Good afternoon, friends. We’ve made it to the weekend after a whirlwind week for us here at Enterprise — and a particularly busy and interesting news week for Omm El Donia at large.

THE BIG STORIES TODAY

#1- Deval drives inflation to five-year high: Urban annual inflation accelerated to 18.7% in November, up from 16.2% in October, according to figures from state statistics agency Capmas. November’s inflation figures are the highest in nearly five years, driven primarily by rising food and beverage prices.

#2- Our friend Hisham Ezz El Arab is now non-executive chairman at CIB, after the bank’s board of directors appointed him to the position with the Central Bank of Egypt’s blessing, according to a disclosure (pdf) to the bourse. Ezz El Arab takes over the position from Sherif Samy, who held the position since October 2020. Samy will remain on the bank’s board as a non-executive member.

#3- FinMin extends e-invoicing registration deadline for the self-employed: Self-employed individuals — including doctors, pharmacists, and lawyers — now have until 30 April, 2023 to register with the Tax Authority’s e-invoicing system, after the Finance Ministry extended the deadline from next Thursday, 15 December, according to a statement. The ministry pushed the cut-off date to help the self-employed get their ducks in a row, while the ministry sets up a committee to address problems they may face, the statement says.

THE BIG STORY ABROAD

We have a thoroughly mixed bag of nuts and bolts in the international business press this afternoon. The Financial Times is leading its front page with the immediate effect of China rolling back its covid-zero policies — including the country swiftly running out of covid-19 medication as the virus spreads, while CNBC looks at what’s in store for Europe’s energy grid as temperatures begin to drop significantly over the next few days and the continent continues to struggle with an energy shortage. Elsewhere, the latest updates on the ground in the Russia-Ukraine war are getting prominence in Reuters.

HAPPENING NOW-

President Abdel Fattah El Sisi landed in Riyadh to attend the China-Arab States Summit, according to an Ittihadiya statement. The summit, which kicks off tomorrow, will coincide with Chinese President Xi Jinping’s visit to the kingdom.

The first session of the cabinet’s Information and Decision Support Center’s (IDSC) new intellectual forum is underway. The weekly forum will see experts including government officials, academics, representatives of multilateral institutions, MPs, and national dialogue members meet to discuss key policy questions and make recommendations on them to the prime minister, according to a statement

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

• Green hydrogen and NWFE are key for the private sector coming out of COP27: Our inaugural Enterprise Climate X Forum kicked off earlier this week with a panel on green hydrogen and the government’s flagship Nexus on Water, Food and Energy (NWFE) program.
• More green hydrogen momentum: Egypt signed MoUs with seven companies and consortiums to conduct feasibility studies on new projects to produce green hydrogen and its derivatives.
• Sovereign sukuk + sustainable bond issuances coming this FY? The Finance Ministry is planning to sell USD 1.5-2.5 bn of sukuk and USD 500 mn of sustainable development bonds before the end of the current fiscal year.

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???? CIRCLE YOUR CALENDAR-

The Egyptian Private Equity Association is hosting a healthcare summit next Monday, 12 December. The event will be held under the auspices of the finance and planning ministries. You can check out the agenda here (pdf) and register for the summit here.

Later this month: The Central Bank of Egypt’s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.

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

☀️ TOMORROW’S WEATHER- We have a lovely sunny weekend to look forward to with temperatures in Cairo expected to hit highs of 24-25°C during the day on Friday and Saturday before falling to 13-14°C in the evening.