Good afternoon, wonderful people. It’s a slowish start to the news day — but we expect things to pick up later, with some exciting updates already making their way out of Energy Day at COP27.

THE BIG STORY TODAY

Is the SFE getting on board ACWA’s 1.1 GW wind farm in Suez? The Sovereign Fund of Egypt (SFE) has agreed to acquire a 10% stake in Saudi renewables player ACWA Power’s USD 1.5 bn, 1.1 GW wind farm in the Gulf of Suez, Bloomberg Asharq reports, citing three sources it says are close to the transaction. That would see the fund invest as much as USD 150 mn in the project, according to our math. A final agreement will be announced “soon,” the sources reportedly said. News of the SFE’s potential buy-in comes a week after the Omani Investment Authority (OIA) inked an MoU with ACWA to acquire a 10% stake in the wind farm.

THE BIG STORY ABROAD

The Republican Party is poised to retake control of the House of Representatives: The GOP is just one seat shy of the 218 it needs to secure a majority in the lower legislative chamber, after notching late-night victories on Monday in races in Arizona, New York, and California. Elsewhere in US politics, stay tuned for the expected announcement from Donald Trump today that he will be launching a bid to retake the presidency in 2024 elections. (NYT | AP | WSJ | Washington Post).

The international press is also keeping tabs on the unfolding G20 summit in Indonesia, where US President Joe Biden and his Turkish counterpart Recep Tayip Erdogan held an unscheduled meeting on the down-low, according to Bloomberg. Meanwhile, a draft communique out of the summit lays bare divisions over the Group’s stance vis-a-vis the Russia-Ukraine war, according to Reuters and the Financial Times.

From Sharm to the Grand Egyptian Museum — the business community will move the talk about a green transition ahead at the Enterprise Climate X Forum, which takes place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world’s most important industry than in a world-class museum that stands as a testament to our nation’s ability to persevere (and innovate) for seven millennia. And it seems you can’t either, judging by the responses and statements of support we’ve been getting.

What’s the Enterprise Climate X Forum? It’s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have 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. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? 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.

HAPPENING NOW-

It’s Energy Day at COP27, featuring sessions on renewable energy, energy efficiency, and energy transformation focusing on a just transition in the energy sector. Green hydrogen is expected to step into the spotlight as a potential energy source for the future. High-level officials and energy transition champions will kick off the day with a series of opening remarks setting the stage for the “energy trilemma” the world is facing.

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

• Shoukry calls on countries to come to a “meaningful” agreement at COP27: COP27 President Sameh Shoukry reiterated yesterday his plea for a “meaningful” climate agreement that will cut emissions and mobilize tons of capital for climate finance.
• Cabinet is out with the rules and regulations for the expat car import scheme: The Madbouly government launches incentives to get Egyptian expats to import cars with foreign-currency today, and yesterday released details of the rules and regulations for the scheme.
• Vodacom is already making plans for Egypt: Vodafone’s South African subsidiary plans to launch financial services products in Egypt through its Vodapay superapp that it is developing with Chinese tech giant Alibaba Group.

???? CIRCLE YOUR CALENDAR-

PSA #1- 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 refunds 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.

PSA #2- Good news for Upper Egypt startups: Applications for a Uplift4UpperEgypt — startup program run by Orascom’s Gemini Enterprises Africa, in partnership with the Sawiris Foundation, aimed at businesses in Upper Egypt, will open on 17 November, according to Al Mal.

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’ll be mainly sunny in Cairo tomorrow with temperatures hitting 24°C tomorrow during the day before falling to 13°C at night, our favorite weather app tells us.