Good morning, wonderful people. We hope the week has been kind to you and that you’re looking forward to a couple of days of downtime as much as we are. But first: We have packed issue on this final workday of the week.

THE BIG STORY here at home this morning: It seems our Qatari neighbors are lining up investments worth as much as USD 2.5 bn in local firms. Word on the street this morning is that Qatar’s sovereign wealth fund is in advanced talks to buy up to 20% of Vodafone Egypt from (large) minority shareholder Telecom Egypt. The QIA is also reportedly kicking the tires on state-held stakes in other, unlisted companies.

ALSO THIS MORNING: We have a look ahead at three conferences that will set the agenda for the business community over the coming month. Two take place next week (below) and this morning’s Going Green looks at what the good people at EBRD expect of COP27. We also have updates on our ambition to become a world-class energy hub, including news that our national electricity grid should be linked up to KSA by mid-2025 and a look at how Turkey may be challenging our bid to become Europe’s natural gas bestie. Throw in some M&A news and the launch of the nation’s first black sand minerals plant and, well … it’s a lot — in the best possible way.

MEANWHILE- There’s still no sign of when we can expect that IMF facility we’ve all been waiting for, though it would be somehow poetic if it were to land on or before Sunday, when the first of the three big conferences kicks off. The IMF executive board’s public agenda shows no meetings scheduled.

HAPPENING NEXT WEEK-

Not one, but two big economic conferences will drive the news agenda for the business community next week.

CONFERENCE #1- The Madbouly government’s highly-anticipated economic conference kicks off on Sunday and runs through Tuesday. The gathering will see government officials, experts, and economists come together with the aim of creating a roadmap for the country’s economic future, Cabinet Spokesperson Nader Saad said in a statement.

The conference has three main tracks: Macroeconomic policies; empowering the private sector and improving the business environment; and formulating a future roadmap for priority sectors.

A technical committee is already looking into some 300 economic proposals for policies and measures to increase the flexibility and competitiveness of the Egyptian economy. They’re being filtered and passed on to the relevant authorities. At the end of the three days, a closing session will be held to draw attention to the conference’s outcomes.

Want to weigh in throughout the conference? Download the app. The Madbouly government has released the economic conference app for Android and iOS to give participants the chance to follow the proceedings and share their input.

CONFERENCE #2- Egypt and the UAE will host a two-day gathering marking 50 years of bilateral ties. The conference takes place Wednesday-Friday (26-28 October) and is being produced in association with the two governments. Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries, while the following day will feature a cultural forum, according to a statement.

WE’RE CONVINCED THERE IS A (RELATIVELY) SIMPLE 5-STEP RECIPE policymakers can follow to turn the economy around by capturing a once-in-a-century chance to turn Egypt into a magnet for FDI and make us into an export powerhouse in the process. Tap or click here to read the story.

What can you do to help?

• Talk up our recipe if you’re attending either of next week’s conferences;
• Hit “reply” to this morning’s edition and send us an email and let us know your thoughts. We’re not even close to done talking about this yet.

MORNING MUST-READ

THE LATEST SIGN of how big the chance to capture part of the global supply chain could be for us here in Egypt? Look no further than this morning’s Financial Times, wherein the salmon-colored newspaper worries that the energy crisis in Europe could crush industry on the continent, writing that “executives and politicians fear a wave of deindustrialisation.”

IT’S AS IF EUROPEAN CEOs WERE READING OUR MINDS: “In an effort not to cede ground to competitors, some companies are tapping their lower cost plants outside Europe,” the FT writes. “We are a global company and can leverage assets outside Europe to compensate for any reduction in volume there,” Solvay CEO Ilham Kadri is quoted as saying.

But they’re also making us cry: The story quotes a steel producer as noting that rising natural gas prices in Europe and the continent’s carbon tax means it “makes a lot more sense for us to move production to Asia.” (Again: We haven’t made specific pitches to specific global CEOs — and that means we’re not even part of the conversation on where to move production. We need a private-sector-backed investment promotion agency to take over.)

Which European industry might move off the continent first? Fertilizer makers who use natural gas as feedstock, the paper argues, with producers in Hungary, Croatia, Poland and Romania feeling the squeeze.

There are 35 mn people with manufacturing jobs in Europe. Imagine the economic impact of moving just 10% of that here…

WATCH THIS SPACE- Gov’t will offer land on the cheap to spur industrial investment: While we’re on the topic of boosting FDI and exports, the Madbouly government is working on a package of incentives that includes offering industrial investors land at a more affordable price and with lower downpayments — especially for projects in Upper Egypt and Port Said. Trade and Industry Minister Ahmed Samir told MPs about the idea yesterday. Authorities are also looking at how to make it easier to snag an industrial license and offer more support to export-led businesses, he said.

The takeaway: Expect announcements on the incentives at next week’s conference.

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ALSO NEXT WEEK- The House of Representatives will reconvene on Sunday, but expect a lot of empty seats as representatives flock to the economic conference. Those in attendance will discuss a new legislative agenda that includes “economic and social laws,” a source in the know tells us, stopping short of offering more details.

COUNTDOWN TO COP (17 days to go)-

Some 150 electric buses are coming to COP, courtesy of GM and Mansour: General Motors (GM) and Al Mansour Automotive signed an MoU with Egypt’s Foreign Ministry to provide 150 EVs to transport COP27 participants around Sharm El Sheikh. The two are COP27’s exclusive mobility partners, they said in a statement (pdf).

It’s your last chance to 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.

No single story is driving the agenda for the global business press this morning. There are several headlines vying for our attention:

• Russian President Vladimir Putin has declared martial law in annexed parts of Ukraine. (NYT | AP)
• The US and its western allies want a UN security council meeting over Russia’s alleged use of Iranian drones in Ukraine. (Bloomberg)
• If you’re into Musk stuff: Tesla’s 3Q earnings (mixed) and CEO Elon Musk’s Twitter takeover (overpriced, in his opinion) get ink in the WSJ and Reuters.
• Or more of a Murdoch-watcher: The FT has the latest on the media mogul’s real-life Succession story as he vies to put News Corp and Fox back together again.
• UK politics is still bonkers. The end could be drawing near for PM Liz Truss after Home Secretary Suella Braverman headed for the exit. (AP)

SIGNS OF THE TIMES-

Tougher times for smartphone makers: The global smartphone market just had its worst third quarter in eight years as the economic slowdown hits consumer spending. Smartphone shipments fell 9% y-o-y in the July-September period, continuing a period of slowing sales that has lasted through 2022, according to data research firm Canalys, which is forecasting demand to remain muted for another six to nine months. The slowdown has forced Apple to cut production of the iPhone 14 Plus just weeks before it is due to begin shipping. (Bloomberg | The Information).

There are going to be 8 bn people on our planet by the middle of next month: The world’s population is set to hit 8 bn on 15 November, according to UN forecasts, which also expects India to overtake China as the world’s most populous country next year. But don’t panic: That’s the message coming from the head of the UN Population Fund, Dr Natalia Kanem, who according to the Guardian is cautioning against “population alarmism” which she warns could lead to “ineffective and even dangerous” population controls.

What about us, you ask? Egypt is among eight nations where more than half of the projected increase in the world’s population up to 2050 will be concentrated. The UN expects the global population to hit 9.7 bn by the middle of the century, rising by 1.7 bn over the next 27 years. Egypt’s population has now surpassed 104 mn, rising by more than 1 mn this year alone, and is expected to near 160 mn by 2050.

WEEKEND MUST READS-

How should a business bro dress? As more and more “finance bros” return to their “native habitat” (ie: as bosses end WFH), men are “trading hoodies at the home office for hard pants,” the New York Times reports.

How many more warning signs does Mark Zuckerberg need to see before he pulls the plug on his metaverse? Business Insider argues that Meta has poured USD bns into Zuck’s pet project with little to show for it.

Could a UK-style market blowout happen in the United States? That’s the tn-USD question keeping Wall Street and US government officials alike awake at night. (New York Times)

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CIRCLE YOUR CALENDAR-

The Suez Canal Economic Zone (SCZone) will launch a promotional campaign ahead of COP27 on potential investments in the zone next week. The campaign will be launched domestically on Sunday, 23 October, before the international campaign kicks off on Monday, 24 October.

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.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We sit down with Khalid Hamza, head of Egypt at the European Bank for Reconstruction and Development (EBRD), to find out what the multilateral lender has in store for COP27.