Good morning, friends, and a welcome to a well-deserved weekend to relax and recover before getting back at your desk on Sunday.

It’s always a good time to treat yourself to a new work bag. You may not be able to blag it as a work expense, but at least you can be confident that you can find a stylish and practical bag using our guide in the issue below.

Enterprise Weekend comes out each Friday at 9:00am CLT. We’ll be back on Sunday at 6am with EnterpriseAM Egypt. Until then: Enjoy the weekend.

LAST WEEK IN 3 MINS-

ECONOMY-

#1- Egypt is preparing three possible revisions to the loan agreement to present to IMF boss Kristalina Georgieva — who is set to land in Egypt within days to “see for herself what is happening in the country.” The possible scenarios will include extending the timeline for implementing reforms by two years, carrying out growth stimulating measures like pausing energy price hikes and slashing interest rates in efforts to boost growth, or to secure additional IMF funding while maintaining the program’s current structure and timeline.

DEBT-

Record high yields on three-months t-bills since March float: The Finance Ministry sold some EGP 52.4 bn in EGP-denominated three-month t-bills at an average yield of 30.0%. The sale marks the highest yield on the t-bills since March, when the rate jumped to 30.2% in an auction following the EGP float.

LEGISLATION-

Investment Minister Hassan El Khatib is now in charge of the Sovereign Fund of Egypt following a decision by Prime Minister Moustafa Madbouly that the fund will be under the control of whomever is heading the Investment Ministry. The fund is now also deemed a cabinet-affiliated entity, directly under the cabinet’s control.

PRIVATIZATION-

United bank is looking to float 330 mn of its shares on the EGX — equivalent to a 30% stake and will make its EGX debut before the end of the year, a quarter earlier than initially expected. CI Capital will be sole global coordinator and bookrunner and Baker McKenzie’s Cairo office will be the council. The bank is in the process of obtaining the required approvals from the Financial Regulatory Authority and the EGX with the dates of the institutional and retail offerings yet to be disclosed.

INVESTMENT-

Deloitte launched a Cairo innovation hub: Global consulting firm Deloitte launched its Cairoinnovation hub on Sunday, pledging a three-year USD 30 mn investment to employ 5k of the country’s “top-tier talent” in several service export sectors. The hub — which started operations in September 2023 before the official opening — has already hired 350 people, and will focus on recruiting young and skilled people working in AI, data analysis, marketing, commerce, cloud computing, cybersecurity, and resource planning.

MANUFACTURING-

#1- Japan’s Otsuka begins work on new factory: Investment Minister Hassan El Khatib laid the foundation stone for Arab Otsuka Nutraceuticals subsidiary Egypt Otsuka’s factory for nutritional products in Tenth of Ramadan last Sunday. The factory is expected to kick off by September 2025, with an eye toward kicking off exports to Gulf countries by January 2026.

#2- New EV factory in the works: China’s state-owned auto manufacturer BAIC Group signed an agreement with local agent Alkan Auto to establish an EV factory. Production for the EV factory will start by the end of 2025, and will have an annual production capacity of 20k vehicles — which is expected to be ramped up to 50k units by the end of its fifth year of production.

#3- Sumitomo’s Tenth of Ramadan factory to go live next month: Japanese conglomerate Sumitomo subsidiary Sumitomo Electric is putting the finishing touches on its cable factory in Tenth of Ramadan, with production set to begin next month before an official opening in 1Q 2025. This opening is a delay from the originally planned start day — end of 2023. The company has already invested some EUR 22 mn in the factory.

WHAT’S HAPPENING NEXT WEEK-

#1 The World Urban Forum is set to kick off this Monday: The UN’s World Urban Forum will run from Monday to Friday next week in Cairo, and will bring together a global array of policymakers, urban planners, academics, business leaders, and community representatives to address today’s critical urban challenges. Co-organized by the Egyptian government, the forum will feature discussions and workshops aimed at reshaping urban policies and fostering sustainable, inclusive cities for the future.

#2 The three-day FinExpo Conference and Exhibition will begin on November 7 at the Cairo International Convention Centre. The conference will bring together top banks, tech firms, and financial service providers for in-depth discussions on economic forecasts, stock market trends, and digital trading platforms. The event will feature over 50 speakers, and 25 talks and panel discussions.

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-

Heightened tensions across the region have dominated press headlines once again, pushing business new to the periphery. Israel’s airstrikes on Gaza and Lebanon continued throughout the week with unrelenting brutality, leading to widespread civilian casualties.

Israel further cemented its position as a rogue nation in the international community, with the country moving to ban UNRWA — the UN agency that provides aid and support to Palestinian refugees — in the country, effectively barring humanitarian aid from the largest aid provider to Gaza and the Palestinians. Several countries — including Germany, the UK, and Belgium — condemned the move, but failed to impose any consequences.

Israel’s much anticipated attack on Iran finally took place, with strikes on missile factories, border radar systems, and solid fuel mixing facilities critical for ballistic missile production, among others that killed four soldiers — marking a rare instance of an Israeli strike targeting military targets. Diplomatic circles breathed a collective sigh of relief as Iran struck a conciliatory tone in its statements following the strikes, emphasizing the overriding importance of securing a ceasefire in Gaza and Lebanon even as it condemned the raid and affirmed its right to defend itself.

Needless to say, the fast-approaching US presidential election continued to make headlines throughout the week, with the Trump campaign turning heads with its increasingly reactionary and racist tone as the race enters its last few days. In a now notorious rally at New York’s Madison Square Garden that many in the Trump campaign wish never happened, Trump pledged to conduct the “largest deportation program in American history” and appeared alongside a comic that described Puerto Rico as a “floating island of garbage” in his appearance at the event.

☀️ THE WEATHER THIS WEEKEND- We’re seeing steady chilly weather this weekend with highs of 26°C today and tomorrow, and a low of 18°C today and 19°C tomorrow. There’s also a 25% precipitation chance today, according to our favorite weather app.

HAPPENING THIS WEEKEND-

The Cairo Opera Ballet Company is bringing back One Thousand and OneNights after a 17-year hiatus. Accompanied by the Cairo Opera Orchestra and conducted by Nader Abbassi with music from Fikre Amirov, the last show of the week is tonight — but there’ll be two additional shows on Tuesday 5 November, and Wednesday, 6 November. Tickets are available on Tazkarti.

Zawya goes to Gouna (again): Zawya Cinema is preparing to screen a selection of films submitted to the El Gouna Film Festival 2024. The event has already started and will continue until tomorrow. You can find the screening schedule on Zawya’s official Instagram account.

Got the moves? The 16th edition of Cairo International Jazz Festival has commenced yesterday and will continue till Friday, November 8, 2024 at the American University in Cairo campus in Tahrir. Tickets available on Ticketsmarche.

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 Saturday, 16 November.

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.

Calling all plant parents. The autumn edition of the International Flower Expo is happening at Al Horreya Garden. Take home anything from ornamental plants, trees, and all different kinds of flowers. The expo will continue everyday until Sunday, 10 November.

Glowing puppets swimming across a stage. The Book of Neptune is a great family event to attend. Theater group Ledpuppets will transform the Rawabet Art Space stage into an underwater wonderland with glowing puppets dancing around and acting out stories. Tickets are available on Ticketsmarche for today and tomorrow.

HAPPENING NEXT WEEKEND-

Time to dust off basketball shoes and jerseys, Double Dribble League is back. Starting Friday, 8 November 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. Stay tuned for more details.

Shop for the winter at the next edition of the Cairo Flea Market. CFM is back on Saturday, 9 November at the Fish Garden in Zamalek, starting at 10am and ending at 7pm. The flea market boasts beautiful artisan crafts, vintage items, and pre-loved clothes.

Creatives, assemble. SYNC Summit 2024 is here from Thursday 7 November to Saturday 9 November at District 5, Marakez. Prepare to dive into immersive workshops and inspiring talks across multiple creative tracks. It’s all about making connections in the industry, learning, and unleashing your creativity. You can grab tickets at Ticketsmarche.

Watch a blind date happen live. Binge Circle are hosting the first ever The Blind Date Show:Live on Stage. Two strangers will meet and converse from behind a curtain and decide whether it will be a night to remember — or a date they’d rather forget. The event will take place on Friday, 8 November at Trivium Square. Tickets are available at Collard Tickets.