Good morning, friends. We’re back in Omm El Donia after a week in Dubai — and reveling in the fact that it is now fall (ie: The Official Favorite Season of Enterprise). The national weather service tells us that Friday was the autumnal equinox, meaning we’re in for about 89 days of the pumpkin spice season.

We have a big issue for you this morning, but before we get started:

Today is also our birthday. Enterprise turns eight this morning. We sent the very first (public facing) version of Enterprise to 50 people (you can see it here — feel free to chuckle, but you can see traces of our DNA in there). Our August 2022 readership figures show that there are now 215k of you out there who choose to regularly start your mornings with us, whether on email or the interwebs.

What were we writing about eight years ago this morning? Renewable energy was just becoming a thing in Egypt as we prepared for a UN climate summit — and CBS had released a teaser for President Abdel Fattah El Sisi’s first televised interview in America. The EGP was weakening (oh, for the days of EGP 7.44…) and we still had daylight saving time.

A huge thank you this morning to the folks who keep the A/Cs and lights on around here. Everything we do is made possible — and available to our readers without charge — thanks to the generous support of:

• EnterpriseAM: HSBC Egypt | EFG Hermes | SODIC | Infinity | SomaBay | Moharram & Partners
• EnterprisePM: Palm Hills Developments | Etisalat Misr
• Enterprise Climate: HSBC | Infinity Power
• Our industry partners: CIRA | Orascom Construction | Infinity | Industrial Development Group | EFG Hermes

Thanks also this morning to everyone who has ever written us, sent in a correction or note of encouragement, recommended us to a friend or colleague, said something nice about us, or otherwise done something to help build this amazing community. Writing to you each morning is the highlight of our professional lives — thank you, one and all.

SIGN OF THE TIMES- Overheard at the customs lineup at Cairo International Airport, terminal 3, on Thursday evening:

“Uh, sir? What are the chunky metal things in your bag?” asks the Finance Ministry guy running the X-ray machine. He’s only mildly curious and is gesturing with his hands that the offending items are “about this big.”

“Break pads.”

“Oh, thank you. Go right ahead.”

HEY, EGYPTAIR — YOU READING THIS MORNING? The business class cabin crew of MS 913 on Thursday, 22 September? Simply excellent.

HAPPENING THIS WEEK-

Is the Madbouly government holding an economic conference this week? After two weeks’ of chatter about a three-day economic conference at the end of the month, we’re still none the wiser about what the plan is — or whether it’s even taking place. A number of government officials (here, here, here) have appeared on the airwaves in recent days to talk about the agenda — from what we know, the government’s privatization strategy and import substitution industrialization would be two of the main topics of discussion — but key details such as date and location are TBD.

Our friends at HSBC are hosting an energy transition webinar series this Tuesday through Thursday (27-29 September). The series will look at the “latest climate analysis in relation to the global energy market and transition to net zero” in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can register for the series here.

A Spanish business delegation will be in town this Tuesday and Wednesday (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to a press release (pdf). The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana Méndez Bértolo. The agenda for the conference is available here (pdf).

The Africa Women Innovation and Entrepreneurship Forum will take place at the Cairo Marriott Hotel on 26–27 September.

NEXT MONTH-

Our elected representatives will return from Sahel to start the new legislative session in the House on Saturday, 1 October, according to a presidential decree in the Official Gazette. Senators will return for the opening session on Tuesday, 4 October next week.

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

THE BIG STORY ABROAD-

It’s a mixed picture in the international front pages this morning:

• Protests in Iran are getting coverage in the New York Times and Reuters.
• The latest from Ukraine and Russian FM’s Sergei Lavrov’s appearance at the UN General Assembly are getting attention from Bloomberg, the Associated Press and Reuters.
• The negative market reaction to the UK government’s Reaganite turn earns a place on the front-pages of the Financial Times and CNBC.
• Also: The Wall Street Journal reports that US pension funds are staring at more heavy losses at the hands of private equity investments, while the Washington Post looks at the Trump-DeSantis rivalry that will set the tone for the battle for the Republican presidential nomination.

COUNTDOWN TO COP27- Expect a whole lot of green financing agreements at COP: The government will announce a number of green financing allocations in partnership with Japan, China, the European Investment Bank and the European Bank for Reconstruction and Development, on the sidelines of COP27 in November, International Cooperation Minister Rania Al Mashat told Bloomberg Asharq (watch, runtime: 4:59). The financing will target sustainable development and green transportation projects, she said.

“Who pays for the climate crisis”: Developing nations are taking aim at the IMF and the World Bank. The question that is quickly coming to dominate the conversation in the lead-up to COP is now being turned on the Bretton Woods institutions — the IMF and the World Bank — by developing nations who are arguing that the post-war global financial system may no longer be fit for purpose, as rich nations fail to meet their climate finance pledges and ignore pleas for debt relief. During her speech at the UN General Assembly, Barbados Prime Minister Mia Mottley said the IMF and the World Bank “no longer serve the purpose in the 21st century that they served in the 20th century,” and called on international lenders to offer sustainable, long-term financing for poorer nations struggling with the effects of climate change, the pandemic and the economic crisis caused by the war in Ukraine.

WATCH THIS SPACE- Could Egypt host the Olympics? Egypt will bid to host the 2036 Olympics, the Youth and Sports Ministry said Saturday. President Abdel Fattah El Sisi approved a request to apply to host the competition, Youth and Sports Minister Ashraf Sobhy said yesterday follow[ing a meeting with International Olympic Committee President Thomas Bach in Cairo.

Who could we be up against? It’s still early in the bidding process, but several countries including Turkey, Mexico, Indonesia, India, and the UK are reportedly interested in bidding for the games.

We’ve been after all the major sporting events: Egypt, Saudi Arabia and Greece are rumored to be in discussions to mount a joint bid for the 2030 World Cup.