Good afternoon, friends. We have a relatively calmer start to the week — with some good news to boot.

THE BIG STORY TODAY

The EGX is back in the green YTD for the first time in 10 months: The benchmark EGX30 index is up 0.3% year-to-date after rising 1.9% in today’s trading, marking the first time since 13 January the index is in the green on a YTD basis. The EGX30 has been rallying in the past couple of weeks, since Egypt announced it reached a staff-level agreement with the IMF for a USD 3 bn, 46-month loan and moved to a “durably flexible” exchange rate regime.

THE BIG STORY ABROAD

Picking up where we left off this morning, the US midterm elections are still leading coverage in the international business press this afternoon, with Reuters, the Financial Times, the Wall Street Journal, and CNBC all taking note of the Democrats’ narrow victory in the US Senate.

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

• The US, Germany and other European countries have pledged to provide more than USD 550 mn to help Egypt decarbonize its power infrastructure and install new renewable energy capacity.
• Urban annual inflation rose to 16.2% in October, its highest level in four years, on the back of surging food prices.
• Egypt can cover USD 16 bn financing gap, says Maait: Egypt expects to see more FDI and more funding inflows, including from the Gulf and “other sources,” after reaching a staff-level agreement with the IMF for a USD 3 bn, 46-month loan, Finance Minister Mohamed Maait told Bloomberg on Thursday.

The Enterprise Climate X Forum, our first industry-specific conference, is taking place on Tuesday, 6 December. The Enterprise Climate X Forum will give insiders and newcomers alike the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.

Stay tuned very soon when we reveal the venue. You’ll love it, we promise.

Some of the biggest names in business and finance are on board — are you? The Enterprise Climate X Forum is taking place with the generous support of our friends, including:

• Banking partners: HSBC | Mashreq | Attijariwafa Bank
• Telecom partner: Etisalat by e&
• Event partners: Hassan Allam Utilities | Infinity

DO YOU WANT TO ATTEND? The first wave of invites is going out now. If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

???? CIRCLE YOUR CALENDAR-

Five to seven agreements will be signed with companies to export renewable energy at the SCZone, Planning Minister Hala El Said told Bloomberg Asharq (watch, runtime: 1:36). The SCZone has long been expected to sign agreements with international companies to establish green hydrogen and ammonia plants at COP27. Initial agreements worth bns of USD have been signed this year, the most recent of which was with Maersk for a huge USD 15 bn facility capable of producing 3 mn tons of fuel a year.

PSA- If you’re self-employed, you have to register in the Tax Authority’s e-invoice system by 15 December. This includes self-employed doctors, engineers, lawyers, and artists, the Egyptian Tax Authority said in a statement. Only e-invoices will be considered for VAT deduction or refund as of 1 April, 2023.

What e-invoicing system? In late 2020, the Tax Authority launched a pilot program for B2B e-invoicing with 134 companies, before expanding the system to all large taxpayers in July 2021. All B2B and B2C invoices across the country should be fully automated by December. We have a primer on the system, its purpose, the timeline of implementation along with a list of phase one companies here.

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

☀️ TOMORROW’S WEATHER- Expect temperatures to rise to 27°C during the day tomorrow in the capital city before dipping to 16°C at night, our favorite weather app tells us.