Good morning, wonderful people — and happy last day of November. There are now 31 days left in 2022.

We have a packed issue for you this morning, including the latest in CEO poll of top executives on why we need to focus on FDI and exports, word that BMW has appointed a new agent in Egypt, the formal end to the CBE’s subsidized loans program, and more.

WATCH THIS SPACE- Could Ryanair be landing in Egypt? The Irish budget airline is in talks to launch flights to Egypt and Libya, Reuters reports, citing statements by CEO Michael O’Leary during an event. “We’re talking to the Egyptians, the Libyans,” O’Leary said, without providing further details. Europe’s largest airline by passenger numbers currently only operates flights outside of Europe to and from Morocco, Israel and Jordan.

More flights is exactly what we need right now: Making it easier to visit Egypt (and improving our offering) is an immediate way to boost our nation’s FX receipts, Somabay CEO Ibrahim El Missiri told Enterprise as part of our CEO poll on FDI and exports. Speaking of which…

DATA POINT- Nearly 30k Egyptian expats have registered on the government’s app to import cars since it launched on 15 November, Finance Minister Mohamed Maait told Al Arabiya TV in an interview (watch, runtime: 4:16), describing it as a “good turnout.” Customs Authority boss El Shahat El Ghatwary put the figure at 21.6k t the start of this week. The government is trying to draw foreign currency into Egypt through the scheme, which allows expats to import cars using foreign currency in exchange for a full rebate on taxes and dues. It will close on 15 March, 2023.

HAPPENING TODAY-

The Industrial Development Authority (IDA) will open tenders on vacant units in seven of its industrial complexes today, according to a statement. Bidders can take out the tender conditions booklet for the units from the IDA’s headquarters or its bureaus at the complexes. Bidding will remain open until all the units have been allocated.

FURTHER AFIELD- The US Fed could drop some hints today. Traders will be paying close attention to a speech US Federal Reserve head Jerome Powell is set to give today, Reuters reports. Powell is expected to make some indication as to where the Fed’s head is at in terms of its tightening cycle, amid speculation that the central bank could soon start slowing interest rate hikes as inflation slows and recession threats ramp up.

WORLD CUP UPDATE-

It’s day 11 of the World Cup: Teams in Group C and D face off today (all times CLT):

• Tunisia v France (5pm)
• Australia v Denmark (5pm)
• Poland v Argentina (9pm)
• Saudi Arabia v Mexico (9pm)

Senegal, Netherlands, and the USA got through to knockouts yesterday: Senegal earned its place in the knockout stage after beating Ecuador 2-1, with captain Kalidou Koulibaly scoring a second goal to restore Senegal’s lead only minutes after Ecuador equalized. Netherlands also qualified to the next stage after its 2-0 victory against host Qatar. The USA is also through, beating Iran 1-0 in a politically charged game between the two diplomatic foes. England is through to knockouts on the back of its 3-0 victory against Wales.

We already know some of the knockout clashes: It’s going to be England v Senegal + Netherlands v USA.

Speaking of the World Cup: More signs we’ll be teaming up with the KSA and Greece for a 2030 bid. KSA Tourism Minister Ahmed Al Khateeb told Bloomberg that his country is considering a joint bid to host the 2030 World Cup. “We are considering a bid with Greece and Egypt and we wish that it will be a [successful] bid,” he said. “Definitely the three countries would invest heavily in infrastructure and would definitely be ready. And I know by then Saudi Arabia would have state of the art stadiums and fanzones built,” he added. His statements come days after Egypt’s Sports Minister Ashraf Sobhy said that Egypt is working on joining a bid to host the World Cup in 2030 or 2034, after weeks of murmurs in the media that the three countries could team up.

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MARKET WATCH-

Next week’s OPEC+ meeting goes WFH: The oil cartel and allies will hold a much-discussed 4 December meeting online instead of in Vienna as planned, Bloomberg reports, citing sources it says are in the know.

Would OPEC make major policy changes over Zoom? The shift to an online meeting is leading market watchers to wager that the meeting won’t see the cartel change its October decision to cut supply by some 2 mn barrels per day. Five OPEC+ sources told Reuters that it’s likely to keep policy unchanged, while two other sources said that further cuts could be on the table in a bid to boost prices.

Germany seals long-term LNG supply agreement with Qatar: Qatar will begin supplying Germany with 2 mn tons of liquefied natural gas (LNG) per year as of 2026 under a 15-year agreement signed yesterday by ConocoPhillips and state-owned Qatar Energy, Qatar’s energy minister told reporters yesterday, according to Bloomberg. The minister did not disclose the agreement’s price tag.

It’s not going to plug the Russia-shaped hole in Germany’s natgas needs, but it’s a start: The LNG volumes Germany will import from Qatar under the agreement are equivalent to only around 6% of Germany’s natgas imports from Russia last year, according to Bloomberg.

CIRCLE YOUR CALENDAR-

The House Manpower Committee will continue hearings on the new draft Labor Act next Wednesday, 7 December. The session will see representatives from the Federation of Egyptian Industries (FEI) and the Egyptian Trade Union Federation in attendance. The bill, which was approved by the Senate in February, extends both maternity leave and notice periods, caps working hours, and changes minimum raise increments, among other things. We have more on the bill’s finer points here.

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

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a closer look at how new legislation could boost the river transport industry and attract private investment.