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<\/a><\/p>\nThe EnterpriseAM Egypt Forum is back \u2014 and this year, we\u2019re giving the full day to the one question on every business leader’s mind: What does AI actually mean for your company, your people, and your own job?<\/p>\n
Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We’re all figuring it out in real time \u2014 and for Egypt, the stakes are unusually high.<\/p>\n
Egypt could leapfrog a generation on the back of this technology \u2014 or watch AI hollow out the industries and jobs we can’t afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.<\/p>\n
Every session on stage answers one question: \u201cSo, what do I actually do about it?\u201d<\/p>\n
Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.<\/p>\n
Request your invitation here<\/a>.<\/p>\n Hassan Allam eyes the exchanges<\/p>\n Our friends at Hassan Allam Holding are considering taking some of their real estate and infrastructure subsidiaries public on Gulf exchanges, the EGX, or on both, Chairman and CEO Hassan Allam was quoted as saying<\/a> on the sidelines of BMG Economic Forum at the London Stock Exchange. The parent conglomerate will stay private.<\/p>\n Why it matters: Listing foreign-facing subsidiaries in Gulf markets would give Hassan Allam access to funding while keeping the parent conglomerate private. The group is executing a USD 10.5 bn project backlog, split evenly between Egypt and markets including Saudi Arabia, the UAE, Libya, and Oman. Saudi is the group\u2019s largest foreign market with over USD 2 bn in active contracts, followed by the UAE, Libya, and Oman. Hassan Allam\u2019s real estate development arm, Grova, launched the SAR 3.3 bn Noor Khuzam project<\/a> in Riyadh alongside local partners.<\/p>\n REFRESHER- We have been tracking Hassan Allam\u2019s capital market moves since last year<\/a>, when the group filed to list a special purpose acquisition company (SPAC) on the EGX. The SPAC was rebranded to Grova Venture Capital<\/a> and had its issued capital raised to EGP 100 mn to fund future acquisitions. When market chatter suggested the blank-check vehicle was a backdoor listing for Hassan Allam Construction, the company denied those rumors<\/a>.<\/p>\n Visa-in-a-package<\/p>\n The Tourism Ministry has launched a bundled Tourist Visa Package<\/a>, allowing travelers from seven countries to obtain an electronic tourist visa as part of a single travel booking. Jordan, Egypt, India, Bangladesh, Indonesia, Mexico, and Pakistan are the first eligible nationalities, with more to follow.<\/p>\n How it works: The package must include a confirmed round-trip flight and accommodation at a Tourism Ministry-licensed hotel rated at least four stars. The visa is issued electronically within 48 hours of purchase, with no embassy visit required. Two travel agencies, Reserval and Almosafer, are currently accredited to offer the service.<\/p>\n The fine print: The visa is single-entry, valid for three months, with stays of between two and 88 days. Packages start at SAR 4k per adult for the first two days, plus SAR 1k for each additional day. The visa cannot be cancelled independently; cancelling the travel package automatically revokes it. Visa holders may travel freely within the Kingdom after arrival, including to Makkah and Madinah, though Umrah services are not included.<\/p>\n A high-level Iraqi visit soon?<\/p>\n Iraqi Prime Minister Ali Faleh Al Zaidi plans to visit Riyadh \u201cin the coming period\u201d to strengthen economic ties with Saudi Arabia, as part of a broader Arab tour following an anticipated trip to Washington, he told Al Arabiya<\/a> without specifying a date.<\/p>\n The country has no plans to leave Opec, but will continue to push for what it considers a fair production quota that reflects its capacity, Al Zaidi said. Opec+ chose to increase<\/a> its production quotas by 188k bbl \/ d in July, even if many of those barrels cannot physically reach the market.<\/p>\n Data point<\/p>\n 18.7% \u2014 that\u2019s how far the Industrial Production Index (IPI) fell y-o-y in May, dragged down by a 28.6% y-o-y drop in mining and quarrying alongside a 6.2% decline in manufacturing, according to data (pdf)<\/a> from the General Authority for Statistics. On a monthly basis, the index rose 3.2% from April.<\/p>\n \n Get Enterprise daily\n<\/p>\n The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n Subscribe here<\/a> <\/p>\n *** You\u2019re reading EnterpriseAM Saudi, your essential daily roundup of business, economics, and must-read news about Saudi, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n EnterpriseAM Saudi is available without charge thanks to the generous support of our friends at Tas\u2019heel and Hassan Allam Properties.<\/p>\n Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on [email\u00a0protected]<\/a>.<\/p>\n DID YOU KNOW that we also cover Egypt<\/a>, the UAE<\/a>, the MENA logistics<\/a> industry, and the MENA <> India<\/a> corridor?<\/p>\n Were you forwarded this email? Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday.<\/p>\n ***<\/p>\n The big story abroad<\/p>\n Regional tensions are escalating. Iran said it closed the Strait of Hormuz<\/a> after firing a warning shot yesterday at a Cyprus-flagged container ship it said took an \u201cunapproved route.\u201d Iran\u2019s navy said the waterway will remain closed \u201cuntil further notice\u201d or \u201cuntil the end of US interference in the region,\u201d and vowed to respond to any retaliation with a \u201cforceful response.\u201d<\/p>\n The US military responded by launching<\/a> its third round of strikes against Iran in a week, US Central Command (Centcom) said. The fresh round of strikes \u2014 targeting<\/a> Iranian air and surface-surveillance radars, missile and drone storage facilities \u2014 aims to weaken Iran\u2019s ability to attack commercial vessels, Centcom said.<\/p>\n Meanwhile, in the AI world: Apple has filed a lawsuit accusing<\/a> OpenAI and two of its former employees of stealing hardware designs, claiming that the ChatGPT developer\u2019s top brass enabled this behavior. The lawsuit names two former Apple employees who have joined OpenAI, alleging improper transfer of sensitive information. The iPhone maker claims that over 400 of its former employees have joined the AI company.<\/p>\n Speaking of AI, not everyone can ride the wave: Analysis by the Financial Times<\/a> has found that while 28 companies that pivoted to AI saw their combined market cap initially surge by USD 8.7 bn, more than half of those valuation gains have since evaporated. Findings suggest a trend of struggling companies using buzzy AI name changes to target retail investors and secure short-term market gains \u2014 the SEC calls this \u201cAI washing.\u201d<\/p>\n A memory drought may be coming: South Korean semiconductor giant SK Hynix\u2019s CEO Kwak Noh-jung has sounded the alarm<\/a> over an incoming memory supply shortage in 2027, set to be the worst ever in history. The company is forecasting that customer demand will continue to outstrip supply capacity even after 2030. Kwak\u2019s comments echo similar sentiments from Nvidia and UBS.<\/p>\n