No rapprochement? There is no high-level Saudi delegation visiting Egypt, Saudi Ambassador Ahmed Kattan announced, in an embassy statement carried by Al Masry Al Youm. Kattan issued the statement following reports that a delegation was visiting Egypt to discuss relations between the two countries, amidst reports of them souring.

The Central Bank of Egypt’s Monetary Policy Committee meets today to review interest rates. We expect that the color commentary from MPC will be more significant than any policy decision they may be after the CBE raised rates 300 bps with the float of the EGP.

EGX back in the green: “Positive third-quarter earnings from leading companies helped Egypt’s main index bounce back 3.4 percent, following two sessions of losses,” Reuters reports. Staff at Inktank, our parent company and the investor relations firm serving more than a few of those companies, are now counting the hours until the end of the season next week…

Drafting of the executive regulations of the value-added tax will be completed today, said Deputy Finance Minister Amr El Monayer, according to Al Ahram. These will then be sent to the business community next week to gauge opinions. He reassured the newspaper that the executive regs will officially be released this month.

The European Bank for Reconstruction and Development (EBRD) is holding a workshop in Alexandria today to introduce the business community to its activities in the coastal city, according to Al Mal.

The Dutch Embassy will hold a cycling race tomorrow at 8:00am according to a statement from the Egyptian Foreign Press Center. The kickoff is on Al Gabalaia Street in front of the “Fish Garden.”