Happy Sunday, wonderful people. It hasn’t yet turned out to be as busy of a start to the workweek as we had anticipated this morning, but aren’t ruling out a complete shift in pace in the next few hours.

THE BIG STORY TODAY

Shoukry calls on UN to label Libya’s interim government as “illegitimate”: The UN needs to speak up about the “illegitimate” status of Libya’s Government of National Unity, which was set up as an interim government under a UN-brokered power sharing agreement, Foreign Minister Sameh Shoukry said at a press conference following a meeting with Greek Foreign Minister Nikos Dendias (watch, runtime: 1:28).

THE BIG STORY ABROAD

The international press is still squarely focused on the explosion that caused damage to Russia’s crucial Crimea road and rail bridge. Russia reopened the bridge today and began running trains across it just hours after it partially collapsed, Bloomberg notes. The bridge is a critical supply route for Russia into Ukraine and is necessary to help Moscow transport weapons and troops. The story is on the front pages of the Financial Times, Reuters, and CNBC, among others.

HAPPENING NOW- Prime Minister Moustafa Madbouly inaugurated the Turathna Exhibition at the Egypt International Exhibition Center, which runs until this Saturday, 15 October, according to a statement. Some 1.1k exhibitors — including some from the UAE, Jordan, Sudan, and Libya — are showcasing their handicrafts this year, of which 45% are new, Nevine Gamea, executive director of the Micro, Small and Medium Enterprise Development Agency (MSMEDA) said.

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

• At least four major banks have in recent days imposed limits on foreign exchange use in what pundits say is a move to conserve hard currency.
• The World Bank expects Egypt’s economy to grow at a 4.8% clip in FY 2022-2023, according to its October MENA Economic Update.
• Egypt’s current account deficit narrowed by 10.2% to USD 16.6 bn in FY 2021-2022, buoyed by oil and non-oil exports, rising tourism receipts, and a jump in FDI.

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Nutritional and dietary supplement producers are facing a changing regulatory landscape that industry players say could undermine local manufacturing and hamper exports.

FOR TOMORROW-

Inflation to notch new highs? Analysts are expecting inflation to have continued rising in September due to the weakening EGP after reaching highs not seen since November 2018 in August. We’ll find out when Capmas and the CBE release figures tomorrow.

A green Monday for the Senate: The Senate will on Monday discuss legislation that could set up a new regulatory body to make policy for the electric vehicles (EV) industry. Enterprise Climate last week reported in depth on the EV bill, which would also set up a fund to provide financing and incentives to investors looking to get in on local EV assembly in Egypt.

The Senate will also discuss amendments to the Environment Act that would see a “green fee” of between EGP 1k and EGP 500k levied against new diesel and gas vehicles. As the bill currently stands, some 80% of the proceeds would go towards localizing our EV industry, with the rest to be split between the Environment Protection Fund and the state budget.

ICYMI- The government’s automotive committee held its first meeting last month, inching us closer to the long-awaited automotive strategy.

Assessing Nafeza, one year on: Lynx Strategic Business Advisors are hosting a webinar tomorrow to discuss the Advanced Cargo Information (ACI), aka Nafeza, one year after it was implemented. You can register for the event here.

???? CIRCLE YOUR CALENDAR-

Fuel prices to rise this month? We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine.

The CEO Women Conference takes place in Cairo on Monday, 10 October. The event will bring together Arab and African businesswomen together to discuss women’s leadership and forge closer ties.

☀️ TOMORROW’S WEATHER- Expect a daytime high of 31°C tomorrow and a nighttime low of 19°C, according to our favorite weather app.