Good afternoon, ladies and gentlemen. We’re at the end of the last workday before the start of COP27, with hundreds of attendees currently on their way or set to begin their travels soon to Sharm El Sheikh.

THE BIG STORY TODAY

Activity in Egypt’s non-oil private sector continued to contract in October, albeit at a marginally lower pace than it did in September, according to S&P Global’s purchasing managers’ index (pdf). The PMI index registered 47.7 last month — just 0.1 points higher than September’s reading, but marking the highest reading since February. This is the 23rd consecutive month that index has come in below the 50.0 threshold that separates growth from contraction.

THE BIG STORY ABROAD

Leading the conversation in the international business press this afternoon: The Bank of England raised interest rates by 75 basis points today — its highest rate hike in more than three decades — in a bid to tamp down inflation amid a “very challenging” outlook for the UK’s economy. The story is on the front pages of the Wall Street Journal, Bloomberg, and CNBC.

SIGN OF THE TIMES- Netflix with ads launches in 12 countries: Netflix is rolling out its ad-supported service in a dozen countries today including Canada, the UK, and the US in an effort to boost revenues and subscriber growth, the Wall Street Journal reports. The ad-supported plan will cost USD 6.99 in the US, while the premium tier — which is set to offer exclusive programs — will cost US customers USD 19.99. Disney+ is set to follow suit with its own ad rollout next month.

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

• Is the state readying logistics companies for EGX debuts in 2023? The Madbouly government plans to IPO as many as four state-owned maritime and land transport companies during 1Q 2023 as it looks to reboot its stalled privatization program.
• More renewables projects are being negotiated in Riyadh: The Electricity Ministry is in talks with six Saudi firms for more than USD 3 bn worth of renewable energy projects as Electricity Minister Mohamed Shaker visits Riyadh.
• The International Cooperation Ministry will seek blended finance for nine projects worth USD 15 bn in its Nexus on Water, Food and Energy (NWFE) program.

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Fifteen global green startups will pitch at COP27 as part of the government’s ClimaTech competition: The International Cooperation Ministry has selected its 15-strong shortlist from the 422 startups that applied to the ClimaTech Run competition — which is supported by our friends at USAID through their Business Egypt program. The chosen firms will pitch their businesses to a judging panel composed of top UN officials as well as representatives of Afreximbank, Microsoft, and Google during the climate summit’s Youth Day, the ministry said yesterday. The startups present sustainable solutions in sectors including energy, agriculture, food security, transport, and urban development. Together they operate across 46 countries, with eight firms based on the African continent.

A delegation of Italian agricultural firms will visit Egypt in the second week of December to explore potential cooperation with local companies, Italian Ambassador to Cairo Michael Caron told Trade and Industry Minister Ahmed Samir in a meeting, according to a cabinet statement.

☀️ TOMORROW’S WEATHER- Your weekend weather is looking fantastic. Look for a daytime high of 26°C in Cairo on both Friday and Saturday, with an overnight low of 14°C. Folks landing in Sharm can expect a high tomorrow of 29°C, with the mercury dipping to 22°C at night.