Good afternoon, ladies and gentlemen, and welcome to a new week. Today’s news cycle is dominated pretty much entirely by the Madbouly government’s economic conference.

THE BIG STORY TODAY

Are we going to say goodbye to L/Cs soon? The government is currently working on reversing the requirement for importers to issue letters of credit to buy goods “soon,” Prime Minister Moustafa Madbouly said during the economic conference (watch, runtime: 2:34:07). This comes weeks after President Abdel Fattah El Sisi said that import challenges facing manufacturers should be solved within two months, without specifying that this would include L/Cs.

THE BIG STORY ABROAD

China’s Xi secures unprecedented third term in power: Chinese President Xi Jinping will continue to lead the country for at least another five years, breaking a decades-long precedent that only allowed Chinese leaders to rule for two five-year terms. Xi has further cemented his power with a new governing body that replaces four members with men known to be a part of his inner circle. (Reuters | Wall Street Journal | CNN | The Guardian | Bloomberg)

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

• S&P Global Ratings has affirmed Egypt’s B credit rating with a stable outlook on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our “large” external funding needs.
• A state committee left fuel prices unchanged at its latest quarterly meeting, defying expectations of another raise and ending a streak of six consecutive quarters of petrol price hikes.
• Hassan Allam Holding and Emirati renewables player Masdar will invest some USD 10 bn in their green hydrogen project in the Suez Canal Economic Zone over the next seven-10 years.

*** 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 profile the new EGP 4 bn black sands plant in Kafr El Sheikh’s Burullus, and how it fits into the global picture of rare earth material production.

???? CIRCLE YOUR CALENDAR-

Egypt and the UAE will host a 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.

AND- The Suez Canal Economic Zone (SCZone) will launch a promotional campaign ahead of COP27 on potential investments in the zone. The domestic campaign will be launched today before the international campaign kicks off tomorrow.

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

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 29°C tomorrow during the day before falling to 17°C in the evening, our favorite weather app tells us.