Good morning, everyone, and welcome to a super-busy Wednesday. Let’s jump straight in:

NOT HAPPENING TODAY- The Madbouly government’s economic conference, which was slated to take place before the end of the month but will now happen in October. That was according to President Abdel Fattah El Sisi yesterday, who was speaking at the inauguration of an investment zone in Mit Ghamr. We have more on this in this morning’s news well, below.

We’re also on the lookout for news that the state has formed a new council of economic advisors. Word on the street is that the council will see bold-name members of the business community provide meaningful advice to the Madbouly government as it and the central bank look to guide us through our current challenges.

ICYMI- Did you miss the results of our Enterprise Fall 2022 Reader Survey? Your expectations that 2022 would be a good year to do business in Egypt have been dampened by global and domestic conditions — but you’re still optimistic that next year will bring a change in fortunes. What’s your view on the M&A and IPO outlook? Do you think the government is in sync with the needs of business? Check out the full rundown of the survey results.

REALLY SMART POLICY- Around 3.5 mn homes in c. 5k Egyptian villages are set to get access to high-speed internet, courtesy of a project that comes as part of the Hayah Karima (Decent Life) initiative, Communications Minister Amr Talaat said yesterday. The multi-bn USD initiative aims to alleviate poverty in rural communities by upgrading infrastructure.

WATCH THIS SPACE- The Transport Ministry wants Mitsubishi to localize rail manufacturing: Transport Minister Kamel El Wazir met with representatives from Mitsubishi yesterday to discuss the possibility of manufacturing rolling stock and signaling systems in Egypt, the ministry said in a statement. The minister voiced ambitions to create an industrial base for manufacturing rolling stock for export as well as for the local market. Mitsubishi is currently gearing up to begin work on Cairo Metro Line 4. It will also provide 23 trains for the metro line, and renovate railcars for Cairo Metro Line 1 and 2.

Also in El Wazir’s sights: The minister wants Japan’s Nippon Signal — which is providing signaling systems for the first phase of Metro Line 4 — to produce its signaling equipment in Egypt, the statement read.

HAPPENING TODAY-

It’s the second day of HSBC’s webinar series on the energy transition: 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 is in town 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 includes 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).

On the first day of the event: Industry and Trade and Industry Minister Ahmed Samir invited Spanish new and renewable energy companies to get involved in Egypt’s green hydrogen plans during a meeting with Mendes, according to a ministry statement.

The Arab Pensions and Social Ins. Conference kicks off today in Sharm El Sheikh, bringing together industry figures to exchange expertise on reforming and developing pension systems in the Arab region, according to a cabinet statement. Finance Minister Mohamed Maait will be among the attendees at the two-day gathering.

The UN World Food Program and the International Cooperation Ministry are hosting a two-day conference on food security at the St. Regis Cairo Hotel today and tomorrow, according to a press release (pdf). The conference will mainly focus on the digitization of the agricultural sector, financial inclusion and social protection.

PSA- Nominations for the “Africa grows green awards” are now open through 10 October. The initiative, launched by Egyptian NGO Istidama, aims to celebrate stakeholders involved in climate change action among COMESA member states, according to a statement (pdf). The awards also seek to develop climate entrepreneurship by connecting companies with VCs. For more information and to apply, you can visit the initiative’s website.

THE BIG STORIES ABROAD-

The turmoil in the UK is getting a lot of attention by the global business press this morning after UK Chancellor Kwasi “Kami-Kwasi” Kwarteng yesterday tried to reassure City investors over his fiscal policy following a historic sell-off in bonds and the GBP triggered by his plans to deficit-fund huge tax cuts. Also: The IMF yesterday called on the government to “reevaluate” its plans while house sales are “collapsing.” (Bloomberg | Financial Times | Wall Street Journal | Reuters | BBC)

Speaking of sell-offs: Things aren’t looking pretty in Asia this morning with equities across the region deep in the red and the CNY falling to its weakest level against the greenback since 2008. The Nikkei, Hang Seng and Kospi were all down more than 2% at the time of dispatch, picking up where the US markets left off in yesterday’s session, which saw equities fall deeper into bear territory. European and US shares are set to follow them later today, continuing the downward trend for global stocks triggered by growing concerns about the impact of rising interest rates on global growth.

Also: Novorossiya is about to get bigger: Russia is getting ready to annex large parts of eastern Ukraine, claiming that people have voted to join the country in a series of referendums that Western countries have denounced as a “sham.” Russian officials yesterday said that residents of the Donetsk, Luhansk, Kherson and Zaporizhzhia regions voted overwhelmingly to leave Ukraine, paving the way for Moscow to formally declare them part of its territory. (AP | Reuters | Bloomberg | FT | Washington Post | WSJ)

COUNTDOWN TO COP-

Money from Europe for COP27- The UN, EU, Denmark, Switzerland and the African Climate Foundation are helping Egypt out with the hosting of COP27 via a USD 6.2 mn project, the UN Development Programme said yesterday. The initiative will “assist Egypt in delivering on its commitments as the host of this year’s conference” by providing technical assistance and knowledge, it said.

There are 40 days left until COP kicks off with the two-day world leaders’ summit opening on 7 November. Thematic days then run 9-17 November, starting with finance day.

CIRCLE YOUR CALENDAR-

Kuwaiti investors are visiting next week: A delegation of Kuwaiti investors headed by the President of the Kuwait Chamber of Commerce, Mohammed Jassim Al Saqer, is landing in Egypt on Saturday, Egypt's ambassador to Kuwait Osama Shaltout told reporters yesterday, Masrawy reported. The delegation will include 48 investors interested in investing in several sectors of the Egyptian economy including real estate and telecoms.

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

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a look at the EGP 12 bn project signed with Orascom Construction, Hassan Allam and Samcrete yesterday that will see the constructions of four warehouses for grain and other basic commodity storage.