Good morning, friends. The week is already shaping up to be a busy one with lots of economy and business news and the US and UK airstrikes in Yemen setting the agenda before the week has even started.

Particularly worthy of attention: There are signs we could make progress before the end of the month on both a larger IMF facility and a package of investment and aid from the European Union.

Egyptian and European officials are set to meet a week from Tuesday, and our top diplomat in Europe is making it clear that we’re looking for an “upgrade of relations” that would include everything from more economic support to investment guarantees. Meanwhile, an IMF spokesperson has said that talks for a larger facility will continue in the coming weeks to “operationalize the key policy priorities,” including fiscal reforms and a flexible exchange-rate policy.

^^ We have more on both stories below.

PSA- Hold onto your hats and keep your umbrellas close: We’re in for a cold andwindy week paired with rain and foggy mornings today and tomorrow, according to the Egyptian Meteorological Authority. Look for daytime highs of 23°C and lows of 7°C in the evening through Friday, according to our favorite weather app.

But first:

If you haven’t already: Sign up for the UAE edition here — it’s launching this week.Our report, produced in the UAE and in Cairo, is written for decision makers in the UAE as well as executives, investors, and others doing business or deploying capital there. It will be published 7am UAE time, Monday through Friday.

** THAT’S NOT ALL: EnterpriseAM Saudi Arabia is launching later this month. You can sign up here to let us know you’d like to be on the list on launch day. More details soon.

WATCH THIS SPACE-

We’ve set terms for helping the EU control migration: “Economic support, investment guarantees, technology transfer, jobs, and food security” is what we want from the European Union in exchange helping it curb migration across the Mediterranean, ambassador to the EU Badr Abdelatty told the Financial Times ahead of a meeting between Egypt and European officials on 23 January. The EU has already committed to paying EUR 160 mn to support refugees and border management until 2027, but we are looking for more as the nation copes with fallout from the “Ukraine crisis, from Covid, and the situation in Gaza,” Abdelatty told the salmon-colored paper, saying what we’re looking for is “an overall upgrade of relations.”

Remember: The EU has been rumored to be putting together a plan to mobilize as much asEUR 10 bn of investment alongside debt relief measures to help stabilize Egypt’s economy and curb migration across the Mediterranean.

HAPPENING TODAY-

#1- The Pharaohs take to the pitch for Afcon 2024: Egypt kicks off its Afcon campaign tonight when they meet Mozambique at La Felicia Stadium in Abidjan at 7pm CLT. We are favored to lead Group B ahead of Ghana, which we will clash with on Thursday before playing against Cape Verde in the final group stage match on Monday, 22 January.

Where to watch it:beIN SPORTS 1

#2- The House is in session: The House will discuss and vote on a draft bill to set up a new authority tasked with investing and / or disposing of confiscated funds and assets. The House will also vote on an amendment to the law regulating the Police Authority. The MPs are also set to discuss an agreement to end double taxation between Egypt and Croatia.

HAPPENING THIS WEEK-

#1- Davos 2024 is nearly upon us: The skies will soon be filled with private jets heading to Switzerland for the World Economic Forum in Davos set to kick off tomorrow and run until Friday. This year’s theme is an optimistic “rebuilding trust”, but “climate, chaos and war” are already filling a doomy agenda, writes the Guardian’s Larry Elliot. You can check out the forum’s official teaser agenda here.

#2- China’s foreign minister is due in town: China’s Foreign Minister Wang Yi is setto touch down in Egypt sometime this week during a six-day tour of Africa that started yesterday, which will also see him visit Tunisia, Togo, and Cote d'Ivoire, China’s Foreign Ministry said on Thursday.

PROJECT UPDATE-

The region’s largest wind farm gets a land use agreement: A consortium led bySaudi’s ACWA Power and our friends at Hassan Allam Utilities signed a 25-year long-term land use agreement with the New and Renewable Energy Authority (NREA) on Wednesday for its 1.1 GW wind farm in the Gulf of Suez — set to be the largest in the Middle East and cost up to USD 1.5 bn — a joint statement (pdf) read.

What’s next: Wrapping up site studies and lining up finance for the project, which when operational will offset 2.4 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households.

THE BIG STORY ABROAD-

Democratic Progressive Party candidate Lai Ching-te has been elected president of Taiwan. Beijing had warned the Taiwanese people to make the “right choice” before the presidential race and avoid voting for the DPP.

MEANWHILE- The Iowa caucuses will kick off the 2024 US presidential race on Monday. Bone-chilling cold and a blizzard could affect turnout. CNBC has a primer, and Politico notes that polling shows former President Donald Trump “cruising.”

IN BUSINESS HEADLINES you’ll want to know about this morning:

  • The US aviation regulator has grounded Boeing’s 737 Max 9 pending receipt of further data from Boeing;
  • Canada could cap the number of international students it accepts each year as the Trudeau government faces a crisis over the affordability of housing;
  • John Kerry is retiring as the top US climate negotiator.
Tags: