Good morning, wonderful people. And to our readers in Egypt, who are celebrating Armed Forces Day, we hope you have a relaxing three-day weekend. Elsewhere, it’s been a day of firsts.

THE BIG CLIMATE STORY- Saudi Arabia raised USD 3 bn in its inaugural green bond issue yesterday. The long-awaited three-tranche issue drew in orders of around USD 18 bn throughout the day.

It also saw the sale of the world’s first 100-year green note. We breakdown the sale in this morning’s Debt Watch, below.

ALSO- A big step for the regional EV industry: The UAE inaugurated its first EV assembly facility in Dubai yesterday, courtesy of M Glory Group. The AED 1.5 bn Al Damani Auto EV plant can currently assemble 10k cars annually with plans to raise production to 55k per annum in the next two years. We cover the story chapter and verse in the news well below.

*** SPEAKING OF WHICH- Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the region feels about MENA’s EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.

WATCH THIS SPACE- MENA is focusing on the role of ins. in the fight against climate change: The ins. industry must adapt to new climate risks and extend assistance to governments, officials from both the UAE and Egypt stated at two separate conferences this week. “The ins. sector plays a key role in our fight against climate change risks,” the UAE’s Minister of Climate Change and the Environment, Mariam Al Mheiri stated yesterday at the Fifth National Dialogue for Climate Ambition (NDCA).

In Egypt, the Finance Ministry is tooting a similar horn: The Egyptian government is keen to offer all forms of support to the ins. industry, including tax breaks, and making climate ins. mandatory, according to a speech given by Finance Minister Mohamed Maait at the Ins. Federation of Egypt’s (IFE) event on Tuesday. Maait encouraged ins. companies to contribute to a green transition by investing in green bonds, according to Ahram Online.

And Egypt is walking the talk: Egypt’s Financial Regulatory Authority (FRA) signed an MoU with FSD Africa on Tuesday to contribute to making Egypt’s financial sector more sustainable. This includes being innovative with climate-related ins. products, FRA Chairman Mohamed Farid said. The MoU will enable FSD Africa and the FRA to “directly engage with local [ins. providers] and pension funds to support integration of ESG factors in their strategy and operations,” a statement by the UK embassy noted on Tuesday.

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YOU’RE READING ENTERPRISE CLIMATE, the essential regional publication for senior execs who care about the world’s most important industry. Enterprise Climate covers everything from finance and tech to regulation, products and policy across the Middle East and North Africa. In a nod to the growing geographical ambitions of companies in our corner of the world, we also include an overview of the big trends and data points in nearby countries, including Africa and southern Europe.

Enterprise Climate is published at 4am CLT / 5am Riyadh / 6am UAE Monday through Thursday by Enterprise, the folks who bring you Enterprise Egypt, your essential 6am and 3pm read on business, finance, policy and economy in Egypt and emerging markets.

Subscribe to Enterprise Climate here or reach out to us on climate@enterprisemea.com with comments, suggestions and story tips.

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HAPPENING TODAY-

The Economist Impact’s “Sustainability Week: Countdown to COP27” event will take place today in Abu Dhabi. The First Abu Dhabi Bank event, which will be both in-person and virtual, will focus on the strategies governments and businesses should implement to realize climate targets, and the metrics that can be utilized to measure the successful achievement of climate goals.

A who’s who event: The event will be attended by bn’aire philanthropist Bill Gates, the UAE Industry and Advanced Technology Minister Sultan Ahmed Al Jaber, and US Climate Envoy John Kerry, The National writes.

CIRCLE YOUR CALENDAR-

The Egyptian Center for Economic Studies will be hosting a climate seminar on Monday, 10 October in Cairo. Speaking at the seminar is senior climate change advisor at the Sustainable Development Practice of the World Bank Stephane Hallegatte. The event will focus on the synergies and trade-offs between short-term economic and development goals. You can register for the event here.

The IMF and World Bank will hold their annual meetings in Washington, DC, on 10-16 October.

The Cairo Water Week 2022 will kick off on Sunday, 16 October and run for four days. Discussions will revolve around climate change strategies and development plans, sustainable financing solutions, as well as water recycling, among other topics.

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