Good afternoon, ladies and gentlemen. It’s almost-THURSDAY, but the news cycle is picking up pace for the last two days of the workweek.

THE BIG STORY TODAY

Adnoc and BP team up on new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, Adnoc announced in a statement today. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture’s expansion.

The concessions: The JV will see BP add its wholly-owned North Damietta concession, 50% share in North El Burg and 10% share in Shorouk — which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.

Ownership: BP will own 51% of the JV — which is expected to be formed during the second half of this year — while Adnoc will own the remainder.

HAPPENING NOW

El Sisi meets with Erdogan in Turkish president’s first visit to Cairo in over 10 years: President Abdel Fattah El Sisi has received his Turkish counterpart Recep Tayyip Erdogan at Ittihadiya today, in the latter’s first visit to Cairo since 2012. The two presidents are scheduled to hold talks on ways to form closer bilateral ties between the two countries, as well as their shared interest in achieving a ceasefire in Gaza and ensuring the flow of aid to the people in the strip, according to an Ittihadiya statement released just before the meeting.

THE BIG STORY ABROAD

The international press is discussing BTC gains while also looking at Egypt’s very own Nassef Sawiris. BTC is trading above USD 51.5k, reaching a market cap over USD 1 tn for the first time since 2021, with a price increase of more than 21% this year. Over on our turf, it seems Nassef Sawiris is considering a major restructuring of his assets. Still no verdict on what the money will be used for, but the businessman hinted at taking apart his chemicals group OCI, in which he has an almost 40% stake, to use in a cash-shell company to venture into different industries. (CNBC | Financial Times)

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

  • New privatization program targets just in: Egypt aims to raise some USD 6.5 bn through the privatization of state-owned companies and assets during 2024.
  • GlobalCorp raises EGP 1.35 bn in securitized bonds: Non-banking financial services firm GlobalCorp has issued a EGP 1.35 bn securitized bonds, which is part of an EGP 10 bn program.
  • A record year for outdoor ad spending: Businesses spent a record EGP 3.9 bn last year on out-of-home (OOH) advertising — billboards, bus posters, and checkout advertising — in Greater Cairo and Alexandria, up almost 22% y-o-y.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

☀️ TOMORROW’S WEATHER- Expect a cloudy day with some potential early morning drizzle, a high of 19°C, and a low of 12°C, according to our favorite weather app.

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