive outcome that will see digital currencies facing less hostile policy.

☀️ THE WEATHER THIS WEEKEND- Expect a high of 26°C and low of 17°C in the capital today, with the weather set to take a slight dip tomorrow to a high of 25°C and low of 16°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Party like you’re in Ibiza. Circoloco — the iconic Ibiza party — is coming to the Pyramids tonight. The 9-hour party kicks off at 6pm and will feature an array of electronic, house, and techno music. Grab your tickets from Collard Tickets.

A Thousand and One Nights is being told in Alexandria. The Cairo Opera Ballet Company will perform two consecutive performances at the Sayed Darwish Theater at the Alexandria Opera House today and tomorrow at 8pm. You can book your seats from Tazkarti.

The From Alexandria With Love exhibition is open, a tribute to the artistic works of brothers Seif and Adham Wanly from the 40s to the 70s. Art Talk Gallery in Zamalek opened the doors to the exhibition yesterday, but you have up until Sunday, 24 November to visit.

Attention, fitness fanatics. The ELFIT Championship features 1.2k athletes from over 55 countries competing for the ELFIT Champion title. The event will continue today and tomorrow at the New Capital Sports City. Grab your tickets from Ticketsmarche.

For the Tamer Ashour fans: Don’t miss his concert at Malahy Arena tonight at 8:30pm. Grab your tickets from Ticketsmarche.

Moustafa Amar is making an appearance alongside Andy Cheiko at CJC 610 tonight. For reservations message their Facebook page.

Medhat Saleh and Reham Abdelhakim are headlining a charity concert in the Royal Garden of the El Qubba Presidential Palace. Tonight the doors will open for attendees — who will be required to be dressed formally — at 6pm, with the concert slated to start at 8pm. You can grab tickets on Tazkarti.

Another Tablet El Sitt show on the Theatro stage in Sheikh Zayed. The show will take place tomorrow at 8pm. Grab your tickets from Ticketsmarche.

For their first time in Egypt, The Royal Philharmonic Orchestra is planning two concerts at the Grand Egyptian Museum. Accompanied by award-winning Egyptian musicians Amira and Mariam Abu Zahra, and conducted by Maestro Stephen Bell, the concert will continue to take place tonight and tomorrow at 8:30 pm. Tickets for the first and second shows are available on TicketsMarche.

Time to dust off basketball shoes and jerseys, Double Dribble League is back. Starting last Friday at Maadi Sports Club, guys and gals who play ball will get together in twelve teams and battle it out every Friday for the next 12 weeks.

The largest collection of prints in the country. Cairopolitan is bringing together a collection of artwork from over 180 local and regional artists to display in the Cairo Prints Exhibition. The gallery is open everyday until Monday, 18 November in Garden City.

The fourth edition of Forever is Now is here. This year, a lineup of 12 global visionary artists are ready to display their work at the iconic Pyramids of Giza — including two groundbreaking AI-powered projects. The exhibition will continue to be open everyday till tomorrow.

HAPPENING NEXT WEEKEND-

Sharmoofers are about to liven the stage at their Malahy concert on Friday, 22 November. The concert will start at 7pm. Tickets are available at Ticketsmarche.