Dubai’s regulators are adopting a more stringent stance towards crypto: Dubai’s crypto regulator has issued a written reprimand to the foundersof the collapsed Singapore-based hedge fund, Three Arrows Capital, for setting up a new crypto exchange without a license. (Statement | Bloomberg)

Need-to-knows:

  • Crypto hub aspirations: Dubai has become known for its light-touch approach towards crypto regulations, which it has used to attract the world’s crypto bros to its shores.
  • But it also wants to clean up its act on money laundering: The UAE is trying to getits name off the Financial Action Task Force’s “gray list” of countries with weak rules on money laundering.

Sinopec + TotalEnergies want in on Aramco’s USD 100+ bn gas project: China’s Sinopec and France’s TotalEnergies are among the companies in talks with Saudi oil giant Aramco to invest in its USD 100 bn Jafurah project, one of the world’s largest unconventional gas fields, people familiar with the matter told Bloomberg yesterday. Aramco is looking to raise USD 10 bn to develop the field, which could include the construction of LNG facilities, some of the people said. Investment bank Evercore is providing advice.

EGX30

17,301

-0.1% (YTD: +18.5%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,219

-0.6% (YTD: +7.1%)

ADX

9,669

-0.4% (YTD: -5.3%)

DFM

3,576

+1.1% (YTD: +7.2%)

S&P 500

4,120

-1.2% (YTD: +7.3%)

FTSE 100

7,773

-1.2% (YTD: +4.3%)

Euro Stoxx 50

4,295

-1.5% (YTD: +13.2%)

Brent crude

USD 75.27

-5.1%

Natural gas (Nymex)

USD 2.22

-4.2%

Gold

USD 2,026.80

+1.7%

BTC

USD 28,679

+2.8% (YTD: 73.8%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 1.51 bn (14% below the trailing 90-day average). Regional investors were net buyers. The index is up 18.5% YTD.

In the green: Ibnsina Pharma (+4.7%), Abu Qir Fertilizers (+2.2%) and Egypt Kuwait Holding - EGP (+2.1%).

In the red: Oriental Weavers (-4.2%), Palm Hills Development (-2.5%) and Taleem (-2.2%).

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