Good afternoon, wonderful people. We’re hitting the ground running at the start of the week as we jump straight into what is shaping up to be a busy news week.

THE BIG STORIES TODAY

Student lifeline Selah El Telmeez is preparing to welcome a new majority owner: EFG Hermes and Sovereign Fund of Egypt’s (SFE) education management firm Egypt Education Platform (EEP) has inked an agreement to acquire an undisclosed majority stake in education platform Selah El Telmeez (SET), according to a statement (pdf). The SFE will also acquire a minority stake in SET, the statement said. EEP Communications Director Amr Sherif declined to disclose the exact stake or value of the transaction when asked by Enterprise.

We have a new BNPL player in town: Consumer financing player One Finance — owned by Ayady for investment, Tamweely and Post for Investment (PFI) — has launched its services in Egypt, according to a press release (pdf). The company’s integrated consumer finance platform covers sectors like consumer goods and services, household appliances and durable goods, auto loans, education fees, and home finishing.

THE BIG STORY ABROAD

Leading the conversation in the international press this afternoon: Chinese President Xi Jinping’s address to China’s Communist Party Congress, which is expected to see him lock down an unprecedented third term in office. Among the topics Xi touched on during his speech (which lasted nearly two hours): Foreign interference in Taiwan, a slow green energy transition to ensure energy security, and his commitment to China’s zero-covid strategy. The story is on the front pages of Reuters, CNBC, Bloomberg, and the Financial Times.

HAPPENING NOW-

Cairo Water Week kicked off earlier today and runs until this Wednesday, 19 October. Some 18.5k attendees from 90 international and regional organizations are convening at the Nile Ritz Carlton in Cairo for the event, according to its website. The focus of this year’s edition is on preparations to discuss water resources at COP27. Catch the full agenda here.

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

• Agreement on IMF loan coming “very soon” following DC meeting: IMF staff and top Egyptian officials “agreed to finalize their work to reach a staff-level agreement on a long-awaited emergency loan package very soon, Fund Communications Director Gerry Rice said.
• To solve its energy crisis, Europe should invest in EastMed, says El Molla: Gas from Eastern Mediterranean countries could help tame Europe’s energy crisis — provided that development partners like the European Bank for Reconstruction and Development and European Investment Bank help fund the drilling, Oil Minister Tarek El Molla said.
• Sharm’s biggest solar plant goes live ahead of COP27: Qalaa Holdings subsidiary TAQA Arabia has launched the largest solar power plant to date in Sharm El Sheikh.

*** 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: We explain the “golden licenses” granted to industrial and other types of investors for specific types of projects, which streamlines the licensing process for certain projects. These licenses were introduced five years ago, but the government has recently been expanding their scope to spur investments.

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Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back soon with the results.

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???? CIRCLE YOUR CALENDAR-

The House is back in session today through Tuesday. On the agenda:

Kicking off the week: The House approved in principle amendments to the Agriculture Act that would introduce harsher penalties for illegally building on agricultural land, Youm7 reports. Under the amendments, illegally building on agricultural land could cost up to EGP 10 mn and up to five years in prison. The House Legislative and Constitutional Affairs Committee had approved the amendments earlier this month.

Bread reform is making its way through House approval process: The House Agriculture Committee is now tasked with studying Supply Minister Ali El Moselhy’s proposal to form an ad hoc committee to look into possible changes to the country’s massive bread subsidy program.

The auto bill that would regulate EV assembly (among other facets of the industry) is up for debate on Monday. “As it is a priority for the government, the bill could get a final approval in the House next week,” head of the House Industrial Committee Moataz Mahmoud told us last week.

What auto bill? The bill would set up a new regulatory body to set policies to localize the auto industry, including electric vehicles. Enterprise Climate has a deep dive.

Education Minister Reda Hegazy will answer questions in the House at some point this week, including on a shortage of public schools and teachers, the national curriculum, and a rise in private school tuition fees. Hegazy is also set to be asked about the state of public school buildings after the death of a child in a Giza school when a staircase collapsed made national news.

The Madbouly government’s economic conference takes place Sunday-Tuesday next week. We’re hoping for more details in the coming days.

Egypt and the UAE will host a two-day conference marking 50 years of bilateral ties. The gathering will take place 26-28 October and is being produced in association with the two governments.

The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.

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.

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

☀️ TOMORROW’S WEATHER- It’s going to be pleasantly sunny tomorrow in the capital city, with a daytime high of 29°C and a nighttime low of 19°C, according to our favorite weather app.