Good afternoon, ladies and gents, and a very happy almost-THURSDAY — as we like to call it here at Enterprise — to us all. It’s one of those days that can’t quite be called “quiet” but also isn’t entirely remarkable.

THE BIG STORY TODAY-

Auto manufacturing incentives could be ready this month: After years of delays, revisions and overhauls, the long-awaited automotive strategy could finally see the light this month, Prime Minister Moustafa Madbouly announced during a sitdown with representatives from General Motors International and Al Mansour Automotive, according to a cabinet statement. The strategy, which aims to grow the domestic auto industry and its feeder industries, would grant local assemblers incentives that enable them to manufacture vehicles using local components, as well as work on providing the technology infrastructure needed for manufacturing components to local industry players.

HAPPENING NOW-

Unvaccinated citizens were barred from entering government facilities, notary offices, and Egypt Post branches as of this morning, as per directives from the Madbouly government. Individuals without proof of vaccination or a PCR test no older than 72 hours were prevented from entering several buildings.

The local press were all over the news: Youm7 | Ahram Gate | Al Masry Al Youm | El Watan | Akhbar El Yom

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

• Egypt is starting to get hit with travel restrictions: Canada barred non-citizens traveling from or through Egypt in the previous 14 days from entering Canada, after Ecuador introduced similar restrictions on Egypt and seven countries from southern Africa.
• Real estate developers may soon be coming under closer scrutiny after the Madbouly cabinet yesterday greenlit new regulations designed to protect consumers and reduce market risk.
• A cocktail of ESG bonds: Companies in Egypt will soon be able to list social, ESG, gender equity and women’s empowerment, and sustainable development bonds on the EGX under new amendments to the executive regulations of the Capital Markets Act

THE BIG STORY ABROAD-

Did you think it was going to be anything other than Omicron? The new variant is still occupying prime real estate on most international outlets’ front pages this afternoon, as the strain continues to spread and more countries impose travel restrictions. Saudi Arabia, Nigeria, and Norway are among those reporting their first cases of Omicron. Bloomberg, BBC, and the New York Times have more.

MARKET WATCH-

Turkey’s central bank steps in to stymie TRY collapse: The currency soared 8.5% against the greenback earlier today before cooling down to clock a 3.3% rise on the back of the central bank’s announcement that it is intervening in the FX market for the first time in seven years. The move, which came after the TRY fell to record lows yesterday, could temporarily temper the currency’s volatility but is unlikely to have a long-term stabilizing effect, as Turkey’s dwindling FX reserves mean the central bank is unlikely to be able to sell “substantial amounts of USD on a regular basis,” one analyst says. President Recep Tayyip Erdogan’s unorthodox economic policy of lowering interest rates to power economic growth and create jobs has wiped out a third of the currency’s value in the past month. Bloomberg and the Wall Street Journal have the story.

Volatility is also the name of the game in oil markets ahead of tomorrow’s OPEC+ meeting, with prices rebounding today from an Omicron-fueled selloff yesterday, according to Bloomberg. Market watchers expect the oil cartel to postpone ramping up supplies after US President Joe Biden decided last month to tap into reserves and release 50 mn bbl of crude. OPEC+ was expected to increase production by 400k bbl/d as of January, but could decide to step back and take stock of the effect of Biden’s oil dump and the Omicron variant on markets. WTI futures for January are up 4.4% to USD 69.07/bbl and Brent crude futures are up 4.6% to USD 72.43/bbl.

???? CIRCLE YOUR CALENDAR-

It’s a new month. The key news triggers to keep your eye on at the start of December:

• PMI: Purchasing managers’ index figures for November for Egypt, Saudi Arabia, and Qatar will be released on Sunday, 5 December. Figures for the UAE, which normally come out on the same day as Egypt and Saudi, will be released two days later on Tuesday, 7 December.
• Foreign reserves: November’s foreign reserves figures will be released during the first week of the month.
• Inflation: Inflation figures for November will be released on Thursday, 9 December. Data for inflation typically appears on the 10th of every month, but is moved up one day if that falls on a Friday.
• Interest rates: The Central Bank of Egypt’s Monetary Policy Committee will hold its final meeting for the year to review interest rates on Thursday, 16 December.

You have until 24 January to submit your local project proposals to Germany’s KfW Development Bank’s investing for employment facility (pdf). The bank will give grants to projects that drive job creation, especially those that are considered green. You can find more information on how to apply here.

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 the mercury to hold steady at 22°C during the day before falling to 13°C at night, according to our favorite weather app.