Good afternoon, wonderful people. It’s shaping up to be a brisk news day, giving us plenty to sink our teeth into this afternoon.

We’re looking forward to meeting many of you tomorrow at 8am at the Grand Egyptian Museum for our inaugural Enterprise Climate X Forum.

If you’re attending: Please plan to arrive on time for our 8am standing networking breakfast. Traffic in the area surrounding the GEM has been heavy of late, so you will likely want to leave a few minutes early.

** You will need a special QR code to gain admission to the GEM. Everyone who received and completed our online registration form got their QR code by email yesterday. If you registered online and did not receive a QR code, please reach out to us today.

We regret that overwhelming demand from the community meant we could not welcome everyone who expressed interest in attending.

STAY TUNED- The Enterprise Climate X Forum is our first large-scale event, but it’s not our last. We look forward to welcoming many more of you at our slate of Enterprise X Forums coming up in 2023.

THE BIG STORY TODAY-

Private sector activity takes a hit following EGP devaluation: Activity in Egypt’s non-oil private sector fell at the sharpest pace in two and a half years in November on the back of October’s devaluation, according to S&P Global’s purchasing managers’ index (pdf). The index dropped to 45.4 from 47.7 the month before, falling further below the 50.0 threshold that separates growth from contraction. It has now been two years since the PMI last recorded growth.

One step closer to a state IPO: The EGX’s listing committee has signed off on the temporary listing of state-owned Port Said Container & Cargo Handling Company ahead of its planned IPO, the bourse said in a statement (pdf). The Holding Company for Maritime Transport subsidiary will list over 32.8 mn shares on the bourse, the statement said, without disclosing the exact stake size it will offer. The company will have six months from the day its shares are temporarily listed to complete regulatory procedures for its IPO, under recent changes to listing procedures. Local media has reported that the company is looking to go public via a 25% stake sale in 1Q 2023.

THE BIG STORY ABROAD-

There’s no one story dominating the conversation in the international press this afternoon. Reuters, the AP, and the Financial Times are concentrating on the latest developments in Ukraine and the energy markets as Western restrictions on Russian crude imports take effect. In the business press, the Wall Street Journal is reading the tea leaves on whether the US Federal Reserve could keep interest rates elevated for longer than expected.

HAPPENING NOW-

It’s the opening day of Food Africa 2022 at the Egypt International Exhibitions Center. More than 440 exhibitors from 28 countries are at the food expo, which runs through to Wednesday.

On the House agenda today: The remaining articles of the Competition Act are set to be discussed and passed by the House of Representatives today, with a final vote expected tomorrow. The House General Assembly is also discussing three oil exploration agreements in the Western Desert. Meanwhile, Financial Regulatory Authority Chairman Mohamed Farid is appearing before the House Economic Affairs Committee to discuss the legislative impact of amendments to the Fintech Act and the Capital Market Law.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Amazon Egypt’s Omar El Sahy tells Enterprise why we should focus on the agriculture and clothing industries to boost local manufacturing, as part of our CEO poll on FDI and exports.
• Egypt could receive the first tranche of its new IMF loan before the end of the year, according to Finance Minister Mohamed Maait.
• Chevron has discovered an offshore gas field in the Mediterranean estimated to hold 3.5 tn cubic feet of gas.

???? CIRCLE YOUR CALENDAR-

Key news triggers to keep an eye on this week and beyond:

• Inflation: Inflation data for November will land on Thursday, 8 December.
• Foreign reserves figures for November should be out sometime this week.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.

The cabinet’s Information and Decision Support Center (IDSC) will kick off the first session of its new intellectual forum on Thursday, 8 December, according to a statement. The weekly forum will see experts including government officials, academics, representatives of multilateral institutions, MPs, and national dialogue members meet to discuss key policy questions and make recommendations on them to the prime minister.

Thursday’s session will cover fiscal discipline and sustainability. The remainder of the December sessions will focus on our investment environment; ways to support sustainable agriculture in line with Europe’s Green Deal; and the latest in Ukraine.

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

TOMORROW’S WEATHER- Tomorrow is set to be a mostly sunny day, with temperatures in Cairo expected to reach 22°C during the day before falling to 14°C at night, our favorite weather app tells us.

The World Cup’s first temporary stadium has served its purpose: Built from 974 piled-up shipping containers, Qatar’s Stadium 974 will see its seventh and final match tonight before it is dismantled, The Financial Times reports. Built in response to concerns that Qatar was spending bns of USDs on stadiums that would be useless after the event, the plan is to take Stadium 974 apart, load it onto a ship, and rebuild it elsewhere. It was originally meant to go to an African country, but the FT is reporting that it may be sent to Uruguay — where it could make another World Cup appearance, since Uruguay is likely to be part of a South American bid to host the 2030 tournament.

Fun fact: The dialing code for Qatari phone numbers is also 974. Thank us when this comes up in World Cup trivia.

More Qatari World Cup stadiums are getting recycled: Al Janoub Stadium will be given to a local football team, while half of its seats will be “donated to football development projects overseas.” Qatar has committed to give away about 170k seats in all after the tournament. Another stadium, Al Bayt, is set to be turned into a luxury hotel, while Lusail, the biggest of the eight venues and the one that will host the World Cup final, will be transformed into a "community hub."

Elsewhere in World Cup news, some fans are feeling the pinch from FX fluctuations in Qatar: Some football fans are lamenting the price tag of attending the world cup in Qatar this year, as the QAR — which is pegged to the USD — soars, while other currencies continue to sink, Bloomberg reports. The cost of a trip to Qatar has ballooned in recent months for fans from countries including Japan, the UK, and South Korea on the back of the rallying greenback. The QAR has strengthened almost 10% against the GBP, some 9% against the KRW, and nearly 17% against the JPY, Bloomberg writes. Fans expressed their shock at high prices for everything from water to accommodation at the tournament.

???? ON THE TUBE TONIGHT-
(all times CLT)

Snack vs. Chef is the ultimate binge-watch: This Netflix competition show features 12 top-notch chefs experimenting to recreate America’s favorite snacks, then taking a stab at creating their own original recipe using classic munchies like Oreos, Kitkats, Pringles, and Cheetos. It’s interesting to learn about what’s inside the snacks we consume on a regular basis — though in some cases, ignorance is bliss — and the innovative recipes the chefs come up with may inspire you to get creative in the kitchen. We recommend the Flamin’ Hot Cheetos episode, which is truly on fire. Each of the chefs are competing for a USD 50k grant prize, so events get spicy (watch trailer, runtime 0:52).

The World Cup’s round of 16 continues today:

• Japan v Croatia (5pm): Japan has never advanced beyond the knockout stage. Could the team’s surprise victory against favorite Spain last Thursday provide the confidence to beat Croatia?
• Brazil v South Korea (9pm): The Brazilians are angling to clinch the cup this year and will likely prove tough competition against South Korea, which hasn’t reached the quarter finals since finishing fourth when it co-hosted the tournament with Japan back in 2002.

???? OUT AND ABOUT-
(all times CLT)

Check out Cairo’s emerging rappers tonight at ROOM Art Space New Cairo from 9pm at MCM Records Rap Night.

Wanna learn how to salsa? Grab your dancing shoes and head to Cairo Jazz Club 610 at 8pm tonight for Salsa Night, led by Rasha Sadek and Salah Eissa from Soul Motion Studio.

???? UNDER THE LAMPLIGHT-

Get hooked on a four-part fantasy saga with Ember in the Ashes: Author Sabaa Tahir builds a fantasy world and plot you can sink your teeth into, revolving around societal differences and hefty issues like imperialism and oppression. The series is heavily inspired by ancient Rome and Middle East mythology and there are some complex characters who will get you hooked. Fast-paced and full of twists, the first book in the saga introduces Laia, a slave fighting to save her family, and Elias, a young soldier fighting for his freedom under an imperialistic regime. The first book mines ancient mythologies of the Mediterranean basin — inclusive djinn, demons, and genies. Each subsequent installment expands Tahir’s world, weaving in borrowed threads from cultures and histories around the globe.

The EGX30 rose 1.8% at today’s close on turnover of EGP 2.9 bn (53.9% above the 90-day average). Foreign investors were net sellers. The index is up 19.9% YTD.

In the green: Housing and Development Bank (+18.4%), GB Auto (+4.8%) and CIB (+3.9%).

In the red: Rameda Pharma (-3.0%), Qalaa Holding (-2.4%) and Sidi Kerir Petrochemicals (-2.1%).

Succession is one of the most emotionally demanding decisions that those at the helm of family businesses must make, The Financial Times reports. Investors like family businesses, which generally prove more profitable and long-term focused than those run by hired CEOs. But they have one significant drawback: The question of succession. As founders get older, they must contemplate whether to sell or bequeath their companies to an heir — and if they should also name that heir CEO.

The chair of Tyson Foods may be regretting hiring his son: Amreeka’s largest meatpacking company recently promoted 32-year-old John R. Tyson — son of company chairman John H. Tyson and great-grandson of founder John W. Tyson — to chief financial officer. John Jr. is now under review by directors after he was arrested on charges of public intoxication and trespassing, raising concerns about his suitability for the role. Tyson Foods typically appoints “people into the CFO role who have 20-plus years experience in the finance track, and this reshuffle did the opposite,” a Credit Suisse analyst said in an investor call to discuss the company’s latest earnings release. CEO Donnie King defended the appointment: “Don’t forget he’s been involved in this business essentially his whole life,” King said on the call.

Some business owners go the Murdoch route, instigating a “ familial joust” to determine succession, the FT reports. Fox Corporation and News Corp’s 91-year-old chairman Rupert Murdoch for years put off naming an heir to his media empire from among his six children, a move that reportedly led to major infighting and an intervention from a family therapist, according to the New York Times. Murdoch flip-flopped between his sons Lachlan and James for years, provoking intense speculation on who would succeed him — until James’ chances bit the dust thanks to his involvement in the UK tabloid phone hacking scandal. The real life drama served as inspiration for HBO’s Succession.

B’naire Bernard Arnault looks to be setting his kids up for a battle: All five children of the world’s second-richest man work at LVMH. The 73-year old has pushed his mandatory retirement age to 80, buying time for a successor to emerge from among them, Fortune reports.

Red Bull doesn’t think blood is thicker: Dietrich Mateschitz, the late co-founder and CEO of the energy drink maker, and his son Mark together decided to appoint three executives from outside the family in the event of Mateschitz’s death, Reuters reports. "I do not believe one should be both an employee and a shareholder of the same company. I will concentrate on my role as a shareholder," Mark, who inherited his father’s 49% share in the company, wrote in a statement after his father passed away in October. One Danish study found that family succession yields less favorable outcomes than hiring professionals to succeed founders like Red Bull did, the FT reports.

Red Bull’s move serves as a reminder that owners do not also have to be managers. If they inherit controlling stakes, family members retain the ability to influence the direction of a company. Red Bull isn’t the only example: Marta Ortega Pérez, the daughter of Inditex’s founder, was appointed its head last year, but a CEO handles day-to-day operations. Fiat founder Gianni Agnelli named his grandson John Elkann heir to the holding company controlled by the Agnelli family — but Elkann oversees the family businesses through their boards and the holding company rather than running them directly.