Good afternoon, folks. Only five sleeps separate us from meeting with all you good folks at the Enterprise Climate X Forum at the Grand Egyptian Museum on Tuesday, 6 December. More on that below.

THE BIG STORY TODAY

Gov’t to award contracts for first USD 3 bn phase of desalination program next year -SFE’s Soliman: Contracts to build out the first 21 desalination plants under the first phase of the Sisi administration’s multi-bn water desalination program will be awarded next year, Sovereign Fund of Egypt CEO Ayman Soliman said at a conference today, according to Reuters. Soliman put the value of the first phase of the program at USD 3 bn, saying that the full program’s price tag is expected at some USD 8 bn. The first phase of the program has already drawn interest from north of 200 potential international investors, he said.

The program will include several plants in locations on Egypt’s Red Sea and Mediterranean coasts to help give us sufficient water to keep up with population growth over the next 50 years, President Abdel Fattah El Sisi said at a separate event today (watch, runtime: 2:51).

THE BIG STORY ABROAD

It’s a mixed bag in the international business press this afternoon. The EU is reportedly planning to set its price cap on imported Russian oil at USD 60 per barrel, the Wall Street Journal reports. Meanwhile, Reuters and the Financial Times are leading with expectations that China is going to finally begin easing some of its covid-19 precautionary measures, while CNBC’s top story is Ukraine being on “high alert” as Russia launches fresh attacks.

RIP- Fleetwood Mac singer Christine McVie has passed away at the age of 79 following a bout of bad health. McVie was widely known for her extraordinary performance inthe prominent British-American rock band. Her most notable songs include “When the Train Comes Back” released in 1968 and “Spare Me a Little of Your Love” written and sung by her in 1972. The New York Times is out with an obit.

---

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

• HSBC’s Todd Wilcox on why EV manufacturing should be an FDI focus: After reading our five-step recipe for turning Egypt into a global export hub and FDI magnet, HSBC’s Todd Wilcox tells us why he thinks we should focus on drawing in FDI to locally manufacture EVs.
• Dozens of multinational firms agree to invest in our outsourcing industry: 29 global firms will up their investments in our outsourcing industry under agreements inked with the CIT Ministry’s Information Technology Industry Development Agency.
• State ownership policy gets final nod from cabinet: The cabinet yesterday approved the final draft of the Madbouly government’s state ownership policy document, following amendments made after months of consultations with public and private-sector stakeholders.

Subscribe to Enterprise

???? CIRCLE YOUR CALENDAR-

French luxury fashion house Dior is hosting its men’s pre-fall collection show against the backdrop of the Giza Pyramids on Saturday. The show will mark the first time Dior brings its traveling men’s pre-fall collection shows to Egypt.

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

☀️ THIS WEEKEND’S WEATHER- Look for the beautiful late-fall weather to continue through the weekend in Cairo (a high of 24°C during the day), Alex (23°C) and Hurghada (26°C). Expect largely sunny skies with the occasional cloud in all three cities.