THIS EVENING: Saudi’s PIF is reportedly eyeing AAIB’s minority stake in Palm Hills + Oil Ministry awards four oil and gas exploration blocks

Good afternoon, ladies and gentlemen, and happy almost-THURSDAY-equivalent. We appear to be looking at a reasonably brisk news day as we slide towards the upcoming long weekend.

And speaking of the long weekend: We wish you a happy Moulid Nabawy.

THE BIG STORIES TODAY

#1- Is PIF eyeing a minority stake in Palm Hills? Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in talks to acquire the Arab African International Bank’s (AAIB) 13% stake in Palm Hills Development, Al Borsa reports, citing sources it says have knowledge of the matter. PIF is looking to finalize an agreement by the end of the year, the sources are quoted as saying. Palm Hills has not yet been formally notified of the transaction,, it said in an EGX disclosure (pdf).

#2- Oil Ministry awards four oil + gas exploration blocks: Eni, BP, QatarEnergy, and Russia’s Zarubezhneft have together been awarded a total of four oil and gas exploration blocks included in the government’s latest bid round, according to an Oil Ministry statement. The ministry awarded two blocks in the Mediterranean to Eni, one block to a consortium of Eni, BP, and QatarEnergy, and one in the Delta to Zarubezhneft.

THE BIG STORY ABROAD

The international business press can’t agree on one big story today, leaving us with a mixed bag. Among the headlines making the rounds:

• Taliban controls the world’s best performing currency this quarter (Bloomberg)
• Russia has proved resilient to western sanctions, says Oleg Deripaska (Financial Times)
• Americans finally start to feel the sting from the Fed’s rate hikes (WSJ)

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

• New oil and gas bid round launched: International energy companies are being invited to search for new oil and gas fields in Egypt as the Madbouly government looks to reverse declining production and draw new investment into the sector.
• The International Finance Corporation (IFC) has signed off on a USD 25 mn loan to Kandil Steel . The funding will be used to support the company’s expansion plans amid ongoing economic headwinds.
• The deputy chair of the Industrial Development Authority, Nahed Abdou, has been appointed acting chair following the appointment of her predecessor, Mohamed Abdel Karim (LinkedIn), to become assistant trade and industry minister for industrial development.

☀️ TOMORROW’S WEATHER- We can expect the mercury to rise to a high of 37°C in the daytime tomorrow and drop to a cooler 27°C in the evening, according to our favorite weather app.