Good afternoon, friends. Mondays are typically the slowest news days of the week, but today probably takes the cake — save for one massive story:

THE BIG STORY TODAY- Aldar-ADQ acquisition of SODIC gets FRA nod: The UAE’s Aldar Properties and sovereign wealth fund ADQ’s bid to acquire 90% of upmarket real estate developer SODIC just earned the regulatory greenlight, two months after the Emirati parties submitted their mandatory tender offer, according to a statement from the Financial Regulatory Authority (pdf).

We’ll have chapter and verse on the story in tomorrow’s edition of EnterpriseAM.

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

• SPAC regs are here: The Financial Regulatory Authority issued the rules and regulations for investors looking to establish local blank-check firms, outlining capital requirements, shareholder structure and regulatory responsibilities SPAC founders will need to comply with.
• Edita wants Ole bakeries producer: Edita Food Industries has submitted a non-binding letter of intent to acquire the Egyptian Belgian Company’s assets, announcing it will begin due diligence which it expects to wrap up on or before 15 December.
• Better quality calls on the horizon? Vodafone Egypt, We and Etisalat have received the new cellular spectrum they were awarded in an auction last year from the National Telecommunications Regulatory Authority (NTRA), which would help the network operators majorly improve audio and transmission services.

THE BIG STORY ABROAD-

MARKET WATCH- Are we on the brink of a market correction? Equity markets could enter correction territory if the US Federal Reserve decides to enact an “abrupt” policy change and adopt a tougher stance on addressing inflation, Professor of Finance at the Wharton School of the University of Pennsylvania Jeremy Siegel said to CNBC. The speculation of a potential shift in policy — coupled with a potential changing of the guard as US President Joe Biden has yet to nominate a new head of the central bank once Jay Powell’s term ends — has sent waves of uncertainty across international stock markets. Siegel criticized the Fed for being “behind the curve” with its monetary policy and maintaining its quantitative easing policies, forecasting that cumulative inflation could reach 20% to 25% over the next several years.

The moment of truth: The next Federal Open Market Committee meeting is scheduled for 14-15 December, the outcome of which could trigger the correction Siegel is forecasting.

The FOMC meeting will wrap one day before the Central Bank of Egypt’s Monetary Policy Committee will sit down to decide on interest rates here at home. Rising global inflation has so far not pushed the CBE to enact any interest rate changes, with an eye to protect the all-important carry trade.

Iran-backed Houthi fighters are using bomb-laden boats in the southern Red Sea, creating “imminent danger” to global shipping and trade, the Saudi-led coalition on Yemen said, according to Al Arabiya. The coalition said it is “neutralizing” the threat and is taking “operational measures” against the maritime threat to ensure freedom of navigation, without providing further details. The incident comes after the Houthis said they used drones to attack airports and Aramco refineries in Saudi.

FOR TOMORROW-

The new administrative capital plays host to a Comesa summit starting tomorrow, the same day the state’s SECC hosts a webinar on fintech in Egypt.

ITIDA and the Software Engineering Competence Center are hosting a webinar on the future of fintech in Egypt tomorrow. The event will look at the current landscape and expected changes in light of new tech, regulations and market changes. You can register to attend here.

BOOK LAUNCH- Up and Doing, a memoir penned by Egyptian-American Enterprise Fund Chairman James Harmon (Morning Routine), will be published tomorrow. The memoir recounts Harmon’s career as a banker and discusses “how markets can move the world forward by creating stable, growing economies and sound [transactions] that promote economic development.”

???? CIRCLE YOUR CALENDAR-

The Home Appliances and Table Show (HATS Egypt) kicked off today and wraps up on Wednesday. The event is organized by the Engineering Export Council of Egypt and brings together companies working in the home appliances sector.

Startup gathering RiseUp starts on Thursday and runs through Saturday.

The Cairo International Film Festival kicks off its weeklong run this coming Friday.

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

☀️ TOMORROW’S WEATHER- Expect a daytime high of 24°C tomorrow and a nighttime low of 14°C, our favorite weather app tells us. The cool weather will continue until Saturday before the mercury rises to 30°C once again.