THIS EVENING: Egypt + KSA could partially trade in local currencies by 2024

Good afternoon, friends and welcome to this busy Monday as fresh stories are hitting our news cycle while the international news is still grounded on the latest from Sam Altman’s ouster.

THE BIG STORY TODAY

Egypt and Saudi Arabia are looking into partially trading in local currencies: The two countries are studying the possibility of conducting local currency-denominated trade in the coming period, Asharq Business reported, citing Egyptian Commercial Representation Service’s Yahya Al Wathiq Billah. The Saudi Arabian commerce minister has already submitted a proposal to discuss the possibility of paying a portion of trade operations in SAR or EGP. The next step will be to move the conversation between the central banks of the two nations before a consensus is reached by 2024, Al Wathiq Billah was quoted as saying.

THE BIG STORY ABROAD

It’s a mixed bag today in the international press, as the Sam Altman ouster and OpenAI’s second interim CEO hire continues to dominate the conversation after it was announced that Altman would be hired to lead a new Microsoft AI team. We have the full story in For Your Commute below.

Also making headlines today is Javier Milei, Argentina’s new president-elect, and self-described anarcho-capitalist. Not too long ago, Milei was a TV personality known for his passionate rants against government spending, the ruling class and was frequently compared to Trump. Milei managed to weasel his way through Argentina’s two-party system due to the overwhelming public support for his drastic measures, which include, but are not limited to, eliminating the nation’s central bank to decrease inflation, alongside curbing the rise of socialism and the deterioration of family values. (Associated Press)

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

• Units of Saudi Arabia’s Fawaz Abdulaziz Alhokair Company (Alhokair) could invest as much as USD 1.5 bn in Egyptin 2024.
• TRANSACTION UPDATE- Eastern Company’s new Emirati shareholder will throw the company a USD 150 mn lifeline next year even as it finishes its payout to the Chemical Industries Holding Company (CIHC).
• Our tourism industry seems to be weathering the storm: Egypt welcomed around 13 mn tourists in the first nine months of the year.

☀️ TOMORROW’S WEATHER- Expect less clouds and a high of 25°C in the daytime which will drop to a cooler 17°C in the evening, according to our favorite weather app.